GHESCO: 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.
GHESCO
Largest movements
- Tangible fixed assets +€81,160
up €81,160 (+22,061%), from €368 to €81,528
of which Leasing and similar rights: +€67,562
- Current investments +€43,600
up €43,600 (+14.7%), from €296,564 to €340,164
- Cash +€43,327
up €43,327 (+44.7%), from €96,890 to €140,218
mainly Net result for the year (+€142,847) and Debts after one year (+€37,985)
- Reserves +€142,847
up €142,847 (+39.0%), from €366,585 to €509,432
- Debts after one year +€37,985
new in 2025: €37,985
- Tax, wage and social debts -€12,951
down €12,951 (-31.9%), from €40,562 to €27,612
- Current portion of long-term debt +€9,335
new in 2025: €9,335
- Trade debts -€6,510
down €6,510 (-91.8%), from €7,089 to €579
- Gross operating margin +€55,544
up €55,544 (+36.3%), from €153,062 to €208,606
- Financial income +€18,102
up €18,102 (+1,450%), from €1,248 to €19,351
- Taxes +€14,608
up €14,608 (+33.9%), from €43,100 to €57,708
- Depreciation +€9,335
up €9,335 (+1,361%), from €686 to €10,021
- Other operating charges +€2,950
up €2,950 (+340%), from €867 to €3,818
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 | €421,676 | €593,073 | +€171,397 | +40.6% |
| Fixed assets | 21/28 | €368 | €81,528 | +€81,160 | +22,061% |
| Tangible fixed assets | 22/27 | €368 | €81,528 | +€81,160 | +22,061% |
| Plant, machinery and equipment | 23 | - | €13,166 | +€13,166 | |
| Furniture and vehicles | 24 | €368 | €800 | +€432 | +117% |
| Leasing and similar rights | 25 | - | €67,562 | +€67,562 | |
| Current assets | 29/58 | €421,308 | €511,545 | +€90,237 | +21.4% |
| Amounts receivable within one year | 40/41 | €27,312 | €30,622 | +€3,310 | +12.1% |
| Trade receivables | 40 | €27,312 | €28,630 | +€1,318 | +4.8% |
| Other amounts receivable | 41 | - | €1,992 | +€1,992 | |
| Current investments | 50/53 | €296,564 | €340,164 | +€43,600 | +14.7% |
| Cash at bank and in hand | 54/58 | €96,890 | €140,218 | +€43,327 | +44.7% |
| Deferred charges and accrued income | 490/1 | €541 | €541 | = | 0.0% |
| Total equity and liabilities | 10/49 | €421,676 | €593,073 | +€171,397 | +40.6% |
| Equity | 10/15 | €372,585 | €515,432 | +€142,847 | +38.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €366,585 | €509,432 | +€142,847 | +39.0% |
| Distributable reserves | 133 | €366,585 | €509,432 | +€142,847 | +39.0% |
| Amounts payable | 17/49 | €49,091 | €77,641 | +€28,550 | +58.2% |
| Amounts payable after more than one year | 17 | - | €37,985 | +€37,985 | |
| Financial debts | 170/4 | - | €37,985 | +€37,985 | |
| Amounts payable within one year | 42/48 | €48,931 | €39,496 | -€9,436 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,335 | +€9,335 | |
| Trade debts | 44 | €7,089 | €579 | -€6,510 | -91.8% |
| Suppliers | 440/4 | €7,089 | €579 | -€6,510 | -91.8% |
| Taxes, remuneration and social security | 45 | €40,562 | €27,612 | -€12,951 | -31.9% |
| Taxes | 450/3 | €40,562 | €27,612 | -€12,951 | -31.9% |
| Other amounts payable | 47/48 | €1,279 | €1,969 | +€690 | +53.9% |
| Accrued charges and deferred income | 492/3 | €160 | €160 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €13,653 | €12,431 | -€1,222 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €686 | €10,021 | +€9,335 | +1,361% |
| Other operating charges | 640/8 | €867 | €3,818 | +€2,950 | +340% |
| Gross operating margin | 9900 | €153,062 | €208,606 | +€55,544 | +36.3% |
| Operating profit (loss) | 9901 | €137,856 | €182,337 | +€44,481 | +32.3% |
| Financial income | 75/76B | €1,248 | €19,351 | +€18,102 | +1,450% |
| Recurring financial income | 75 | €1,248 | €19,351 | +€18,102 | +1,450% |
| Financial charges | 65/66B | €448 | €1,132 | +€684 | +153% |
| Recurring financial charges | 65 | €448 | €1,132 | +€684 | +153% |
| Profit (loss) for the period before taxes | 9903 | €138,656 | €200,555 | +€61,899 | +44.6% |
| Income taxes | 67/77 | €43,100 | €57,708 | +€14,608 | +33.9% |
| Profit (loss) for the period | 9904 | €95,556 | €142,847 | +€47,291 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,556 | €142,847 | +€47,291 | +49.5% |
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 18 October 2026 via checked.be.