GHEA: 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.
GHEA
Largest movements
- Cash +€91,075
up €91,075 (+44.6%), from €204,373 to €295,448
mainly Net result for the year (+€114,466) and Tax, wage and social debts (+€8,759)
- Deferred charges and accrued income +€31,093
up €31,093 (+48.0%), from €64,759 to €95,852
- Reserves +€114,466
up €114,466 (+65.0%), from €176,000 to €290,466
- Tax, wage and social debts +€8,759
up €8,759 (+10.7%), from €82,156 to €90,915
of which Taxes: +€13,519
- Gross operating margin +€16,416
up €16,416 (+10.9%), from €150,443 to €166,859
- Taxes +€5,274
up €5,274 (+12.3%), from €42,820 to €48,095
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 | €275,389 | €399,077 | +€123,688 | +44.9% |
| Fixed assets | 21/28 | €1,256 | €764 | -€492 | -39.2% |
| Tangible fixed assets | 22/27 | €1,256 | €764 | -€492 | -39.2% |
| Furniture and vehicles | 24 | €1,256 | €764 | -€492 | -39.2% |
| Current assets | 29/58 | €274,132 | €398,313 | +€124,181 | +45.3% |
| Amounts receivable within one year | 40/41 | €5,000 | €7,013 | +€2,013 | +40.3% |
| Trade receivables | 40 | - | €2,013 | +€2,013 | |
| Other amounts receivable | 41 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €204,373 | €295,448 | +€91,075 | +44.6% |
| Deferred charges and accrued income | 490/1 | €64,759 | €95,852 | +€31,093 | +48.0% |
| Total equity and liabilities | 10/49 | €275,389 | €399,077 | +€123,688 | +44.9% |
| Equity | 10/15 | €182,064 | €296,530 | +€114,466 | +62.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €176,000 | €290,466 | +€114,466 | +65.0% |
| Distributable reserves | 133 | €176,000 | €290,466 | +€114,466 | +65.0% |
| Profit (loss) carried forward | 14 | €1,064 | €1,064 | = | 0.0% |
| Amounts payable | 17/49 | €93,324 | €102,547 | +€9,223 | +9.9% |
| Amounts payable within one year | 42/48 | €93,324 | €99,547 | +€6,223 | +6.7% |
| Trade debts | 44 | €3,126 | €2,633 | -€493 | -15.8% |
| Suppliers | 440/4 | €3,126 | €2,633 | -€493 | -15.8% |
| Taxes, remuneration and social security | 45 | €82,156 | €90,915 | +€8,759 | +10.7% |
| Taxes | 450/3 | €77,396 | €90,915 | +€13,519 | +17.5% |
| Remuneration and social security | 454/9 | €4,760 | - | -€4,760 | |
| Other amounts payable | 47/48 | €8,042 | €5,999 | -€2,043 | -25.4% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206 | €492 | +€287 | +139.2% |
| Other operating charges | 640/8 | €1,087 | €778 | -€309 | -28.4% |
| Gross operating margin | 9900 | €150,443 | €166,859 | +€16,416 | +10.9% |
| Operating profit (loss) | 9901 | €149,151 | €165,588 | +€16,438 | +11.0% |
| Financial charges | 65/66B | €3,327 | €3,028 | -€299 | -9.0% |
| Recurring financial charges | 65 | €3,327 | €3,028 | -€299 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €145,823 | €162,560 | +€16,737 | +11.5% |
| Income taxes | 67/77 | €42,820 | €48,095 | +€5,274 | +12.3% |
| Profit (loss) for the period | 9904 | €103,003 | €114,466 | +€11,463 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €103,003 | €114,466 | +€11,463 | +11.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.