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
- Cash -€79,982
down €79,982 (-24.9%), from €321,771 to €241,789
mainly Contributions, distributions and other (-€240,800) and Other debts (-€88,525)
- Receivables within one year +€38,178
up €38,178 (+155.9%), from €24,492 to €62,670
- Stocks and contracts -€9,900
down €9,900 (-56.9%), from €17,400 to €7,500
- Other debts -€88,525
down €88,525 (-30.0%), from €295,418 to €206,893
- Tax, wage and social debts +€20,002
up €20,002 (+41.3%), from €48,432 to €68,434
- Trade debts +€16,832
new in 2025: €16,832
- Gross operating margin -€68,888
down €68,888 (-17.8%), from €385,958 to €317,071
- Taxes -€16,611
down €16,611 (-17.1%), from €97,259 to €80,648
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 | €365,862 | €314,159 | -€51,704 | -14.1% |
| Fixed assets | 21/28 | €1,650 | €1,650 | = | 0.0% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €364,212 | €312,509 | -€51,704 | -14.2% |
| Stocks and contracts in progress | 3 | €17,400 | €7,500 | -€9,900 | -56.9% |
| Stocks | 30/36 | €17,400 | €7,500 | -€9,900 | -56.9% |
| Amounts receivable within one year | 40/41 | €24,492 | €62,670 | +€38,178 | +155.9% |
| Trade receivables | 40 | €24,492 | €62,670 | +€38,178 | +155.9% |
| Cash at bank and in hand | 54/58 | €321,771 | €241,789 | -€79,982 | -24.9% |
| Deferred charges and accrued income | 490/1 | €550 | €550 | = | 0.0% |
| Total equity and liabilities | 10/49 | €365,862 | €314,159 | -€51,704 | -14.1% |
| Equity | 10/15 | €22,012 | €22,000 | -€12 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12 | - | -€12 | |
| Amounts payable | 17/49 | €343,850 | €292,159 | -€51,692 | -15.0% |
| Amounts payable within one year | 42/48 | €343,850 | €292,159 | -€51,692 | -15.0% |
| Trade debts | 44 | - | €16,832 | +€16,832 | |
| Suppliers | 440/4 | - | €16,832 | +€16,832 | |
| Taxes, remuneration and social security | 45 | €48,432 | €68,434 | +€20,002 | +41.3% |
| Taxes | 450/3 | €48,432 | €68,434 | +€20,002 | +41.3% |
| Other amounts payable | 47/48 | €295,418 | €206,893 | -€88,525 | -30.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €385,958 | €317,071 | -€68,888 | -17.8% |
| Operating profit (loss) | 9901 | €385,571 | €316,671 | -€68,900 | -17.9% |
| Financial income | 75/76B | €3,576 | €4,765 | +€1,189 | +33.3% |
| Recurring financial income | 75 | €3,576 | €4,765 | +€1,189 | +33.3% |
| Financial charges | 65/66B | €110 | - | -€110 | |
| Recurring financial charges | 65 | €110 | - | -€110 | |
| Profit (loss) for the period before taxes | 9903 | €389,037 | €321,436 | -€67,601 | -17.4% |
| Income taxes | 67/77 | €97,259 | €80,648 | -€16,611 | -17.1% |
| Profit (loss) for the period | 9904 | €291,778 | €240,788 | -€50,989 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €291,778 | €240,788 | -€50,989 | -17.5% |
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 4 October 2026 via checked.be.