GHIMLO: 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.
What changed
GHIMLO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€485,201
2024 · €404,506+€80,695
Equity
€4.0m
2024 · €3.6m+€380,458
Cash
€128,436
2024 · €74,029+€54,406
Balance sheet total
€8.6m
2024 · €8.7m-€160,006
Largest movements
Assets
- Tangible fixed assets -€223,358
down €223,358 (-2.6%), from €8.4m to €8.2m
of which Land and buildings: -€192,348
Equity and liabilities
- Debts after one year -€498,964
down €498,964 (-13.6%), from €3.7m to €3.2m
- Reserves +€380,458
up €380,458 (+20.6%), from €1.8m to €2.2m
- Trade debts -€209,456
down €209,456 (-83.7%), from €250,393 to €40,937
- Other debts +€200,000
up €200,000 (+50.0%), from €400,110 to €600,110
Income statement
- Gross operating margin +€226,658
up €226,658 (+18.4%), from €1.2m to €1.5m
- Taxes +€69,303
up €69,303 (+41.2%), from €168,353 to €237,655
- Depreciation +€46,032
up €46,032 (+10.6%), from €435,944 to €481,976
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.
Result 2024
€404,506
Gross operating margin
+€226,658
Depreciation
-€46,032
Other operating charges
-€9,984
Financial income
-€6,232
Financial charges
-€14,412
Taxes
-€69,303
Result 2025
€485,201
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.
From operations
+€946,619
Investment
-€258,507
Financing
-€633,706
Cash 2024
€74,029
From operations (derived)
+€946,619
Net result for the year
+€485,201
Depreciation
+€481,976
Receivables within one year
-€8,832
Smaller working-capital items
+€531
Provisions
-€4,168
Trade debts
-€209,456
Tax, wage and social debts
-€17,243
Other debts
+€200,000
Accrued charges and deferred income
+€18,610
Investment (derived)
-€258,507
Investment in fixed assets (net)
-€258,507
Financing
-€633,706
Debts after one year
-€498,964
Current portion of long-term debt
-€30,000
Contributions, distributions and other
-€104,742
Cash 2025
€128,436
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,714,375 | €8,554,369 | -€160,006 | -1.8% |
| Fixed assets | 21/28 | €8,448,634 | €8,225,165 | -€223,469 | -2.6% |
| Intangible fixed assets | 21 | €111 | - | -€111 | |
| Tangible fixed assets | 22/27 | €8,448,523 | €8,225,165 | -€223,358 | -2.6% |
| Land and buildings | 22 | €8,353,944 | €8,161,596 | -€192,348 | -2.3% |
| Plant, machinery and equipment | 23 | €90,269 | €60,132 | -€30,137 | -33.4% |
| Furniture and vehicles | 24 | €2,470 | €1,597 | -€873 | -35.4% |
| Other tangible fixed assets | 26 | €1,840 | €1,840 | = | 0.0% |
| Current assets | 29/58 | €265,741 | €329,204 | +€63,463 | +23.9% |
| Amounts receivable within one year | 40/41 | €187,075 | €195,908 | +€8,832 | +4.7% |
| Trade receivables | 40 | €149,684 | €159,167 | +€9,483 | +6.3% |
| Other amounts receivable | 41 | €37,391 | €36,741 | -€650 | -1.7% |
| Cash at bank and in hand | 54/58 | €74,029 | €128,436 | +€54,406 | +73.5% |
| Deferred charges and accrued income | 490/1 | €4,636 | €4,861 | +€225 | +4.8% |
| Total equity and liabilities | 10/49 | €8,714,375 | €8,554,369 | -€160,006 | -1.8% |
| Equity | 10/15 | €3,646,379 | €4,026,837 | +€380,458 | +10.4% |
| Contributions | 10/11 | €1,684,546 | €1,684,546 | = | 0.0% |
| Outside capital | 11 | €1,684,546 | €1,684,546 | = | 0.0% |
| Other | 1109/19 | €1,684,546 | €1,684,546 | = | 0.0% |
| Revaluation surpluses | 12 | €533,485 | €533,485 | = | 0.0% |
| Reserves | 13 | €1,847,113 | €2,227,571 | +€380,458 | +20.6% |
| Distributable reserves | 133 | €1,847,113 | €2,227,571 | +€380,458 | +20.6% |
| Profit (loss) carried forward | 14 | -€418,765 | -€418,765 | = | 0.0% |
| Provisions and deferred taxes | 16 | €73,992 | €69,824 | -€4,168 | -5.6% |
| Deferred taxes | 168 | €73,992 | €69,824 | -€4,168 | -5.6% |
| Amounts payable | 17/49 | €4,994,004 | €4,457,708 | -€536,297 | -10.7% |
| Amounts payable after more than one year | 17 | €3,680,149 | €3,181,185 | -€498,964 | -13.6% |
| Financial debts | 170/4 | €3,680,149 | €3,181,185 | -€498,964 | -13.6% |
| Amounts payable within one year | 42/48 | €1,258,322 | €1,202,379 | -€55,943 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €528,964 | €498,964 | -€30,000 | -5.7% |
| Trade debts | 44 | €250,393 | €40,937 | -€209,456 | -83.7% |
| Suppliers | 440/4 | €250,393 | €40,937 | -€209,456 | -83.7% |
| Advances received on contracts in progress | 46 | €6,235 | €6,991 | +€755 | +12.1% |
| Taxes, remuneration and social security | 45 | €72,619 | €55,377 | -€17,243 | -23.7% |
| Taxes | 450/3 | €72,619 | €55,377 | -€17,243 | -23.7% |
| Other amounts payable | 47/48 | €400,110 | €600,110 | +€200,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €55,533 | €74,143 | +€18,610 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €435,944 | €481,976 | +€46,032 | +10.6% |
| Other operating charges | 640/8 | €142,497 | €152,481 | +€9,984 | +7.0% |
| Gross operating margin | 9900 | €1,228,868 | €1,455,526 | +€226,658 | +18.4% |
| Operating profit (loss) | 9901 | €650,427 | €821,069 | +€170,642 | +26.2% |
| Financial income | 75/76B | €6,238 | €6 | -€6,232 | -99.9% |
| Recurring financial income | 75 | €6,238 | €6 | -€6,232 | -99.9% |
| Financial charges | 65/66B | €87,975 | €102,387 | +€14,412 | +16.4% |
| Recurring financial charges | 65 | €87,174 | €102,387 | +€15,213 | +17.5% |
| Non-recurring financial charges | 66B | €800 | - | -€800 | |
| Profit (loss) for the period before taxes | 9903 | €568,691 | €718,688 | +€149,997 | +26.4% |
| Transfer from deferred taxes | 780 | €4,168 | €4,168 | = | 0.0% |
| Income taxes | 67/77 | €168,353 | €237,655 | +€69,303 | +41.2% |
| Profit (loss) for the period | 9904 | €404,506 | €485,201 | +€80,695 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €404,506 | €485,201 | +€80,695 | +19.9% |
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 3 October 2026 via checked.be.