GHOLD: 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.
GHOLD
Largest movements
- Deferred charges and accrued income +€29,688
up €29,688 (+1252.7%), from €2,370 to €32,058
- Stocks and contracts -€29,241
down €29,241 (-18.8%), from €155,746 to €126,504
- Cash +€10,507
up €10,507 (+414.1%), from €2,537 to €13,044
mainly Short-term financial debts (+€125,000) and Debts after one year (+€31,783)
- Intangible fixed assets -€5,436
down €5,436 (-4.8%), from €113,119 to €107,683
- Profit (loss) carried forward -€164,229
down €164,229 (-266.5%), from -€61,629 to -€225,858
- Short-term financial debts +€125,000
up €125,000 (+166.7%), from €75,000 to €200,000
- Debts after one year +€31,783
up €31,783 (+15.1%), from €210,036 to €241,820
- Current portion of long-term debt +€9,333
up €9,333 (+52.3%), from €17,861 to €27,194
- Trade debts +€3,674
up €3,674 (+24.7%), from €14,852 to €18,526
- Gross operating margin -€84,637
down €84,637 (-190.1%), from -€44,513 to -€129,150
- Depreciation +€12,232
up €12,232 (+370.8%), from €3,299 to €15,531
- Financial charges +€3,911
up €3,911 (+29.6%), from €13,225 to €17,136
- Other operating charges +€1,961
up €1,961 (+295.7%), from €663 to €2,625
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 | €307,959 | €317,718 | +€9,759 | +3.2% |
| Fixed assets | 21/28 | €114,327 | €113,562 | -€764 | -0.7% |
| Intangible fixed assets | 21 | €113,119 | €107,683 | -€5,436 | -4.8% |
| Tangible fixed assets | 22/27 | €1,208 | €4,279 | +€3,071 | +254.3% |
| Plant, machinery and equipment | 23 | - | €944 | +€944 | |
| Furniture and vehicles | 24 | €1,208 | €3,335 | +€2,127 | +176.1% |
| Financial fixed assets | 28 | - | €1,600 | +€1,600 | |
| Current assets | 29/58 | €193,632 | €204,156 | +€10,524 | +5.4% |
| Stocks and contracts in progress | 3 | €155,746 | €126,504 | -€29,241 | -18.8% |
| Stocks | 30/36 | €155,746 | €126,504 | -€29,241 | -18.8% |
| Amounts receivable within one year | 40/41 | €32,979 | €32,549 | -€430 | -1.3% |
| Trade receivables | 40 | €28,074 | €26,054 | -€2,021 | -7.2% |
| Other amounts receivable | 41 | €4,905 | €6,495 | +€1,590 | +32.4% |
| Cash at bank and in hand | 54/58 | €2,537 | €13,044 | +€10,507 | +414.1% |
| Deferred charges and accrued income | 490/1 | €2,370 | €32,058 | +€29,688 | +1252.7% |
| Total equity and liabilities | 10/49 | €307,959 | €317,718 | +€9,759 | +3.2% |
| Equity | 10/15 | -€10,845 | -€175,074 | -€164,229 | -1514.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €25,784 | €25,784 | = | 0.0% |
| Distributable reserves | 133 | €25,784 | €25,784 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,629 | -€225,858 | -€164,229 | -266.5% |
| Amounts payable | 17/49 | €318,804 | €492,792 | +€173,988 | +54.6% |
| Amounts payable after more than one year | 17 | €210,036 | €241,820 | +€31,783 | +15.1% |
| Financial debts | 170/4 | €210,036 | €241,820 | +€31,783 | +15.1% |
| Amounts payable within one year | 42/48 | €108,408 | €250,186 | +€141,778 | +130.8% |
| Current portion of amounts payable after more than one year | 42 | €17,861 | €27,194 | +€9,333 | +52.3% |
| Financial debts | 43 | €75,000 | €200,000 | +€125,000 | +166.7% |
| Credit institutions | 430/8 | €75,000 | €200,000 | +€125,000 | +166.7% |
| Trade debts | 44 | €14,852 | €18,526 | +€3,674 | +24.7% |
| Suppliers | 440/4 | €14,852 | €18,526 | +€3,674 | +24.7% |
| Advances received on contracts in progress | 46 | €687 | €4,132 | +€3,444 | +501.2% |
| Taxes, remuneration and social security | 45 | €8 | €335 | +€327 | +3979.4% |
| Taxes | 450/3 | €8 | €335 | +€327 | +3979.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €360 | €786 | +€427 | +118.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,299 | €15,531 | +€12,232 | +370.8% |
| Other operating charges | 640/8 | €663 | €2,625 | +€1,961 | +295.7% |
| Gross operating margin | 9900 | -€44,513 | -€129,150 | -€84,637 | -190.1% |
| Operating profit (loss) | 9901 | -€48,475 | -€147,306 | -€98,830 | -203.9% |
| Financial income | 75/76B | €71 | €213 | +€142 | +198.8% |
| Recurring financial income | 75 | €71 | €213 | +€142 | +198.8% |
| Financial charges | 65/66B | €13,225 | €17,136 | +€3,911 | +29.6% |
| Recurring financial charges | 65 | €13,225 | €17,136 | +€3,911 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | -€61,629 | -€164,229 | -€102,600 | -166.5% |
| Profit (loss) for the period | 9904 | -€61,629 | -€164,229 | -€102,600 | -166.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,629 | -€164,229 | -€102,600 | -166.5% |
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 6 October 2026 via checked.be.