GHORY: 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.
What changed
GHORY
NACE 55.202, Accommodation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€63,241
2024 · -€76,603+€13,362
Equity
€95,628
2024 · €158,869-€63,241
Cash
€0
2024 · -
Balance sheet total
€1.1m
2024 · €1.1m-€34,752
Largest movements
Assets
- Receivables within one year +€88,808
new in 2025: €88,808
of which Trade receivables: +€85,805
- Intangible fixed assets -€68,195
down €68,195 (-16.0%), from €426,249 to €358,054
- Tangible fixed assets -€52,917
down €52,917 (-8.0%), from €661,967 to €609,050
Equity and liabilities
- Advances received +€67,426
up €67,426 (+303.0%), from €22,251 to €89,677
- Profit (loss) carried forward -€63,241
down €63,241 (-11.6%), from -€545,564 to -€608,805
- Debts after one year -€51,610
down €51,610 (-9.1%), from €568,917 to €517,307
Income statement
- Gross operating margin +€32,404
up €32,404 (+65.2%), from €49,708 to €82,112
- Depreciation +€18,079
up €18,079 (+17.2%), from €104,859 to €122,938
- Financial charges +€847
up €847 (+5.4%), from €15,698 to €16,545
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.
Result 2024
-€76,603
Gross operating margin
+€32,404
Depreciation
-€18,079
Other operating charges
-€129
Financial income
-€2
Financial charges
-€847
Taxes
+€15
Result 2025
-€63,241
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.
From operations
+€43,355
Investment
-€1,826
Financing
-€41,529
Cash 2024
€0
From operations (derived)
+€43,355
Net result for the year
-€63,241
Depreciation
+€122,938
Receivables within one year
-€88,808
Deferred charges and accrued income
+€2,449
Trade debts
+€379
Tax, wage and social debts
-€845
Advances received
+€67,426
Other debts
+€3,134
Accrued charges and deferred income
-€77
Investment (derived)
-€1,826
Investment in fixed assets (net)
-€1,826
Financing
-€41,529
Debts after one year
-€51,610
Current portion of long-term debt
+€842
Short-term financial debts
+€9,240
Contributions, distributions and other
-€0
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,091,726 | €1,056,974 | -€34,752 | -3.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €1,088,441 | €967,329 | -€121,112 | -11.1% |
| Intangible fixed assets | 21 | €426,249 | €358,054 | -€68,195 | -16.0% |
| Tangible fixed assets | 22/27 | €661,967 | €609,050 | -€52,917 | -8.0% |
| Land and buildings | 22 | €378,611 | €356,923 | -€21,688 | -5.7% |
| Plant, machinery and equipment | 23 | €17,586 | €12,712 | -€4,874 | -27.7% |
| Furniture and vehicles | 24 | €5,173 | €4,063 | -€1,110 | -21.5% |
| Other tangible fixed assets | 26 | €260,597 | €235,352 | -€25,245 | -9.7% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €3,285 | €89,644 | +€86,359 | +2628.9% |
| Amounts receivable within one year | 40/41 | - | €88,808 | +€88,808 | |
| Trade receivables | 40 | - | €85,805 | +€85,805 | |
| Other amounts receivable | 41 | - | €3,003 | +€3,003 | |
| Cash at bank and in hand | 54/58 | - | €0 | = | |
| Deferred charges and accrued income | 490/1 | €3,285 | €836 | -€2,449 | -74.5% |
| Total equity and liabilities | 10/49 | €1,091,726 | €1,056,974 | -€34,752 | -3.2% |
| Equity | 10/15 | €158,869 | €95,628 | -€63,241 | -39.8% |
| Contributions | 10/11 | €191,600 | €191,600 | = | 0.0% |
| Revaluation surpluses | 12 | €502,043 | €502,043 | +€0 | 0.0% |
| Reserves | 13 | €10,790 | €10,790 | -€0 | 0.0% |
| Distributable reserves | 133 | €10,790 | €10,790 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€545,564 | -€608,805 | -€63,241 | -11.6% |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €932,857 | €961,346 | +€28,489 | +3.1% |
| Amounts payable after more than one year | 17 | €568,917 | €517,307 | -€51,610 | -9.1% |
| Financial debts | 170/4 | €568,917 | €517,307 | -€51,610 | -9.1% |
| Amounts payable within one year | 42/48 | €363,863 | €444,039 | +€80,176 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €50,768 | €51,610 | +€842 | +1.7% |
| Financial debts | 43 | €39,059 | €48,299 | +€9,240 | +23.7% |
| Credit institutions | 430/8 | €39,059 | €48,299 | +€9,240 | +23.7% |
| Trade debts | 44 | €1,077 | €1,456 | +€379 | +35.2% |
| Suppliers | 440/4 | €1,077 | €1,456 | +€379 | +35.2% |
| Advances received on contracts in progress | 46 | €22,251 | €89,677 | +€67,426 | +303.0% |
| Taxes, remuneration and social security | 45 | €845 | €0 | -€845 | -100.0% |
| Taxes | 450/3 | €845 | - | -€845 | |
| Other amounts payable | 47/48 | €249,863 | €252,997 | +€3,134 | +1.3% |
| Accrued charges and deferred income | 492/3 | €77 | €0 | -€77 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,859 | €122,938 | +€18,079 | +17.2% |
| Other operating charges | 640/8 | €5,741 | €5,870 | +€129 | +2.2% |
| Gross operating margin | 9900 | €49,708 | €82,112 | +€32,404 | +65.2% |
| Operating profit (loss) | 9901 | -€60,892 | -€46,695 | +€14,197 | +23.3% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €15,698 | €16,545 | +€847 | +5.4% |
| Recurring financial charges | 65 | €15,698 | €16,545 | +€847 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | -€76,588 | -€63,241 | +€13,347 | +17.4% |
| Income taxes | 67/77 | €15 | - | -€15 | |
| Profit (loss) for the period | 9904 | -€76,603 | -€63,241 | +€13,362 | +17.4% |
| Transfer to tax-exempt reserves | 689 | €382,316 | - | -€382,316 | |
| Profit (loss) for the period to be appropriated | 9905 | -€458,919 | -€63,241 | +€395,678 | +86.2% |
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 2 October 2026 via checked.be.