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
- Tangible fixed assets +€4.3m
up €4.3m (+644%), from €663,518 to €4.9m
of which Plant, machinery and equipment: +€4.3m
- Stocks and contracts +€1.3m
up €1.3m (+556%), from €236,128 to €1.5m
- Receivables within one year -€501,885
down €501,885 (-42.6%), from €1.2m to €677,271
of which Other amounts receivable: -€682,888
- Cash +€100,152
up €100,152 (+99.8%), from €100,308 to €200,460
mainly Trade debts (+€2.0m) and Debts after one year (+€1.8m)
- Trade debts +€2.0m
up €2.0m (+194%), from €1.0m to €3.0m
- Debts after one year +€1.8m
new in 2025: €1.8m
- Current portion of long-term debt +€803,664
up €803,664 (+2,728%), from €29,463 to €833,126
- Other debts +€214,858
up €214,858 (+25.6%), from €839,648 to €1.1m
- Reserves +€208,505
up €208,505 (+87.0%), from €239,716 to €448,221
- Gross operating margin +€1.4m
up €1.4m (+213%), from €680,427 to €2.1m
- Staff costs +€858,355
up €858,355 (+150%), from €573,867 to €1.4m
- Depreciation +€222,985
up €222,985 (+269%), from €82,814 to €305,798
- Financial charges +€93,937
up €93,937 (+788%), from €11,917 to €105,853
- Taxes +€65,814
up €65,814 (+434%), from €15,175 to €80,989
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 | €2,311,116 | €7,487,361 | +€5.2m | +224% |
| Fixed assets | 21/28 | €665,517 | €4,935,643 | +€4.3m | +642% |
| Intangible fixed assets | 21 | €1,999 | €1,499 | -€500 | -25.0% |
| Tangible fixed assets | 22/27 | €663,518 | €4,934,143 | +€4.3m | +644% |
| Plant, machinery and equipment | 23 | €653,674 | €4,926,987 | +€4.3m | +654% |
| Furniture and vehicles | 24 | €7,756 | €5,323 | -€2,433 | -31.4% |
| Other tangible fixed assets | 26 | €2,088 | €1,833 | -€255 | -12.2% |
| Current assets | 29/58 | €1,645,599 | €2,551,718 | +€906,119 | +55.1% |
| Amounts receivable after more than one year | 29 | €125,667 | €64,457 | -€61,211 | -48.7% |
| Other amounts receivable | 291 | €125,667 | €64,457 | -€61,211 | -48.7% |
| Stocks and contracts in progress | 3 | €236,128 | €1,549,724 | +€1.3m | +556% |
| Stocks | 30/36 | €236,128 | €1,549,724 | +€1.3m | +556% |
| Amounts receivable within one year | 40/41 | €1,179,156 | €677,271 | -€501,885 | -42.6% |
| Trade receivables | 40 | €242,534 | €423,537 | +€181,003 | +74.6% |
| Other amounts receivable | 41 | €936,622 | €253,734 | -€682,888 | -72.9% |
| Cash at bank and in hand | 54/58 | €100,308 | €200,460 | +€100,152 | +99.8% |
| Deferred charges and accrued income | 490/1 | €4,340 | €59,807 | +€55,467 | +1,278% |
| Total equity and liabilities | 10/49 | €2,311,116 | €7,487,361 | +€5.2m | +224% |
| Equity | 10/15 | €259,716 | €468,221 | +€208,505 | +80.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €239,716 | €448,221 | +€208,505 | +87.0% |
| Distributable reserves | 133 | €239,716 | €448,221 | +€208,505 | +87.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,051,401 | €7,019,140 | +€5.0m | +242% |
| Amounts payable after more than one year | 17 | - | €1,775,138 | +€1.8m | |
| Financial debts | 170/4 | - | €1,775,138 | +€1.8m | |
| Amounts payable within one year | 42/48 | €2,040,951 | €5,236,053 | +€3.2m | +157% |
| Current portion of amounts payable after more than one year | 42 | €29,463 | €833,126 | +€803,664 | +2,728% |
| Trade debts | 44 | €1,019,039 | €2,995,100 | +€2.0m | +194% |
| Suppliers | 440/4 | €1,019,039 | €2,995,100 | +€2.0m | +194% |
| Advances received on contracts in progress | 46 | €25 | €0 | -€25 | -100% |
| Taxes, remuneration and social security | 45 | €152,776 | €353,321 | +€200,544 | +131% |
| Taxes | 450/3 | €90,311 | €28,417 | -€61,894 | -68.5% |
| Remuneration and social security | 454/9 | €62,465 | €324,903 | +€262,438 | +420% |
| Other amounts payable | 47/48 | €839,648 | €1,054,506 | +€214,858 | +25.6% |
| Accrued charges and deferred income | 492/3 | €10,450 | €7,950 | -€2,500 | -23.9% |
| Non-recurring operating income | 76A | €1,513 | €640 | -€873 | -57.7% |
| Remuneration, social security and pensions | 62 | €573,867 | €1,432,222 | +€858,355 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,814 | €305,798 | +€222,985 | +269% |
| Other operating charges | 640/8 | €4,315 | €8,865 | +€4,550 | +105% |
| Non-recurring operating charges | 66A | €165 | €0 | -€165 | -100% |
| Gross operating margin | 9900 | €680,427 | €2,127,961 | +€1.4m | +213% |
| Operating profit (loss) | 9901 | €19,266 | €381,076 | +€361,809 | +1,878% |
| Financial income | 75/76B | €25,419 | €14,272 | -€11,147 | -43.9% |
| Recurring financial income | 75 | €25,419 | €14,272 | -€11,147 | -43.9% |
| Financial charges | 65/66B | €11,917 | €105,853 | +€93,937 | +788% |
| Recurring financial charges | 65 | €11,917 | €105,853 | +€93,937 | +788% |
| Profit (loss) for the period before taxes | 9903 | €32,769 | €289,494 | +€256,726 | +783% |
| Income taxes | 67/77 | €15,175 | €80,989 | +€65,814 | +434% |
| Profit (loss) for the period | 9904 | €17,594 | €208,505 | +€190,911 | +1,085% |
| Profit (loss) for the period to be appropriated | 9905 | €17,594 | €208,505 | +€190,911 | +1,085% |
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 24 October 2026 via checked.be.