GHISOTEL: 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.
GHISOTEL
Largest movements
- Receivables within one year -€66,147
down €66,147 (-53.4%), from €123,945 to €57,798
of which Other amounts receivable: -€70,331
- Cash +€49,297
up €49,297 (+55.3%), from €89,221 to €138,518
mainly Net result for the year (+€192,480) and Depreciation (+€92,481)
- Tangible fixed assets -€33,161
down €33,161 (-2.9%), from €1.1m to €1.1m
of which Land and buildings: -€23,853
- Profit (loss) carried forward +€192,480
up €192,480 (+152%), from €126,439 to €318,919
- Debts after one year -€141,947
down €141,947 (-29.0%), from €488,879 to €346,932
- Current portion of long-term debt -€81,316
down €81,316 (-35.3%), from €230,210 to €148,894
- Other debts -€49,646
down €49,646 (-28.4%), from €174,546 to €124,900
- Tax, wage and social debts +€49,138
up €49,138 (+59.6%), from €82,486 to €131,625
of which Taxes: +€45,512
- Gross operating margin +€177,155
up €177,155 (+16.9%), from €1.0m to €1.2m
- Staff costs +€116,473
up €116,473 (+16.7%), from €696,922 to €813,395
- Taxes +€45,709
up €45,709 (+17,879%), from €256 to €45,964
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 | €1,363,699 | €1,319,807 | -€43,893 | -3.2% |
| Fixed assets | 21/28 | €1,139,845 | €1,106,684 | -€33,161 | -2.9% |
| Tangible fixed assets | 22/27 | €1,139,845 | €1,106,684 | -€33,161 | -2.9% |
| Land and buildings | 22 | €966,744 | €942,890 | -€23,853 | -2.5% |
| Plant, machinery and equipment | 23 | €132,458 | €127,468 | -€4,990 | -3.8% |
| Furniture and vehicles | 24 | €40,644 | €36,326 | -€4,318 | -10.6% |
| Current assets | 29/58 | €223,854 | €213,123 | -€10,732 | -4.8% |
| Stocks and contracts in progress | 3 | €10,688 | €16,807 | +€6,118 | +57.2% |
| Stocks | 30/36 | €10,688 | €16,807 | +€6,118 | +57.2% |
| Amounts receivable within one year | 40/41 | €123,945 | €57,798 | -€66,147 | -53.4% |
| Trade receivables | 40 | €47,772 | €51,956 | +€4,184 | +8.8% |
| Other amounts receivable | 41 | €76,173 | €5,842 | -€70,331 | -92.3% |
| Cash at bank and in hand | 54/58 | €89,221 | €138,518 | +€49,297 | +55.3% |
| Total equity and liabilities | 10/49 | €1,363,699 | €1,319,807 | -€43,893 | -3.2% |
| Equity | 10/15 | €323,403 | €508,617 | +€185,214 | +57.3% |
| Contributions | 10/11 | €158,934 | €158,934 | = | 0.0% |
| Reserves | 13 | €6,020 | €6,020 | = | 0.0% |
| Tax-exempt reserves | 132 | €20 | €20 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,439 | €318,919 | +€192,480 | +152% |
| Investment grants | 15 | €32,010 | €24,744 | -€7,266 | -22.7% |
| Amounts payable | 17/49 | €1,040,296 | €811,190 | -€229,106 | -22.0% |
| Amounts payable after more than one year | 17 | €488,879 | €346,932 | -€141,947 | -29.0% |
| Financial debts | 170/4 | €488,879 | €346,932 | -€141,947 | -29.0% |
| Amounts payable within one year | 42/48 | €551,418 | €464,258 | -€87,160 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €230,210 | €148,894 | -€81,316 | -35.3% |
| Financial debts | 43 | €1,206 | €0 | -€1,206 | -100% |
| Credit institutions | 430/8 | €1,206 | €0 | -€1,206 | -100% |
| Trade debts | 44 | €58,218 | €48,019 | -€10,199 | -17.5% |
| Suppliers | 440/4 | €58,218 | €48,019 | -€10,199 | -17.5% |
| Advances received on contracts in progress | 46 | €4,752 | €10,820 | +€6,069 | +128% |
| Taxes, remuneration and social security | 45 | €82,486 | €131,625 | +€49,138 | +59.6% |
| Taxes | 450/3 | €453 | €45,964 | +€45,512 | +10,055% |
| Remuneration and social security | 454/9 | €82,034 | €85,660 | +€3,627 | +4.4% |
| Other amounts payable | 47/48 | €174,546 | €124,900 | -€49,646 | -28.4% |
| Non-recurring operating income | 76A | €52,500 | €0 | -€52,500 | -100% |
| Remuneration, social security and pensions | 62 | €696,922 | €813,395 | +€116,473 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,397 | €92,481 | +€9,084 | +10.9% |
| Other operating charges | 640/8 | €36,573 | €38,480 | +€1,907 | +5.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,045,462 | €1,222,617 | +€177,155 | +16.9% |
| Operating profit (loss) | 9901 | €228,569 | €278,261 | +€49,692 | +21.7% |
| Financial income | 75/76B | €13,684 | €12,876 | -€808 | -5.9% |
| Recurring financial income | 75 | €13,684 | €12,876 | -€808 | -5.9% |
| Financial charges | 65/66B | €53,959 | €52,692 | -€1,266 | -2.3% |
| Recurring financial charges | 65 | €53,959 | €52,692 | -€1,266 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €188,295 | €238,445 | +€50,150 | +26.6% |
| Income taxes | 67/77 | €256 | €45,964 | +€45,709 | +17,879% |
| Profit (loss) for the period | 9904 | €188,039 | €192,480 | +€4,441 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €188,039 | €192,480 | +€4,441 | +2.4% |
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 26 October 2026 via checked.be.