GHISLAIN CYCLES: 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.
GHISLAIN CYCLES
Largest movements
- Cash -€80,766
down €80,766 (-32.2%), from €250,955 to €170,188
mainly Investment in fixed assets (net) (-€70,806) and Contributions, distributions and other (-€56,572)
- Tangible fixed assets +€35,705
up €35,705 (+6.4%), from €557,110 to €592,815
of which Furniture and vehicles: +€66,429
- Stocks and contracts +€14,929
up €14,929 (+6.3%), from €238,691 to €253,620
- Contributions -€56,572
down €56,572 (-75.3%), from €75,164 to €18,592
- Reserves +€24,579
up €24,579 (+5.6%), from €436,158 to €460,738
of which Distributable reserves: +€32,096
- Other debts +€17,684
up €17,684 (+21.2%), from €83,328 to €101,012
- Tax, wage and social debts -€12,886
down €12,886 (-24.8%), from €51,920 to €39,034
of which Taxes: -€13,798
- Current portion of long-term debt +€10,769
up €10,769 (+33.5%), from €32,111 to €42,880
- Gross operating margin -€69,694
down €69,694 (-32.3%), from €215,713 to €146,020
- Taxes -€27,487
down €27,487 (-68.5%), from €40,106 to €12,619
- Staff costs +€7,688
up €7,688 (+13.0%), from €59,273 to €66,961
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 | €1,052,114 | €1,033,235 | -€18,879 | -1.8% |
| Fixed assets | 21/28 | €557,110 | €592,815 | +€35,705 | +6.4% |
| Tangible fixed assets | 22/27 | €557,110 | €592,815 | +€35,705 | +6.4% |
| Land and buildings | 22 | €546,953 | €517,443 | -€29,510 | -5.4% |
| Plant, machinery and equipment | 23 | €3,311 | €2,098 | -€1,214 | -36.6% |
| Furniture and vehicles | 24 | €6,846 | €73,274 | +€66,429 | +970.4% |
| Current assets | 29/58 | €495,004 | €440,420 | -€54,584 | -11.0% |
| Stocks and contracts in progress | 3 | €238,691 | €253,620 | +€14,929 | +6.3% |
| Stocks | 30/36 | €238,691 | €253,620 | +€14,929 | +6.3% |
| Amounts receivable within one year | 40/41 | €4,324 | €12,802 | +€8,479 | +196.1% |
| Trade receivables | 40 | €4,324 | €2,790 | -€1,534 | -35.5% |
| Other amounts receivable | 41 | - | €10,013 | +€10,013 | |
| Cash at bank and in hand | 54/58 | €250,955 | €170,188 | -€80,766 | -32.2% |
| Deferred charges and accrued income | 490/1 | €1,035 | €3,810 | +€2,774 | +268.0% |
| Total equity and liabilities | 10/49 | €1,052,114 | €1,033,235 | -€18,879 | -1.8% |
| Equity | 10/15 | €511,322 | €479,330 | -€31,992 | -6.3% |
| Contributions | 10/11 | €75,164 | €18,592 | -€56,572 | -75.3% |
| Reserves | 13 | €436,158 | €460,738 | +€24,579 | +5.6% |
| Non-distributable reserves | 130/1 | €7,516 | €0 | -€7,516 | -100.0% |
| Reserves not available under the articles | 1311 | €7,516 | €0 | -€7,516 | -100.0% |
| Tax-exempt reserves | 132 | €6,877 | €6,877 | = | 0.0% |
| Distributable reserves | 133 | €421,765 | €453,861 | +€32,096 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €540,792 | €553,905 | +€13,113 | +2.4% |
| Amounts payable after more than one year | 17 | €368,503 | €369,623 | +€1,120 | +0.3% |
| Financial debts | 170/4 | €368,503 | €369,623 | +€1,120 | +0.3% |
| Amounts payable within one year | 42/48 | €172,289 | €184,153 | +€11,864 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €32,111 | €42,880 | +€10,769 | +33.5% |
| Trade debts | 44 | €4,930 | €528 | -€4,402 | -89.3% |
| Suppliers | 440/4 | €4,930 | €528 | -€4,402 | -89.3% |
| Advances received on contracts in progress | 46 | - | €700 | +€700 | |
| Taxes, remuneration and social security | 45 | €51,920 | €39,034 | -€12,886 | -24.8% |
| Taxes | 450/3 | €39,524 | €25,726 | -€13,798 | -34.9% |
| Remuneration and social security | 454/9 | €12,396 | €13,308 | +€912 | +7.4% |
| Other amounts payable | 47/48 | €83,328 | €101,012 | +€17,684 | +21.2% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Non-recurring operating income | 76A | - | €1,550 | +€1,550 | |
| Remuneration, social security and pensions | 62 | €59,273 | €66,961 | +€7,688 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,472 | €35,101 | +€1,628 | +4.9% |
| Other operating charges | 640/8 | €3,890 | €4,064 | +€175 | +4.5% |
| Gross operating margin | 9900 | €215,713 | €146,020 | -€69,694 | -32.3% |
| Operating profit (loss) | 9901 | €119,079 | €39,894 | -€79,185 | -66.5% |
| Financial income | 75/76B | €5,768 | €4,086 | -€1,682 | -29.2% |
| Recurring financial income | 75 | €5,768 | €4,086 | -€1,682 | -29.2% |
| Financial charges | 65/66B | €4,953 | €6,781 | +€1,828 | +36.9% |
| Recurring financial charges | 65 | €4,953 | €6,781 | +€1,828 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €119,893 | €37,199 | -€82,695 | -69.0% |
| Income taxes | 67/77 | €40,106 | €12,619 | -€27,487 | -68.5% |
| Profit (loss) for the period | 9904 | €79,787 | €24,579 | -€55,208 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,787 | €24,579 | -€55,208 | -69.2% |
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 9 October 2026 via checked.be.