GHEEM: 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.
What changed
GHEEM
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€99,383
2024 · €77,302+€22,080
Equity
€687,435
2024 · €682,052+€5,383
Cash
€35,454
2024 · €25,570+€9,885
Balance sheet total
€1.0m
2024 · €1.1m-€61,253
Largest movements
Assets
- Tangible fixed assets -€37,037
down €37,037 (-9.4%), from €394,431 to €357,394
of which Leasing and similar rights: -€19,744
- Receivables within one year -€25,820
down €25,820 (-98.0%), from €26,344 to €524
of which Other amounts receivable: -€26,344
Equity and liabilities
- Debts after one year -€115,316
down €115,316 (-41.7%), from €276,476 to €161,159
- Other debts +€29,205
up €29,205, from €0 to €29,205
- Tax, wage and social debts +€14,465
up €14,465 (+46.2%), from €31,309 to €45,774
of which Taxes: +€15,800
Income statement
- Gross operating margin +€28,301
up €28,301 (+17.4%), from €162,265 to €190,566
- Taxes +€8,892
up €8,892 (+27.9%), from €31,853 to €40,745
- Other operating charges -€1,925
down €1,925 (-20.8%), from €9,245 to €7,320
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.
Result 2024
€77,302
Gross operating margin
+€28,301
Depreciation
-€1,511
Other operating charges
+€1,925
Financial income
+€448
Financial charges
+€1,809
Taxes
-€8,892
Result 2025
€99,383
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.
From operations
+€209,592
Investment
+€3,914
Financing
-€203,621
Cash 2024
€25,570
From operations (derived)
+€209,592
Net result for the year
+€99,383
Depreciation
+€38,104
Receivables after one year
+€1,276
Receivables within one year
+€25,820
Deferred charges and accrued income
+€2,024
Trade debts
-€765
Tax, wage and social debts
+€14,465
Other debts
+€29,205
Accrued charges and deferred income
+€81
Investment (derived)
+€3,914
Investment in fixed assets (net)
+€3,914
Financing
-€203,621
Debts after one year
-€115,316
Current portion of long-term debt
+€5,695
Contributions, distributions and other
-€94,000
Cash 2025
€35,454
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,108,412 | €1,047,159 | -€61,253 | -5.5% |
| Fixed assets | 21/28 | €1,037,128 | €995,111 | -€42,017 | -4.1% |
| Tangible fixed assets | 22/27 | €394,431 | €357,394 | -€37,037 | -9.4% |
| Land and buildings | 22 | €312,417 | €296,307 | -€16,110 | -5.2% |
| Plant, machinery and equipment | 23 | €2,020 | €2,461 | +€441 | +21.8% |
| Furniture and vehicles | 24 | €5,022 | €3,398 | -€1,625 | -32.4% |
| Leasing and similar rights | 25 | €74,972 | €55,228 | -€19,744 | -26.3% |
| Financial fixed assets | 28 | €642,697 | €637,717 | -€4,980 | -0.8% |
| Current assets | 29/58 | €71,284 | €52,048 | -€19,236 | -27.0% |
| Amounts receivable after more than one year | 29 | €13,000 | €11,724 | -€1,276 | -9.8% |
| Other amounts receivable | 291 | €13,000 | €11,724 | -€1,276 | -9.8% |
| Amounts receivable within one year | 40/41 | €26,344 | €524 | -€25,820 | -98.0% |
| Trade receivables | 40 | €0 | €524 | +€524 | |
| Other amounts receivable | 41 | €26,344 | €0 | -€26,344 | -100.0% |
| Cash at bank and in hand | 54/58 | €25,570 | €35,454 | +€9,885 | +38.7% |
| Deferred charges and accrued income | 490/1 | €6,371 | €4,347 | -€2,024 | -31.8% |
| Total equity and liabilities | 10/49 | €1,108,412 | €1,047,159 | -€61,253 | -5.5% |
| Equity | 10/15 | €682,052 | €687,435 | +€5,383 | +0.8% |
| Contributions | 10/11 | €12,600 | €18,600 | +€6,000 | +47.6% |
| Reserves | 13 | €669,452 | €668,835 | -€617 | -0.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,625 | €0 | -€52,625 | -100.0% |
| Distributable reserves | 133 | €614,967 | €666,975 | +€52,008 | +8.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €426,360 | €359,724 | -€66,636 | -15.6% |
| Amounts payable after more than one year | 17 | €276,476 | €161,159 | -€115,316 | -41.7% |
| Financial debts | 170/4 | €276,476 | €161,159 | -€115,316 | -41.7% |
| Amounts payable within one year | 42/48 | €148,301 | €196,901 | +€48,600 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €113,907 | €119,602 | +€5,695 | +5.0% |
| Trade debts | 44 | €3,085 | €2,320 | -€765 | -24.8% |
| Suppliers | 440/4 | €3,085 | €2,320 | -€765 | -24.8% |
| Taxes, remuneration and social security | 45 | €31,309 | €45,774 | +€14,465 | +46.2% |
| Taxes | 450/3 | €26,709 | €42,509 | +€15,800 | +59.2% |
| Remuneration and social security | 454/9 | €4,600 | €3,265 | -€1,335 | -29.0% |
| Other amounts payable | 47/48 | €0 | €29,205 | +€29,205 | |
| Accrued charges and deferred income | 492/3 | €1,583 | €1,664 | +€81 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,593 | €38,104 | +€1,511 | +4.1% |
| Other operating charges | 640/8 | €9,245 | €7,320 | -€1,925 | -20.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €162,265 | €190,566 | +€28,301 | +17.4% |
| Operating profit (loss) | 9901 | €116,427 | €145,142 | +€28,716 | +24.7% |
| Financial income | 75/76B | €2,067 | €2,516 | +€448 | +21.7% |
| Recurring financial income | 75 | €2,067 | €2,516 | +€448 | +21.7% |
| Financial charges | 65/66B | €9,338 | €7,530 | -€1,809 | -19.4% |
| Recurring financial charges | 65 | €9,338 | €7,530 | -€1,809 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €109,156 | €140,128 | +€30,972 | +28.4% |
| Income taxes | 67/77 | €31,853 | €40,745 | +€8,892 | +27.9% |
| Profit (loss) for the period | 9904 | €77,302 | €99,383 | +€22,080 | +28.6% |
| Transfer from tax-exempt reserves | 789 | - | €52,625 | +€52,625 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €77,302 | €152,008 | +€74,705 | +96.6% |
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 9 October 2026 via checked.be.