Ghost Light: 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.
Ghost Light
Largest movements
- Tangible fixed assets +€46,909
up €46,909 (+288%), from €16,281 to €63,190
of which Plant, machinery and equipment: +€47,383
- Cash -€36,392
down €36,392 (-65.9%), from €55,208 to €18,816
mainly Investment in fixed assets (net) (-€51,669) and Stocks and contracts (-€14,266)
- Stocks and contracts +€14,266
new in 2025: €14,266
- Receivables within one year +€10,311
up €10,311 (+294%), from €3,507 to €13,818
of which Other amounts receivable: +€9,335
- Debts after one year +€34,235
new in 2025: €34,235
- Trade debts -€13,403
down €13,403 (-88.0%), from €15,230 to €1,827
- Current portion of long-term debt +€7,968
new in 2025: €7,968
- Other debts +€3,457
up €3,457 (+39.3%), from €8,794 to €12,252
- Reserves +€2,922
up €2,922 (+8.8%), from €33,138 to €36,060
- Gross operating margin -€45,554
down €45,554 (-75.4%), from €60,402 to €14,848
- Taxes -€12,024
down €12,024 (-88.1%), from €13,651 to €1,627
- Financial charges -€2,448
down €2,448 (-50.2%), from €4,876 to €2,428
- Staff costs -€1,476
down €1,476 (-45.9%), from €3,214 to €1,738
- Depreciation +€1,285
up €1,285 (+37.0%), from €3,476 to €4,761
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 | €75,927 | €111,020 | +€35,093 | +46.2% |
| Fixed assets | 21/28 | €17,211 | €64,120 | +€46,909 | +273% |
| Tangible fixed assets | 22/27 | €16,281 | €63,190 | +€46,909 | +288% |
| Plant, machinery and equipment | 23 | €12,680 | €60,063 | +€47,383 | +374% |
| Furniture and vehicles | 24 | €3,601 | €3,127 | -€474 | -13.2% |
| Financial fixed assets | 28 | €930 | €930 | = | 0.0% |
| Current assets | 29/58 | €58,716 | €46,900 | -€11,816 | -20.1% |
| Stocks and contracts in progress | 3 | - | €14,266 | +€14,266 | |
| Contracts in progress | 37 | - | €14,266 | +€14,266 | |
| Amounts receivable within one year | 40/41 | €3,507 | €13,818 | +€10,311 | +294% |
| Trade receivables | 40 | €3,371 | €4,347 | +€976 | +29.0% |
| Other amounts receivable | 41 | €136 | €9,471 | +€9,335 | +6,844% |
| Cash at bank and in hand | 54/58 | €55,208 | €18,816 | -€36,392 | -65.9% |
| Total equity and liabilities | 10/49 | €75,927 | €111,020 | +€35,093 | +46.2% |
| Equity | 10/15 | €38,138 | €41,060 | +€2,922 | +7.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €33,138 | €36,060 | +€2,922 | +8.8% |
| Distributable reserves | 133 | €33,138 | €36,060 | +€2,922 | +8.8% |
| Amounts payable | 17/49 | €37,789 | €69,960 | +€32,171 | +85.1% |
| Amounts payable after more than one year | 17 | - | €34,235 | +€34,235 | |
| Financial debts | 170/4 | - | €34,235 | +€34,235 | |
| Amounts payable within one year | 42/48 | €37,789 | €35,725 | -€2,064 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,968 | +€7,968 | |
| Financial debts | 43 | €27 | €27 | = | 0.0% |
| Credit institutions | 430/8 | €27 | €27 | = | 0.0% |
| Trade debts | 44 | €15,230 | €1,827 | -€13,403 | -88.0% |
| Suppliers | 440/4 | €15,230 | €1,827 | -€13,403 | -88.0% |
| Taxes, remuneration and social security | 45 | €13,738 | €13,651 | -€87 | -0.6% |
| Taxes | 450/3 | €13,738 | €13,651 | -€87 | -0.6% |
| Other amounts payable | 47/48 | €8,794 | €12,252 | +€3,457 | +39.3% |
| Remuneration, social security and pensions | 62 | €3,214 | €1,738 | -€1,476 | -45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,476 | €4,761 | +€1,285 | +37.0% |
| Other operating charges | 640/8 | €2,049 | €1,372 | -€677 | -33.0% |
| Gross operating margin | 9900 | €60,402 | €14,848 | -€45,554 | -75.4% |
| Operating profit (loss) | 9901 | €51,663 | €6,977 | -€44,686 | -86.5% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €4,876 | €2,428 | -€2,448 | -50.2% |
| Recurring financial charges | 65 | €4,876 | €2,428 | -€2,448 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €46,789 | €4,549 | -€42,240 | -90.3% |
| Income taxes | 67/77 | €13,651 | €1,627 | -€12,024 | -88.1% |
| Profit (loss) for the period | 9904 | €33,138 | €2,922 | -€30,216 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,138 | €2,922 | -€30,216 | -91.2% |
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 20 October 2026 via checked.be.