GHLM: 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.
GHLM
Largest movements
- Receivables within one year +€39,700
up €39,700 (+801%), from €4,955 to €44,655
of which Trade receivables: +€36,083
- Cash -€8,691
down €8,691 (-37.0%), from €23,491 to €14,800
mainly Receivables within one year (-€39,700) and Net result for the year (-€16,855)
- Stocks and contracts -€6,127
down €6,127 (-2.3%), from €270,110 to €263,983
- Other debts +€32,754
up €32,754 (+15.7%), from €208,278 to €241,032
- Profit (loss) carried forward -€16,855
down €16,855 (-81.3%), from €20,734 to €3,879
- Trade debts +€13,524
up €13,524 (+142%), from €9,504 to €23,028
- Tax, wage and social debts -€3,379
down €3,379 (-64.7%), from €5,220 to €1,841
- Gross operating margin -€25,511
down €25,511, from €12,722 to -€12,789
- Taxes -€4,126
down €4,126 (-100%), from €4,126 to €0
- Financial charges +€733
up €733, from -€577 to €156
- Depreciation -€165
down €165 (-7.0%), from €2,370 to €2,205
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 | €302,128 | €328,173 | +€26,044 | +8.6% |
| Fixed assets | 21/28 | €3,572 | €2,738 | -€834 | -23.4% |
| Intangible fixed assets | 21 | €580 | €364 | -€216 | -37.2% |
| Tangible fixed assets | 22/27 | €2,992 | €2,374 | -€618 | -20.7% |
| Plant, machinery and equipment | 23 | €840 | €1,330 | +€490 | +58.3% |
| Furniture and vehicles | 24 | €2,152 | €1,044 | -€1,108 | -51.5% |
| Current assets | 29/58 | €298,556 | €325,435 | +€26,879 | +9.0% |
| Stocks and contracts in progress | 3 | €270,110 | €263,983 | -€6,127 | -2.3% |
| Stocks | 30/36 | €270,110 | €263,983 | -€6,127 | -2.3% |
| Amounts receivable within one year | 40/41 | €4,955 | €44,655 | +€39,700 | +801% |
| Trade receivables | 40 | €4,955 | €41,038 | +€36,083 | +728% |
| Other amounts receivable | 41 | €0 | €3,617 | +€3,617 | |
| Cash at bank and in hand | 54/58 | €23,491 | €14,800 | -€8,691 | -37.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,997 | +€1,997 | |
| Total equity and liabilities | 10/49 | €302,128 | €328,173 | +€26,044 | +8.6% |
| Equity | 10/15 | €77,127 | €60,272 | -€16,855 | -21.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €31,393 | €31,393 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €28,893 | €28,893 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,734 | €3,879 | -€16,855 | -81.3% |
| Amounts payable | 17/49 | €225,002 | €267,901 | +€42,899 | +19.1% |
| Amounts payable within one year | 42/48 | €223,002 | €265,901 | +€42,899 | +19.2% |
| Trade debts | 44 | €9,504 | €23,028 | +€13,524 | +142% |
| Suppliers | 440/4 | €9,504 | €23,028 | +€13,524 | +142% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,220 | €1,841 | -€3,379 | -64.7% |
| Taxes | 450/3 | €5,220 | €1,841 | -€3,379 | -64.7% |
| Other amounts payable | 47/48 | €208,278 | €241,032 | +€32,754 | +15.7% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,370 | €2,205 | -€165 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €448 | €453 | +€5 | +1.1% |
| Non-recurring operating charges | 66A | - | €1,253 | +€1,253 | |
| Gross operating margin | 9900 | €12,722 | -€12,789 | -€25,511 | |
| Operating profit (loss) | 9901 | €9,904 | -€16,699 | -€26,603 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | -€577 | €156 | +€733 | |
| Recurring financial charges | 65 | -€577 | €156 | +€733 | |
| Profit (loss) for the period before taxes | 9903 | €10,482 | -€16,855 | -€27,337 | |
| Income taxes | 67/77 | €4,126 | €0 | -€4,126 | -100% |
| Profit (loss) for the period | 9904 | €6,356 | -€16,855 | -€23,210 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,356 | -€16,855 | -€23,210 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.