GHE: 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.
GHE
Largest movements
- Receivables within one year +€25,921
up €25,921 (+43.0%), from €60,236 to €86,157
of which Trade receivables: +€26,157
- Deferred charges and accrued income -€17,587
down €17,587 (-79.6%), from €22,106 to €4,519
- Cash +€13,701
up €13,701 (+5.4%), from €255,408 to €269,109
mainly Net result for the year (+€69,128) and Deferred charges and accrued income (+€17,587)
- Tangible fixed assets -€10,279
down €10,279 (-22.7%), from €45,361 to €35,083
of which Furniture and vehicles: -€10,039
- Reserves +€29,763
up €29,763 (+8.7%), from €342,450 to €372,214
- Tax, wage and social debts -€11,334
down €11,334 (-40.8%), from €27,771 to €16,436
- Contributions -€5,000
down €5,000 (-80.6%), from €6,200 to €1,200
- Gross operating margin -€7,399
down €7,399 (-6.3%), from €116,906 to €109,507
- Depreciation +€5,895
up €5,895 (+134%), from €4,384 to €10,279
- Taxes -€3,358
down €3,358 (-10.6%), from €31,541 to €28,184
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 | €383,112 | €394,867 | +€11,756 | +3.1% |
| Fixed assets | 21/28 | €45,361 | €35,083 | -€10,279 | -22.7% |
| Tangible fixed assets | 22/27 | €45,361 | €35,083 | -€10,279 | -22.7% |
| Plant, machinery and equipment | 23 | €482 | €242 | -€240 | -49.8% |
| Furniture and vehicles | 24 | €44,879 | €34,840 | -€10,039 | -22.4% |
| Current assets | 29/58 | €337,750 | €359,785 | +€22,034 | +6.5% |
| Amounts receivable within one year | 40/41 | €60,236 | €86,157 | +€25,921 | +43.0% |
| Trade receivables | 40 | - | €26,157 | +€26,157 | |
| Other amounts receivable | 41 | €60,236 | €60,000 | -€236 | -0.4% |
| Cash at bank and in hand | 54/58 | €255,408 | €269,109 | +€13,701 | +5.4% |
| Deferred charges and accrued income | 490/1 | €22,106 | €4,519 | -€17,587 | -79.6% |
| Total equity and liabilities | 10/49 | €383,112 | €394,867 | +€11,756 | +3.1% |
| Equity | 10/15 | €348,650 | €373,414 | +€24,763 | +7.1% |
| Contributions | 10/11 | €6,200 | €1,200 | -€5,000 | -80.6% |
| Reserves | 13 | €342,450 | €372,214 | +€29,763 | +8.7% |
| Distributable reserves | 133 | €342,450 | €372,214 | +€29,763 | +8.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €34,461 | €21,454 | -€13,008 | -37.7% |
| Amounts payable within one year | 42/48 | €34,365 | €20,907 | -€13,458 | -39.2% |
| Trade debts | 44 | €3,008 | €2,840 | -€169 | -5.6% |
| Suppliers | 440/4 | €3,008 | €2,840 | -€169 | -5.6% |
| Taxes, remuneration and social security | 45 | €27,771 | €16,436 | -€11,334 | -40.8% |
| Taxes | 450/3 | €27,771 | €16,436 | -€11,334 | -40.8% |
| Other amounts payable | 47/48 | €3,586 | €1,631 | -€1,955 | -54.5% |
| Accrued charges and deferred income | 492/3 | €96 | €547 | +€451 | +469% |
| Non-recurring operating income | 76A | €10,959 | €0 | -€10,959 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,384 | €10,279 | +€5,895 | +134% |
| Other operating charges | 640/8 | €1,559 | €1,109 | -€450 | -28.9% |
| Gross operating margin | 9900 | €116,906 | €109,507 | -€7,399 | -6.3% |
| Operating profit (loss) | 9901 | €110,963 | €98,120 | -€12,843 | -11.6% |
| Financial income | 75/76B | €27 | €71 | +€44 | +166% |
| Recurring financial income | 75 | €27 | €71 | +€44 | +166% |
| Financial charges | 65/66B | €764 | €880 | +€116 | +15.1% |
| Recurring financial charges | 65 | €764 | €880 | +€116 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €110,226 | €97,311 | -€12,914 | -11.7% |
| Income taxes | 67/77 | €31,541 | €28,184 | -€3,358 | -10.6% |
| Profit (loss) for the period | 9904 | €78,684 | €69,128 | -€9,556 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,684 | €69,128 | -€9,556 | -12.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.