GhePa: 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.
GhePa
Largest movements
- Stocks and contracts +€30,843
up €30,843 (+254%), from €12,143 to €42,986
- Cash -€21,528
down €21,528 (-62.3%), from €34,541 to €13,013
mainly Stocks and contracts (-€30,843) and Tax, wage and social debts (-€7,072)
- Receivables within one year +€4,329
up €4,329 (+15.2%), from €28,394 to €32,724
of which Other amounts receivable: +€9,779
- Tangible fixed assets -€1,412
down €1,412 (-8.0%), from €17,705 to €16,293
of which Furniture and vehicles: -€1,316
- Reserves +€12,941
up €12,941 (+38.2%), from €33,914 to €46,854
- Trade debts +€11,859
up €11,859 (+57.4%), from €20,661 to €32,520
- Tax, wage and social debts -€7,072
down €7,072 (-54.7%), from €12,936 to €5,864
- Other debts -€5,994
down €5,994 (-87.5%), from €6,853 to €859
- Gross operating margin -€29,667
down €29,667 (-49.8%), from €59,540 to €29,874
- Depreciation -€8,618
down €8,618 (-59.4%), from €14,497 to €5,879
- Taxes -€6,066
down €6,066 (-52.0%), from €11,667 to €5,601
- Financial charges -€3,607
down €3,607 (-97.5%), from €3,700 to €94
- Other operating charges -€2,667
down €2,667 (-30.5%), from €8,733 to €6,067
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 | €92,963 | €105,697 | +€12,734 | +13.7% |
| Fixed assets | 21/28 | €17,885 | €16,473 | -€1,412 | -7.9% |
| Tangible fixed assets | 22/27 | €17,705 | €16,293 | -€1,412 | -8.0% |
| Land and buildings | 22 | €846 | €701 | -€145 | -17.1% |
| Plant, machinery and equipment | 23 | €9,669 | €9,719 | +€50 | +0.5% |
| Furniture and vehicles | 24 | €7,190 | €5,874 | -€1,316 | -18.3% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €75,078 | €89,224 | +€14,146 | +18.8% |
| Stocks and contracts in progress | 3 | €12,143 | €42,986 | +€30,843 | +254% |
| Contracts in progress | 37 | €12,143 | €42,986 | +€30,843 | +254% |
| Amounts receivable within one year | 40/41 | €28,394 | €32,724 | +€4,329 | +15.2% |
| Trade receivables | 40 | €26,125 | €20,675 | -€5,450 | -20.9% |
| Other amounts receivable | 41 | €2,269 | €12,048 | +€9,779 | +431% |
| Cash at bank and in hand | 54/58 | €34,541 | €13,013 | -€21,528 | -62.3% |
| Deferred charges and accrued income | 490/1 | - | €501 | +€501 | |
| Total equity and liabilities | 10/49 | €92,963 | €105,697 | +€12,734 | +13.7% |
| Equity | 10/15 | €52,514 | €65,454 | +€12,941 | +24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,914 | €46,854 | +€12,941 | +38.2% |
| Distributable reserves | 133 | €33,914 | €46,854 | +€12,941 | +38.2% |
| Amounts payable | 17/49 | €40,449 | €40,243 | -€206 | -0.5% |
| Amounts payable within one year | 42/48 | €40,449 | €39,243 | -€1,206 | -3.0% |
| Trade debts | 44 | €20,661 | €32,520 | +€11,859 | +57.4% |
| Suppliers | 440/4 | €20,661 | €32,520 | +€11,859 | +57.4% |
| Taxes, remuneration and social security | 45 | €12,936 | €5,864 | -€7,072 | -54.7% |
| Taxes | 450/3 | €12,936 | €5,864 | -€7,072 | -54.7% |
| Other amounts payable | 47/48 | €6,853 | €859 | -€5,994 | -87.5% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Non-recurring operating income | 76A | €4,200 | €9,348 | +€5,148 | +123% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,497 | €5,879 | -€8,618 | -59.4% |
| Other operating charges | 640/8 | €8,733 | €6,067 | -€2,667 | -30.5% |
| Gross operating margin | 9900 | €59,540 | €29,874 | -€29,667 | -49.8% |
| Operating profit (loss) | 9901 | €36,310 | €17,928 | -€18,382 | -50.6% |
| Financial income | 75/76B | €564 | €1,566 | +€1,002 | +178% |
| Recurring financial income | 75 | €564 | €1,566 | +€1,002 | +178% |
| Financial charges | 65/66B | €3,700 | €94 | -€3,607 | -97.5% |
| Recurring financial charges | 65 | €3,700 | €94 | -€3,607 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | €33,173 | €19,401 | -€13,773 | -41.5% |
| Income taxes | 67/77 | €11,667 | €5,601 | -€6,066 | -52.0% |
| Profit (loss) for the period | 9904 | €21,507 | €13,800 | -€7,707 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,507 | €13,800 | -€7,707 | -35.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.