GHIPFEL: 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.
GHIPFEL
Largest movements
- Tangible fixed assets -€1,119
down €1,119 (-52.9%), from €2,116 to €997
of which Furniture and vehicles: -€603
- Receivables within one year -€441
down €441 (-70.0%), from €630 to €189
- Cash -€349
down €349 (-48.5%), from €720 to €371
mainly Net result for the year (-€5,406)
- Profit (loss) carried forward -€5,406
down €5,406 (-17.5%), from -€30,890 to -€36,296
- Other debts +€3,150
up €3,150 (+43.2%), from €7,300 to €10,450
- Trade debts +€347
up €347 (+74.6%), from €465 to €812
- Depreciation +€1,119
new in 2025: €1,119
- Gross operating margin -€1,045
down €1,045 (-44.5%), from -€2,349 to -€3,395
- Other operating charges +€220
up €220 (+39.5%), from €557 to €778
- Financial charges +€114
up €114 (+15416.2%), from €1 to €115
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 | €3,466 | €1,557 | -€1,909 | -55.1% |
| Fixed assets | 21/28 | €2,116 | €997 | -€1,119 | -52.9% |
| Tangible fixed assets | 22/27 | €2,116 | €997 | -€1,119 | -52.9% |
| Furniture and vehicles | 24 | €955 | €352 | -€603 | -63.2% |
| Other tangible fixed assets | 26 | €1,161 | €645 | -€516 | -44.4% |
| Current assets | 29/58 | €1,350 | €560 | -€790 | -58.5% |
| Amounts receivable within one year | 40/41 | €630 | €189 | -€441 | -70.0% |
| Other amounts receivable | 41 | €630 | €189 | -€441 | -70.0% |
| Cash at bank and in hand | 54/58 | €720 | €371 | -€349 | -48.5% |
| Total equity and liabilities | 10/49 | €3,466 | €1,557 | -€1,909 | -55.1% |
| Equity | 10/15 | -€4,299 | -€9,705 | -€5,406 | -125.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €14,191 | €14,191 | = | 0.0% |
| Tax-exempt reserves | 132 | €60 | €60 | = | 0.0% |
| Distributable reserves | 133 | €14,131 | €14,131 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,890 | -€36,296 | -€5,406 | -17.5% |
| Amounts payable | 17/49 | €7,765 | €11,262 | +€3,497 | +45.0% |
| Amounts payable within one year | 42/48 | €7,765 | €11,262 | +€3,497 | +45.0% |
| Trade debts | 44 | €465 | €812 | +€347 | +74.6% |
| Suppliers | 440/4 | €465 | €812 | +€347 | +74.6% |
| Other amounts payable | 47/48 | €7,300 | €10,450 | +€3,150 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,119 | +€1,119 | |
| Other operating charges | 640/8 | €557 | €778 | +€220 | +39.5% |
| Gross operating margin | 9900 | -€2,349 | -€3,395 | -€1,045 | -44.5% |
| Operating profit (loss) | 9901 | -€2,907 | -€5,292 | -€2,385 | -82.0% |
| Financial charges | 65/66B | €1 | €115 | +€114 | +15416.2% |
| Recurring financial charges | 65 | €1 | €115 | +€114 | +15416.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,907 | -€5,406 | -€2,499 | -85.9% |
| Profit (loss) for the period | 9904 | -€2,907 | -€5,406 | -€2,499 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,907 | -€5,406 | -€2,499 | -85.9% |
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 10 October 2026 via checked.be.