GHISPAS: 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.
GHISPAS
Largest movements
- Cash +€741,325
up €741,325 (+249%), from €297,210 to €1.0m
mainly Net result for the year (+€299,948) and Tax, wage and social debts (+€144,146)
- Tangible fixed assets -€166,148
down €166,148 (-27.8%), from €596,823 to €430,676
of which Land and buildings: -€190,344
- Current investments -€138,727
down €138,727 (-24.4%), from €569,597 to €430,870
- Reserves +€223,791
up €223,791 (+84.5%), from €264,960 to €488,751
of which Non-distributable reserves: +€234,032
- Tax, wage and social debts +€144,146
new in 2025: €144,146
- Profit (loss) carried forward +€37,461
up €37,461 (+17,681%), from €212 to €37,673
- Other debts +€32,027
up €32,027 (+2,714%), from €1,180 to €33,207
- Financial income +€442,635
up €442,635 (+1,630%), from €27,159 to €469,794
of which Non-recurring financial income: +€446,909
- Taxes +€146,461
up €146,461 (+11,624%), from €1,260 to €147,721
- Gross operating margin +€7,842
up €7,842 (+73.5%), from €10,672 to €18,514
- Depreciation -€3,439
down €3,439 (-9.5%), from €36,340 to €32,901
- Financial charges +€1,160
up €1,160 (+21.2%), from €5,481 to €6,641
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 | €1,467,928 | €1,900,081 | +€432,152 | +29.4% |
| Fixed assets | 21/28 | €596,823 | €430,676 | -€166,148 | -27.8% |
| Tangible fixed assets | 22/27 | €596,823 | €430,676 | -€166,148 | -27.8% |
| Land and buildings | 22 | €590,220 | €399,877 | -€190,344 | -32.2% |
| Furniture and vehicles | 24 | €6,603 | €30,799 | +€24,196 | +366% |
| Current assets | 29/58 | €871,105 | €1,469,405 | +€598,300 | +68.7% |
| Amounts receivable within one year | 40/41 | €4,298 | - | -€4,298 | |
| Other amounts receivable | 41 | €4,298 | - | -€4,298 | |
| Current investments | 50/53 | €569,597 | €430,870 | -€138,727 | -24.4% |
| Cash at bank and in hand | 54/58 | €297,210 | €1,038,535 | +€741,325 | +249% |
| Total equity and liabilities | 10/49 | €1,467,928 | €1,900,081 | +€432,152 | +29.4% |
| Equity | 10/15 | €1,358,334 | €1,619,587 | +€261,253 | +19.2% |
| Contributions | 10/11 | €1,093,162 | €1,093,162 | = | 0.0% |
| Reserves | 13 | €264,960 | €488,751 | +€223,791 | +84.5% |
| Non-distributable reserves | 130/1 | €49,604 | €283,636 | +€234,032 | +472% |
| Other | 1319 | €49,604 | €283,636 | +€234,032 | +472% |
| Tax-exempt reserves | 132 | €205,690 | €195,449 | -€10,241 | -5.0% |
| Distributable reserves | 133 | €9,666 | €9,666 | = | 0.0% |
| Profit (loss) carried forward | 14 | €212 | €37,673 | +€37,461 | +17,681% |
| Provisions and deferred taxes | 16 | €105,914 | €100,641 | -€5,273 | -5.0% |
| Deferred taxes | 168 | €105,914 | €100,641 | -€5,273 | -5.0% |
| Amounts payable | 17/49 | €3,680 | €179,853 | +€176,173 | +4,787% |
| Amounts payable within one year | 42/48 | €1,180 | €177,353 | +€176,173 | +14,928% |
| Taxes, remuneration and social security | 45 | - | €144,146 | +€144,146 | |
| Taxes | 450/3 | - | €144,146 | +€144,146 | |
| Other amounts payable | 47/48 | €1,180 | €33,207 | +€32,027 | +2,714% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €14,647 | +€14,647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,340 | €32,901 | -€3,439 | -9.5% |
| Other operating charges | 640/8 | €5,819 | €6,370 | +€551 | +9.5% |
| Gross operating margin | 9900 | €10,672 | €18,514 | +€7,842 | +73.5% |
| Operating profit (loss) | 9901 | -€31,487 | -€20,757 | +€10,730 | +34.1% |
| Financial income | 75/76B | €27,159 | €469,794 | +€442,635 | +1,630% |
| Recurring financial income | 75 | €27,159 | €22,886 | -€4,273 | -15.7% |
| Non-recurring financial income | 76B | - | €446,909 | +€446,909 | |
| Financial charges | 65/66B | €5,481 | €6,641 | +€1,160 | +21.2% |
| Recurring financial charges | 65 | €5,481 | €6,641 | +€1,160 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,810 | €442,396 | +€452,206 | |
| Transfer from deferred taxes | 780 | €5,273 | €5,273 | = | 0.0% |
| Income taxes | 67/77 | €1,260 | €147,721 | +€146,461 | +11,624% |
| Profit (loss) for the period | 9904 | -€5,796 | €299,948 | +€305,744 | |
| Transfer from tax-exempt reserves | 789 | €10,241 | €10,241 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,445 | €310,189 | +€305,744 | +6,879% |
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.