GHW: 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.
GHW
Largest movements
- Cash +€20,709
up €20,709 (+60.3%), from €34,367 to €55,076
mainly Accrued charges and deferred income (+€42,581) and Debts after one year (+€36,010)
- Tangible fixed assets -€17,283
down €17,283 (-5.5%), from €313,881 to €296,598
of which Land and buildings: -€12,836
- Receivables within one year +€16,935
up €16,935 (+29.5%), from €57,399 to €74,333
of which Trade receivables: +€9,010
- Profit (loss) carried forward -€102,138
down €102,138, from €5 to -€102,133
- Accrued charges and deferred income +€42,581
new in 2025: €42,581
- Debts after one year +€36,010
up €36,010 (+16.8%), from €213,845 to €249,855
- Trade debts +€34,234
up €34,234 (+49.2%), from €69,562 to €103,796
- Other debts +€8,899
up €8,899 (+141%), from €6,314 to €15,213
- Other operating charges +€47,952
up €47,952 (+432%), from €11,104 to €59,055
- Gross operating margin -€40,118
down €40,118 (-95.2%), from €42,148 to €2,030
- Financial charges +€22,711
up €22,711 (+461%), from €4,931 to €27,642
- Taxes -€2,683
down €2,683 (-93.5%), from €2,871 to €187
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 | €405,747 | €426,313 | +€20,566 | +5.1% |
| Fixed assets | 21/28 | €313,981 | €296,698 | -€17,283 | -5.5% |
| Tangible fixed assets | 22/27 | €313,881 | €296,598 | -€17,283 | -5.5% |
| Land and buildings | 22 | €299,523 | €286,687 | -€12,836 | -4.3% |
| Plant, machinery and equipment | 23 | €14,358 | €9,911 | -€4,447 | -31.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €91,766 | €129,615 | +€37,850 | +41.2% |
| Amounts receivable within one year | 40/41 | €57,399 | €74,333 | +€16,935 | +29.5% |
| Trade receivables | 40 | €42,750 | €51,760 | +€9,010 | +21.1% |
| Other amounts receivable | 41 | €14,649 | €22,574 | +€7,925 | +54.1% |
| Cash at bank and in hand | 54/58 | €34,367 | €55,076 | +€20,709 | +60.3% |
| Deferred charges and accrued income | 490/1 | - | €206 | +€206 | |
| Total equity and liabilities | 10/49 | €405,747 | €426,313 | +€20,566 | +5.1% |
| Equity | 10/15 | €70,655 | -€31,483 | -€102,138 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €64,450 | €64,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €62,590 | €62,590 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5 | -€102,133 | -€102,138 | |
| Amounts payable | 17/49 | €335,092 | €457,796 | +€122,704 | +36.6% |
| Amounts payable after more than one year | 17 | €213,845 | €249,855 | +€36,010 | +16.8% |
| Financial debts | 170/4 | €213,845 | €249,855 | +€36,010 | +16.8% |
| Amounts payable within one year | 42/48 | €121,247 | €165,360 | +€44,113 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €20,860 | €17,283 | -€3,577 | -17.1% |
| Trade debts | 44 | €69,562 | €103,796 | +€34,234 | +49.2% |
| Suppliers | 440/4 | €69,562 | €103,796 | +€34,234 | +49.2% |
| Advances received on contracts in progress | 46 | €836 | €8,068 | +€7,232 | +865% |
| Taxes, remuneration and social security | 45 | €23,674 | €20,999 | -€2,675 | -11.3% |
| Taxes | 450/3 | €5,674 | €2,999 | -€2,675 | -47.1% |
| Remuneration and social security | 454/9 | €18,000 | €18,000 | = | 0.0% |
| Other amounts payable | 47/48 | €6,314 | €15,213 | +€8,899 | +141% |
| Accrued charges and deferred income | 492/3 | - | €42,581 | +€42,581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,144 | €17,283 | +€139 | +0.8% |
| Other operating charges | 640/8 | €11,104 | €59,055 | +€47,952 | +432% |
| Gross operating margin | 9900 | €42,148 | €2,030 | -€40,118 | -95.2% |
| Operating profit (loss) | 9901 | €13,900 | -€74,309 | -€88,209 | |
| Financial income | 75/76B | €16 | €0 | -€16 | -99.4% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -99.4% |
| Financial charges | 65/66B | €4,931 | €27,642 | +€22,711 | +461% |
| Recurring financial charges | 65 | €4,931 | €27,642 | +€22,711 | +461% |
| Profit (loss) for the period before taxes | 9903 | €8,985 | -€101,951 | -€110,936 | |
| Income taxes | 67/77 | €2,871 | €187 | -€2,683 | -93.5% |
| Profit (loss) for the period | 9904 | €6,114 | -€102,138 | -€108,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,114 | -€102,138 | -€108,252 |
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.