GHL12: 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.
GHL12
Largest movements
- Current investments -€222,140
down €222,140 (-60.3%), from €368,509 to €146,370
- Cash +€34,973
up €34,973 (+27.3%), from €128,181 to €163,154
mainly Net result for the year (+€232,172) and Current investments (+€222,140)
- Deferred charges and accrued income +€26,609
up €26,609 (+729.4%), from €3,648 to €30,258
- Other debts -€87,379
no longer reported in 2025 (was €87,379)
- Contributions -€86,000
down €86,000 (-99.8%), from €86,200 to €200
- Tax, wage and social debts +€19,681
up €19,681 (+31.0%), from €63,499 to €83,180
- Profit (loss) carried forward -€19,376
no longer reported in 2025 (was €19,376)
- Gross operating margin +€18,922
up €18,922 (+6.0%), from €316,933 to €335,855
- Financial income +€18,140
up €18,140 (+472.0%), from €3,844 to €21,984
- Taxes +€10,462
up €10,462 (+10.9%), from €95,953 to €106,415
- Depreciation -€7,408
down €7,408 (-52.8%), from €14,031 to €6,623
- Financial charges +€3,849
up €3,849 (+95.2%), from €4,046 to €7,895
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 | €997,386 | €828,928 | -€168,458 | -16.9% |
| Fixed assets | 21/28 | €398,170 | €388,485 | -€9,685 | -2.4% |
| Tangible fixed assets | 22/27 | €398,170 | €388,485 | -€9,685 | -2.4% |
| Land and buildings | 22 | €386,152 | €382,538 | -€3,613 | -0.9% |
| Furniture and vehicles | 24 | €12,019 | €5,947 | -€6,072 | -50.5% |
| Current assets | 29/58 | €599,215 | €440,442 | -€158,773 | -26.5% |
| Amounts receivable after more than one year | 29 | €70,000 | €70,000 | = | 0.0% |
| Other amounts receivable | 291 | €70,000 | €70,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,876 | €30,661 | +€1,785 | +6.2% |
| Trade receivables | 40 | €27,315 | €28,134 | +€818 | +3.0% |
| Other amounts receivable | 41 | €1,561 | €2,527 | +€966 | +61.9% |
| Current investments | 50/53 | €368,509 | €146,370 | -€222,140 | -60.3% |
| Cash at bank and in hand | 54/58 | €128,181 | €163,154 | +€34,973 | +27.3% |
| Deferred charges and accrued income | 490/1 | €3,648 | €30,258 | +€26,609 | +729.4% |
| Total equity and liabilities | 10/49 | €997,386 | €828,928 | -€168,458 | -16.9% |
| Equity | 10/15 | €834,747 | €730,072 | -€104,675 | -12.5% |
| Contributions | 10/11 | €86,200 | €200 | -€86,000 | -99.8% |
| Reserves | 13 | €729,171 | €729,872 | +€701 | +0.1% |
| Distributable reserves | 133 | €729,171 | €729,872 | +€701 | +0.1% |
| Profit (loss) carried forward | 14 | €19,376 | - | -€19,376 | |
| Amounts payable | 17/49 | €162,639 | €98,856 | -€63,783 | -39.2% |
| Amounts payable within one year | 42/48 | €162,639 | €98,856 | -€63,783 | -39.2% |
| Financial debts | 43 | €10,135 | €13,413 | +€3,279 | +32.3% |
| Credit institutions | 430/8 | €10,135 | €13,413 | +€3,279 | +32.3% |
| Trade debts | 44 | €1,627 | €2,262 | +€635 | +39.1% |
| Suppliers | 440/4 | €1,627 | €2,262 | +€635 | +39.1% |
| Taxes, remuneration and social security | 45 | €63,499 | €83,180 | +€19,681 | +31.0% |
| Taxes | 450/3 | €63,499 | €83,180 | +€19,681 | +31.0% |
| Other amounts payable | 47/48 | €87,379 | - | -€87,379 | |
| Non-recurring operating income | 76A | - | €23,791 | +€23,791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,031 | €6,623 | -€7,408 | -52.8% |
| Other operating charges | 640/8 | €4,699 | €4,734 | +€35 | +0.7% |
| Gross operating margin | 9900 | €316,933 | €335,855 | +€18,922 | +6.0% |
| Operating profit (loss) | 9901 | €298,203 | €324,497 | +€26,295 | +8.8% |
| Financial income | 75/76B | €3,844 | €21,984 | +€18,140 | +472.0% |
| Recurring financial income | 75 | €3,844 | €21,984 | +€18,140 | +472.0% |
| Financial charges | 65/66B | €4,046 | €7,895 | +€3,849 | +95.2% |
| Recurring financial charges | 65 | €4,046 | €7,895 | +€3,849 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | €298,001 | €338,586 | +€40,586 | +13.6% |
| Income taxes | 67/77 | €95,953 | €106,415 | +€10,462 | +10.9% |
| Profit (loss) for the period | 9904 | €202,048 | €232,172 | +€30,124 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €202,048 | €232,172 | +€30,124 | +14.9% |
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 5 October 2026 via checked.be.