GHW: what changed
What changed
GHW
NACE 71.111, Activities of building architects
filed annual accounts (NBB)
Net result for the year
€46,893
2024 · €62,009-€15,116
Equity
€152,785
2024 · €393,458-€240,673
Cash
€79,854
2024 · €379,919-€300,066
Balance sheet total
€301,802
2024 · €988,202-€686,400
Largest movements
Assets
- Tangible fixed assets -€512,844
down €512,844 (-98.8%), from €518,904 to €6,060
of which Other tangible fixed assets: -€361,432
- Cash -€300,066
down €300,066 (-79.0%), from €379,919 to €79,854
mainly Debts after one year (-€373,126) and Contributions, distributions and other (-€287,567)
- Receivables within one year +€130,125
up €130,125 (+161%), from €80,855 to €210,980
of which Other amounts receivable: +€79,035
Equity and liabilities
- Debts after one year -€373,126
down €373,126 (-100%), from €373,126 to €0
- Reserves -€236,037
down €236,037 (-61.0%), from €387,258 to €151,221
of which Distributable reserves: -€182,672
- Other debts -€73,099
down €73,099 (-100%), from €73,099 to €0
- Trade debts +€59,535
up €59,535 (+314%), from €18,946 to €78,481
- Current portion of long-term debt -€32,499
down €32,499 (-100%), from €32,499 to €0
Income statement
- Gross operating margin -€42,978
down €42,978 (-11.1%), from €388,003 to €345,025
- Depreciation -€32,079
down €32,079 (-44.7%), from €71,788 to €39,710
- Staff costs +€17,318
up €17,318 (+8.2%), from €211,918 to €229,237
- Financial charges -€9,033
down €9,033 (-45.7%), from €19,746 to €10,713
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€62,009
Gross operating margin
-€42,978
Staff costs
-€17,318
Depreciation
+€32,079
Other operating charges
+€2,700
Financial income
+€1,198
Financial charges
+€9,033
Taxes
+€905
Deferred taxes and other
-€734
Result 2025
€46,893
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€80,307
Investment
+€473,134
Financing
-€692,892
Cash 2024
€379,919
From operations (derived)
-€80,307
Net result for the year
+€46,893
Depreciation
+€39,710
Receivables within one year
-€130,125
Deferred charges and accrued income
+€3,617
Provisions
-€20,565
Trade debts
+€59,535
Tax, wage and social debts
-€2,057
Other debts
-€73,099
Accrued charges and deferred income
-€4,216
Investment (derived)
+€473,134
Investment in fixed assets (net)
+€473,134
Financing
-€692,892
Debts after one year
-€373,126
Current portion of long-term debt
-€32,499
Short-term financial debts
+€299
Contributions, distributions and other
-€287,567
Cash 2025
€79,854
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €988,202 | €301,802 | -€686,400 | -69.5% |
| Fixed assets | 21/28 | €518,904 | €6,060 | -€512,844 | -98.8% |
| Tangible fixed assets | 22/27 | €518,904 | €6,060 | -€512,844 | -98.8% |
| Land and buildings | 22 | €137,692 | €0 | -€137,692 | -100% |
| Plant, machinery and equipment | 23 | €11,253 | €3,491 | -€7,762 | -69.0% |
| Furniture and vehicles | 24 | €8,527 | €2,569 | -€5,958 | -69.9% |
| Other tangible fixed assets | 26 | €361,432 | €0 | -€361,432 | -100% |
| Current assets | 29/58 | €469,298 | €295,742 | -€173,557 | -37.0% |
| Amounts receivable within one year | 40/41 | €80,855 | €210,980 | +€130,125 | +161% |
| Trade receivables | 40 | €68,388 | €119,478 | +€51,090 | +74.7% |
| Other amounts receivable | 41 | €12,467 | €91,502 | +€79,035 | +634% |
| Cash at bank and in hand | 54/58 | €379,919 | €79,854 | -€300,066 | -79.0% |
| Deferred charges and accrued income | 490/1 | €8,525 | €4,908 | -€3,617 | -42.4% |
| Total equity and liabilities | 10/49 | €988,202 | €301,802 | -€686,400 | -69.5% |
| Equity | 10/15 | €393,458 | €152,785 | -€240,673 | -61.2% |
| Contributions | 10/11 | €6,200 | €1,564 | -€4,636 | -74.8% |
| Reserves | 13 | €387,258 | €151,221 | -€236,037 | -61.0% |
| Tax-exempt reserves | 132 | €74,365 | €21,000 | -€53,365 | -71.8% |
| Distributable reserves | 133 | €312,893 | €130,221 | -€182,672 | -58.4% |
| Provisions and deferred taxes | 16 | €20,565 | €0 | -€20,565 | -100% |
| Deferred taxes | 168 | €20,565 | €0 | -€20,565 | -100% |
| Amounts payable | 17/49 | €574,180 | €149,017 | -€425,162 | -74.0% |
| Amounts payable after more than one year | 17 | €373,126 | €0 | -€373,126 | -100% |
| Financial debts | 170/4 | €373,126 | €0 | -€373,126 | -100% |
| Amounts payable within one year | 42/48 | €196,755 | €148,934 | -€47,821 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €32,499 | €0 | -€32,499 | -100% |
| Financial debts | 43 | - | €299 | +€299 | |
| Credit institutions | 430/8 | - | €299 | +€299 | |
| Trade debts | 44 | €18,946 | €78,481 | +€59,535 | +314% |
| Suppliers | 440/4 | €18,946 | €78,481 | +€59,535 | +314% |
| Taxes, remuneration and social security | 45 | €72,211 | €70,154 | -€2,057 | -2.8% |
| Taxes | 450/3 | €29,937 | €28,204 | -€1,733 | -5.8% |
| Remuneration and social security | 454/9 | €42,273 | €41,950 | -€324 | -0.8% |
| Other amounts payable | 47/48 | €73,099 | €0 | -€73,099 | -100% |
| Accrued charges and deferred income | 492/3 | €4,298 | €83 | -€4,216 | -98.1% |
| Non-recurring operating income | 76A | €0 | €7,251 | +€7,251 | |
| Remuneration, social security and pensions | 62 | €211,918 | €229,237 | +€17,318 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,788 | €39,710 | -€32,079 | -44.7% |
| Other operating charges | 640/8 | €4,009 | €1,309 | -€2,700 | -67.4% |
| Gross operating margin | 9900 | €388,003 | €345,025 | -€42,978 | -11.1% |
| Operating profit (loss) | 9901 | €100,288 | €74,770 | -€25,517 | -25.4% |
| Financial income | 75/76B | €33 | €1,231 | +€1,198 | +3,633% |
| Recurring financial income | 75 | €33 | €1,231 | +€1,198 | +3,633% |
| Financial charges | 65/66B | €19,746 | €10,713 | -€9,033 | -45.7% |
| Recurring financial charges | 65 | €19,746 | €10,713 | -€9,033 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €80,574 | €65,288 | -€15,286 | -19.0% |
| Transfer from deferred taxes | 780 | €1,469 | €734 | -€734 | -50.0% |
| Income taxes | 67/77 | €20,034 | €19,129 | -€905 | -4.5% |
| Profit (loss) for the period | 9904 | €62,009 | €46,893 | -€15,116 | -24.4% |
| Transfer from tax-exempt reserves | 789 | €4,407 | €4,407 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,416 | €51,300 | -€15,116 | -22.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.