GHGN: 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.
GHGN
Largest movements
- Deferred charges and accrued income +€9,442
up €9,442 (+210.9%), from €4,476 to €13,918
- Tangible fixed assets -€8,354
down €8,354 (-19.3%), from €43,367 to €35,013
of which Furniture and vehicles: -€7,095
- Receivables within one year -€5,829
down €5,829 (-13.6%), from €42,882 to €37,052
of which Trade receivables: -€3,296
- Profit (loss) carried forward -€16,103
down €16,103 (-5.3%), from €306,377 to €290,274
- Other debts +€12,734
up €12,734 (+1482.4%), from €859 to €13,593
- Tax, wage and social debts -€4,277
down €4,277 (-46.4%), from €9,221 to €4,944
- Gross operating margin -€69,818
down €69,818 (-57.7%), from €121,091 to €51,273
- Taxes -€16,202
down €16,202 (-62.7%), from €25,856 to €9,655
- Depreciation +€5,787
up €5,787 (+186.2%), from €3,107 to €8,894
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 | €320,781 | €314,411 | -€6,370 | -2.0% |
| Fixed assets | 21/28 | €44,846 | €36,492 | -€8,354 | -18.6% |
| Tangible fixed assets | 22/27 | €43,367 | €35,013 | -€8,354 | -19.3% |
| Furniture and vehicles | 24 | €35,710 | €28,615 | -€7,095 | -19.9% |
| Other tangible fixed assets | 26 | €7,657 | €6,398 | -€1,258 | -16.4% |
| Financial fixed assets | 28 | €1,479 | €1,479 | = | 0.0% |
| Current assets | 29/58 | €275,935 | €277,919 | +€1,984 | +0.7% |
| Amounts receivable within one year | 40/41 | €42,882 | €37,052 | -€5,829 | -13.6% |
| Trade receivables | 40 | €33,759 | €30,463 | -€3,296 | -9.8% |
| Other amounts receivable | 41 | €9,123 | €6,589 | -€2,533 | -27.8% |
| Current investments | 50/53 | €50,720 | €52,242 | +€1,522 | +3.0% |
| Cash at bank and in hand | 54/58 | €177,857 | €174,706 | -€3,151 | -1.8% |
| Deferred charges and accrued income | 490/1 | €4,476 | €13,918 | +€9,442 | +210.9% |
| Total equity and liabilities | 10/49 | €320,781 | €314,411 | -€6,370 | -2.0% |
| Equity | 10/15 | €309,377 | €293,274 | -€16,103 | -5.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €306,377 | €290,274 | -€16,103 | -5.3% |
| Amounts payable | 17/49 | €11,404 | €21,137 | +€9,733 | +85.4% |
| Amounts payable within one year | 42/48 | €10,702 | €20,747 | +€10,045 | +93.9% |
| Trade debts | 44 | €623 | €2,211 | +€1,588 | +255.0% |
| Suppliers | 440/4 | €623 | €2,211 | +€1,588 | +255.0% |
| Taxes, remuneration and social security | 45 | €9,221 | €4,944 | -€4,277 | -46.4% |
| Taxes | 450/3 | €9,221 | €4,944 | -€4,277 | -46.4% |
| Other amounts payable | 47/48 | €859 | €13,593 | +€12,734 | +1482.4% |
| Accrued charges and deferred income | 492/3 | €701 | €390 | -€312 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,107 | €8,894 | +€5,787 | +186.2% |
| Other operating charges | 640/8 | €883 | €911 | +€28 | +3.2% |
| Gross operating margin | 9900 | €121,091 | €51,273 | -€69,818 | -57.7% |
| Operating profit (loss) | 9901 | €117,101 | €41,468 | -€75,633 | -64.6% |
| Financial income | 75/76B | €3,942 | €3,131 | -€811 | -20.6% |
| Recurring financial income | 75 | €3,942 | €3,131 | -€811 | -20.6% |
| Financial charges | 65/66B | €1,354 | €1,047 | -€307 | -22.7% |
| Recurring financial charges | 65 | €1,354 | €1,047 | -€307 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €119,688 | €43,551 | -€76,137 | -63.6% |
| Income taxes | 67/77 | €25,856 | €9,655 | -€16,202 | -62.7% |
| Profit (loss) for the period | 9904 | €93,832 | €33,897 | -€59,935 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,832 | €33,897 | -€59,935 | -63.9% |
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 11 October 2026 via checked.be.