Ghira Construct: 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.
Ghira Construct
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+2,107%), from €70,074 to €1.5m
of which Trade receivables: +€1.5m
- Receivables after one year -€860,530
down €860,530 (-68.1%), from €1.3m to €402,701
- Stocks and contracts +€299,311
new in 2025: €299,311
- Cash +€204,353
up €204,353 (+3,513%), from €5,816 to €210,169
mainly Receivables after one year (+€860,530) and Debts after one year (+€662,100)
- Debts after one year +€662,100
up €662,100 (+66.1%), from €1.0m to €1.7m
of which Other amounts payable: +€581,865
- Advances received +€317,318
up €317,318 (+635%), from €50,000 to €367,318
- Trade debts +€76,761
up €76,761 (+120%), from €64,118 to €140,879
- Reserves +€54,489
up €54,489 (+31.7%), from €171,722 to €226,212
- Tax, wage and social debts +€43,424
up €43,424 (+74.6%), from €58,182 to €101,606
- Staff costs +€117,410
up €117,410 (+81.2%), from €144,601 to €262,012
- Taxes -€33,615
down €33,615 (-69.1%), from €48,617 to €15,002
- Financial charges +€23,341
up €23,341 (+100.0%), from €23,351 to €46,693
- Financial income +€17,474
up €17,474 (+76.0%), from €22,989 to €40,463
- Gross operating margin -€16,902
down €16,902 (-4.7%), from €362,291 to €345,389
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 | €1,351,022 | €2,505,115 | +€1.2m | +85.4% |
| Fixed assets | 21/28 | €11,901 | €34,780 | +€22,879 | +192% |
| Tangible fixed assets | 22/27 | €11,901 | €34,780 | +€22,879 | +192% |
| Furniture and vehicles | 24 | €11,901 | €34,780 | +€22,879 | +192% |
| Current assets | 29/58 | €1,339,121 | €2,470,335 | +€1.1m | +84.5% |
| Amounts receivable after more than one year | 29 | €1,263,231 | €402,701 | -€860,530 | -68.1% |
| Other amounts receivable | 291 | €1,263,231 | €402,701 | -€860,530 | -68.1% |
| Stocks and contracts in progress | 3 | - | €299,311 | +€299,311 | |
| Stocks | 30/36 | - | €299,311 | +€299,311 | |
| Amounts receivable within one year | 40/41 | €70,074 | €1,546,483 | +€1.5m | +2,107% |
| Trade receivables | 40 | €35,591 | €1,537,569 | +€1.5m | +4,220% |
| Other amounts receivable | 41 | €34,483 | €8,913 | -€25,569 | -74.2% |
| Cash at bank and in hand | 54/58 | €5,816 | €210,169 | +€204,353 | +3,513% |
| Deferred charges and accrued income | 490/1 | - | €11,671 | +€11,671 | |
| Total equity and liabilities | 10/49 | €1,351,022 | €2,505,115 | +€1.2m | +85.4% |
| Equity | 10/15 | €176,722 | €231,212 | +€54,489 | +30.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €171,722 | €226,212 | +€54,489 | +31.7% |
| Distributable reserves | 133 | €171,722 | €226,212 | +€54,489 | +31.7% |
| Amounts payable | 17/49 | €1,174,300 | €2,273,903 | +€1.1m | +93.6% |
| Amounts payable after more than one year | 17 | €1,002,000 | €1,664,100 | +€662,100 | +66.1% |
| Financial debts | 170/4 | - | €80,236 | +€80,236 | |
| Other amounts payable | 178/9 | €1,002,000 | €1,583,865 | +€581,865 | +58.1% |
| Amounts payable within one year | 42/48 | €172,300 | €609,803 | +€437,503 | +254% |
| Trade debts | 44 | €64,118 | €140,879 | +€76,761 | +120% |
| Suppliers | 440/4 | €64,118 | €140,879 | +€76,761 | +120% |
| Advances received on contracts in progress | 46 | €50,000 | €367,318 | +€317,318 | +635% |
| Taxes, remuneration and social security | 45 | €58,182 | €101,606 | +€43,424 | +74.6% |
| Taxes | 450/3 | €58,182 | €101,606 | +€43,424 | +74.6% |
| Remuneration, social security and pensions | 62 | €144,601 | €262,012 | +€117,410 | +81.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,399 | €3,946 | +€2,548 | +182% |
| Other operating charges | 640/8 | €1,482 | €3,710 | +€2,228 | +150% |
| Gross operating margin | 9900 | €362,291 | €345,389 | -€16,902 | -4.7% |
| Operating profit (loss) | 9901 | €214,810 | €75,721 | -€139,088 | -64.7% |
| Financial income | 75/76B | €22,989 | €40,463 | +€17,474 | +76.0% |
| Recurring financial income | 75 | €22,989 | €40,463 | +€17,474 | +76.0% |
| Financial charges | 65/66B | €23,351 | €46,693 | +€23,341 | +100.0% |
| Recurring financial charges | 65 | €23,351 | €46,693 | +€23,341 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | €214,447 | €69,492 | -€144,956 | -67.6% |
| Income taxes | 67/77 | €48,617 | €15,002 | -€33,615 | -69.1% |
| Profit (loss) for the period | 9904 | €165,830 | €54,489 | -€111,341 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €165,830 | €54,489 | -€111,341 | -67.1% |
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 18 October 2026 via checked.be.