GHIORDES: 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.
GHIORDES
Largest movements
- Tangible fixed assets -€17,322
down €17,322 (-2.5%), from €701,577 to €684,255
- Reserves +€139,500
up €139,500 (+332.1%), from €42,000 to €181,500
of which Distributable reserves: +€139,500
- Other debts -€80,841
down €80,841 (-48.0%), from €168,591 to €87,750
- Profit (loss) carried forward -€77,980
down €77,980 (-100.0%), from €78,011 to €31
- Taxes +€20,989
new in 2025: €20,989
- Gross operating margin +€10,146
up €10,146 (+10.0%), from €101,129 to €111,274
- Other operating charges +€9,365
up €9,365 (+1097.6%), from €853 to €10,219
- Financial charges +€1,225
up €1,225 (+816486.7%), from €0 to €1,225
of which Financial charges: +€1,165
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 | €709,102 | €692,382 | -€16,721 | -2.4% |
| Fixed assets | 21/28 | €708,137 | €684,255 | -€23,882 | -3.4% |
| Tangible fixed assets | 22/27 | €701,577 | €684,255 | -€17,322 | -2.5% |
| Land and buildings | 22 | €701,577 | €684,255 | -€17,322 | -2.5% |
| Financial fixed assets | 28 | €6,559 | €0 | -€6,559 | -100.0% |
| Current assets | 29/58 | €966 | €8,127 | +€7,161 | +741.6% |
| Cash at bank and in hand | 54/58 | €966 | €6,414 | +€5,448 | +564.2% |
| Deferred charges and accrued income | 490/1 | - | €1,713 | +€1,713 | |
| Total equity and liabilities | 10/49 | €709,102 | €692,382 | -€16,721 | -2.4% |
| Equity | 10/15 | €540,011 | €601,531 | +€61,520 | +11.4% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Capital | 10 | €420,000 | €420,000 | = | 0.0% |
| Issued capital | 100 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €42,000 | €181,500 | +€139,500 | +332.1% |
| Non-distributable reserves | 130/1 | €42,000 | €42,000 | = | 0.0% |
| Legal reserve | 130 | €42,000 | €42,000 | = | 0.0% |
| Distributable reserves | 133 | - | €139,500 | +€139,500 | |
| Profit (loss) carried forward | 14 | €78,011 | €31 | -€77,980 | -100.0% |
| Amounts payable | 17/49 | €169,091 | €90,851 | -€78,241 | -46.3% |
| Amounts payable within one year | 42/48 | €168,591 | €89,861 | -€78,730 | -46.7% |
| Trade debts | 44 | - | €1,122 | +€1,122 | |
| Suppliers | 440/4 | - | €1,122 | +€1,122 | |
| Taxes, remuneration and social security | 45 | - | €989 | +€989 | |
| Taxes | 450/3 | - | €989 | +€989 | |
| Other amounts payable | 47/48 | €168,591 | €87,750 | -€80,841 | -48.0% |
| Accrued charges and deferred income | 492/3 | €500 | €990 | +€490 | +97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,322 | €17,322 | = | 0.0% |
| Other operating charges | 640/8 | €853 | €10,219 | +€9,365 | +1097.6% |
| Gross operating margin | 9900 | €101,129 | €111,274 | +€10,146 | +10.0% |
| Operating profit (loss) | 9901 | €82,953 | €83,734 | +€780 | +0.9% |
| Financial charges | 65/66B | €0 | €1,225 | +€1,225 | +816486.7% |
| Recurring financial charges | 65 | €0 | €1,165 | +€1,165 | +776826.7% |
| Non-recurring financial charges | 66B | - | €59 | +€59 | |
| Profit (loss) for the period before taxes | 9903 | €82,953 | €82,509 | -€444 | -0.5% |
| Income taxes | 67/77 | - | €20,989 | +€20,989 | |
| Profit (loss) for the period | 9904 | €82,953 | €61,520 | -€21,433 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €82,953 | €61,520 | -€21,433 | -25.8% |
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 8 October 2026 via checked.be.