GHC: what changed
Two fiscal 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.
GHC
Largest movements
- Receivables within one year +€420,371
up €420,371 (+93.8%), from €448,387 to €868,758
of which Trade receivables: +€630,780
- Cash +€300,629
up €300,629 (+301.0%), from €99,866 to €400,495
mainly Net result for the year (+€1.4m)
- Reserves +€1.4m
up €1.4m (+37.5%), from €3.7m to €5.0m
- Other debts -€500,000
down €500,000 (-43.5%), from €1.2m to €650,000
- Current portion of long-term debt -€130,952
no longer reported in 2025 (was €130,952)
- Financial income -€4.8m
no longer reported in 2025 (was €4.8m)
- Financial charges -€1.2m
down €1.2m (-95.0%), from €1.3m to €65,108
of which Non-recurring financial charges: -€1.3m
- Gross operating margin +€1.0m
up €1.0m (+84.6%), from €1.2m to €2.2m
- Taxes +€261,347
up €261,347 (+129.6%), from €201,636 to €462,982
- Staff costs -€42,176
down €42,176 (-11.4%), from €369,001 to €326,825
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.
Cash bridge derived
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 | €8,476,456 | €9,197,976 | +€721,520 | +8.5% |
| Fixed assets | 21/28 | €7,903,776 | €7,903,776 | = | 0.0% |
| Financial fixed assets | 28 | €7,903,776 | €7,903,776 | = | 0.0% |
| Current assets | 29/58 | €572,681 | €1,294,200 | +€721,520 | +126.0% |
| Amounts receivable within one year | 40/41 | €448,387 | €868,758 | +€420,371 | +93.8% |
| Trade receivables | 40 | €109,220 | €740,000 | +€630,780 | +577.5% |
| Other amounts receivable | 41 | €339,167 | €128,758 | -€210,409 | -62.0% |
| Cash at bank and in hand | 54/58 | €99,866 | €400,495 | +€300,629 | +301.0% |
| Deferred charges and accrued income | 490/1 | €24,427 | €24,947 | +€520 | +2.1% |
| Total equity and liabilities | 10/49 | €8,476,456 | €9,197,976 | +€721,520 | +8.5% |
| Equity | 10/15 | €6,989,704 | €8,365,016 | +€1.4m | +19.7% |
| Contributions | 10/11 | €3,317,561 | €3,317,561 | = | 0.0% |
| Reserves | 13 | €3,672,143 | €5,047,456 | +€1.4m | +37.5% |
| Distributable reserves | 133 | €3,672,143 | €5,047,456 | +€1.4m | +37.5% |
| Amounts payable | 17/49 | €1,486,753 | €832,959 | -€653,793 | -44.0% |
| Amounts payable within one year | 42/48 | €1,439,901 | €791,847 | -€648,054 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €130,952 | - | -€130,952 | |
| Trade debts | 44 | €68,758 | €66,728 | -€2,030 | -3.0% |
| Suppliers | 440/4 | €68,758 | €66,728 | -€2,030 | -3.0% |
| Taxes, remuneration and social security | 45 | €90,191 | €75,119 | -€15,072 | -16.7% |
| Taxes | 450/3 | €1,636 | - | -€1,636 | |
| Remuneration and social security | 454/9 | €88,555 | €75,119 | -€13,436 | -15.2% |
| Other amounts payable | 47/48 | €1,150,000 | €650,000 | -€500,000 | -43.5% |
| Accrued charges and deferred income | 492/3 | €46,851 | €41,113 | -€5,739 | -12.2% |
| Remuneration, social security and pensions | 62 | €369,001 | €326,825 | -€42,176 | -11.4% |
| Other operating charges | 640/8 | €1,168 | €1,178 | +€9 | +0.8% |
| Gross operating margin | 9900 | €1,208,560 | €2,231,406 | +€1.0m | +84.6% |
| Operating profit (loss) | 9901 | €838,391 | €1,903,404 | +€1.1m | +127.0% |
| Financial income | 75/76B | €4,782,638 | - | -€4.8m | |
| Recurring financial income | 75 | €4,782,638 | - | -€4.8m | |
| Financial charges | 65/66B | €1,311,150 | €65,108 | -€1.2m | -95.0% |
| Recurring financial charges | 65 | €49,159 | €65,108 | +€15,949 | +32.4% |
| Non-recurring financial charges | 66B | €1,261,990 | - | -€1.3m | |
| Profit (loss) for the period before taxes | 9903 | €4,309,879 | €1,838,295 | -€2.5m | -57.3% |
| Income taxes | 67/77 | €201,636 | €462,982 | +€261,347 | +129.6% |
| Profit (loss) for the period | 9904 | €4,108,244 | €1,375,313 | -€2.7m | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,108,244 | €1,375,313 | -€2.7m | -66.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.