GHOLD: 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.
GHOLD
Largest movements
- Tangible fixed assets -€98,757
down €98,757 (-6.5%), from €1.5m to €1.4m
of which Land and buildings: -€97,628
- Receivables within one year +€38,672
up €38,672 (+14.6%), from €265,448 to €304,120
of which Trade receivables: +€25,653
- Other debts -€105,500
down €105,500 (-16.3%), from €648,379 to €542,878
- Financial income -€5,491
down €5,491 (-100.0%), from €5,491 to €0
- Taxes -€3,879
down €3,879 (-31.2%), from €12,419 to €8,539
- Financial charges +€3,232
up €3,232 (+7.8%), from €41,533 to €44,764
- Gross operating margin -€2,706
down €2,706 (-1.4%), from €199,609 to €196,903
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 | €2,881,280 | €2,824,879 | -€56,401 | -2.0% |
| Fixed assets | 21/28 | €2,605,332 | €2,506,431 | -€98,902 | -3.8% |
| Tangible fixed assets | 22/27 | €1,516,232 | €1,417,476 | -€98,757 | -6.5% |
| Land and buildings | 22 | €1,514,117 | €1,416,489 | -€97,628 | -6.4% |
| Plant, machinery and equipment | 23 | €2,115 | €986 | -€1,129 | -53.4% |
| Financial fixed assets | 28 | €1,089,100 | €1,088,955 | -€145 | 0.0% |
| Current assets | 29/58 | €275,948 | €318,448 | +€42,500 | +15.4% |
| Amounts receivable within one year | 40/41 | €265,448 | €304,120 | +€38,672 | +14.6% |
| Trade receivables | 40 | €85,443 | €111,096 | +€25,653 | +30.0% |
| Other amounts receivable | 41 | €180,006 | €193,025 | +€13,019 | +7.2% |
| Cash at bank and in hand | 54/58 | €10,500 | €14,328 | +€3,828 | +36.5% |
| Total equity and liabilities | 10/49 | €2,881,280 | €2,824,879 | -€56,401 | -2.0% |
| Equity | 10/15 | €374,754 | €399,759 | +€25,004 | +6.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €74,754 | €99,759 | +€25,004 | +33.4% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €44,754 | €69,759 | +€25,004 | +55.9% |
| Amounts payable | 17/49 | €2,506,526 | €2,425,120 | -€81,405 | -3.2% |
| Amounts payable after more than one year | 17 | €1,735,780 | €1,747,751 | +€11,971 | +0.7% |
| Financial debts | 170/4 | €1,735,780 | €1,747,751 | +€11,971 | +0.7% |
| Amounts payable within one year | 42/48 | €770,746 | €677,369 | -€93,377 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €102,260 | €104,187 | +€1,927 | +1.9% |
| Trade debts | 44 | €4,622 | €2,178 | -€2,444 | -52.9% |
| Suppliers | 440/4 | €4,622 | €2,178 | -€2,444 | -52.9% |
| Advances received on contracts in progress | 46 | - | €7,600 | +€7,600 | |
| Taxes, remuneration and social security | 45 | €15,484 | €20,526 | +€5,041 | +32.6% |
| Taxes | 450/3 | €15,484 | €20,526 | +€5,041 | +32.6% |
| Other amounts payable | 47/48 | €648,379 | €542,878 | -€105,500 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,757 | €98,757 | +€0 | 0.0% |
| Other operating charges | 640/8 | €19,236 | €19,838 | +€602 | +3.1% |
| Gross operating margin | 9900 | €199,609 | €196,903 | -€2,706 | -1.4% |
| Operating profit (loss) | 9901 | €81,616 | €78,308 | -€3,308 | -4.1% |
| Financial income | 75/76B | €5,491 | €0 | -€5,491 | -100.0% |
| Recurring financial income | 75 | €5,491 | €0 | -€5,491 | -100.0% |
| Financial charges | 65/66B | €41,533 | €44,764 | +€3,232 | +7.8% |
| Recurring financial charges | 65 | €41,533 | €44,764 | +€3,232 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €45,574 | €33,544 | -€12,030 | -26.4% |
| Income taxes | 67/77 | €12,419 | €8,539 | -€3,879 | -31.2% |
| Profit (loss) for the period | 9904 | €33,155 | €25,004 | -€8,151 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,155 | €25,004 | -€8,151 | -24.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.