Ghemko Milieu: what changed
Ghemko Milieu
Largest movements
- Tangible fixed assets -€174,441
down €174,441 (-31.7%), from €550,993 to €376,552
of which Land and buildings: -€180,390
- Receivables within one year +€123,338
up €123,338 (+25.4%), from €485,273 to €608,610
of which Trade receivables: +€97,926
- Cash -€25,820
down €25,820 (-43.8%), from €58,965 to €33,145
mainly Accrued charges and deferred income (-€243,307) and Receivables within one year (-€123,338)
- Accrued charges and deferred income -€243,307
down €243,307 (-99.2%), from €245,237 to €1,930
- Trade debts +€210,278
up €210,278 (+165%), from €127,688 to €337,966
- Tax, wage and social debts +€48,319
up €48,319 (+454%), from €10,635 to €58,955
of which Taxes: +€39,465
- Short-term financial debts -€47,760
down €47,760 (-52.0%), from €91,774 to €44,014
- Other debts -€41,278
no longer reported in 2025 (was €41,278)
- Gross operating margin -€423,662
down €423,662 (-86.6%), from €489,073 to €65,412
- Taxes -€108,279
down €108,279, from €102,304 to -€5,975
- Depreciation -€13,257
down €13,257 (-23.0%), from €57,618 to €44,361
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,101,243 | €1,022,526 | -€78,718 | -7.1% |
| Fixed assets | 21/28 | €557,005 | €380,770 | -€176,236 | -31.6% |
| Intangible fixed assets | 21 | €6,012 | €4,218 | -€1,794 | -29.8% |
| Tangible fixed assets | 22/27 | €550,993 | €376,552 | -€174,441 | -31.7% |
| Land and buildings | 22 | €405,122 | €224,732 | -€180,390 | -44.5% |
| Plant, machinery and equipment | 23 | €145,871 | €151,820 | +€5,949 | +4.1% |
| Current assets | 29/58 | €544,238 | €641,756 | +€97,518 | +17.9% |
| Amounts receivable within one year | 40/41 | €485,273 | €608,610 | +€123,338 | +25.4% |
| Trade receivables | 40 | €293,293 | €391,219 | +€97,926 | +33.4% |
| Other amounts receivable | 41 | €191,979 | €217,391 | +€25,412 | +13.2% |
| Cash at bank and in hand | 54/58 | €58,965 | €33,145 | -€25,820 | -43.8% |
| Total equity and liabilities | 10/49 | €1,101,243 | €1,022,526 | -€78,718 | -7.1% |
| Equity | 10/15 | €374,555 | €381,654 | +€7,099 | +1.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,693 | €61,693 | = | 0.0% |
| Distributable reserves | 133 | €61,693 | €61,693 | = | 0.0% |
| Profit (loss) carried forward | 14 | €306,662 | €313,761 | +€7,099 | +2.3% |
| Amounts payable | 17/49 | €726,688 | €640,871 | -€85,817 | -11.8% |
| Amounts payable after more than one year | 17 | €198,007 | €184,342 | -€13,665 | -6.9% |
| Financial debts | 170/4 | €198,007 | €184,342 | -€13,665 | -6.9% |
| Amounts payable within one year | 42/48 | €283,444 | €454,599 | +€171,155 | +60.4% |
| Current portion of amounts payable after more than one year | 42 | €12,068 | €13,665 | +€1,597 | +13.2% |
| Financial debts | 43 | €91,774 | €44,014 | -€47,760 | -52.0% |
| Other loans | 439 | €91,774 | €44,014 | -€47,760 | -52.0% |
| Trade debts | 44 | €127,688 | €337,966 | +€210,278 | +165% |
| Suppliers | 440/4 | €127,688 | €337,966 | +€210,278 | +165% |
| Taxes, remuneration and social security | 45 | €10,635 | €58,955 | +€48,319 | +454% |
| Taxes | 450/3 | €10,635 | €50,100 | +€39,465 | +371% |
| Remuneration and social security | 454/9 | - | €8,855 | +€8,855 | |
| Other amounts payable | 47/48 | €41,278 | - | -€41,278 | |
| Accrued charges and deferred income | 492/3 | €245,237 | €1,930 | -€243,307 | -99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,618 | €44,361 | -€13,257 | -23.0% |
| Other operating charges | 640/8 | €7,100 | €6,929 | -€171 | -2.4% |
| Non-recurring operating charges | 66A | - | €2,210 | +€2,210 | |
| Gross operating margin | 9900 | €489,073 | €65,412 | -€423,662 | -86.6% |
| Operating profit (loss) | 9901 | €424,356 | €11,912 | -€412,444 | -97.2% |
| Financial income | 75/76B | €199 | €762 | +€563 | +283% |
| Recurring financial income | 75 | €199 | €762 | +€563 | +283% |
| Financial charges | 65/66B | €15,588 | €11,449 | -€4,139 | -26.6% |
| Recurring financial charges | 65 | €15,588 | €11,449 | -€4,139 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €408,966 | €1,224 | -€407,742 | -99.7% |
| Income taxes | 67/77 | €102,304 | -€5,975 | -€108,279 | |
| Profit (loss) for the period | 9904 | €306,662 | €7,199 | -€299,463 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €306,662 | €7,199 | -€299,463 | -97.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.