GHYDAV: 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.
GHYDAV
Largest movements
- Receivables within one year +€71,791
up €71,791 (+70.6%), from €101,629 to €173,420
of which Trade receivables: +€54,071
- Tangible fixed assets -€34,978
down €34,978 (-2.0%), from €1.8m to €1.7m
of which Land and buildings: -€34,236
- Deferred charges and accrued income -€33,375
down €33,375 (-84.6%), from €39,465 to €6,090
- Reserves +€127,389
up €127,389 (+40.6%), from €313,383 to €440,772
- Debts after one year -€80,317
down €80,317 (-8.9%), from €907,484 to €827,167
- Other debts -€44,649
down €44,649 (-39.3%), from €113,585 to €68,936
- Depreciation -€92,025
down €92,025 (-63.5%), from €144,993 to €52,968
- Gross operating margin +€35,116
up €35,116 (+17.0%), from €206,420 to €241,536
- Taxes +€33,561
up €33,561 (+834.3%), from €4,022 to €37,583
- Financial income -€10,848
down €10,848 (-75.1%), from €14,437 to €3,589
- Other operating charges -€4,585
down €4,585 (-27.9%), from €16,424 to €11,839
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 | €2,449,324 | €2,464,545 | +€15,220 | +0.6% |
| Fixed assets | 21/28 | €2,213,873 | €2,178,895 | -€34,978 | -1.6% |
| Tangible fixed assets | 22/27 | €1,767,665 | €1,732,687 | -€34,978 | -2.0% |
| Land and buildings | 22 | €1,756,069 | €1,721,832 | -€34,236 | -1.9% |
| Plant, machinery and equipment | 23 | €11,596 | €10,854 | -€742 | -6.4% |
| Financial fixed assets | 28 | €446,208 | €446,208 | = | 0.0% |
| Current assets | 29/58 | €235,451 | €285,650 | +€50,199 | +21.3% |
| Amounts receivable within one year | 40/41 | €101,629 | €173,420 | +€71,791 | +70.6% |
| Trade receivables | 40 | €27,604 | €81,675 | +€54,071 | +195.9% |
| Other amounts receivable | 41 | €74,025 | €91,745 | +€17,721 | +23.9% |
| Cash at bank and in hand | 54/58 | €94,357 | €106,140 | +€11,783 | +12.5% |
| Deferred charges and accrued income | 490/1 | €39,465 | €6,090 | -€33,375 | -84.6% |
| Total equity and liabilities | 10/49 | €2,449,324 | €2,464,545 | +€15,220 | +0.6% |
| Equity | 10/15 | €1,310,565 | €1,437,954 | +€127,389 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,383 | €440,772 | +€127,389 | +40.6% |
| Distributable reserves | 133 | €313,383 | €440,772 | +€127,389 | +40.6% |
| Profit (loss) carried forward | 14 | €978,582 | €978,582 | = | 0.0% |
| Amounts payable | 17/49 | €1,138,759 | €1,026,591 | -€112,169 | -9.9% |
| Amounts payable after more than one year | 17 | €907,484 | €827,167 | -€80,317 | -8.9% |
| Financial debts | 170/4 | €907,484 | €827,167 | -€80,317 | -8.9% |
| Amounts payable within one year | 42/48 | €224,058 | €190,308 | -€33,750 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €78,261 | €80,317 | +€2,056 | +2.6% |
| Trade debts | 44 | €6,408 | €5,916 | -€492 | -7.7% |
| Suppliers | 440/4 | €6,408 | €5,916 | -€492 | -7.7% |
| Taxes, remuneration and social security | 45 | €25,804 | €35,139 | +€9,335 | +36.2% |
| Taxes | 450/3 | €19,521 | €28,817 | +€9,296 | +47.6% |
| Remuneration and social security | 454/9 | €6,283 | €6,322 | +€39 | +0.6% |
| Other amounts payable | 47/48 | €113,585 | €68,936 | -€44,649 | -39.3% |
| Accrued charges and deferred income | 492/3 | €7,217 | €9,116 | +€1,898 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,993 | €52,968 | -€92,025 | -63.5% |
| Other operating charges | 640/8 | €16,424 | €11,839 | -€4,585 | -27.9% |
| Gross operating margin | 9900 | €206,420 | €241,536 | +€35,116 | +17.0% |
| Operating profit (loss) | 9901 | €45,003 | €176,729 | +€131,726 | +292.7% |
| Financial income | 75/76B | €14,437 | €3,589 | -€10,848 | -75.1% |
| Recurring financial income | 75 | €14,437 | €3,589 | -€10,848 | -75.1% |
| Financial charges | 65/66B | €17,201 | €15,346 | -€1,855 | -10.8% |
| Recurring financial charges | 65 | €17,201 | €15,346 | -€1,855 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €42,239 | €164,972 | +€122,734 | +290.6% |
| Income taxes | 67/77 | €4,022 | €37,583 | +€33,561 | +834.3% |
| Profit (loss) for the period | 9904 | €38,216 | €127,389 | +€89,173 | +233.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,216 | €127,389 | +€89,173 | +233.3% |
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 2 October 2026 via checked.be.