GHLV: 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.
GHLV
Largest movements
- Receivables after one year +€62,178
up €62,178 (+229.6%), from €27,086 to €89,265
- Cash +€22,410
up €22,410 (+9.0%), from €248,271 to €270,681
mainly Net result for the year (+€110,675) and Other debts (+€22,635)
- Deferred charges and accrued income -€9,140
down €9,140 (-53.6%), from €17,055 to €7,915
- Tangible fixed assets -€4,776
down €4,776 (-11.7%), from €40,854 to €36,079
of which Plant, machinery and equipment: -€6,717
- Reserves +€44,040
up €44,040 (+20.7%), from €212,500 to €256,540
- Other debts +€22,635
up €22,635 (+51.4%), from €44,000 to €66,635
- Tax, wage and social debts +€8,564
up €8,564 (+18.5%), from €46,327 to €54,891
of which Taxes: +€6,943
- Gross operating margin +€28,994
up €28,994 (+4.7%), from €620,450 to €649,444
- Staff costs +€18,511
up €18,511 (+4.1%), from €448,749 to €467,260
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 | €354,915 | €426,316 | +€71,401 | +20.1% |
| Fixed assets | 21/28 | €40,854 | €36,079 | -€4,776 | -11.7% |
| Tangible fixed assets | 22/27 | €40,854 | €36,079 | -€4,776 | -11.7% |
| Plant, machinery and equipment | 23 | €33,058 | €26,341 | -€6,717 | -20.3% |
| Furniture and vehicles | 24 | €7,797 | €9,738 | +€1,941 | +24.9% |
| Current assets | 29/58 | €314,061 | €390,237 | +€76,177 | +24.3% |
| Amounts receivable after more than one year | 29 | €27,086 | €89,265 | +€62,178 | +229.6% |
| Other amounts receivable | 291 | €27,086 | €89,265 | +€62,178 | +229.6% |
| Stocks and contracts in progress | 3 | €16,243 | €15,535 | -€707 | -4.4% |
| Stocks | 30/36 | €16,243 | €15,535 | -€707 | -4.4% |
| Amounts receivable within one year | 40/41 | €5,405 | €6,841 | +€1,436 | +26.6% |
| Trade receivables | 40 | €1,271 | €3,284 | +€2,013 | +158.3% |
| Other amounts receivable | 41 | €4,134 | €3,556 | -€577 | -14.0% |
| Cash at bank and in hand | 54/58 | €248,271 | €270,681 | +€22,410 | +9.0% |
| Deferred charges and accrued income | 490/1 | €17,055 | €7,915 | -€9,140 | -53.6% |
| Total equity and liabilities | 10/49 | €354,915 | €426,316 | +€71,401 | +20.1% |
| Equity | 10/15 | €254,806 | €298,846 | +€44,040 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €212,500 | €256,540 | +€44,040 | +20.7% |
| Distributable reserves | 133 | €212,500 | €256,540 | +€44,040 | +20.7% |
| Profit (loss) carried forward | 14 | €23,706 | €23,706 | = | 0.0% |
| Amounts payable | 17/49 | €100,109 | €127,470 | +€27,361 | +27.3% |
| Amounts payable within one year | 42/48 | €98,902 | €126,239 | +€27,337 | +27.6% |
| Trade debts | 44 | €8,575 | €4,713 | -€3,862 | -45.0% |
| Suppliers | 440/4 | €8,575 | €4,713 | -€3,862 | -45.0% |
| Taxes, remuneration and social security | 45 | €46,327 | €54,891 | +€8,564 | +18.5% |
| Taxes | 450/3 | €18,331 | €25,274 | +€6,943 | +37.9% |
| Remuneration and social security | 454/9 | €27,996 | €29,617 | +€1,621 | +5.8% |
| Other amounts payable | 47/48 | €44,000 | €66,635 | +€22,635 | +51.4% |
| Accrued charges and deferred income | 492/3 | €1,207 | €1,231 | +€24 | +2.0% |
| Non-recurring operating income | 76A | €75 | - | -€75 | |
| Remuneration, social security and pensions | 62 | €448,749 | €467,260 | +€18,511 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,496 | €12,395 | +€898 | +7.8% |
| Other operating charges | 640/8 | €2,826 | €2,602 | -€224 | -7.9% |
| Gross operating margin | 9900 | €620,450 | €649,444 | +€28,994 | +4.7% |
| Operating profit (loss) | 9901 | €157,377 | €167,188 | +€9,810 | +6.2% |
| Financial income | 75/76B | €2,722 | €3,436 | +€714 | +26.2% |
| Recurring financial income | 75 | €2,722 | €3,436 | +€714 | +26.2% |
| Financial charges | 65/66B | €7,756 | €9,163 | +€1,408 | +18.1% |
| Recurring financial charges | 65 | €7,756 | €9,163 | +€1,408 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €152,344 | €161,460 | +€9,116 | +6.0% |
| Income taxes | 67/77 | €45,838 | €50,785 | +€4,947 | +10.8% |
| Profit (loss) for the period | 9904 | €106,506 | €110,675 | +€4,169 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €106,506 | €110,675 | +€4,169 | +3.9% |
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 30 September 2026 via checked.be.