Ghysel: 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.
Ghysel
Largest movements
- Tangible fixed assets +€217,366
up €217,366 (+67.0%), from €324,463 to €541,829
of which Land and buildings: +€142,966
- Cash -€130,097
down €130,097 (-82.4%), from €157,805 to €27,709
mainly Investment in fixed assets (net) (-€279,496) and Receivables within one year (-€110,099)
- Receivables within one year +€110,099
up €110,099 (+26.9%), from €408,996 to €519,095
of which Trade receivables: +€89,415
- Stocks and contracts +€107,040
up €107,040 (+36.3%), from €295,234 to €402,274
- Debts after one year +€118,521
up €118,521 (+49.2%), from €241,020 to €359,541
- Trade debts +€101,850
up €101,850 (+29.0%), from €351,370 to €453,220
- Current portion of long-term debt +€60,831
up €60,831 (+84.7%), from €71,818 to €132,650
- Short-term financial debts +€32,565
up €32,565 (+194.7%), from €16,726 to €49,291
- Staff costs +€199,314
up €199,314 (+59.3%), from €335,945 to €535,259
- Gross operating margin +€148,950
up €148,950 (+30.7%), from €484,395 to €633,345
- Financial charges +€22,774
up €22,774 (+180.9%), from €12,587 to €35,361
- Taxes -€19,797
down €19,797 (-90.8%), from €21,797 to €2,000
- Depreciation +€19,456
up €19,456 (+50.0%), from €38,925 to €58,381
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 | €1,192,806 | €1,504,947 | +€312,141 | +26.2% |
| Fixed assets | 21/28 | €325,843 | €546,959 | +€221,116 | +67.9% |
| Intangible fixed assets | 21 | €1,380 | €0 | -€1,380 | -100.0% |
| Tangible fixed assets | 22/27 | €324,463 | €541,829 | +€217,366 | +67.0% |
| Land and buildings | 22 | €199,415 | €342,381 | +€142,966 | +71.7% |
| Plant, machinery and equipment | 23 | €65,396 | €73,950 | +€8,554 | +13.1% |
| Furniture and vehicles | 24 | €59,651 | €125,498 | +€65,846 | +110.4% |
| Financial fixed assets | 28 | - | €5,130 | +€5,130 | |
| Current assets | 29/58 | €866,962 | €957,988 | +€91,026 | +10.5% |
| Stocks and contracts in progress | 3 | €295,234 | €402,274 | +€107,040 | +36.3% |
| Stocks | 30/36 | €295,234 | €402,274 | +€107,040 | +36.3% |
| Amounts receivable within one year | 40/41 | €408,996 | €519,095 | +€110,099 | +26.9% |
| Trade receivables | 40 | €408,996 | €498,411 | +€89,415 | +21.9% |
| Other amounts receivable | 41 | - | €20,684 | +€20,684 | |
| Cash at bank and in hand | 54/58 | €157,805 | €27,709 | -€130,097 | -82.4% |
| Deferred charges and accrued income | 490/1 | €4,927 | €8,911 | +€3,983 | +80.8% |
| Total equity and liabilities | 10/49 | €1,192,806 | €1,504,947 | +€312,141 | +26.2% |
| Equity | 10/15 | €456,711 | €457,254 | +€543 | +0.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €454,211 | €454,754 | +€543 | +0.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €452,352 | €452,895 | +€543 | +0.1% |
| Amounts payable | 17/49 | €736,095 | €1,047,693 | +€311,599 | +42.3% |
| Amounts payable after more than one year | 17 | €241,020 | €359,541 | +€118,521 | +49.2% |
| Financial debts | 170/4 | €241,020 | €359,541 | +€118,521 | +49.2% |
| Amounts payable within one year | 42/48 | €493,425 | €688,153 | +€194,728 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €71,818 | €132,650 | +€60,831 | +84.7% |
| Financial debts | 43 | €16,726 | €49,291 | +€32,565 | +194.7% |
| Credit institutions | 430/8 | €16,726 | €49,291 | +€32,565 | +194.7% |
| Trade debts | 44 | €351,370 | €453,220 | +€101,850 | +29.0% |
| Suppliers | 440/4 | €351,370 | €453,220 | +€101,850 | +29.0% |
| Taxes, remuneration and social security | 45 | €53,511 | €39,991 | -€13,519 | -25.3% |
| Taxes | 450/3 | €30,158 | €18,514 | -€11,644 | -38.6% |
| Remuneration and social security | 454/9 | €23,353 | €21,477 | -€1,876 | -8.0% |
| Other amounts payable | 47/48 | - | €13,000 | +€13,000 | |
| Accrued charges and deferred income | 492/3 | €1,650 | - | -€1,650 | |
| Remuneration, social security and pensions | 62 | €335,945 | €535,259 | +€199,314 | +59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,925 | €58,381 | +€19,456 | +50.0% |
| Other operating charges | 640/8 | €2,047 | €1,801 | -€246 | -12.0% |
| Gross operating margin | 9900 | €484,395 | €633,345 | +€148,950 | +30.7% |
| Operating profit (loss) | 9901 | €107,478 | €37,904 | -€69,574 | -64.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €12,587 | €35,361 | +€22,774 | +180.9% |
| Recurring financial charges | 65 | €12,587 | €35,361 | +€22,774 | +180.9% |
| Profit (loss) for the period before taxes | 9903 | €94,891 | €2,543 | -€92,348 | -97.3% |
| Income taxes | 67/77 | €21,797 | €2,000 | -€19,797 | -90.8% |
| Profit (loss) for the period | 9904 | €73,094 | €543 | -€72,551 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,094 | €543 | -€72,551 | -99.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.