GHM: 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.
GHM
Largest movements
- Stocks and contracts -€12,695
down €12,695 (-9.6%), from €132,830 to €120,135
- Receivables within one year +€3,727
up €3,727 (+40.0%), from €9,317 to €13,044
of which Trade receivables: +€3,747
- Tangible fixed assets +€2,517
up €2,517 (+18.1%), from €13,887 to €16,403
of which Furniture and vehicles: +€4,005
- Reserves +€15,398
new in 2025: €15,398
- Trade debts -€12,733
down €12,733 (-70.4%), from €18,078 to €5,345
- Tax, wage and social debts +€7,236
up €7,236 (+204.8%), from €3,533 to €10,769
of which Taxes: +€7,174
- Short-term financial debts -€5,632
no longer reported in 2025 (was €5,632)
- Current portion of long-term debt -€4,875
down €4,875 (-94.2%), from €5,177 to €302
- Gross operating margin +€17,556
up €17,556 (+226.5%), from €7,750 to €25,306
- Other operating charges +€1,573
up €1,573 (+107.0%), from €1,470 to €3,042
- Depreciation +€499
up €499 (+25.2%), from €1,984 to €2,483
- Financial charges -€353
down €353 (-15.3%), from €2,314 to €1,961
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 | €162,962 | €156,869 | -€6,094 | -3.7% |
| Fixed assets | 21/28 | €13,887 | €16,403 | +€2,517 | +18.1% |
| Tangible fixed assets | 22/27 | €13,887 | €16,403 | +€2,517 | +18.1% |
| Plant, machinery and equipment | 23 | €13,887 | €12,399 | -€1,488 | -10.7% |
| Furniture and vehicles | 24 | - | €4,005 | +€4,005 | |
| Current assets | 29/58 | €149,076 | €140,465 | -€8,610 | -5.8% |
| Stocks and contracts in progress | 3 | €132,830 | €120,135 | -€12,695 | -9.6% |
| Stocks | 30/36 | €132,830 | €120,135 | -€12,695 | -9.6% |
| Amounts receivable within one year | 40/41 | €9,317 | €13,044 | +€3,727 | +40.0% |
| Trade receivables | 40 | €9,287 | €13,034 | +€3,747 | +40.3% |
| Other amounts receivable | 41 | €30 | €10 | -€20 | -66.5% |
| Cash at bank and in hand | 54/58 | €6,426 | €5,774 | -€652 | -10.1% |
| Deferred charges and accrued income | 490/1 | €502 | €1,512 | +€1,010 | +201.1% |
| Total equity and liabilities | 10/49 | €162,962 | €156,869 | -€6,094 | -3.7% |
| Equity | 10/15 | €17,324 | €33,998 | +€16,674 | +96.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €15,398 | +€15,398 | |
| Distributable reserves | 133 | - | €15,398 | +€15,398 | |
| Profit (loss) carried forward | 14 | -€1,276 | - | +€1,276 | |
| Provisions and deferred taxes | 16 | €12,365 | €12,365 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,365 | €12,365 | = | 0.0% |
| Other liabilities and charges | 164/5 | €12,365 | €12,365 | = | 0.0% |
| Amounts payable | 17/49 | €133,273 | €110,505 | -€22,768 | -17.1% |
| Amounts payable after more than one year | 17 | €31,563 | €30,000 | -€1,563 | -5.0% |
| Financial debts | 170/4 | €31,563 | €30,000 | -€1,563 | -5.0% |
| Amounts payable within one year | 42/48 | €101,648 | €80,443 | -€21,205 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €5,177 | €302 | -€4,875 | -94.2% |
| Financial debts | 43 | €5,632 | - | -€5,632 | |
| Credit institutions | 430/8 | €5,632 | - | -€5,632 | |
| Trade debts | 44 | €18,078 | €5,345 | -€12,733 | -70.4% |
| Suppliers | 440/4 | €18,078 | €5,345 | -€12,733 | -70.4% |
| Advances received on contracts in progress | 46 | €4,249 | - | -€4,249 | |
| Taxes, remuneration and social security | 45 | €3,533 | €10,769 | +€7,236 | +204.8% |
| Taxes | 450/3 | €3,451 | €10,625 | +€7,174 | +207.9% |
| Remuneration and social security | 454/9 | €82 | €144 | +€62 | +75.1% |
| Other amounts payable | 47/48 | €64,979 | €64,027 | -€952 | -1.5% |
| Accrued charges and deferred income | 492/3 | €63 | €63 | = | 0.0% |
| Non-recurring operating income | 76A | - | €16,000 | +€16,000 | |
| Remuneration, social security and pensions | 62 | €194 | €323 | +€129 | +66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,984 | €2,483 | +€499 | +25.2% |
| Other operating charges | 640/8 | €1,470 | €3,042 | +€1,573 | +107.0% |
| Non-recurring operating charges | 66A | - | €886 | +€886 | |
| Gross operating margin | 9900 | €7,750 | €25,306 | +€17,556 | +226.5% |
| Operating profit (loss) | 9901 | €4,103 | €18,571 | +€14,469 | +352.6% |
| Financial income | 75/76B | €335 | €200 | -€134 | -40.1% |
| Recurring financial income | 75 | €335 | €200 | -€134 | -40.1% |
| Financial charges | 65/66B | €2,314 | €1,961 | -€353 | -15.3% |
| Recurring financial charges | 65 | €2,314 | €1,961 | -€353 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €2,124 | €16,811 | +€14,687 | +691.5% |
| Income taxes | 67/77 | €131 | €137 | +€6 | +4.9% |
| Profit (loss) for the period | 9904 | €1,993 | €16,674 | +€14,681 | +736.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,993 | €16,674 | +€14,681 | +736.5% |
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 3 October 2026 via checked.be.