GHEPPIO: what changed
Two fiscal 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.
GHEPPIO
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year -€11,613
down €11,613 (-96.6%), from €12,020 to €407
of which Other amounts receivable: -€11,613
- Reserves -€226,834
down €226,834 (-96.2%), from €235,765 to €8,931
- Other debts +€127,715
new in 2025: €127,715
- Trade debts -€24,044
down €24,044 (-89.9%), from €26,745 to €2,701
- Tax, wage and social debts +€8,818
up €8,818 (+25.0%), from €35,313 to €44,132
of which Taxes: +€8,818
- Gross operating margin -€130,962
down €130,962, from €87,764 to -€43,198
- Taxes -€17,542
down €17,542 (-99.0%), from €17,712 to €169
- Financial income -€939
down €939 (-39.8%), from €2,363 to €1,423
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.
Cash bridge derived
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 | €301,404 | €188,584 | -€112,820 | -37.4% |
| Fixed assets | 21/28 | €5,066 | €2,956 | -€2,110 | -41.7% |
| Tangible fixed assets | 22/27 | €5,066 | €2,956 | -€2,110 | -41.7% |
| Plant, machinery and equipment | 23 | €651 | €327 | -€324 | -49.7% |
| Furniture and vehicles | 24 | €4,415 | €2,628 | -€1,786 | -40.5% |
| Current assets | 29/58 | €296,338 | €185,628 | -€110,709 | -37.4% |
| Amounts receivable within one year | 40/41 | €12,020 | €407 | -€11,613 | -96.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €12,020 | €407 | -€11,613 | -96.6% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €182,358 | €185,221 | +€2,863 | +1.6% |
| Deferred charges and accrued income | 490/1 | €1,960 | €0 | -€1,960 | -100.0% |
| Total equity and liabilities | 10/49 | €301,404 | €188,584 | -€112,820 | -37.4% |
| Equity | 10/15 | €238,765 | €11,931 | -€226,834 | -95.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €235,765 | €8,931 | -€226,834 | -96.2% |
| Distributable reserves | 133 | €235,765 | €8,931 | -€226,834 | -96.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €62,638 | €176,653 | +€114,014 | +182.0% |
| Amounts payable within one year | 42/48 | €62,058 | €174,548 | +€112,490 | +181.3% |
| Trade debts | 44 | €26,745 | €2,701 | -€24,044 | -89.9% |
| Suppliers | 440/4 | €26,745 | €2,701 | -€24,044 | -89.9% |
| Taxes, remuneration and social security | 45 | €35,313 | €44,132 | +€8,818 | +25.0% |
| Taxes | 450/3 | €35,313 | €44,132 | +€8,818 | +25.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €127,715 | +€127,715 | |
| Accrued charges and deferred income | 492/3 | €580 | €2,104 | +€1,524 | +262.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,756 | €2,110 | +€354 | +20.2% |
| Other operating charges | 640/8 | €557 | €798 | +€241 | +43.3% |
| Gross operating margin | 9900 | €87,764 | -€43,198 | -€130,962 | |
| Operating profit (loss) | 9901 | €85,451 | -€46,106 | -€131,557 | |
| Financial income | 75/76B | €2,363 | €1,423 | -€939 | -39.8% |
| Recurring financial income | 75 | €2,363 | €1,423 | -€939 | -39.8% |
| Financial charges | 65/66B | €1,776 | €1,983 | +€207 | +11.7% |
| Recurring financial charges | 65 | €1,776 | €1,983 | +€207 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €86,038 | -€46,665 | -€132,703 | |
| Income taxes | 67/77 | €17,712 | €169 | -€17,542 | -99.0% |
| Profit (loss) for the period | 9904 | €68,327 | -€46,834 | -€115,161 | |
| Profit (loss) for the period to be appropriated | 9905 | €68,327 | -€46,834 | -€115,161 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.