GHEURY: what changed
What changed
GHEURY
NACE 46.643, Wholesale of electrical equipment, including installation materials
filed annual accounts (NBB)
Net result for the year
€2,330
2024 · -€171,403+€173,733
Equity
-€77,217
2024 · -€79,547+€2,330
Cash
€30,243
2024 · €13,342+€16,901
Balance sheet total
€277,747
2024 · €327,241-€49,494
Largest movements
Assets
- Receivables within one year -€82,029
down €82,029 (-44.3%), from €185,267 to €103,238
of which Other amounts receivable: -€62,637
- Cash +€16,901
up €16,901 (+127%), from €13,342 to €30,243
mainly Receivables within one year (+€82,029) and Trade debts (+€27,454)
- Stocks and contracts +€16,525
up €16,525 (+38.2%), from €43,269 to €59,794
Equity and liabilities
- Tax, wage and social debts -€43,313
down €43,313 (-29.0%), from €149,384 to €106,071
of which Taxes: -€44,050
- Debts after one year -€29,457
down €29,457 (-26.5%), from €111,030 to €81,573
- Trade debts +€27,454
up €27,454 (+24.9%), from €110,410 to €137,863
- Current portion of long-term debt -€6,509
down €6,509 (-18.1%), from €35,965 to €29,457
Income statement
- Gross operating margin +€71,505
up €71,505 (+196%), from €36,416 to €107,921
- Taxes +€3,478
up €3,478, from -€2,916 to €562
- Depreciation +€2,929
up €2,929 (+26.9%), from €10,869 to €13,798
- Other operating charges -€1,083
down €1,083 (-12.3%), from €8,796 to €7,713
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€171,403
Gross operating margin
+€71,505
Staff costs
-€23
Depreciation
-€2,929
Other operating charges
+€1,083
Other operating items
+€108,407
Financial income
-€351
Financial charges
-€481
Taxes
-€3,478
Result 2025
€2,330
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€65,196
Investment
-€12,330
Financing
-€35,965
Cash 2024
€13,342
From operations (derived)
+€65,196
Net result for the year
+€2,330
Depreciation
+€13,798
Stocks and contracts
-€16,525
Receivables within one year
+€82,029
Deferred charges and accrued income
-€576
Trade debts
+€27,454
Tax, wage and social debts
-€43,313
Investment (derived)
-€12,330
Investment in fixed assets (net)
-€12,330
Financing
-€35,965
Debts after one year
-€29,457
Current portion of long-term debt
-€6,509
Cash 2025
€30,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €327,241 | €277,747 | -€49,494 | -15.1% |
| Fixed assets | 21/28 | €81,382 | €79,915 | -€1,468 | -1.8% |
| Tangible fixed assets | 22/27 | €81,262 | €79,915 | -€1,348 | -1.7% |
| Land and buildings | 22 | €76,399 | €68,532 | -€7,867 | -10.3% |
| Plant, machinery and equipment | 23 | €779 | €345 | -€434 | -55.7% |
| Furniture and vehicles | 24 | €4,084 | €11,037 | +€6,953 | +170% |
| Financial fixed assets | 28 | €120 | €0 | -€120 | -100% |
| Current assets | 29/58 | €245,859 | €197,833 | -€48,026 | -19.5% |
| Stocks and contracts in progress | 3 | €43,269 | €59,794 | +€16,525 | +38.2% |
| Stocks | 30/36 | €43,269 | €59,794 | +€16,525 | +38.2% |
| Amounts receivable within one year | 40/41 | €185,267 | €103,238 | -€82,029 | -44.3% |
| Trade receivables | 40 | €89,349 | €69,958 | -€19,392 | -21.7% |
| Other amounts receivable | 41 | €95,918 | €33,281 | -€62,637 | -65.3% |
| Cash at bank and in hand | 54/58 | €13,342 | €30,243 | +€16,901 | +127% |
| Deferred charges and accrued income | 490/1 | €3,981 | €4,557 | +€576 | +14.5% |
| Total equity and liabilities | 10/49 | €327,241 | €277,747 | -€49,494 | -15.1% |
| Equity | 10/15 | -€79,547 | -€77,217 | +€2,330 | +2.9% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €71,380 | €71,380 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €31,980 | €31,980 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,327 | -€154,997 | +€2,330 | +1.5% |
| Amounts payable | 17/49 | €406,789 | €354,964 | -€51,824 | -12.7% |
| Amounts payable after more than one year | 17 | €111,030 | €81,573 | -€29,457 | -26.5% |
| Financial debts | 170/4 | €111,030 | €81,573 | -€29,457 | -26.5% |
| Amounts payable within one year | 42/48 | €295,759 | €273,391 | -€22,368 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €35,965 | €29,457 | -€6,509 | -18.1% |
| Trade debts | 44 | €110,410 | €137,863 | +€27,454 | +24.9% |
| Suppliers | 440/4 | €110,410 | €137,863 | +€27,454 | +24.9% |
| Taxes, remuneration and social security | 45 | €149,384 | €106,071 | -€43,313 | -29.0% |
| Taxes | 450/3 | €132,003 | €87,953 | -€44,050 | -33.4% |
| Remuneration and social security | 454/9 | €17,381 | €18,118 | +€737 | +4.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €67,063 | €67,086 | +€23 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,869 | €13,798 | +€2,929 | +26.9% |
| Other operating charges | 640/8 | €8,796 | €7,713 | -€1,083 | -12.3% |
| Non-recurring operating charges | 66A | €117,751 | €9,344 | -€108,407 | -92.1% |
| Gross operating margin | 9900 | €36,416 | €107,921 | +€71,505 | +196% |
| Operating profit (loss) | 9901 | -€168,064 | €9,980 | +€178,044 | |
| Financial income | 75/76B | €351 | €0 | -€351 | -100% |
| Recurring financial income | 75 | €351 | €0 | -€351 | -100% |
| Financial charges | 65/66B | €6,606 | €7,088 | +€481 | +7.3% |
| Recurring financial charges | 65 | €6,606 | €7,088 | +€481 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | -€174,319 | €2,893 | +€177,211 | |
| Income taxes | 67/77 | -€2,916 | €562 | +€3,478 | |
| Profit (loss) for the period | 9904 | -€171,403 | €2,330 | +€173,733 | |
| Profit (loss) for the period to be appropriated | 9905 | -€171,403 | €2,330 | +€173,733 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.