GHEMA: 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.
GHEMA
Largest movements
- Cash +€63,148
up €63,148 (+16.0%), from €394,855 to €458,003
mainly Net result for the year (+€250,427) and Receivables within one year (+€32,328)
- Receivables within one year -€32,328
down €32,328 (-89.2%), from €36,260 to €3,933
of which Trade receivables: -€22,990
- Reserves +€109,806
up €109,806 (+6.1%), from €1.8m to €1.9m
of which Distributable reserves: +€109,806
- Debts after one year -€60,517
down €60,517 (-39.7%), from €152,283 to €91,766
- Tax, wage and social debts -€29,621
down €29,621 (-51.4%), from €57,649 to €28,027
- Financial income -€147,942
down €147,942 (-49.3%), from €300,220 to €152,278
- Gross operating margin -€98,683
down €98,683 (-33.5%), from €294,499 to €195,816
- Taxes -€43,150
down €43,150 (-38.5%), from €111,943 to €68,793
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 | €2,322,879 | €2,334,566 | +€11,687 | +0.5% |
| Fixed assets | 21/28 | €1,888,186 | €1,870,139 | -€18,047 | -1.0% |
| Tangible fixed assets | 22/27 | €88,200 | €70,152 | -€18,047 | -20.5% |
| Land and buildings | 22 | €75,759 | €64,612 | -€11,147 | -14.7% |
| Plant, machinery and equipment | 23 | €1,176 | €748 | -€428 | -36.4% |
| Furniture and vehicles | 24 | €11,264 | €4,792 | -€6,472 | -57.5% |
| Financial fixed assets | 28 | €1,799,987 | €1,799,987 | = | 0.0% |
| Current assets | 29/58 | €434,692 | €464,427 | +€29,735 | +6.8% |
| Amounts receivable within one year | 40/41 | €36,260 | €3,933 | -€32,328 | -89.2% |
| Trade receivables | 40 | €22,990 | €0 | -€22,990 | -100% |
| Other amounts receivable | 41 | €13,270 | €3,933 | -€9,338 | -70.4% |
| Cash at bank and in hand | 54/58 | €394,855 | €458,003 | +€63,148 | +16.0% |
| Deferred charges and accrued income | 490/1 | €3,577 | €2,491 | -€1,086 | -30.4% |
| Total equity and liabilities | 10/49 | €2,322,879 | €2,334,566 | +€11,687 | +0.5% |
| Equity | 10/15 | €2,024,915 | €2,134,721 | +€109,806 | +5.4% |
| Contributions | 10/11 | €223,000 | €223,000 | = | 0.0% |
| Reserves | 13 | €1,801,915 | €1,911,721 | +€109,806 | +6.1% |
| Non-distributable reserves | 130/1 | €41,492 | €41,492 | = | 0.0% |
| Reserves not available under the articles | 1311 | €41,492 | €41,492 | = | 0.0% |
| Tax-exempt reserves | 132 | €107 | €107 | = | 0.0% |
| Distributable reserves | 133 | €1,760,316 | €1,870,121 | +€109,806 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €297,964 | €199,845 | -€98,119 | -32.9% |
| Amounts payable after more than one year | 17 | €152,283 | €91,766 | -€60,517 | -39.7% |
| Financial debts | 170/4 | €152,283 | €91,766 | -€60,517 | -39.7% |
| Amounts payable within one year | 42/48 | €138,908 | €103,441 | -€35,468 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €59,993 | €60,517 | +€523 | +0.9% |
| Trade debts | 44 | €1,731 | €360 | -€1,371 | -79.2% |
| Suppliers | 440/4 | €1,731 | €360 | -€1,371 | -79.2% |
| Taxes, remuneration and social security | 45 | €57,649 | €28,027 | -€29,621 | -51.4% |
| Taxes | 450/3 | €57,649 | €28,027 | -€29,621 | -51.4% |
| Other amounts payable | 47/48 | €19,536 | €14,537 | -€4,999 | -25.6% |
| Accrued charges and deferred income | 492/3 | €6,772 | €4,638 | -€2,134 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,477 | €22,855 | -€1,622 | -6.6% |
| Other operating charges | 640/8 | €2,801 | €2,651 | -€150 | -5.4% |
| Gross operating margin | 9900 | €294,499 | €195,816 | -€98,683 | -33.5% |
| Operating profit (loss) | 9901 | €267,221 | €170,310 | -€96,911 | -36.3% |
| Financial income | 75/76B | €300,220 | €152,278 | -€147,942 | -49.3% |
| Recurring financial income | 75 | €300,220 | €152,278 | -€147,942 | -49.3% |
| Financial charges | 65/66B | €4,025 | €3,368 | -€657 | -16.3% |
| Recurring financial charges | 65 | €4,025 | €3,368 | -€657 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €563,415 | €319,220 | -€244,195 | -43.3% |
| Income taxes | 67/77 | €111,943 | €68,793 | -€43,150 | -38.5% |
| Profit (loss) for the period | 9904 | €451,472 | €250,427 | -€201,045 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €451,472 | €250,427 | -€201,045 | -44.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.