GHAZOUANI: 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.
GHAZOUANI
Largest movements
- Receivables within one year +€19,339
up €19,339 (+49.1%), from €39,371 to €58,710
of which Other amounts receivable: +€27,144
- Deferred charges and accrued income -€10,967
down €10,967 (-85.0%), from €12,900 to €1,933
- Cash +€10,940
up €10,940 (+547,000%), from €2 to €10,942
mainly Net result for the year (+€15,202) and Deferred charges and accrued income (+€10,967)
- Tangible fixed assets -€4,598
down €4,598 (-29.2%), from €15,732 to €11,134
of which Furniture and vehicles: -€6,363
- Profit (loss) carried forward +€15,202
up €15,202 (+52.5%), from €28,932 to €44,134
- Current portion of long-term debt -€2,319
down €2,319 (-28.1%), from €8,245 to €5,926
- Debts after one year +€2,003
up €2,003 (+23.3%), from €8,615 to €10,618
- Trade debts +€1,562
up €1,562 (+48.9%), from €3,196 to €4,758
- Tax, wage and social debts -€949
down €949 (-6.4%), from €14,912 to €13,963
of which Remuneration and social security: -€2,350
- Gross operating margin -€8,169
down €8,169 (-22.6%), from €36,178 to €28,009
- Depreciation -€7,012
down €7,012 (-85.0%), from €8,249 to €1,237
- Other operating charges +€3,049
up €3,049 (+80.9%), from €3,767 to €6,816
- Financial income +€2,292
up €2,292 (+229,200%), from €1 to €2,293
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 | €68,005 | €82,719 | +€14,714 | +21.6% |
| Fixed assets | 21/28 | €15,732 | €11,134 | -€4,598 | -29.2% |
| Tangible fixed assets | 22/27 | €15,732 | €11,134 | -€4,598 | -29.2% |
| Furniture and vehicles | 24 | €15,732 | €9,369 | -€6,363 | -40.4% |
| Other tangible fixed assets | 26 | - | €1,765 | +€1,765 | |
| Current assets | 29/58 | €52,273 | €71,585 | +€19,312 | +36.9% |
| Amounts receivable within one year | 40/41 | €39,371 | €58,710 | +€19,339 | +49.1% |
| Trade receivables | 40 | €7,805 | - | -€7,805 | |
| Other amounts receivable | 41 | €31,566 | €58,710 | +€27,144 | +86.0% |
| Cash at bank and in hand | 54/58 | €2 | €10,942 | +€10,940 | +547,000% |
| Deferred charges and accrued income | 490/1 | €12,900 | €1,933 | -€10,967 | -85.0% |
| Total equity and liabilities | 10/49 | €68,005 | €82,719 | +€14,714 | +21.6% |
| Equity | 10/15 | €31,932 | €47,134 | +€15,202 | +47.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,932 | €44,134 | +€15,202 | +52.5% |
| Amounts payable | 17/49 | €36,073 | €35,585 | -€488 | -1.4% |
| Amounts payable after more than one year | 17 | €8,615 | €10,618 | +€2,003 | +23.3% |
| Financial debts | 170/4 | €8,615 | €10,618 | +€2,003 | +23.3% |
| Amounts payable within one year | 42/48 | €26,841 | €24,967 | -€1,874 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €8,245 | €5,926 | -€2,319 | -28.1% |
| Financial debts | 43 | €488 | €320 | -€168 | -34.4% |
| Credit institutions | 430/8 | €488 | €320 | -€168 | -34.4% |
| Trade debts | 44 | €3,196 | €4,758 | +€1,562 | +48.9% |
| Suppliers | 440/4 | €3,196 | €4,758 | +€1,562 | +48.9% |
| Taxes, remuneration and social security | 45 | €14,912 | €13,963 | -€949 | -6.4% |
| Taxes | 450/3 | €12,562 | €13,963 | +€1,401 | +11.2% |
| Remuneration and social security | 454/9 | €2,350 | - | -€2,350 | |
| Accrued charges and deferred income | 492/3 | €617 | - | -€617 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,249 | €1,237 | -€7,012 | -85.0% |
| Other operating charges | 640/8 | €3,767 | €6,816 | +€3,049 | +80.9% |
| Gross operating margin | 9900 | €36,178 | €28,009 | -€8,169 | -22.6% |
| Operating profit (loss) | 9901 | €24,162 | €19,956 | -€4,206 | -17.4% |
| Financial income | 75/76B | €1 | €2,293 | +€2,292 | +229,200% |
| Recurring financial income | 75 | €1 | €2,293 | +€2,292 | +229,200% |
| Financial charges | 65/66B | €1,042 | €1,174 | +€132 | +12.7% |
| Recurring financial charges | 65 | €1,042 | €1,174 | +€132 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €23,121 | €21,075 | -€2,046 | -8.8% |
| Income taxes | 67/77 | €5,613 | €5,873 | +€260 | +4.6% |
| Profit (loss) for the period | 9904 | €17,508 | €15,202 | -€2,306 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,508 | €15,202 | -€2,306 | -13.2% |
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 14 October 2026 via checked.be.