GHS: 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.
GHS
Largest movements
- Cash -€32,916
down €32,916 (-34.1%), from €96,531 to €63,615
mainly Investment in fixed assets (net) (-€52,032) and Debts after one year (-€45,784)
- Debts after one year -€45,784
down €45,784 (-3.8%), from €1.2m to €1.1m
of which Financial debts: -€45,784
- Trade debts -€25,969
down €25,969 (-98.7%), from €26,302 to €334
- Accrued charges and deferred income +€21,037
up €21,037 (+15,646%), from €134 to €21,172
- Profit (loss) carried forward +€19,711
up €19,711, from -€19,711 to €0
- Gross operating margin +€15,347
up €15,347 (+11.7%), from €130,676 to €146,023
- Depreciation -€13,831
down €13,831 (-18.9%), from €73,059 to €59,229
- Financial charges -€12,068
down €12,068 (-20.0%), from €60,344 to €48,276
- Other operating charges -€4,120
down €4,120 (-23.0%), from €17,925 to €13,806
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 | €1,278,786 | €1,242,521 | -€36,266 | -2.8% |
| Formation expenses | 20 | €1,483 | €1,038 | -€444 | -30.0% |
| Fixed assets | 21/28 | €1,177,575 | €1,170,822 | -€6,753 | -0.6% |
| Tangible fixed assets | 22/27 | €1,177,575 | €1,170,822 | -€6,753 | -0.6% |
| Land and buildings | 22 | €944,163 | €1,170,822 | +€226,660 | +24.0% |
| Assets under construction and advance payments | 27 | €233,413 | €0 | -€233,413 | -100% |
| Current assets | 29/58 | €99,729 | €70,660 | -€29,069 | -29.1% |
| Amounts receivable within one year | 40/41 | €2,507 | €6,349 | +€3,841 | +153% |
| Trade receivables | 40 | €2,507 | €6,349 | +€3,841 | +153% |
| Cash at bank and in hand | 54/58 | €96,531 | €63,615 | -€32,916 | -34.1% |
| Deferred charges and accrued income | 490/1 | €690 | €696 | +€6 | +0.9% |
| Total equity and liabilities | 10/49 | €1,278,786 | €1,242,521 | -€36,266 | -2.8% |
| Equity | 10/15 | -€13,711 | €11,001 | +€24,712 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €5,001 | +€5,001 | |
| Distributable reserves | 133 | - | €5,001 | +€5,001 | |
| Profit (loss) carried forward | 14 | -€19,711 | €0 | +€19,711 | |
| Amounts payable | 17/49 | €1,292,497 | €1,231,519 | -€60,978 | -4.7% |
| Amounts payable after more than one year | 17 | €1,194,130 | €1,148,346 | -€45,784 | -3.8% |
| Financial debts | 170/4 | €717,124 | €671,340 | -€45,784 | -6.4% |
| Other amounts payable | 178/9 | €477,006 | €477,006 | = | 0.0% |
| Amounts payable within one year | 42/48 | €98,233 | €62,001 | -€36,231 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €44,031 | €45,784 | +€1,753 | +4.0% |
| Trade debts | 44 | €26,302 | €334 | -€25,969 | -98.7% |
| Suppliers | 440/4 | €26,302 | €334 | -€25,969 | -98.7% |
| Taxes, remuneration and social security | 45 | €27,899 | €15,884 | -€12,015 | -43.1% |
| Taxes | 450/3 | €27,899 | €15,884 | -€12,015 | -43.1% |
| Accrued charges and deferred income | 492/3 | €134 | €21,172 | +€21,037 | +15,646% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,059 | €59,229 | -€13,831 | -18.9% |
| Other operating charges | 640/8 | €17,925 | €13,806 | -€4,120 | -23.0% |
| Gross operating margin | 9900 | €130,676 | €146,023 | +€15,347 | +11.7% |
| Operating profit (loss) | 9901 | €39,692 | €72,988 | +€33,297 | +83.9% |
| Financial income | 75/76B | €942 | €0 | -€942 | -100% |
| Recurring financial income | 75 | €942 | €0 | -€942 | -100% |
| Financial charges | 65/66B | €60,344 | €48,276 | -€12,068 | -20.0% |
| Recurring financial charges | 65 | €60,344 | €48,276 | -€12,068 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,711 | €24,712 | +€44,423 | |
| Profit (loss) for the period | 9904 | -€19,711 | €24,712 | +€44,423 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,711 | €24,712 | +€44,423 |
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 14 October 2026 via checked.be.