Ghazna: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Ghazna
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+138%), from €988,997 to €2.4m
of which Trade receivables: +€1.4m
- Stocks and contracts +€403,443
up €403,443 (+79.1%), from €509,865 to €913,309
- Tangible fixed assets +€54,175
up €54,175 (+55.1%), from €98,290 to €152,465
of which Furniture and vehicles: +€33,330
- Cash +€49,565
up €49,565 (+33.1%), from €149,950 to €199,515
mainly Trade debts (+€1.0m) and Other debts (+€469,624)
- Trade debts +€1.0m
up €1.0m (+174%), from €598,977 to €1.6m
- Other debts +€469,624
up €469,624 (+48.0%), from €977,498 to €1.4m
- Profit (loss) carried forward +€261,542
up €261,542 (+220%), from €118,941 to €380,484
- Tax, wage and social debts +€99,291
up €99,291 (+245%), from €40,453 to €139,744
of which Taxes: +€90,420
- Gross operating margin +€364,357
up €364,357 (+197%), from €185,333 to €549,690
- Other operating charges +€91,473
up €91,473 (+898%), from €10,189 to €101,663
- Taxes +€63,454
up €63,454 (+162%), from €39,084 to €102,538
- Staff costs +€20,599
up €20,599, from €0 to €20,599
- Financial charges +€19,486
up €19,486 (+61.5%), from €31,686 to €51,171
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,759,941 | €3,631,898 | +€1.9m | +106% |
| Fixed assets | 21/28 | €106,090 | €162,265 | +€56,175 | +52.9% |
| Tangible fixed assets | 22/27 | €98,290 | €152,465 | +€54,175 | +55.1% |
| Plant, machinery and equipment | 23 | €47,096 | €67,940 | +€20,844 | +44.3% |
| Furniture and vehicles | 24 | €51,195 | €84,525 | +€33,330 | +65.1% |
| Financial fixed assets | 28 | €7,800 | €9,800 | +€2,000 | +25.6% |
| Current assets | 29/58 | €1,653,851 | €3,469,633 | +€1.8m | +110% |
| Stocks and contracts in progress | 3 | €509,865 | €913,309 | +€403,443 | +79.1% |
| Stocks | 30/36 | €509,865 | €913,309 | +€403,443 | +79.1% |
| Amounts receivable within one year | 40/41 | €988,997 | €2,355,817 | +€1.4m | +138% |
| Trade receivables | 40 | €971,937 | €2,340,972 | +€1.4m | +141% |
| Other amounts receivable | 41 | €17,060 | €14,844 | -€2,216 | -13.0% |
| Cash at bank and in hand | 54/58 | €149,950 | €199,515 | +€49,565 | +33.1% |
| Deferred charges and accrued income | 490/1 | €5,039 | €992 | -€4,046 | -80.3% |
| Total equity and liabilities | 10/49 | €1,759,941 | €3,631,898 | +€1.9m | +106% |
| Equity | 10/15 | €137,612 | €399,155 | +€261,542 | +190% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71 | €71 | = | 0.0% |
| Distributable reserves | 133 | €71 | €71 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,941 | €380,484 | +€261,542 | +220% |
| Amounts payable | 17/49 | €1,622,329 | €3,232,743 | +€1.6m | +99.3% |
| Amounts payable within one year | 42/48 | €1,622,329 | €3,232,743 | +€1.6m | +99.3% |
| Trade debts | 44 | €598,977 | €1,640,477 | +€1.0m | +174% |
| Suppliers | 440/4 | €598,977 | €1,640,477 | +€1.0m | +174% |
| Advances received on contracts in progress | 46 | €5,400 | €5,400 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €40,453 | €139,744 | +€99,291 | +245% |
| Taxes | 450/3 | €40,453 | €130,874 | +€90,420 | +224% |
| Remuneration and social security | 454/9 | - | €8,870 | +€8,870 | |
| Other amounts payable | 47/48 | €977,498 | €1,447,122 | +€469,624 | +48.0% |
| Remuneration, social security and pensions | 62 | €0 | €20,599 | +€20,599 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,443 | €28,676 | +€9,233 | +47.5% |
| Other operating charges | 640/8 | €10,189 | €101,663 | +€91,473 | +898% |
| Gross operating margin | 9900 | €185,333 | €549,690 | +€364,357 | +197% |
| Operating profit (loss) | 9901 | €155,700 | €398,753 | +€243,053 | +156% |
| Financial income | 75/76B | €463 | €16,499 | +€16,036 | +3,462% |
| Recurring financial income | 75 | €463 | €16,499 | +€16,036 | +3,462% |
| Financial charges | 65/66B | €31,686 | €51,171 | +€19,486 | +61.5% |
| Recurring financial charges | 65 | €31,686 | €51,171 | +€19,486 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €124,478 | €364,080 | +€239,603 | +192% |
| Income taxes | 67/77 | €39,084 | €102,538 | +€63,454 | +162% |
| Profit (loss) for the period | 9904 | €85,394 | €261,542 | +€176,149 | +206% |
| Profit (loss) for the period to be appropriated | 9905 | €85,394 | €261,542 | +€176,149 | +206% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.