GHE LED: 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 LED
Largest movements
- Receivables within one year +€8,669
up €8,669 (+59.2%), from €14,649 to €23,317
of which Other amounts receivable: +€11,277
- Deferred charges and accrued income +€6,550
new in 2025: €6,550
- Stocks and contracts -€3,986
down €3,986 (-29.0%), from €13,723 to €9,738
- Cash -€2,078
down €2,078 (-67.5%), from €3,080 to €1,002
mainly Receivables within one year (-€8,669) and Deferred charges and accrued income (-€6,550)
- Financial fixed assets +€1,100
up €1,100 (+61.5%), from €1,790 to €2,890
- Trade debts +€6,854
up €6,854 (+532%), from €1,288 to €8,142
- Profit (loss) carried forward +€5,252
up €5,252 (+27.7%), from €18,953 to €24,205
- Tax, wage and social debts -€3,286
down €3,286 (-30.5%), from €10,788 to €7,502
- Gross operating margin +€7,680
up €7,680 (+124%), from €6,213 to €13,893
- Other operating charges +€1,859
up €1,859 (+64.0%), from €2,902 to €4,761
- Write-downs +€1,117
up €1,117, from -€1,117 to €0
- Taxes +€843
up €843 (+87.9%), from €959 to €1,802
- Financial charges -€308
down €308 (-28.1%), from €1,095 to €787
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 | €36,029 | €44,973 | +€8,944 | +24.8% |
| Formation expenses | 20 | €450 | €225 | -€225 | -50.0% |
| Fixed assets | 21/28 | €4,127 | €4,141 | +€14 | +0.3% |
| Tangible fixed assets | 22/27 | €2,337 | €1,251 | -€1,086 | -46.5% |
| Furniture and vehicles | 24 | €2,337 | €1,251 | -€1,086 | -46.5% |
| Financial fixed assets | 28 | €1,790 | €2,890 | +€1,100 | +61.5% |
| Current assets | 29/58 | €31,452 | €40,607 | +€9,155 | +29.1% |
| Stocks and contracts in progress | 3 | €13,723 | €9,738 | -€3,986 | -29.0% |
| Stocks | 30/36 | €13,723 | €9,738 | -€3,986 | -29.0% |
| Amounts receivable within one year | 40/41 | €14,649 | €23,317 | +€8,669 | +59.2% |
| Trade receivables | 40 | €3,161 | €553 | -€2,608 | -82.5% |
| Other amounts receivable | 41 | €11,488 | €22,764 | +€11,277 | +98.2% |
| Cash at bank and in hand | 54/58 | €3,080 | €1,002 | -€2,078 | -67.5% |
| Deferred charges and accrued income | 490/1 | - | €6,550 | +€6,550 | |
| Total equity and liabilities | 10/49 | €36,029 | €44,973 | +€8,944 | +24.8% |
| Equity | 10/15 | €23,953 | €29,205 | +€5,252 | +21.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,953 | €24,205 | +€5,252 | +27.7% |
| Amounts payable | 17/49 | €12,076 | €15,768 | +€3,692 | +30.6% |
| Amounts payable within one year | 42/48 | €12,076 | €15,768 | +€3,692 | +30.6% |
| Trade debts | 44 | €1,288 | €8,142 | +€6,854 | +532% |
| Suppliers | 440/4 | €1,288 | €8,142 | +€6,854 | +532% |
| Advances received on contracts in progress | 46 | - | €124 | +€124 | |
| Taxes, remuneration and social security | 45 | €10,788 | €7,502 | -€3,286 | -30.5% |
| Taxes | 450/3 | €10,788 | €7,502 | -€3,286 | -30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,146 | €1,311 | +€165 | +14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,117 | €0 | +€1,117 | |
| Other operating charges | 640/8 | €2,902 | €4,761 | +€1,859 | +64.0% |
| Gross operating margin | 9900 | €6,213 | €13,893 | +€7,680 | +124% |
| Operating profit (loss) | 9901 | €3,282 | €7,821 | +€4,539 | +138% |
| Financial income | 75/76B | €7 | €19 | +€12 | +173% |
| Recurring financial income | 75 | €7 | €19 | +€12 | +173% |
| Financial charges | 65/66B | €1,095 | €787 | -€308 | -28.1% |
| Recurring financial charges | 65 | €1,095 | €787 | -€308 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €2,194 | €7,053 | +€4,859 | +221% |
| Income taxes | 67/77 | €959 | €1,802 | +€843 | +87.9% |
| Profit (loss) for the period | 9904 | €1,235 | €5,252 | +€4,016 | +325% |
| Profit (loss) for the period to be appropriated | 9905 | €1,235 | €5,252 | +€4,016 | +325% |
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 24 October 2026 via checked.be.