GHIRO-CANALE: 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.
GHIRO-CANALE
Largest movements
- Receivables within one year -€13,606
down €13,606 (-23.2%), from €58,641 to €45,035
of which Trade receivables: -€16,537
- Tangible fixed assets -€4,276
down €4,276 (-100.0%), from €4,276 to €0
of which Furniture and vehicles: -€4,276
- Cash -€2,167
down €2,167 (-82.5%), from €2,626 to €459
mainly Trade debts (-€50,358) and Current portion of long-term debt (-€4,738)
- Trade debts -€50,358
down €50,358 (-99.1%), from €50,839 to €481
- Reserves +€23,837
up €23,837 (+21.4%), from €111,390 to €135,227
- Tax, wage and social debts +€11,210
up €11,210 (+90.6%), from €12,377 to €23,587
- Current portion of long-term debt -€4,738
no longer reported in 2025 (was €4,738)
- Gross operating margin +€21,784
up €21,784 (+177.3%), from €12,287 to €34,070
- Taxes +€9,145
up €9,145 (+326.8%), from €2,798 to €11,943
- Depreciation -€3,868
no longer reported in 2025 (was €3,868)
- Financial income +€2,024
up €2,024 (+338.0%), from €599 to €2,622
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 | €185,544 | €165,494 | -€20,049 | -10.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €124,276 | €120,000 | -€4,276 | -3.4% |
| Tangible fixed assets | 22/27 | €4,276 | €0 | -€4,276 | -100.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €4,276 | €0 | -€4,276 | -100.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €120,000 | €120,000 | = | 0.0% |
| Current assets | 29/58 | €61,267 | €45,494 | -€15,773 | -25.7% |
| Amounts receivable within one year | 40/41 | €58,641 | €45,035 | -€13,606 | -23.2% |
| Trade receivables | 40 | €16,537 | - | -€16,537 | |
| Other amounts receivable | 41 | €42,104 | €45,035 | +€2,932 | +7.0% |
| Cash at bank and in hand | 54/58 | €2,626 | €459 | -€2,167 | -82.5% |
| Total equity and liabilities | 10/49 | €185,544 | €165,494 | -€20,049 | -10.8% |
| Equity | 10/15 | €117,590 | €141,427 | +€23,837 | +20.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €111,390 | €135,227 | +€23,837 | +21.4% |
| Distributable reserves | 133 | €111,390 | €135,227 | +€23,837 | +21.4% |
| Amounts payable | 17/49 | €67,954 | €24,067 | -€43,887 | -64.6% |
| Amounts payable within one year | 42/48 | €67,954 | €24,067 | -€43,887 | -64.6% |
| Current portion of amounts payable after more than one year | 42 | €4,738 | - | -€4,738 | |
| Trade debts | 44 | €50,839 | €481 | -€50,358 | -99.1% |
| Suppliers | 440/4 | €50,839 | €481 | -€50,358 | -99.1% |
| Taxes, remuneration and social security | 45 | €12,377 | €23,587 | +€11,210 | +90.6% |
| Taxes | 450/3 | €12,377 | €23,587 | +€11,210 | +90.6% |
| Non-recurring operating income | 76A | - | €3,162 | +€3,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,868 | - | -€3,868 | |
| Other operating charges | 640/8 | €845 | €587 | -€258 | -30.5% |
| Gross operating margin | 9900 | €12,287 | €34,070 | +€21,784 | +177.3% |
| Operating profit (loss) | 9901 | €7,574 | €33,484 | +€25,909 | +342.1% |
| Financial income | 75/76B | €599 | €2,622 | +€2,024 | +338.0% |
| Recurring financial income | 75 | €599 | €2,622 | +€2,024 | +338.0% |
| Financial charges | 65/66B | €533 | €325 | -€207 | -38.9% |
| Recurring financial charges | 65 | €533 | €325 | -€207 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €7,640 | €35,781 | +€28,140 | +368.3% |
| Income taxes | 67/77 | €2,798 | €11,943 | +€9,145 | +326.8% |
| Profit (loss) for the period | 9904 | €4,842 | €23,837 | +€18,995 | +392.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,842 | €23,837 | +€18,995 | +392.3% |
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 12 October 2026 via checked.be.