GIHAC: 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.
GIHAC
Largest movements
- Financial fixed assets +€905,000
up €905,000 (+952%), from €95,050 to €1.0m
- Receivables within one year +€891,990
up €891,990 (+1,279%), from €69,751 to €961,740
of which Other amounts receivable: +€904,587
- Reserves +€1.0m
up €1.0m (+3,139%), from €31,859 to €1.0m
of which Distributable reserves: +€1.0m
- Profit (loss) carried forward +€720,797
up €720,797 (+607%), from €118,808 to €839,605
- Tax, wage and social debts +€99,556
up €99,556 (+713%), from €13,960 to €113,516
- Financial income +€2.0m
up €2.0m (+186,616%), from €1,049 to €2.0m
of which Non-recurring financial income: +€2.0m
- Gross operating margin -€122,389
down €122,389, from €40,456 to -€81,933
- Taxes +€86,484
up €86,484 (+640%), from €13,516 to €100,000
- Depreciation +€2,044
up €2,044 (+98.2%), from €2,081 to €4,125
- Other operating charges +€1,881
up €1,881 (+380%), from €495 to €2,376
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 | €185,980 | €2,004,154 | +€1.8m | +978% |
| Fixed assets | 21/28 | €97,395 | €1,018,548 | +€921,152 | +946% |
| Intangible fixed assets | 21 | - | €3,000 | +€3,000 | |
| Tangible fixed assets | 22/27 | €2,346 | €15,498 | +€13,152 | +561% |
| Furniture and vehicles | 24 | €2,346 | €15,498 | +€13,152 | +561% |
| Financial fixed assets | 28 | €95,050 | €1,000,050 | +€905,000 | +952% |
| Current assets | 29/58 | €88,585 | €985,607 | +€897,022 | +1,013% |
| Amounts receivable within one year | 40/41 | €69,751 | €961,740 | +€891,990 | +1,279% |
| Trade receivables | 40 | €56,051 | €43,454 | -€12,597 | -22.5% |
| Other amounts receivable | 41 | €13,700 | €918,286 | +€904,587 | +6,603% |
| Cash at bank and in hand | 54/58 | €18,129 | €8,703 | -€9,425 | -52.0% |
| Deferred charges and accrued income | 490/1 | €706 | €15,163 | +€14,457 | +2,048% |
| Total equity and liabilities | 10/49 | €185,980 | €2,004,154 | +€1.8m | +978% |
| Equity | 10/15 | €169,259 | €1,890,056 | +€1.7m | +1,017% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €31,859 | €1,031,859 | +€1.0m | +3,139% |
| 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 | €30,000 | €1,030,000 | +€1.0m | +3,333% |
| Profit (loss) carried forward | 14 | €118,808 | €839,605 | +€720,797 | +607% |
| Amounts payable | 17/49 | €16,721 | €114,098 | +€97,377 | +582% |
| Amounts payable within one year | 42/48 | €16,721 | €114,098 | +€97,377 | +582% |
| Trade debts | 44 | €2,762 | €582 | -€2,179 | -78.9% |
| Suppliers | 440/4 | €2,762 | €582 | -€2,179 | -78.9% |
| Taxes, remuneration and social security | 45 | €13,960 | €113,516 | +€99,556 | +713% |
| Taxes | 450/3 | €13,960 | €113,516 | +€99,556 | +713% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,081 | €4,125 | +€2,044 | +98.2% |
| Other operating charges | 640/8 | €495 | €2,376 | +€1,881 | +380% |
| Non-recurring operating charges | 66A | - | €50,000 | +€50,000 | |
| Gross operating margin | 9900 | €40,456 | -€81,933 | -€122,389 | |
| Operating profit (loss) | 9901 | €37,880 | -€138,434 | -€176,314 | |
| Financial income | 75/76B | €1,049 | €1,959,308 | +€2.0m | +186,616% |
| Recurring financial income | 75 | €1,049 | €4,308 | +€3,259 | +311% |
| Non-recurring financial income | 76B | - | €1,955,000 | +€2.0m | |
| Financial charges | 65/66B | €89 | €77 | -€11 | -12.5% |
| Recurring financial charges | 65 | €89 | €77 | -€11 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €38,841 | €1,820,797 | +€1.8m | +4,588% |
| Income taxes | 67/77 | €13,516 | €100,000 | +€86,484 | +640% |
| Profit (loss) for the period | 9904 | €25,325 | €1,720,797 | +€1.7m | +6,695% |
| Profit (loss) for the period to be appropriated | 9905 | €25,325 | €1,720,797 | +€1.7m | +6,695% |
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 13 October 2026 via checked.be.