GHRV: 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.
GHRV
Largest movements
- Receivables within one year -€50,667
down €50,667 (-17.1%), from €296,901 to €246,234
of which Trade receivables: -€57,396
- Stocks and contracts -€34,348
down €34,348 (-21.2%), from €162,122 to €127,774
- Intangible fixed assets -€30,500
down €30,500 (-20.7%), from €147,417 to €116,917
- Tangible fixed assets -€16,457
down €16,457 (-7.8%), from €211,051 to €194,594
- Cash +€15,142
up €15,142 (+12.3%), from €122,756 to €137,898
mainly Net result for the year (+€61,846) and Receivables within one year (+€50,667)
- Debts after one year -€51,629
down €51,629 (-18.9%), from €272,944 to €221,315
of which Financial debts: -€51,629
- Other debts +€50,241
up €50,241 (+135.7%), from €37,022 to €87,263
- Trade debts -€45,114
down €45,114 (-33.9%), from €133,066 to €87,952
- Tax, wage and social debts -€44,144
down €44,144 (-32.2%), from €137,139 to €92,995
of which Taxes: -€30,815
- Advances received -€17,102
no longer reported in 2025 (was €17,102)
- Gross operating margin -€35,832
down €35,832 (-10.7%), from €334,567 to €298,735
- Financial charges -€9,194
down €9,194 (-42.7%), from €21,541 to €12,347
- Staff costs -€6,983
down €6,983 (-4.8%), from €145,754 to €138,771
- Other operating charges -€5,665
down €5,665 (-43.4%), from €13,041 to €7,377
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 | €940,246 | €823,416 | -€116,830 | -12.4% |
| Fixed assets | 21/28 | €358,467 | €311,510 | -€46,957 | -13.1% |
| Intangible fixed assets | 21 | €147,417 | €116,917 | -€30,500 | -20.7% |
| Tangible fixed assets | 22/27 | €211,051 | €194,594 | -€16,457 | -7.8% |
| Land and buildings | 22 | €162,918 | €155,406 | -€7,512 | -4.6% |
| Plant, machinery and equipment | 23 | €45,349 | €38,888 | -€6,461 | -14.2% |
| Furniture and vehicles | 24 | €2,784 | €300 | -€2,484 | -89.2% |
| Current assets | 29/58 | €581,778 | €511,905 | -€69,873 | -12.0% |
| Stocks and contracts in progress | 3 | €162,122 | €127,774 | -€34,348 | -21.2% |
| Stocks | 30/36 | €162,122 | €127,774 | -€34,348 | -21.2% |
| Amounts receivable within one year | 40/41 | €296,901 | €246,234 | -€50,667 | -17.1% |
| Trade receivables | 40 | €274,234 | €216,837 | -€57,396 | -20.9% |
| Other amounts receivable | 41 | €22,668 | €29,396 | +€6,729 | +29.7% |
| Cash at bank and in hand | 54/58 | €122,756 | €137,898 | +€15,142 | +12.3% |
| Total equity and liabilities | 10/49 | €940,246 | €823,416 | -€116,830 | -12.4% |
| Equity | 10/15 | €287,040 | €278,259 | -€8,781 | -3.1% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €255,040 | €246,259 | -€8,781 | -3.4% |
| Non-distributable reserves | 130/1 | €3,200 | €3,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,200 | €3,200 | = | 0.0% |
| Distributable reserves | 133 | €251,840 | €243,059 | -€8,781 | -3.5% |
| Amounts payable | 17/49 | €653,206 | €545,156 | -€108,049 | -16.5% |
| Amounts payable after more than one year | 17 | €272,944 | €221,315 | -€51,629 | -18.9% |
| Financial debts | 170/4 | €270,944 | €219,315 | -€51,629 | -19.1% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €377,762 | €323,842 | -€53,920 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €53,433 | €55,632 | +€2,200 | +4.1% |
| Trade debts | 44 | €133,066 | €87,952 | -€45,114 | -33.9% |
| Suppliers | 440/4 | €133,066 | €87,952 | -€45,114 | -33.9% |
| Advances received on contracts in progress | 46 | €17,102 | - | -€17,102 | |
| Taxes, remuneration and social security | 45 | €137,139 | €92,995 | -€44,144 | -32.2% |
| Taxes | 450/3 | €99,851 | €69,037 | -€30,815 | -30.9% |
| Remuneration and social security | 454/9 | €37,288 | €23,958 | -€13,329 | -35.7% |
| Other amounts payable | 47/48 | €37,022 | €87,263 | +€50,241 | +135.7% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Non-recurring operating income | 76A | €8,263 | €4,679 | -€3,584 | -43.4% |
| Remuneration, social security and pensions | 62 | €145,754 | €138,771 | -€6,983 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,275 | €48,055 | -€1,220 | -2.5% |
| Other operating charges | 640/8 | €13,041 | €7,377 | -€5,665 | -43.4% |
| Non-recurring operating charges | 66A | - | €194 | +€194 | |
| Gross operating margin | 9900 | €334,567 | €298,735 | -€35,832 | -10.7% |
| Operating profit (loss) | 9901 | €126,497 | €104,338 | -€22,159 | -17.5% |
| Financial charges | 65/66B | €21,541 | €12,347 | -€9,194 | -42.7% |
| Recurring financial charges | 65 | €21,541 | €12,347 | -€9,194 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €104,957 | €91,991 | -€12,965 | -12.4% |
| Income taxes | 67/77 | €31,287 | €30,146 | -€1,141 | -3.6% |
| Profit (loss) for the period | 9904 | €73,669 | €61,846 | -€11,824 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,669 | €61,846 | -€11,824 | -16.0% |
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 4 October 2026 via checked.be.