GHESMY: 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.
GHESMY
Largest movements
- Cash +€7,124
up €7,124 (+4.4%), from €163,253 to €170,377
mainly Other debts (+€10,731) and Net result for the year (+€5,702)
- Receivables within one year +€2,464
new in 2025: €2,464
- Other debts +€10,731
up €10,731 (+26.8%), from €40,090 to €50,821
- Reserves -€3,500
down €3,500 (-3.7%), from €95,297 to €91,797
of which Distributable reserves: -€3,500
- Gross operating margin -€3,619
down €3,619 (-18.8%), from €19,222 to €15,604
- Taxes -€1,343
down €1,343 (-33.2%), from €4,044 to €2,701
- Financial charges +€350
up €350 (+14.6%), from €2,391 to €2,741
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 | €200,007 | €207,789 | +€7,782 | +3.9% |
| Fixed assets | 21/28 | €36,754 | €34,948 | -€1,806 | -4.9% |
| Tangible fixed assets | 22/27 | €36,754 | €34,948 | -€1,806 | -4.9% |
| Land and buildings | 22 | €36,754 | €34,948 | -€1,806 | -4.9% |
| Current assets | 29/58 | €163,253 | €172,841 | +€9,588 | +5.9% |
| Amounts receivable within one year | 40/41 | - | €2,464 | +€2,464 | |
| Other amounts receivable | 41 | - | €2,464 | +€2,464 | |
| Cash at bank and in hand | 54/58 | €163,253 | €170,377 | +€7,124 | +4.4% |
| Total equity and liabilities | 10/49 | €200,007 | €207,789 | +€7,782 | +3.9% |
| Equity | 10/15 | €157,355 | €154,057 | -€3,298 | -2.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €95,297 | €91,797 | -€3,500 | -3.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €89,100 | €85,600 | -€3,500 | -3.9% |
| Profit (loss) carried forward | 14 | €84 | €286 | +€202 | +239% |
| Amounts payable | 17/49 | €42,652 | €53,732 | +€11,080 | +26.0% |
| Amounts payable within one year | 42/48 | €40,438 | €51,169 | +€10,731 | +26.5% |
| Taxes, remuneration and social security | 45 | €348 | €348 | = | 0.0% |
| Taxes | 450/3 | €348 | €348 | = | 0.0% |
| Other amounts payable | 47/48 | €40,090 | €50,821 | +€10,731 | +26.8% |
| Accrued charges and deferred income | 492/3 | €2,214 | €2,563 | +€349 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,806 | €1,806 | = | 0.0% |
| Other operating charges | 640/8 | €3,102 | €3,204 | +€102 | +3.3% |
| Gross operating margin | 9900 | €19,222 | €15,604 | -€3,619 | -18.8% |
| Operating profit (loss) | 9901 | €14,314 | €10,594 | -€3,720 | -26.0% |
| Financial income | 75/76B | €653 | €549 | -€103 | -15.8% |
| Recurring financial income | 75 | €653 | €549 | -€103 | -15.8% |
| Financial charges | 65/66B | €2,391 | €2,741 | +€350 | +14.6% |
| Recurring financial charges | 65 | €2,391 | €2,741 | +€350 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €12,576 | €8,402 | -€4,174 | -33.2% |
| Income taxes | 67/77 | €4,044 | €2,701 | -€1,343 | -33.2% |
| Profit (loss) for the period | 9904 | €8,532 | €5,702 | -€2,830 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,532 | €5,702 | -€2,830 | -33.2% |
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 19 October 2026 via checked.be.