GHECON: 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.
GHECON
Largest movements
- Tangible fixed assets -€17,115
down €17,115 (-19.9%), from €86,137 to €69,022
of which Leasing and similar rights: -€16,552
- Receivables within one year +€4,170
up €4,170 (+27.3%), from €15,274 to €19,444
of which Other amounts receivable: +€2,370
- Cash -€2,442
down €2,442 (-3.4%), from €70,884 to €68,443
mainly Contributions, distributions and other (-€30,000) and Current portion of long-term debt (-€8,079)
- Current portion of long-term debt -€8,079
down €8,079 (-34.1%), from €23,689 to €15,610
- Debts after one year -€6,493
down €6,493 (-12.5%), from €52,105 to €45,612
- Reserves -€2,729
down €2,729 (-3.1%), from €86,835 to €84,106
- Trade debts +€2,003
up €2,003, from €0 to €2,003
- Turnover -€145,272
no longer reported in 2025 (was €145,272)
- Depreciation +€8,023
up €8,023 (+69.8%), from €11,501 to €19,524
- Gross operating margin -€6,457
down €6,457 (-10.1%), from €63,852 to €57,395
- Other operating charges -€3,072
down €3,072 (-91.7%), from €3,350 to €277
- Taxes -€2,937
down €2,937 (-27.8%), from €10,567 to €7,630
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 | €172,295 | €156,908 | -€15,387 | -8.9% |
| Fixed assets | 21/28 | €86,137 | €69,022 | -€17,115 | -19.9% |
| Tangible fixed assets | 22/27 | €86,137 | €69,022 | -€17,115 | -19.9% |
| Plant, machinery and equipment | 23 | €408 | €307 | -€100 | -24.6% |
| Furniture and vehicles | 24 | €11,243 | €10,781 | -€462 | -4.1% |
| Leasing and similar rights | 25 | €74,485 | €57,933 | -€16,552 | -22.2% |
| Current assets | 29/58 | €86,158 | €87,886 | +€1,728 | +2.0% |
| Amounts receivable within one year | 40/41 | €15,274 | €19,444 | +€4,170 | +27.3% |
| Trade receivables | 40 | €15,140 | €16,940 | +€1,800 | +11.9% |
| Other amounts receivable | 41 | €134 | €2,504 | +€2,370 | +1767.6% |
| Cash at bank and in hand | 54/58 | €70,884 | €68,443 | -€2,442 | -3.4% |
| Total equity and liabilities | 10/49 | €172,295 | €156,908 | -€15,387 | -8.9% |
| Equity | 10/15 | €89,335 | €86,606 | -€2,729 | -3.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €86,835 | €84,106 | -€2,729 | -3.1% |
| Distributable reserves | 133 | €86,835 | €84,106 | -€2,729 | -3.1% |
| Amounts payable | 17/49 | €82,960 | €70,302 | -€12,658 | -15.3% |
| Amounts payable after more than one year | 17 | €52,105 | €45,612 | -€6,493 | -12.5% |
| Financial debts | 170/4 | €52,105 | €45,612 | -€6,493 | -12.5% |
| Amounts payable within one year | 42/48 | €30,855 | €24,690 | -€6,165 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €23,689 | €15,610 | -€8,079 | -34.1% |
| Trade debts | 44 | €0 | €2,003 | +€2,003 | |
| Suppliers | 440/4 | - | €2,003 | +€2,003 | |
| Taxes, remuneration and social security | 45 | €7,166 | €7,078 | -€89 | -1.2% |
| Taxes | 450/3 | €7,166 | €7,078 | -€89 | -1.2% |
| Turnover | 70 | €145,272 | - | -€145,272 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,501 | €19,524 | +€8,023 | +69.8% |
| Other operating charges | 640/8 | €3,350 | €277 | -€3,072 | -91.7% |
| Gross operating margin | 9900 | €63,852 | €57,395 | -€6,457 | -10.1% |
| Operating profit (loss) | 9901 | €49,002 | €37,594 | -€11,407 | -23.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,217 | €2,693 | +€476 | +21.5% |
| Recurring financial charges | 65 | €2,217 | €2,693 | +€476 | +21.5% |
| Non-recurring financial charges | 66B | €0 | - | -€0 | |
| Profit (loss) for the period before taxes | 9903 | €46,784 | €34,901 | -€11,883 | -25.4% |
| Income taxes | 67/77 | €10,567 | €7,630 | -€2,937 | -27.8% |
| Profit (loss) for the period | 9904 | €36,217 | €27,271 | -€8,946 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,217 | €27,271 | -€8,946 | -24.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.