GHEUSE: 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.
GHEUSE
Largest movements
- Current investments -€54,594
down €54,594 (-49.2%), from €110,974 to €56,379
- Receivables within one year +€49,616
up €49,616 (+33.0%), from €150,357 to €199,972
of which Trade receivables: +€34,827
- Tangible fixed assets +€23,955
up €23,955 (+71.9%), from €33,312 to €57,266
of which Plant, machinery and equipment: +€27,616
- Cash -€5,354
down €5,354 (-16.0%), from €33,404 to €28,050
mainly Receivables within one year (-€49,616) and Investment in fixed assets (net) (-€32,898)
- Reserves +€16,930
up €16,930 (+17.0%), from €99,790 to €116,720
of which Distributable reserves: +€16,930
- Tax, wage and social debts -€12,497
down €12,497 (-31.1%), from €40,122 to €27,625
of which Taxes: -€8,630
- Debts after one year +€9,816
new in 2025: €9,816
- Trade debts -€4,185
down €4,185 (-34.0%), from €12,324 to €8,139
- Gross operating margin +€14,057
up €14,057 (+8.4%), from €167,049 to €181,105
- Staff costs +€4,528
up €4,528 (+3.5%), from €130,707 to €135,235
- Write-downs +€3,805
up €3,805, from €0 to €3,805
- Depreciation +€3,753
up €3,753 (+72.3%), from €5,191 to €8,943
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 | €336,577 | €349,228 | +€12,650 | +3.8% |
| Fixed assets | 21/28 | €33,312 | €57,266 | +€23,955 | +71.9% |
| Tangible fixed assets | 22/27 | €33,312 | €57,266 | +€23,955 | +71.9% |
| Land and buildings | 22 | €26,377 | €22,948 | -€3,429 | -13.0% |
| Plant, machinery and equipment | 23 | €5,732 | €33,348 | +€27,616 | +482% |
| Furniture and vehicles | 24 | €553 | €321 | -€232 | -42.0% |
| Assets under construction and advance payments | 27 | €649 | €649 | = | 0.0% |
| Current assets | 29/58 | €303,266 | €291,961 | -€11,304 | -3.7% |
| Stocks and contracts in progress | 3 | €6,280 | €5,208 | -€1,072 | -17.1% |
| Stocks | 30/36 | €6,280 | €5,208 | -€1,072 | -17.1% |
| Amounts receivable within one year | 40/41 | €150,357 | €199,972 | +€49,616 | +33.0% |
| Trade receivables | 40 | €142,619 | €177,446 | +€34,827 | +24.4% |
| Other amounts receivable | 41 | €7,737 | €22,526 | +€14,789 | +191% |
| Current investments | 50/53 | €110,974 | €56,379 | -€54,594 | -49.2% |
| Cash at bank and in hand | 54/58 | €33,404 | €28,050 | -€5,354 | -16.0% |
| Deferred charges and accrued income | 490/1 | €2,252 | €2,352 | +€100 | +4.4% |
| Total equity and liabilities | 10/49 | €336,577 | €349,228 | +€12,650 | +3.8% |
| Equity | 10/15 | €283,283 | €300,214 | +€16,930 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,790 | €116,720 | +€16,930 | +17.0% |
| Tax-exempt reserves | 132 | €30,800 | €30,800 | = | 0.0% |
| Distributable reserves | 133 | €68,990 | €85,920 | +€16,930 | +24.5% |
| Profit (loss) carried forward | 14 | €164,111 | €164,111 | = | 0.0% |
| Investment grants | 15 | €782 | €782 | = | 0.0% |
| Provisions and deferred taxes | 16 | €848 | €714 | -€134 | -15.8% |
| Deferred taxes | 168 | €848 | €714 | -€134 | -15.8% |
| Amounts payable | 17/49 | €52,446 | €48,300 | -€4,146 | -7.9% |
| Amounts payable after more than one year | 17 | - | €9,816 | +€9,816 | |
| Financial debts | 170/4 | - | €9,816 | +€9,816 | |
| Amounts payable within one year | 42/48 | €52,446 | €38,484 | -€13,962 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | - | €2,720 | +€2,720 | |
| Trade debts | 44 | €12,324 | €8,139 | -€4,185 | -34.0% |
| Suppliers | 440/4 | €12,324 | €8,139 | -€4,185 | -34.0% |
| Taxes, remuneration and social security | 45 | €40,122 | €27,625 | -€12,497 | -31.1% |
| Taxes | 450/3 | €15,399 | €6,769 | -€8,630 | -56.0% |
| Remuneration and social security | 454/9 | €24,724 | €20,856 | -€3,867 | -15.6% |
| Remuneration, social security and pensions | 62 | €130,707 | €135,235 | +€4,528 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,191 | €8,943 | +€3,753 | +72.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €3,805 | +€3,805 | |
| Other operating charges | 640/8 | €8,261 | €7,937 | -€325 | -3.9% |
| Gross operating margin | 9900 | €167,049 | €181,105 | +€14,057 | +8.4% |
| Operating profit (loss) | 9901 | €22,890 | €25,186 | +€2,296 | +10.0% |
| Financial income | 75/76B | €521 | €565 | +€44 | +8.4% |
| Recurring financial income | 75 | €521 | €565 | +€44 | +8.4% |
| Financial charges | 65/66B | €615 | €1,119 | +€504 | +82.0% |
| Recurring financial charges | 65 | €615 | €1,119 | +€504 | +82.0% |
| Profit (loss) for the period before taxes | 9903 | €22,796 | €24,631 | +€1,835 | +8.1% |
| Transfer from deferred taxes | 780 | €134 | €134 | = | 0.0% |
| Income taxes | 67/77 | €7,982 | €7,835 | -€146 | -1.8% |
| Profit (loss) for the period | 9904 | €14,949 | €16,930 | +€1,982 | +13.3% |
| Transfer from tax-exempt reserves | 789 | €336 | €0 | -€336 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €15,285 | €16,930 | +€1,646 | +10.8% |
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.