GHR ET COM: 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.
GHR ET COM
Largest movements
- Receivables within one year -€128,172
down €128,172 (-73.8%), from €173,594 to €45,422
of which Other amounts receivable: -€129,941
- Tangible fixed assets -€19,850
down €19,850 (-61.9%), from €32,083 to €12,233
of which Furniture and vehicles: -€19,352
- Deferred charges and accrued income +€3,539
up €3,539 (+3,217%), from €110 to €3,649
- Reserves -€86,500
down €86,500 (-60.9%), from €142,000 to €55,500
- Other debts -€53,441
down €53,441 (-62.9%), from €85,000 to €31,559
- Profit (loss) carried forward +€17,087
up €17,087, from -€17,051 to €36
- Current portion of long-term debt -€9,660
down €9,660 (-82.5%), from €11,702 to €2,042
- Trade debts -€7,657
down €7,657 (-57.6%), from €13,294 to €5,636
- Gross operating margin -€46,571
down €46,571 (-40.7%), from €114,366 to €67,795
- Taxes -€6,416
down €6,416 (-32.5%), from €19,758 to €13,342
- Depreciation -€1,565
down €1,565 (-6.7%), from €23,259 to €21,694
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 | €265,780 | €122,875 | -€142,904 | -53.8% |
| Fixed assets | 21/28 | €32,083 | €12,233 | -€19,850 | -61.9% |
| Tangible fixed assets | 22/27 | €32,083 | €12,233 | -€19,850 | -61.9% |
| Plant, machinery and equipment | 23 | €2,279 | €1,669 | -€610 | -26.8% |
| Furniture and vehicles | 24 | €26,391 | €7,039 | -€19,352 | -73.3% |
| Other tangible fixed assets | 26 | €3,414 | €3,525 | +€111 | +3.3% |
| Current assets | 29/58 | €233,696 | €110,643 | -€123,054 | -52.7% |
| Amounts receivable within one year | 40/41 | €173,594 | €45,422 | -€128,172 | -73.8% |
| Trade receivables | 40 | €36,252 | €38,021 | +€1,769 | +4.9% |
| Other amounts receivable | 41 | €137,342 | €7,401 | -€129,941 | -94.6% |
| Cash at bank and in hand | 54/58 | €59,993 | €61,572 | +€1,579 | +2.6% |
| Deferred charges and accrued income | 490/1 | €110 | €3,649 | +€3,539 | +3,217% |
| Total equity and liabilities | 10/49 | €265,780 | €122,875 | -€142,904 | -53.8% |
| Equity | 10/15 | €143,549 | €74,136 | -€69,413 | -48.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,000 | €55,500 | -€86,500 | -60.9% |
| Distributable reserves | 133 | €142,000 | €55,500 | -€86,500 | -60.9% |
| Profit (loss) carried forward | 14 | -€17,051 | €36 | +€17,087 | |
| Amounts payable | 17/49 | €122,231 | €48,740 | -€73,491 | -60.1% |
| Amounts payable after more than one year | 17 | €2,042 | - | -€2,042 | |
| Financial debts | 170/4 | €2,042 | - | -€2,042 | |
| Amounts payable within one year | 42/48 | €119,640 | €48,740 | -€70,900 | -59.3% |
| Current portion of amounts payable after more than one year | 42 | €11,702 | €2,042 | -€9,660 | -82.5% |
| Trade debts | 44 | €13,294 | €5,636 | -€7,657 | -57.6% |
| Suppliers | 440/4 | €13,294 | €5,636 | -€7,657 | -57.6% |
| Taxes, remuneration and social security | 45 | €9,644 | €9,502 | -€142 | -1.5% |
| Taxes | 450/3 | €9,644 | €9,502 | -€142 | -1.5% |
| Other amounts payable | 47/48 | €85,000 | €31,559 | -€53,441 | -62.9% |
| Accrued charges and deferred income | 492/3 | €549 | - | -€549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,259 | €21,694 | -€1,565 | -6.7% |
| Other operating charges | 640/8 | €2,247 | €2,023 | -€223 | -9.9% |
| Gross operating margin | 9900 | €114,366 | €67,795 | -€46,571 | -40.7% |
| Operating profit (loss) | 9901 | €88,860 | €44,078 | -€44,782 | -50.4% |
| Financial income | 75/76B | €27 | €4 | -€23 | -85.0% |
| Recurring financial income | 75 | €27 | €4 | -€23 | -85.0% |
| Financial charges | 65/66B | €297 | €153 | -€144 | -48.5% |
| Recurring financial charges | 65 | €297 | €153 | -€144 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €88,590 | €43,929 | -€44,661 | -50.4% |
| Income taxes | 67/77 | €19,758 | €13,342 | -€6,416 | -32.5% |
| Profit (loss) for the period | 9904 | €68,832 | €30,587 | -€38,245 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,832 | €30,587 | -€38,245 | -55.6% |
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.