GHGC: 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.
GHGC
Largest movements
- Receivables within one year +€86,153
up €86,153 (+165%), from €52,253 to €138,406
of which Other amounts receivable: +€80,030
- Cash +€25,393
up €25,393 (+52.4%), from €48,488 to €73,881
mainly Net result for the year (+€97,773) and Tax, wage and social debts (+€18,056)
- Financial fixed assets +€9,840
up €9,840 (+187%), from €5,250 to €15,090
- Profit (loss) carried forward +€97,773
up €97,773 (+125%), from €78,045 to €175,818
- Tax, wage and social debts +€18,056
up €18,056 (+67.7%), from €26,657 to €44,713
- Trade debts +€6,290
up €6,290 (+22.2%), from €28,393 to €34,683
- Gross operating margin +€33,249
up €33,249 (+31.3%), from €106,151 to €139,400
- Taxes +€7,176
up €7,176 (+31.2%), from €23,013 to €30,188
- Financial charges +€7,014
up €7,014 (+273%), from €2,570 to €9,584
- Financial income +€2,359
up €2,359 (+72,823%), from €3 to €2,363
- Depreciation +€1,656
up €1,656 (+74.7%), from €2,218 to €3,874
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 | €138,095 | €260,970 | +€122,875 | +89.0% |
| Fixed assets | 21/28 | €37,317 | €46,151 | +€8,834 | +23.7% |
| Tangible fixed assets | 22/27 | €32,067 | €31,061 | -€1,006 | -3.1% |
| Furniture and vehicles | 24 | €780 | €516 | -€264 | -33.9% |
| Other tangible fixed assets | 26 | €31,287 | €30,545 | -€742 | -2.4% |
| Financial fixed assets | 28 | €5,250 | €15,090 | +€9,840 | +187% |
| Current assets | 29/58 | €100,778 | €214,819 | +€114,041 | +113% |
| Amounts receivable within one year | 40/41 | €52,253 | €138,406 | +€86,153 | +165% |
| Trade receivables | 40 | €39,168 | €45,290 | +€6,123 | +15.6% |
| Other amounts receivable | 41 | €13,085 | €93,116 | +€80,030 | +612% |
| Cash at bank and in hand | 54/58 | €48,488 | €73,881 | +€25,393 | +52.4% |
| Deferred charges and accrued income | 490/1 | €37 | €2,532 | +€2,495 | +6,692% |
| Total equity and liabilities | 10/49 | €138,095 | €260,970 | +€122,875 | +89.0% |
| Equity | 10/15 | €83,045 | €180,818 | +€97,773 | +118% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,045 | €175,818 | +€97,773 | +125% |
| Amounts payable | 17/49 | €55,050 | €80,152 | +€25,102 | +45.6% |
| Amounts payable within one year | 42/48 | €55,050 | €79,396 | +€24,346 | +44.2% |
| Trade debts | 44 | €28,393 | €34,683 | +€6,290 | +22.2% |
| Suppliers | 440/4 | €28,393 | €34,683 | +€6,290 | +22.2% |
| Taxes, remuneration and social security | 45 | €26,657 | €44,713 | +€18,056 | +67.7% |
| Taxes | 450/3 | €26,657 | €44,713 | +€18,056 | +67.7% |
| Accrued charges and deferred income | 492/3 | - | €756 | +€756 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,218 | €3,874 | +€1,656 | +74.7% |
| Other operating charges | 640/8 | €308 | €344 | +€35 | +11.5% |
| Gross operating margin | 9900 | €106,151 | €139,400 | +€33,249 | +31.3% |
| Operating profit (loss) | 9901 | €103,625 | €135,182 | +€31,557 | +30.5% |
| Financial income | 75/76B | €3 | €2,363 | +€2,359 | +72,823% |
| Recurring financial income | 75 | €3 | €2,363 | +€2,359 | +72,823% |
| Financial charges | 65/66B | €2,570 | €9,584 | +€7,014 | +273% |
| Recurring financial charges | 65 | €2,570 | €9,584 | +€7,014 | +273% |
| Profit (loss) for the period before taxes | 9903 | €101,058 | €127,961 | +€26,903 | +26.6% |
| Income taxes | 67/77 | €23,013 | €30,188 | +€7,176 | +31.2% |
| Profit (loss) for the period | 9904 | €78,045 | €97,773 | +€19,727 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,045 | €97,773 | +€19,727 | +25.3% |
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 13 October 2026 via checked.be.