GHESP: 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.
GHESP
Largest movements
- Cash +€486,643
up €486,643 (+1403.3%), from €34,677 to €521,320
mainly Current investments (+€431,878) and Receivables within one year (+€411,647)
- Current investments -€431,878
down €431,878 (-88.0%), from €490,499 to €58,621
- Receivables within one year -€411,647
down €411,647 (-94.3%), from €436,449 to €24,802
of which Other amounts receivable: -€411,728
- Other debts -€386,621
no longer reported in 2025 (was €386,621)
- Financial income -€1.0m
down €1.0m (-99.0%), from €1.0m to €9,966
- Taxes -€89,752
down €89,752 (-99.4%), from €90,324 to €572
- Gross operating margin -€21,388
down €21,388 (-40.3%), from €53,019 to €31,631
- Depreciation -€968
down €968 (-1.4%), from €69,722 to €68,754
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 | €9,552,819 | €9,127,182 | -€425,636 | -4.5% |
| Fixed assets | 21/28 | €8,591,193 | €8,522,439 | -€68,754 | -0.8% |
| Tangible fixed assets | 22/27 | €581,793 | €513,039 | -€68,754 | -11.8% |
| Land and buildings | 22 | €416,349 | €392,603 | -€23,746 | -5.7% |
| Plant, machinery and equipment | 23 | €6,027 | €5,311 | -€716 | -11.9% |
| Furniture and vehicles | 24 | €159,417 | €115,126 | -€44,292 | -27.8% |
| Financial fixed assets | 28 | €8,009,400 | €8,009,400 | = | 0.0% |
| Current assets | 29/58 | €961,625 | €604,743 | -€356,882 | -37.1% |
| Amounts receivable within one year | 40/41 | €436,449 | €24,802 | -€411,647 | -94.3% |
| Trade receivables | 40 | €7,216 | €7,297 | +€81 | +1.1% |
| Other amounts receivable | 41 | €429,233 | €17,505 | -€411,728 | -95.9% |
| Current investments | 50/53 | €490,499 | €58,621 | -€431,878 | -88.0% |
| Cash at bank and in hand | 54/58 | €34,677 | €521,320 | +€486,643 | +1403.3% |
| Total equity and liabilities | 10/49 | €9,552,819 | €9,127,182 | -€425,636 | -4.5% |
| Equity | 10/15 | €9,070,743 | €9,039,843 | -€30,900 | -0.3% |
| Contributions | 10/11 | €6,208,796 | €6,208,796 | = | 0.0% |
| Outside capital | 11 | €6,208,796 | - | -€6.2m | |
| Other | 1109/19 | €6,208,796 | - | -€6.2m | |
| Reserves | 13 | €2,861,947 | €2,831,047 | -€30,900 | -1.1% |
| Non-distributable reserves | 130/1 | €188,000 | €188,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €188,000 | €188,000 | = | 0.0% |
| Distributable reserves | 133 | €2,673,947 | €2,643,047 | -€30,900 | -1.2% |
| Amounts payable | 17/49 | €482,076 | €87,339 | -€394,737 | -81.9% |
| Amounts payable within one year | 42/48 | €482,076 | €87,339 | -€394,737 | -81.9% |
| Trade debts | 44 | €1,801 | €3,583 | +€1,782 | +98.9% |
| Suppliers | 440/4 | €1,801 | €3,583 | +€1,782 | +98.9% |
| Taxes, remuneration and social security | 45 | €93,653 | €83,756 | -€9,898 | -10.6% |
| Taxes | 450/3 | €93,653 | €83,756 | -€9,898 | -10.6% |
| Other amounts payable | 47/48 | €386,621 | - | -€386,621 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,722 | €68,754 | -€968 | -1.4% |
| Other operating charges | 640/8 | €2,897 | €3,076 | +€179 | +6.2% |
| Gross operating margin | 9900 | €53,019 | €31,631 | -€21,388 | -40.3% |
| Operating profit (loss) | 9901 | -€19,600 | -€40,199 | -€20,599 | -105.1% |
| Financial income | 75/76B | €1,014,610 | €9,966 | -€1.0m | -99.0% |
| Recurring financial income | 75 | €1,014,610 | €9,966 | -€1.0m | -99.0% |
| Financial charges | 65/66B | €262 | €95 | -€167 | -63.8% |
| Recurring financial charges | 65 | €262 | €95 | -€167 | -63.8% |
| Profit (loss) for the period before taxes | 9903 | €994,748 | -€30,328 | -€1.0m | |
| Income taxes | 67/77 | €90,324 | €572 | -€89,752 | -99.4% |
| Profit (loss) for the period | 9904 | €904,424 | -€30,900 | -€935,324 | |
| Profit (loss) for the period to be appropriated | 9905 | €904,424 | -€30,900 | -€935,324 |
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.