GHISILSON: 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.
GHISILSON
Largest movements
- Tangible fixed assets -€47,101
down €47,101 (-13.0%), from €361,790 to €314,689
- Intangible fixed assets -€41,296
down €41,296 (-25.0%), from €165,421 to €124,125
- Cash -€30,699
down €30,699 (-30.0%), from €102,219 to €71,519
mainly Debts after one year (-€65,331) and Net result for the year (-€60,283)
- Receivables within one year +€14,469
up €14,469 (+11.0%), from €130,950 to €145,419
of which Other amounts receivable: +€40,042
- Debts after one year -€65,331
down €65,331 (-15.0%), from €436,897 to €371,566
- Reserves -€40,658
down €40,658 (-24.8%), from €164,155 to €123,497
of which Tax-exempt reserves: -€40,658
- Other debts +€21,528
up €21,528 (+35.5%), from €60,639 to €82,167
- Profit (loss) carried forward -€19,625
down €19,625 (-11.1%), from -€176,572 to -€196,197
- Gross operating margin -€56,082
down €56,082 (-7.1%), from €788,247 to €732,164
- Financial income +€52,672
up €52,672 (+8053.3%), from €654 to €53,326
- Financial charges +€18,633
up €18,633 (+85.2%), from €21,880 to €40,513
- Staff costs -€8,747
down €8,747 (-1.2%), from €713,832 to €705,085
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 | €784,402 | €681,510 | -€102,892 | -13.1% |
| Fixed assets | 21/28 | €538,007 | €449,610 | -€88,398 | -16.4% |
| Intangible fixed assets | 21 | €165,421 | €124,125 | -€41,296 | -25.0% |
| Tangible fixed assets | 22/27 | €361,790 | €314,689 | -€47,101 | -13.0% |
| Plant, machinery and equipment | 23 | €125,667 | €104,912 | -€20,755 | -16.5% |
| Furniture and vehicles | 24 | €8,440 | €4,831 | -€3,609 | -42.8% |
| Leasing and similar rights | 25 | €225,206 | €201,867 | -€23,339 | -10.4% |
| Other tangible fixed assets | 26 | €2,477 | €3,079 | +€602 | +24.3% |
| Financial fixed assets | 28 | €10,796 | €10,796 | = | 0.0% |
| Current assets | 29/58 | €246,395 | €231,900 | -€14,495 | -5.9% |
| Amounts receivable after more than one year | 29 | €8,450 | €8,023 | -€427 | -5.1% |
| Other amounts receivable | 291 | €8,450 | €8,023 | -€427 | -5.1% |
| Amounts receivable within one year | 40/41 | €130,950 | €145,419 | +€14,469 | +11.0% |
| Trade receivables | 40 | €120,492 | €94,919 | -€25,573 | -21.2% |
| Other amounts receivable | 41 | €10,459 | €50,500 | +€40,042 | +382.9% |
| Cash at bank and in hand | 54/58 | €102,219 | €71,519 | -€30,699 | -30.0% |
| Deferred charges and accrued income | 490/1 | €4,776 | €6,939 | +€2,163 | +45.3% |
| Total equity and liabilities | 10/49 | €784,402 | €681,510 | -€102,892 | -13.1% |
| Equity | 10/15 | €42,766 | -€19,075 | -€61,841 | |
| Contributions | 10/11 | €15,225 | €15,225 | = | 0.0% |
| Reserves | 13 | €164,155 | €123,497 | -€40,658 | -24.8% |
| Non-distributable reserves | 130/1 | €1,522 | €1,522 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,522 | €1,522 | = | 0.0% |
| Tax-exempt reserves | 132 | €162,632 | €121,974 | -€40,658 | -25.0% |
| Profit (loss) carried forward | 14 | -€176,572 | -€196,197 | -€19,625 | -11.1% |
| Investment grants | 15 | €39,959 | €38,401 | -€1,558 | -3.9% |
| Amounts payable | 17/49 | €741,637 | €700,585 | -€41,052 | -5.5% |
| Amounts payable after more than one year | 17 | €436,897 | €371,566 | -€65,331 | -15.0% |
| Financial debts | 170/4 | €436,897 | €371,566 | -€65,331 | -15.0% |
| Amounts payable within one year | 42/48 | €302,881 | €328,870 | +€25,990 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €61,815 | €65,331 | +€3,516 | +5.7% |
| Financial debts | 43 | - | €5,075 | +€5,075 | |
| Other loans | 439 | - | €5,075 | +€5,075 | |
| Trade debts | 44 | €85,726 | €84,034 | -€1,692 | -2.0% |
| Suppliers | 440/4 | €85,726 | €84,034 | -€1,692 | -2.0% |
| Taxes, remuneration and social security | 45 | €94,700 | €92,263 | -€2,437 | -2.6% |
| Taxes | 450/3 | €31,427 | €37,770 | +€6,342 | +20.2% |
| Remuneration and social security | 454/9 | €63,273 | €54,494 | -€8,779 | -13.9% |
| Other amounts payable | 47/48 | €60,639 | €82,167 | +€21,528 | +35.5% |
| Accrued charges and deferred income | 492/3 | €1,859 | €148 | -€1,711 | -92.0% |
| Remuneration, social security and pensions | 62 | €713,832 | €705,085 | -€8,747 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,435 | €91,055 | +€4,620 | +5.3% |
| Other operating charges | 640/8 | €8,596 | €8,868 | +€272 | +3.2% |
| Gross operating margin | 9900 | €788,247 | €732,164 | -€56,082 | -7.1% |
| Operating profit (loss) | 9901 | -€20,617 | -€72,844 | -€52,227 | -253.3% |
| Financial income | 75/76B | €654 | €53,326 | +€52,672 | +8053.3% |
| Recurring financial income | 75 | €654 | €53,326 | +€52,672 | +8053.3% |
| Financial charges | 65/66B | €21,880 | €40,513 | +€18,633 | +85.2% |
| Recurring financial charges | 65 | €21,880 | €40,513 | +€18,633 | +85.2% |
| Profit (loss) for the period before taxes | 9903 | -€41,842 | -€60,031 | -€18,189 | -43.5% |
| Income taxes | 67/77 | - | €252 | +€252 | |
| Profit (loss) for the period | 9904 | -€41,842 | -€60,283 | -€18,441 | -44.1% |
| Transfer from tax-exempt reserves | 789 | €40,658 | €40,658 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €203,290 | - | -€203,290 | |
| Profit (loss) for the period to be appropriated | 9905 | -€204,475 | -€19,625 | +€184,850 | +90.4% |
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 8 October 2026 via checked.be.