GHFM: 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.
GHFM
Largest movements
- Cash +€43,910
up €43,910 (+363.2%), from €12,089 to €55,999
mainly Net result for the year (+€63,449) and Deferred charges and accrued income (+€252)
- Receivables within one year +€3,940
up €3,940 (+7.9%), from €49,602 to €53,542
of which Other amounts receivable: +€5,240
- Reserves +€63,449
up €63,449 (+240.8%), from €26,349 to €89,797
- Other debts -€10,888
down €10,888 (-100.0%), from €10,888 to €0
- Trade debts -€2,486
down €2,486 (-34.9%), from €7,130 to €4,644
- Tax, wage and social debts -€2,477
down €2,477 (-11.8%), from €20,944 to €18,467
of which Remuneration and social security: -€2,350
- Gross operating margin +€55,085
up €55,085 (+202.0%), from €27,265 to €82,350
- Taxes +€11,248
up €11,248 (+208.6%), from €5,392 to €16,640
- Financial charges +€1,254
up €1,254 (+651.5%), from €193 to €1,447
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 | €70,310 | €117,908 | +€47,598 | +67.7% |
| Current assets | 29/58 | €70,310 | €117,908 | +€47,598 | +67.7% |
| Amounts receivable within one year | 40/41 | €49,602 | €53,542 | +€3,940 | +7.9% |
| Trade receivables | 40 | €49,602 | €48,302 | -€1,300 | -2.6% |
| Other amounts receivable | 41 | - | €5,240 | +€5,240 | |
| Cash at bank and in hand | 54/58 | €12,089 | €55,999 | +€43,910 | +363.2% |
| Deferred charges and accrued income | 490/1 | €8,619 | €8,367 | -€252 | -2.9% |
| Total equity and liabilities | 10/49 | €70,310 | €117,908 | +€47,598 | +67.7% |
| Equity | 10/15 | €31,349 | €94,797 | +€63,449 | +202.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,349 | €89,797 | +€63,449 | +240.8% |
| Distributable reserves | 133 | €26,349 | €89,797 | +€63,449 | +240.8% |
| Amounts payable | 17/49 | €38,962 | €23,111 | -€15,850 | -40.7% |
| Amounts payable within one year | 42/48 | €38,962 | €23,111 | -€15,850 | -40.7% |
| Trade debts | 44 | €7,130 | €4,644 | -€2,486 | -34.9% |
| Suppliers | 440/4 | €7,130 | €4,644 | -€2,486 | -34.9% |
| Taxes, remuneration and social security | 45 | €20,944 | €18,467 | -€2,477 | -11.8% |
| Taxes | 450/3 | €18,594 | €18,467 | -€127 | -0.7% |
| Remuneration and social security | 454/9 | €2,350 | €0 | -€2,350 | -100.0% |
| Other amounts payable | 47/48 | €10,888 | €0 | -€10,888 | -100.0% |
| Other operating charges | 640/8 | €909 | €823 | -€85 | -9.4% |
| Gross operating margin | 9900 | €27,265 | €82,350 | +€55,085 | +202.0% |
| Operating profit (loss) | 9901 | €26,356 | €81,527 | +€55,170 | +209.3% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €193 | €1,447 | +€1,254 | +651.5% |
| Recurring financial charges | 65 | €193 | €1,447 | +€1,254 | +651.5% |
| Profit (loss) for the period before taxes | 9903 | €26,164 | €80,089 | +€53,925 | +206.1% |
| Income taxes | 67/77 | €5,392 | €16,640 | +€11,248 | +208.6% |
| Profit (loss) for the period | 9904 | €20,772 | €63,449 | +€42,677 | +205.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,772 | €63,449 | +€42,677 | +205.5% |
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 2 October 2026 via checked.be.