GHEMEL: 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.
GHEMEL
Largest movements
- Cash -€158,889
down €158,889 (-95.7%), from €166,098 to €7,208
mainly Receivables within one year (-€139,822) and Net result for the year (-€40,982)
- Receivables within one year +€139,822
up €139,822 (+2,924%), from €4,782 to €144,604
of which Other amounts receivable: +€144,604
- Reserves -€40,982
down €40,982 (-58.5%), from €70,090 to €29,108
- Trade debts +€25,865
up €25,865 (+180%), from €14,362 to €40,226
- Tax, wage and social debts -€11,529
down €11,529 (-61.8%), from €18,647 to €7,118
- Other debts +€6,459
up €6,459 (+18.9%), from €34,235 to €40,694
- Gross operating margin -€83,260
down €83,260, from €45,890 to -€37,370
- Taxes -€7,118
down €7,118 (-100%), from €7,118 to €0
- Financial income +€5,374
up €5,374 (+115,326%), from €5 to €5,379
- Other operating charges -€2,067
down €2,067 (-20.9%), from €9,896 to €7,829
- Financial charges +€753
up €753 (+184%), from €409 to €1,162
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 | €170,880 | €151,812 | -€19,068 | -11.2% |
| Current assets | 29/58 | €170,880 | €151,812 | -€19,068 | -11.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €4,782 | €144,604 | +€139,822 | +2,924% |
| Trade receivables | 40 | €4,782 | €0 | -€4,782 | -100% |
| Other amounts receivable | 41 | - | €144,604 | +€144,604 | |
| Cash at bank and in hand | 54/58 | €166,098 | €7,208 | -€158,889 | -95.7% |
| Total equity and liabilities | 10/49 | €170,880 | €151,812 | -€19,068 | -11.2% |
| Equity | 10/15 | €102,590 | €61,608 | -€40,982 | -39.9% |
| Contributions | 10/11 | €32,500 | €32,500 | = | 0.0% |
| Reserves | 13 | €70,090 | €29,108 | -€40,982 | -58.5% |
| Distributable reserves | 133 | €70,090 | €29,108 | -€40,982 | -58.5% |
| Amounts payable | 17/49 | €68,290 | €90,205 | +€21,915 | +32.1% |
| Amounts payable within one year | 42/48 | €67,244 | €88,038 | +€20,795 | +30.9% |
| Trade debts | 44 | €14,362 | €40,226 | +€25,865 | +180% |
| Suppliers | 440/4 | €14,362 | €40,226 | +€25,865 | +180% |
| Taxes, remuneration and social security | 45 | €18,647 | €7,118 | -€11,529 | -61.8% |
| Taxes | 450/3 | €18,647 | €7,118 | -€11,529 | -61.8% |
| Other amounts payable | 47/48 | €34,235 | €40,694 | +€6,459 | +18.9% |
| Accrued charges and deferred income | 492/3 | €1,047 | €2,166 | +€1,120 | +107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €9,896 | €7,829 | -€2,067 | -20.9% |
| Gross operating margin | 9900 | €45,890 | -€37,370 | -€83,260 | |
| Operating profit (loss) | 9901 | €35,994 | -€45,199 | -€81,193 | |
| Financial income | 75/76B | €5 | €5,379 | +€5,374 | +115,326% |
| Recurring financial income | 75 | €5 | €5,379 | +€5,374 | +115,326% |
| Financial charges | 65/66B | €409 | €1,162 | +€753 | +184% |
| Recurring financial charges | 65 | €409 | €1,162 | +€753 | +184% |
| Profit (loss) for the period before taxes | 9903 | €35,590 | -€40,982 | -€76,572 | |
| Income taxes | 67/77 | €7,118 | €0 | -€7,118 | -100% |
| Profit (loss) for the period | 9904 | €28,472 | -€40,982 | -€69,454 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,472 | -€40,982 | -€69,454 |
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.