Ghilles: 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.
Ghilles
Largest movements
- Tangible fixed assets +€123,632
up €123,632 (+98.4%), from €125,691 to €249,323
- Cash -€54,610
down €54,610 (-55.9%), from €97,768 to €43,158
mainly Investment in fixed assets (net) (-€182,387) and Receivables within one year (-€46,407)
- Receivables within one year +€46,407
up €46,407 (+60.1%), from €77,259 to €123,666
of which Trade receivables: +€52,459
- Receivables after one year +€20,000
up €20,000 (+40.0%), from €50,000 to €70,000
- Debts after one year +€68,981
up €68,981 (+106%), from €65,024 to €134,005
- Current portion of long-term debt +€23,880
up €23,880 (+207%), from €11,521 to €35,401
- Trade debts +€21,703
up €21,703 (+122%), from €17,764 to €39,466
- Reserves +€18,881
up €18,881 (+34.9%), from €54,175 to €73,056
- Gross operating margin +€59,348
up €59,348 (+65.5%), from €90,565 to €149,913
- Taxes +€55,827
up €55,827 (+1,030%), from €5,417 to €61,244
- Depreciation +€33,216
up €33,216 (+130%), from €25,539 to €58,755
- Financial charges +€4,319
up €4,319 (+133%), from €3,253 to €7,571
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 | €350,718 | €486,148 | +€135,429 | +38.6% |
| Fixed assets | 21/28 | €125,691 | €249,323 | +€123,632 | +98.4% |
| Tangible fixed assets | 22/27 | €125,691 | €249,323 | +€123,632 | +98.4% |
| Plant, machinery and equipment | 23 | €125,691 | €249,323 | +€123,632 | +98.4% |
| Current assets | 29/58 | €225,027 | €236,824 | +€11,797 | +5.2% |
| Amounts receivable after more than one year | 29 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Other amounts receivable | 291 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €77,259 | €123,666 | +€46,407 | +60.1% |
| Trade receivables | 40 | €42,901 | €95,360 | +€52,459 | +122% |
| Other amounts receivable | 41 | €34,358 | €28,307 | -€6,052 | -17.6% |
| Cash at bank and in hand | 54/58 | €97,768 | €43,158 | -€54,610 | -55.9% |
| Total equity and liabilities | 10/49 | €350,718 | €486,148 | +€135,429 | +38.6% |
| Equity | 10/15 | €236,600 | €255,481 | +€18,881 | +8.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Reserves | 13 | €54,175 | €73,056 | +€18,881 | +34.9% |
| Distributable reserves | 133 | €54,175 | €73,056 | +€18,881 | +34.9% |
| Profit (loss) carried forward | 14 | €177,425 | €177,425 | = | 0.0% |
| Amounts payable | 17/49 | €114,118 | €230,666 | +€116,548 | +102% |
| Amounts payable after more than one year | 17 | €65,024 | €134,005 | +€68,981 | +106% |
| Financial debts | 170/4 | €65,024 | €134,005 | +€68,981 | +106% |
| Amounts payable within one year | 42/48 | €49,094 | €96,661 | +€47,567 | +96.9% |
| Current portion of amounts payable after more than one year | 42 | €11,521 | €35,401 | +€23,880 | +207% |
| Trade debts | 44 | €17,764 | €39,466 | +€21,703 | +122% |
| Suppliers | 440/4 | €17,764 | €39,466 | +€21,703 | +122% |
| Taxes, remuneration and social security | 45 | €19,809 | €21,794 | +€1,985 | +10.0% |
| Taxes | 450/3 | €19,809 | €21,794 | +€1,985 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,539 | €58,755 | +€33,216 | +130% |
| Other operating charges | 640/8 | €2,218 | €3,515 | +€1,297 | +58.5% |
| Gross operating margin | 9900 | €90,565 | €149,913 | +€59,348 | +65.5% |
| Operating profit (loss) | 9901 | €62,808 | €87,644 | +€24,835 | +39.5% |
| Financial income | 75/76B | €36 | €53 | +€17 | +46.9% |
| Recurring financial income | 75 | €36 | €53 | +€17 | +46.9% |
| Financial charges | 65/66B | €3,253 | €7,571 | +€4,319 | +133% |
| Recurring financial charges | 65 | €3,253 | €7,571 | +€4,319 | +133% |
| Profit (loss) for the period before taxes | 9903 | €59,592 | €80,126 | +€20,534 | +34.5% |
| Income taxes | 67/77 | €5,417 | €61,244 | +€55,827 | +1,030% |
| Profit (loss) for the period | 9904 | €54,175 | €18,881 | -€35,293 | -65.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,175 | €18,881 | -€35,293 | -65.1% |
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 20 October 2026 via checked.be.