GHISCOM: 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.
GHISCOM
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+367%), from €442,556 to €2.1m
of which Land and buildings: +€1.6m
- Stocks and contracts +€698,278
new in 2025: €698,278
- Receivables within one year +€288,783
up €288,783 (+29.9%), from €966,260 to €1.3m
of which Trade receivables: +€642,363
- Debts after one year +€1.1m
up €1.1m (+141%), from €790,205 to €1.9m
of which Financial debts: +€1.1m
- Short-term financial debts +€1.1m
new in 2025: €1.1m
- Other debts -€388,614
down €388,614 (-97.0%), from €400,594 to €11,980
- Trade debts +€327,647
up €327,647, from €0 to €327,647
- Profit (loss) carried forward +€186,209
up €186,209, from -€73,391 to €112,818
- Taxes +€41,599
new in 2025: €41,599
- Financial charges +€40,201
up €40,201 (+229%), from €17,561 to €57,762
of which Financial charges: +€41,923
- Gross operating margin +€25,025
up €25,025 (+8.5%), from €295,221 to €320,246
- Depreciation +€8,501
up €8,501 (+36.2%), from €23,491 to €31,992
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 | €1,449,092 | €4,022,048 | +€2.6m | +178% |
| Fixed assets | 21/28 | €442,556 | €2,065,776 | +€1.6m | +367% |
| Tangible fixed assets | 22/27 | €442,556 | €2,065,776 | +€1.6m | +367% |
| Land and buildings | 22 | €440,375 | €2,063,595 | +€1.6m | +369% |
| Plant, machinery and equipment | 23 | €2,181 | €2,181 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,006,537 | €1,956,272 | +€949,735 | +94.4% |
| Stocks and contracts in progress | 3 | - | €698,278 | +€698,278 | |
| Stocks | 30/36 | - | €698,278 | +€698,278 | |
| Amounts receivable within one year | 40/41 | €966,260 | €1,255,043 | +€288,783 | +29.9% |
| Trade receivables | 40 | - | €642,363 | +€642,363 | |
| Other amounts receivable | 41 | €966,260 | €612,680 | -€353,580 | -36.6% |
| Cash at bank and in hand | 54/58 | €40,277 | €2,252 | -€38,025 | -94.4% |
| Deferred charges and accrued income | 490/1 | - | €698 | +€698 | |
| Total equity and liabilities | 10/49 | €1,449,092 | €4,022,048 | +€2.6m | +178% |
| Equity | 10/15 | €230,697 | €496,448 | +€265,750 | +115% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €204,088 | €283,630 | +€79,542 | +39.0% |
| Tax-exempt reserves | 132 | €204,088 | €283,630 | +€79,542 | +39.0% |
| Profit (loss) carried forward | 14 | -€73,391 | €112,818 | +€186,209 | |
| Provisions and deferred taxes | 16 | - | €50,292 | +€50,292 | |
| Deferred taxes | 168 | - | €50,292 | +€50,292 | |
| Amounts payable | 17/49 | €1,218,395 | €3,475,308 | +€2.3m | +185% |
| Amounts payable after more than one year | 17 | €790,205 | €1,902,115 | +€1.1m | +141% |
| Financial debts | 170/4 | €790,205 | €1,901,857 | +€1.1m | +141% |
| Other amounts payable | 178/9 | - | €258 | +€258 | |
| Amounts payable within one year | 42/48 | €428,189 | €1,573,194 | +€1.1m | +267% |
| Current portion of amounts payable after more than one year | 42 | €27,596 | €101,452 | +€73,856 | +268% |
| Financial debts | 43 | - | €1,090,516 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,090,516 | +€1.1m | |
| Trade debts | 44 | €0 | €327,647 | +€327,647 | |
| Suppliers | 440/4 | €0 | €327,647 | +€327,647 | |
| Taxes, remuneration and social security | 45 | - | €41,599 | +€41,599 | |
| Taxes | 450/3 | - | €41,599 | +€41,599 | |
| Other amounts payable | 47/48 | €400,594 | €11,980 | -€388,614 | -97.0% |
| Non-recurring operating income | 76A | €204,088 | - | -€204,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,491 | €31,992 | +€8,501 | +36.2% |
| Other operating charges | 640/8 | €5,255 | €5,540 | +€285 | +5.4% |
| Non-recurring operating charges | 66A | - | €66 | +€66 | |
| Gross operating margin | 9900 | €295,221 | €320,246 | +€25,025 | +8.5% |
| Operating profit (loss) | 9901 | €266,475 | €282,648 | +€16,173 | +6.1% |
| Financial income | 75/76B | €1,529 | €0 | -€1,529 | -100% |
| Recurring financial income | 75 | €1,529 | €0 | -€1,529 | -100% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €17,561 | €57,762 | +€40,201 | +229% |
| Recurring financial charges | 65 | €15,839 | €57,762 | +€41,923 | +265% |
| Non-recurring financial charges | 66B | €1,722 | €0 | -€1,722 | -100% |
| Profit (loss) for the period before taxes | 9903 | €250,444 | €224,887 | -€25,557 | -10.2% |
| Transfer from deferred taxes | 780 | - | €730 | +€730 | |
| Transfer to deferred taxes | 680 | €51,022 | €0 | -€51,022 | -100% |
| Income taxes | 67/77 | - | €41,599 | +€41,599 | |
| Profit (loss) for the period | 9904 | €199,422 | €184,018 | -€15,404 | -7.7% |
| Transfer from tax-exempt reserves | 789 | - | €2,191 | +€2,191 | |
| Transfer to tax-exempt reserves | 689 | €153,066 | €0 | -€153,066 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €46,356 | €186,209 | +€139,853 | +302% |
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 15 October 2026 via checked.be.