GHESTIN: 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.
GHESTIN
Largest movements
- Tangible fixed assets +€17,704
up €17,704 (+56.5%), from €31,307 to €49,011
of which Furniture and vehicles: +€24,400
- Receivables within one year -€17,222
down €17,222 (-21.3%), from €80,794 to €63,572
of which Other amounts receivable: -€17,674
- Cash -€4,418
down €4,418 (-83.6%), from €5,286 to €867
mainly Investment in fixed assets (net) (-€28,000) and Trade debts (-€14,864)
- Stocks and contracts +€1,255
up €1,255 (+116%), from €1,082 to €2,337
- Profit (loss) carried forward +€23,115
up €23,115 (+35.0%), from €66,016 to €89,131
- Trade debts -€14,864
down €14,864 (-83.1%), from €17,886 to €3,022
- Short-term financial debts -€5,610
down €5,610 (-80.7%), from €6,954 to €1,344
- Current portion of long-term debt -€3,388
no longer reported in 2025 (was €3,388)
- Accrued charges and deferred income -€2,485
down €2,485 (-29.3%), from €8,485 to €6,000
- Gross operating margin +€38,626
up €38,626 (+972%), from €3,976 to €42,602
- Depreciation +€9,244
up €9,244 (+878%), from €1,052 to €10,296
- Taxes +€5,239
new in 2025: €5,239
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 | €118,469 | €115,787 | -€2,681 | -2.3% |
| Fixed assets | 21/28 | €31,307 | €49,011 | +€17,704 | +56.5% |
| Tangible fixed assets | 22/27 | €31,307 | €49,011 | +€17,704 | +56.5% |
| Plant, machinery and equipment | 23 | €31,307 | €24,611 | -€6,696 | -21.4% |
| Furniture and vehicles | 24 | - | €24,400 | +€24,400 | |
| Current assets | 29/58 | €87,161 | €66,776 | -€20,385 | -23.4% |
| Stocks and contracts in progress | 3 | €1,082 | €2,337 | +€1,255 | +116% |
| Stocks | 30/36 | €1,082 | €2,337 | +€1,255 | +116% |
| Amounts receivable within one year | 40/41 | €80,794 | €63,572 | -€17,222 | -21.3% |
| Trade receivables | 40 | €62,590 | €63,042 | +€452 | +0.7% |
| Other amounts receivable | 41 | €18,204 | €530 | -€17,674 | -97.1% |
| Cash at bank and in hand | 54/58 | €5,286 | €867 | -€4,418 | -83.6% |
| Total equity and liabilities | 10/49 | €118,469 | €115,787 | -€2,681 | -2.3% |
| Equity | 10/15 | €75,576 | €98,691 | +€23,115 | +30.6% |
| Contributions | 10/11 | €7,700 | €7,700 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,016 | €89,131 | +€23,115 | +35.0% |
| Amounts payable | 17/49 | €42,893 | €17,097 | -€25,796 | -60.1% |
| Amounts payable within one year | 42/48 | €34,408 | €11,097 | -€23,311 | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €3,388 | - | -€3,388 | |
| Financial debts | 43 | €6,954 | €1,344 | -€5,610 | -80.7% |
| Credit institutions | 430/8 | €6,954 | €1,344 | -€5,610 | -80.7% |
| Trade debts | 44 | €17,886 | €3,022 | -€14,864 | -83.1% |
| Suppliers | 440/4 | €17,886 | €3,022 | -€14,864 | -83.1% |
| Taxes, remuneration and social security | 45 | €6,180 | €6,731 | +€551 | +8.9% |
| Taxes | 450/3 | €6,180 | €6,731 | +€551 | +8.9% |
| Accrued charges and deferred income | 492/3 | €8,485 | €6,000 | -€2,485 | -29.3% |
| Remuneration, social security and pensions | 62 | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,052 | €10,296 | +€9,244 | +878% |
| Other operating charges | 640/8 | €858 | €679 | -€180 | -20.9% |
| Non-recurring operating charges | 66A | €124 | €58 | -€66 | -53.0% |
| Gross operating margin | 9900 | €3,976 | €42,602 | +€38,626 | +972% |
| Operating profit (loss) | 9901 | €1,928 | €31,570 | +€29,641 | +1,537% |
| Financial income | 75/76B | €1 | €1 | -€0 | -30.3% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -30.3% |
| Financial charges | 65/66B | €3,432 | €3,216 | -€216 | -6.3% |
| Recurring financial charges | 65 | €3,432 | €3,216 | -€216 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,503 | €28,354 | +€29,857 | |
| Income taxes | 67/77 | - | €5,239 | +€5,239 | |
| Profit (loss) for the period | 9904 | -€1,503 | €23,115 | +€24,618 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,503 | €23,115 | +€24,618 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.