GHORECA: 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.
GHORECA
Largest movements
- Receivables within one year -€3,333
down €3,333 (-17.4%), from €19,137 to €15,804
of which Other amounts receivable: -€3,333
- Tangible fixed assets -€3,192
down €3,192 (-7.7%), from €41,731 to €38,538
of which Other tangible fixed assets: -€2,042
- Deferred charges and accrued income +€1,659
up €1,659 (+84.8%), from €1,956 to €3,615
- Stocks and contracts -€919
down €919 (-21.8%), from €4,224 to €3,306
- Profit (loss) carried forward -€76,753
down €76,753 (-37.0%), from -€207,260 to -€284,013
- Other debts +€66,151
up €66,151 (+28.4%), from €232,802 to €298,953
- Trade debts +€8,166
up €8,166 (+56.2%), from €14,521 to €22,687
- Tax, wage and social debts -€4,046
down €4,046 (-22.1%), from €18,343 to €14,298
of which Taxes: -€3,004
- Gross operating margin -€39,600
down €39,600 (-57.3%), from €69,162 to €29,562
- Staff costs +€8,846
up €8,846 (+10.1%), from €87,840 to €96,686
- Other operating charges +€4,511
up €4,511 (+173.6%), from €2,599 to €7,110
- Financial income +€1,928
up €1,928 (+2981.2%), from €65 to €1,993
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 | €76,956 | €70,474 | -€6,482 | -8.4% |
| Fixed assets | 21/28 | €49,911 | €46,718 | -€3,192 | -6.4% |
| Tangible fixed assets | 22/27 | €41,731 | €38,538 | -€3,192 | -7.7% |
| Land and buildings | 22 | €6,143 | €5,233 | -€910 | -14.8% |
| Plant, machinery and equipment | 23 | €2,947 | €2,250 | -€697 | -23.7% |
| Furniture and vehicles | 24 | €2,073 | €2,530 | +€457 | +22.0% |
| Other tangible fixed assets | 26 | €30,568 | €28,526 | -€2,042 | -6.7% |
| Financial fixed assets | 28 | €8,180 | €8,180 | = | 0.0% |
| Current assets | 29/58 | €27,045 | €23,756 | -€3,289 | -12.2% |
| Stocks and contracts in progress | 3 | €4,224 | €3,306 | -€919 | -21.8% |
| Stocks | 30/36 | €4,224 | €3,306 | -€919 | -21.8% |
| Amounts receivable within one year | 40/41 | €19,137 | €15,804 | -€3,333 | -17.4% |
| Trade receivables | 40 | €10,865 | €10,865 | = | 0.0% |
| Other amounts receivable | 41 | €8,272 | €4,939 | -€3,333 | -40.3% |
| Cash at bank and in hand | 54/58 | €1,728 | €1,032 | -€697 | -40.3% |
| Deferred charges and accrued income | 490/1 | €1,956 | €3,615 | +€1,659 | +84.8% |
| Total equity and liabilities | 10/49 | €76,956 | €70,474 | -€6,482 | -8.4% |
| Equity | 10/15 | -€188,710 | -€265,463 | -€76,753 | -40.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€207,260 | -€284,013 | -€76,753 | -37.0% |
| Amounts payable | 17/49 | €265,666 | €335,937 | +€70,271 | +26.5% |
| Amounts payable within one year | 42/48 | €265,666 | €335,937 | +€70,271 | +26.5% |
| Trade debts | 44 | €14,521 | €22,687 | +€8,166 | +56.2% |
| Suppliers | 440/4 | €14,521 | €22,687 | +€8,166 | +56.2% |
| Taxes, remuneration and social security | 45 | €18,343 | €14,298 | -€4,046 | -22.1% |
| Taxes | 450/3 | €7,602 | €4,599 | -€3,004 | -39.5% |
| Remuneration and social security | 454/9 | €10,741 | €9,699 | -€1,042 | -9.7% |
| Other amounts payable | 47/48 | €232,802 | €298,953 | +€66,151 | +28.4% |
| Remuneration, social security and pensions | 62 | €87,840 | €96,686 | +€8,846 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,293 | €4,422 | +€129 | +3.0% |
| Other operating charges | 640/8 | €2,599 | €7,110 | +€4,511 | +173.6% |
| Gross operating margin | 9900 | €69,162 | €29,562 | -€39,600 | -57.3% |
| Operating profit (loss) | 9901 | -€25,570 | -€78,656 | -€53,086 | -207.6% |
| Financial income | 75/76B | €65 | €1,993 | +€1,928 | +2981.2% |
| Recurring financial income | 75 | €65 | €1,993 | +€1,928 | +2981.2% |
| Financial charges | 65/66B | €79 | €90 | +€10 | +13.2% |
| Recurring financial charges | 65 | €79 | €90 | +€10 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | -€25,585 | -€76,753 | -€51,168 | -200.0% |
| Profit (loss) for the period | 9904 | -€25,585 | -€76,753 | -€51,168 | -200.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,585 | -€76,753 | -€51,168 | -200.0% |
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 29 September 2026 via checked.be.