GHOLOREST: 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.
GHOLOREST
Largest movements
- Current investments +€761,384
new in 2025: €761,384
- Cash -€717,389
down €717,389 (-98.3%), from €729,823 to €12,434
mainly Current investments (-€761,384) and Investment in fixed assets (net) (-€56,830)
- Profit (loss) carried forward +€38,702
up €38,702 (+9.9%), from -€392,030 to -€353,328
- Gross operating margin +€48,676
up €48,676 (+39.3%), from €123,703 to €172,380
- Financial charges +€6,040
up €6,040 (+19.3%), from €31,248 to €37,288
- Financial income +€3,684
up €3,684 (+70.7%), from €5,210 to €8,893
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 | €1,121,841 | €1,157,084 | +€35,243 | +3.1% |
| Fixed assets | 21/28 | €389,557 | €380,059 | -€9,498 | -2.4% |
| Tangible fixed assets | 22/27 | €387,934 | €378,436 | -€9,498 | -2.4% |
| Land and buildings | 22 | €352,918 | €308,701 | -€44,217 | -12.5% |
| Plant, machinery and equipment | 23 | €31,190 | €22,068 | -€9,121 | -29.2% |
| Furniture and vehicles | 24 | €3,827 | €47,667 | +€43,840 | +1,146% |
| Financial fixed assets | 28 | €1,623 | €1,623 | = | 0.0% |
| Current assets | 29/58 | €732,284 | €777,025 | +€44,741 | +6.1% |
| Amounts receivable within one year | 40/41 | €2,460 | €2,496 | +€36 | +1.5% |
| Trade receivables | 40 | €2,460 | €0 | -€2,460 | -100% |
| Other amounts receivable | 41 | - | €2,496 | +€2,496 | |
| Current investments | 50/53 | - | €761,384 | +€761,384 | |
| Cash at bank and in hand | 54/58 | €729,823 | €12,434 | -€717,389 | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €711 | +€711 | |
| Total equity and liabilities | 10/49 | €1,121,841 | €1,157,084 | +€35,243 | +3.1% |
| Equity | 10/15 | €476,103 | €514,805 | +€38,702 | +8.1% |
| Contributions | 10/11 | €867,627 | €867,627 | = | 0.0% |
| Capital | 10 | €867,627 | €867,627 | = | 0.0% |
| Issued capital | 100 | €867,627 | €867,627 | = | 0.0% |
| Reserves | 13 | €506 | €506 | = | 0.0% |
| Non-distributable reserves | 130/1 | €506 | €506 | = | 0.0% |
| Legal reserve | 130 | €506 | €506 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,030 | -€353,328 | +€38,702 | +9.9% |
| Amounts payable | 17/49 | €645,737 | €642,279 | -€3,459 | -0.5% |
| Amounts payable after more than one year | 17 | €619,734 | €619,734 | = | 0.0% |
| Financial debts | 170/4 | €619,734 | €619,734 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,003 | €22,545 | -€3,459 | -13.3% |
| Trade debts | 44 | €730 | €0 | -€730 | -100% |
| Suppliers | 440/4 | €730 | €0 | -€730 | -100% |
| Taxes, remuneration and social security | 45 | €1,463 | €168 | -€1,296 | -88.5% |
| Taxes | 450/3 | €1,463 | €168 | -€1,296 | -88.5% |
| Other amounts payable | 47/48 | €23,810 | €22,377 | -€1,432 | -6.0% |
| Non-recurring operating income | 76A | - | €7,741 | +€7,741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,232 | €66,328 | +€96 | +0.1% |
| Other operating charges | 640/8 | €38,540 | €38,783 | +€243 | +0.6% |
| Gross operating margin | 9900 | €123,703 | €172,380 | +€48,676 | +39.3% |
| Operating profit (loss) | 9901 | €18,931 | €67,268 | +€48,337 | +255% |
| Financial income | 75/76B | €5,210 | €8,893 | +€3,684 | +70.7% |
| Recurring financial income | 75 | €5,210 | €8,893 | +€3,684 | +70.7% |
| Financial charges | 65/66B | €31,248 | €37,288 | +€6,040 | +19.3% |
| Recurring financial charges | 65 | €31,248 | €37,288 | +€6,040 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,108 | €38,873 | +€45,981 | |
| Income taxes | 67/77 | €168 | €172 | +€4 | +2.3% |
| Profit (loss) for the period | 9904 | -€7,275 | €38,702 | +€45,977 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,275 | €38,702 | +€45,977 |
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 13 October 2026 via checked.be.