GIHANG: 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.
GIHANG
Largest movements
- Tangible fixed assets -€58,550
down €58,550 (-26.0%), from €225,377 to €166,827
- Cash -€11,323
down €11,323 (-16.9%), from €67,099 to €55,775
mainly Debts after one year (-€33,290) and Current portion of long-term debt (-€18,965)
- Stocks and contracts +€7,849
up €7,849 (+378.0%), from €2,077 to €9,926
- Deferred charges and accrued income +€3,511
new in 2025: €3,511
- Debts after one year -€33,290
down €33,290 (-32.1%), from €103,558 to €70,268
- Current portion of long-term debt -€18,965
down €18,965 (-45.7%), from €41,506 to €22,541
- Trade debts -€11,264
no longer reported in 2025 (was €11,264)
- Other debts +€3,717
new in 2025: €3,717
- Gross operating margin -€44,227
down €44,227 (-16.7%), from €265,589 to €221,362
- Staff costs +€18,755
up €18,755 (+14.2%), from €132,124 to €150,879
- Taxes -€17,577
down €17,577 (-96.3%), from €18,260 to €683
- Depreciation -€6,295
down €6,295 (-9.6%), from €65,846 to €59,550
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 | €331,099 | €273,034 | -€58,065 | -17.5% |
| Fixed assets | 21/28 | €261,355 | €202,703 | -€58,651 | -22.4% |
| Intangible fixed assets | 21 | €5,123 | €4,123 | -€1,000 | -19.5% |
| Tangible fixed assets | 22/27 | €225,377 | €166,827 | -€58,550 | -26.0% |
| Plant, machinery and equipment | 23 | €60,417 | €42,399 | -€18,018 | -29.8% |
| Furniture and vehicles | 24 | €64,777 | €43,184 | -€21,592 | -33.3% |
| Other tangible fixed assets | 26 | €100,184 | €81,244 | -€18,940 | -18.9% |
| Financial fixed assets | 28 | €30,855 | €31,754 | +€899 | +2.9% |
| Current assets | 29/58 | €69,744 | €70,331 | +€586 | +0.8% |
| Stocks and contracts in progress | 3 | €2,077 | €9,926 | +€7,849 | +378.0% |
| Stocks | 30/36 | €2,077 | €9,926 | +€7,849 | +378.0% |
| Amounts receivable within one year | 40/41 | €569 | €1,118 | +€549 | +96.5% |
| Trade receivables | 40 | - | €1,118 | +€1,118 | |
| Other amounts receivable | 41 | €569 | - | -€569 | |
| Cash at bank and in hand | 54/58 | €67,099 | €55,775 | -€11,323 | -16.9% |
| Deferred charges and accrued income | 490/1 | - | €3,511 | +€3,511 | |
| Total equity and liabilities | 10/49 | €331,099 | €273,034 | -€58,065 | -17.5% |
| Equity | 10/15 | €156,512 | €157,427 | +€916 | +0.6% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €138,512 | €139,427 | +€916 | +0.7% |
| Distributable reserves | 133 | €138,512 | €139,427 | +€916 | +0.7% |
| Amounts payable | 17/49 | €174,587 | €115,607 | -€58,981 | -33.8% |
| Amounts payable after more than one year | 17 | €103,558 | €70,268 | -€33,290 | -32.1% |
| Financial debts | 170/4 | €103,558 | €70,268 | -€33,290 | -32.1% |
| Amounts payable within one year | 42/48 | €71,030 | €45,339 | -€25,691 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €41,506 | €22,541 | -€18,965 | -45.7% |
| Trade debts | 44 | €11,264 | - | -€11,264 | |
| Suppliers | 440/4 | €11,264 | - | -€11,264 | |
| Taxes, remuneration and social security | 45 | €18,260 | €19,080 | +€821 | +4.5% |
| Taxes | 450/3 | €18,260 | €19,080 | +€821 | +4.5% |
| Other amounts payable | 47/48 | - | €3,717 | +€3,717 | |
| Remuneration, social security and pensions | 62 | €132,124 | €150,879 | +€18,755 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,846 | €59,550 | -€6,295 | -9.6% |
| Other operating charges | 640/8 | €2,179 | €2,037 | -€142 | -6.5% |
| Gross operating margin | 9900 | €265,589 | €221,362 | -€44,227 | -16.7% |
| Operating profit (loss) | 9901 | €65,441 | €8,896 | -€56,545 | -86.4% |
| Financial charges | 65/66B | €8,105 | €7,298 | -€807 | -10.0% |
| Recurring financial charges | 65 | €8,105 | €7,298 | -€807 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €57,336 | €1,598 | -€55,738 | -97.2% |
| Income taxes | 67/77 | €18,260 | €683 | -€17,577 | -96.3% |
| Profit (loss) for the period | 9904 | €39,076 | €916 | -€38,161 | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,076 | €916 | -€38,161 | -97.7% |
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 10 October 2026 via checked.be.