GHD RENOV: 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.
GHD RENOV
Largest movements
- Cash -€4,662
down €4,662 (-28.4%), from €16,422 to €11,760
mainly Other debts (-€6,810) and Investment in fixed assets (net) (-€2,500)
- Receivables within one year +€1,373
up €1,373 (+3.0%), from €46,422 to €47,795
of which Trade receivables: +€875
- Tangible fixed assets +€1,250
new in 2025: €1,250
- Other debts -€6,810
down €6,810 (-31.9%), from €21,376 to €14,566
- Profit (loss) carried forward +€2,874
up €2,874 (+44.4%), from €6,479 to €9,353
- Tax, wage and social debts +€1,171
new in 2025: €1,171
- Trade debts +€726
up €726 (+2.2%), from €33,724 to €34,450
- Gross operating margin +€6,878
up €6,878 (+392%), from €1,753 to €8,631
- Taxes +€2,983
new in 2025: €2,983
- Depreciation +€1,250
new in 2025: €1,250
- Other operating charges +€977
up €977 (+252%), from €387 to €1,364
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 | €62,844 | €60,806 | -€2,038 | -3.2% |
| Fixed assets | 21/28 | - | €1,250 | +€1,250 | |
| Tangible fixed assets | 22/27 | - | €1,250 | +€1,250 | |
| Furniture and vehicles | 24 | - | €1,250 | +€1,250 | |
| Current assets | 29/58 | €62,844 | €59,556 | -€3,288 | -5.2% |
| Amounts receivable within one year | 40/41 | €46,422 | €47,795 | +€1,373 | +3.0% |
| Trade receivables | 40 | €3,612 | €4,487 | +€875 | +24.2% |
| Other amounts receivable | 41 | €42,810 | €43,309 | +€499 | +1.2% |
| Cash at bank and in hand | 54/58 | €16,422 | €11,760 | -€4,662 | -28.4% |
| Total equity and liabilities | 10/49 | €62,844 | €60,806 | -€2,038 | -3.2% |
| Equity | 10/15 | €7,744 | €10,618 | +€2,874 | +37.1% |
| Contributions | 10/11 | €1,150 | €1,150 | = | 0.0% |
| Reserves | 13 | €115 | €115 | = | 0.0% |
| Non-distributable reserves | 130/1 | €115 | €115 | = | 0.0% |
| Reserves not available under the articles | 1311 | €115 | €115 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,479 | €9,353 | +€2,874 | +44.4% |
| Amounts payable | 17/49 | €55,100 | €50,188 | -€4,912 | -8.9% |
| Amounts payable within one year | 42/48 | €55,100 | €50,188 | -€4,912 | -8.9% |
| Trade debts | 44 | €33,724 | €34,450 | +€726 | +2.2% |
| Suppliers | 440/4 | €33,724 | €34,450 | +€726 | +2.2% |
| Taxes, remuneration and social security | 45 | - | €1,171 | +€1,171 | |
| Taxes | 450/3 | - | €1,171 | +€1,171 | |
| Other amounts payable | 47/48 | €21,376 | €14,566 | -€6,810 | -31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,250 | +€1,250 | |
| Other operating charges | 640/8 | €387 | €1,364 | +€977 | +252% |
| Gross operating margin | 9900 | €1,753 | €8,631 | +€6,878 | +392% |
| Operating profit (loss) | 9901 | €1,366 | €6,017 | +€4,651 | +340% |
| Financial charges | 65/66B | €155 | €160 | +€5 | +3.2% |
| Recurring financial charges | 65 | €155 | €160 | +€5 | +3.2% |
| Non-recurring financial charges | 66B | €155 | €160 | +€5 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €1,211 | €5,857 | +€4,646 | +384% |
| Income taxes | 67/77 | - | €2,983 | +€2,983 | |
| Profit (loss) for the period | 9904 | €1,211 | €2,874 | +€1,663 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €1,211 | €2,874 | +€1,663 | +137% |
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 15 October 2026 via checked.be.