GHEJOS: 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.
GHEJOS
Largest movements
- Cash +€40,559
up €40,559 (+78.9%), from €51,437 to €91,996
mainly Net result for the year (+€42,790) and Other debts (+€36,924)
- Tangible fixed assets -€29,983
down €29,983 (-6.4%), from €468,256 to €438,273
- Other debts +€36,924
up €36,924 (+1,773%), from €2,082 to €39,006
- Short-term financial debts -€23,512
down €23,512 (-15.5%), from €151,805 to €128,293
- Accrued charges and deferred income -€8,845
down €8,845 (-57.5%), from €15,386 to €6,541
- Reserves +€7,589
up €7,589 (+2.9%), from €263,773 to €271,362
of which Distributable reserves: +€8,202
- Gross operating margin +€10,917
up €10,917 (+11.3%), from €96,647 to €107,564
- Taxes +€4,712
up €4,712 (+29.1%), from €16,218 to €20,930
- Financial charges -€3,694
down €3,694 (-27.5%), from €13,441 to €9,747
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 | €524,811 | €531,604 | +€6,793 | +1.3% |
| Fixed assets | 21/28 | €468,256 | €438,273 | -€29,983 | -6.4% |
| Tangible fixed assets | 22/27 | €468,256 | €438,273 | -€29,983 | -6.4% |
| Land and buildings | 22 | €468,256 | €438,273 | -€29,983 | -6.4% |
| Current assets | 29/58 | €56,555 | €93,331 | +€36,776 | +65.0% |
| Amounts receivable within one year | 40/41 | €3,794 | - | -€3,794 | |
| Other amounts receivable | 41 | €3,794 | - | -€3,794 | |
| Cash at bank and in hand | 54/58 | €51,437 | €91,996 | +€40,559 | +78.9% |
| Deferred charges and accrued income | 490/1 | €1,324 | €1,335 | +€11 | +0.8% |
| Total equity and liabilities | 10/49 | €524,811 | €531,604 | +€6,793 | +1.3% |
| Equity | 10/15 | €340,620 | €348,209 | +€7,589 | +2.2% |
| Contributions | 10/11 | €76,847 | €76,847 | = | 0.0% |
| Capital | 10 | €76,847 | €76,847 | = | 0.0% |
| Issued capital | 100 | €76,847 | €76,847 | = | 0.0% |
| Reserves | 13 | €263,773 | €271,362 | +€7,589 | +2.9% |
| Non-distributable reserves | 130/1 | €7,685 | €7,685 | = | 0.0% |
| Legal reserve | 130 | €7,685 | €7,685 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,962 | €7,349 | -€613 | -7.7% |
| Distributable reserves | 133 | €248,126 | €256,328 | +€8,202 | +3.3% |
| Provisions and deferred taxes | 16 | €4,100 | €3,784 | -€316 | -7.7% |
| Deferred taxes | 168 | €4,100 | €3,784 | -€316 | -7.7% |
| Amounts payable | 17/49 | €180,091 | €179,611 | -€480 | -0.3% |
| Amounts payable within one year | 42/48 | €164,705 | €173,070 | +€8,365 | +5.1% |
| Financial debts | 43 | €151,805 | €128,293 | -€23,512 | -15.5% |
| Other loans | 439 | €151,805 | €128,293 | -€23,512 | -15.5% |
| Trade debts | 44 | €455 | €203 | -€252 | -55.4% |
| Suppliers | 440/4 | €455 | €203 | -€252 | -55.4% |
| Taxes, remuneration and social security | 45 | €10,363 | €5,568 | -€4,795 | -46.3% |
| Taxes | 450/3 | €10,363 | €5,568 | -€4,795 | -46.3% |
| Other amounts payable | 47/48 | €2,082 | €39,006 | +€36,924 | +1,773% |
| Accrued charges and deferred income | 492/3 | €15,386 | €6,541 | -€8,845 | -57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,982 | €29,983 | +€1 | 0.0% |
| Other operating charges | 640/8 | €4,396 | €4,534 | +€138 | +3.1% |
| Gross operating margin | 9900 | €96,647 | €107,564 | +€10,917 | +11.3% |
| Operating profit (loss) | 9901 | €62,269 | €73,047 | +€10,778 | +17.3% |
| Financial income | 75/76B | €226 | €105 | -€121 | -53.5% |
| Recurring financial income | 75 | €226 | €105 | -€121 | -53.5% |
| Financial charges | 65/66B | €13,441 | €9,747 | -€3,694 | -27.5% |
| Recurring financial charges | 65 | €13,441 | €9,747 | -€3,694 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €49,054 | €63,405 | +€14,351 | +29.3% |
| Transfer from deferred taxes | 780 | €315 | €315 | = | 0.0% |
| Income taxes | 67/77 | €16,218 | €20,930 | +€4,712 | +29.1% |
| Profit (loss) for the period | 9904 | €33,151 | €42,790 | +€9,639 | +29.1% |
| Transfer from tax-exempt reserves | 789 | €612 | €612 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,763 | €43,402 | +€9,639 | +28.5% |
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 13 October 2026 via checked.be.