GHISA: 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.
GHISA
Largest movements
- Cash +€4,170
up €4,170 (+24.9%), from €16,739 to €20,909
mainly Net result for the year (+€105,856) and Stocks and contracts (+€1,750)
- Stocks and contracts -€1,750
down €1,750 (-18.0%), from €9,718 to €7,968
- Profit (loss) carried forward +€105,856
up €105,856 (+36.5%), from -€290,264 to -€184,409
- Debts after one year -€54,790
down €54,790 (-44.1%), from €124,290 to €69,500
of which Trade debts: -€85,090
- Tax, wage and social debts -€46,961
down €46,961 (-34.4%), from €136,436 to €89,475
of which Remuneration and social security: -€25,694
- Trade debts -€1,329
down €1,329 (-2.0%), from €65,792 to €64,463
- Short-term financial debts -€1,140
no longer reported in 2025 (was €1,140)
- Gross operating margin +€91,375
up €91,375 (+47.7%), from €191,516 to €282,891
- Staff costs -€62,709
down €62,709 (-28.6%), from €219,476 to €156,767
- Financial charges -€6,066
down €6,066 (-47.0%), from €12,918 to €6,851
- Other operating charges +€4,925
up €4,925 (+278.8%), from €1,766 to €6,691
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 | €57,844 | €60,124 | +€2,280 | +3.9% |
| Fixed assets | 21/28 | €3,241 | €3,418 | +€177 | +5.5% |
| Tangible fixed assets | 22/27 | €2,191 | €2,368 | +€177 | +8.1% |
| Plant, machinery and equipment | 23 | €589 | €1,055 | +€466 | +79.0% |
| Other tangible fixed assets | 26 | €1,601 | €1,313 | -€288 | -18.0% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €54,604 | €56,706 | +€2,102 | +3.9% |
| Stocks and contracts in progress | 3 | €9,718 | €7,968 | -€1,750 | -18.0% |
| Stocks | 30/36 | €9,718 | €7,968 | -€1,750 | -18.0% |
| Amounts receivable within one year | 40/41 | €24,488 | €24,379 | -€109 | -0.4% |
| Trade receivables | 40 | €14,610 | €17,626 | +€3,017 | +20.6% |
| Other amounts receivable | 41 | €9,878 | €6,752 | -€3,126 | -31.6% |
| Cash at bank and in hand | 54/58 | €16,739 | €20,909 | +€4,170 | +24.9% |
| Deferred charges and accrued income | 490/1 | €3,659 | €3,451 | -€208 | -5.7% |
| Total equity and liabilities | 10/49 | €57,844 | €60,124 | +€2,280 | +3.9% |
| Equity | 10/15 | -€269,813 | -€163,958 | +€105,856 | +39.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€290,264 | -€184,409 | +€105,856 | +36.5% |
| Amounts payable | 17/49 | €327,657 | €224,081 | -€103,576 | -31.6% |
| Amounts payable after more than one year | 17 | €124,290 | €69,500 | -€54,790 | -44.1% |
| Trade debts | 175 | €85,090 | - | -€85,090 | |
| Other amounts payable | 178/9 | €39,200 | €69,500 | +€30,300 | +77.3% |
| Amounts payable within one year | 42/48 | €203,368 | €154,581 | -€48,786 | -24.0% |
| Financial debts | 43 | €1,140 | - | -€1,140 | |
| Credit institutions | 430/8 | €1,140 | - | -€1,140 | |
| Trade debts | 44 | €65,792 | €64,463 | -€1,329 | -2.0% |
| Suppliers | 440/4 | €65,792 | €64,463 | -€1,329 | -2.0% |
| Taxes, remuneration and social security | 45 | €136,436 | €89,475 | -€46,961 | -34.4% |
| Taxes | 450/3 | €43,512 | €22,244 | -€21,268 | -48.9% |
| Remuneration and social security | 454/9 | €92,925 | €67,231 | -€25,694 | -27.6% |
| Other amounts payable | 47/48 | - | €644 | +€644 | |
| Non-recurring operating income | 76A | - | €104,783 | +€104,783 | |
| Remuneration, social security and pensions | 62 | €219,476 | €156,767 | -€62,709 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €601 | €859 | +€258 | +43.0% |
| Other operating charges | 640/8 | €1,766 | €6,691 | +€4,925 | +278.8% |
| Non-recurring operating charges | 66A | - | €5,878 | +€5,878 | |
| Gross operating margin | 9900 | €191,516 | €282,891 | +€91,375 | +47.7% |
| Operating profit (loss) | 9901 | -€30,326 | €112,697 | +€143,023 | |
| Financial income | 75/76B | €29 | €10 | -€19 | -64.6% |
| Recurring financial income | 75 | €29 | €10 | -€19 | -64.6% |
| Financial charges | 65/66B | €12,918 | €6,851 | -€6,066 | -47.0% |
| Recurring financial charges | 65 | €12,918 | €6,851 | -€6,066 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | -€43,215 | €105,856 | +€149,070 | |
| Profit (loss) for the period | 9904 | -€43,215 | €105,856 | +€149,070 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,215 | €105,856 | +€149,070 |
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 4 October 2026 via checked.be.