Gheco: 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.
Gheco
Largest movements
- Receivables within one year +€105,901
up €105,901 (+26.3%), from €402,219 to €508,119
of which Other amounts receivable: +€105,296
- Financial fixed assets +€10,000
up €10,000 (+333%), from €3,000 to €13,000
- Other debts +€87,000
up €87,000 (+91.6%), from €95,000 to €182,000
- Profit (loss) carried forward +€71,275
up €71,275 (+69.8%), from €102,054 to €173,329
- Tax, wage and social debts -€44,317
down €44,317 (-51.7%), from €85,660 to €41,343
- Trade debts +€20,961
up €20,961 (+2,905%), from €722 to €21,682
- Current portion of long-term debt -€15,526
no longer reported in 2025 (was €15,526)
- Gross operating margin -€45,183
down €45,183 (-33.2%), from €135,968 to €90,785
- Taxes -€12,616
down €12,616 (-35.7%), from €35,300 to €22,684
- Financial income +€5,497
up €5,497 (+68.3%), from €8,045 to €13,543
- Other operating charges +€2,007
up €2,007 (+69.8%), from €2,876 to €4,883
- Financial charges +€1,600
up €1,600 (+41.2%), from €3,885 to €5,485
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 | €406,381 | €525,769 | +€119,388 | +29.4% |
| Fixed assets | 21/28 | €3,000 | €13,000 | +€10,000 | +333% |
| Financial fixed assets | 28 | €3,000 | €13,000 | +€10,000 | +333% |
| Current assets | 29/58 | €403,381 | €512,769 | +€109,388 | +27.1% |
| Amounts receivable within one year | 40/41 | €402,219 | €508,119 | +€105,901 | +26.3% |
| Trade receivables | 40 | €46,077 | €46,682 | +€605 | +1.3% |
| Other amounts receivable | 41 | €356,142 | €461,438 | +€105,296 | +29.6% |
| Cash at bank and in hand | 54/58 | €1,162 | €194 | -€969 | -83.3% |
| Deferred charges and accrued income | 490/1 | - | €4,455 | +€4,455 | |
| Total equity and liabilities | 10/49 | €406,381 | €525,769 | +€119,388 | +29.4% |
| Equity | 10/15 | €209,469 | €280,744 | +€71,275 | +34.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,815 | €88,815 | = | 0.0% |
| Distributable reserves | 133 | €88,815 | €88,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,054 | €173,329 | +€71,275 | +69.8% |
| Amounts payable | 17/49 | €196,912 | €245,025 | +€48,113 | +24.4% |
| Amounts payable within one year | 42/48 | €196,912 | €245,025 | +€48,113 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €15,526 | - | -€15,526 | |
| Financial debts | 43 | €5 | - | -€5 | |
| Credit institutions | 430/8 | €5 | - | -€5 | |
| Trade debts | 44 | €722 | €21,682 | +€20,961 | +2,905% |
| Suppliers | 440/4 | €722 | €21,682 | +€20,961 | +2,905% |
| Taxes, remuneration and social security | 45 | €85,660 | €41,343 | -€44,317 | -51.7% |
| Taxes | 450/3 | €85,660 | €41,343 | -€44,317 | -51.7% |
| Other amounts payable | 47/48 | €95,000 | €182,000 | +€87,000 | +91.6% |
| Other operating charges | 640/8 | €2,876 | €4,883 | +€2,007 | +69.8% |
| Gross operating margin | 9900 | €135,968 | €90,785 | -€45,183 | -33.2% |
| Operating profit (loss) | 9901 | €133,092 | €85,902 | -€47,190 | -35.5% |
| Financial income | 75/76B | €8,045 | €13,543 | +€5,497 | +68.3% |
| Recurring financial income | 75 | €8,045 | €13,543 | +€5,497 | +68.3% |
| Financial charges | 65/66B | €3,885 | €5,485 | +€1,600 | +41.2% |
| Recurring financial charges | 65 | €3,885 | €5,485 | +€1,600 | +41.2% |
| Profit (loss) for the period before taxes | 9903 | €137,253 | €93,959 | -€43,293 | -31.5% |
| Income taxes | 67/77 | €35,300 | €22,684 | -€12,616 | -35.7% |
| Profit (loss) for the period | 9904 | €101,953 | €71,275 | -€30,677 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €101,953 | €71,275 | -€30,677 | -30.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.