GHEMS: 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.
GHEMS
Largest movements
- Receivables within one year +€276,159
up €276,159 (+597%), from €46,246 to €322,405
of which Trade receivables: +€266,721
- Cash +€182,264
up €182,264 (+134%), from €135,623 to €317,887
mainly Net result for the year (+€491,322) and Tax, wage and social debts (+€50,246)
- Current investments +€91,148
up €91,148 (+7.1%), from €1.3m to €1.4m
- Profit (loss) carried forward +€491,322
up €491,322 (+51.7%), from -€950,407 to -€459,085
- Tax, wage and social debts +€50,246
up €50,246 (+12,325%), from €408 to €50,653
- Gross operating margin +€261,105
up €261,105 (+128%), from €204,749 to €465,854
- Financial income +€22,262
up €22,262 (+78.4%), from €28,409 to €50,671
- Financial charges +€11,649
up €11,649 (+103%), from €11,270 to €22,919
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 | €1,489,045 | €2,039,249 | +€550,204 | +37.0% |
| Fixed assets | 21/28 | €10,445 | €10,843 | +€398 | +3.8% |
| Tangible fixed assets | 22/27 | €10,445 | €10,843 | +€398 | +3.8% |
| Land and buildings | 22 | €9,916 | €9,916 | = | 0.0% |
| Furniture and vehicles | 24 | €529 | €927 | +€398 | +75.2% |
| Current assets | 29/58 | €1,478,600 | €2,028,406 | +€549,806 | +37.2% |
| Stocks and contracts in progress | 3 | €2,785 | €2,785 | = | 0.0% |
| Stocks | 30/36 | €2,785 | €2,785 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €46,246 | €322,405 | +€276,159 | +597% |
| Trade receivables | 40 | €24,708 | €291,428 | +€266,721 | +1,080% |
| Other amounts receivable | 41 | €21,538 | €30,977 | +€9,438 | +43.8% |
| Current investments | 50/53 | €1,290,193 | €1,381,342 | +€91,148 | +7.1% |
| Cash at bank and in hand | 54/58 | €135,623 | €317,887 | +€182,264 | +134% |
| Deferred charges and accrued income | 490/1 | €3,752 | €3,987 | +€235 | +6.3% |
| Total equity and liabilities | 10/49 | €1,489,045 | €2,039,249 | +€550,204 | +37.0% |
| Equity | 10/15 | €835,622 | €1,326,945 | +€491,322 | +58.8% |
| Contributions | 10/11 | €113,200 | €113,200 | = | 0.0% |
| Reserves | 13 | €1,672,829 | €1,672,829 | = | 0.0% |
| Distributable reserves | 133 | €1,672,829 | €1,672,829 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€950,407 | -€459,085 | +€491,322 | +51.7% |
| Amounts payable | 17/49 | €653,423 | €712,304 | +€58,882 | +9.0% |
| Amounts payable within one year | 42/48 | €594,131 | €642,537 | +€48,406 | +8.1% |
| Trade debts | 44 | €19,614 | €17,774 | -€1,840 | -9.4% |
| Suppliers | 440/4 | €19,614 | €17,774 | -€1,840 | -9.4% |
| Taxes, remuneration and social security | 45 | €408 | €50,653 | +€50,246 | +12,325% |
| Taxes | 450/3 | €408 | €50,653 | +€50,246 | +12,325% |
| Other amounts payable | 47/48 | €574,109 | €574,109 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €59,292 | €69,768 | +€10,476 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176 | €234 | +€58 | +32.8% |
| Other operating charges | 640/8 | €2,655 | €2,922 | +€267 | +10.1% |
| Gross operating margin | 9900 | €204,749 | €465,854 | +€261,105 | +128% |
| Operating profit (loss) | 9901 | €201,918 | €462,698 | +€260,780 | +129% |
| Financial income | 75/76B | €28,409 | €50,671 | +€22,262 | +78.4% |
| Recurring financial income | 75 | €28,409 | €50,671 | +€22,262 | +78.4% |
| Financial charges | 65/66B | €11,270 | €22,919 | +€11,649 | +103% |
| Recurring financial charges | 65 | €11,270 | €22,919 | +€11,649 | +103% |
| Profit (loss) for the period before taxes | 9903 | €219,056 | €490,450 | +€271,394 | +124% |
| Income taxes | 67/77 | €650 | -€872 | -€1,523 | |
| Profit (loss) for the period | 9904 | €218,406 | €491,322 | +€272,917 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €218,406 | €491,322 | +€272,917 | +125% |
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 21 October 2026 via checked.be.