GSH: 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.
GSH
Largest movements
- Cash -€82,188
down €82,188 (-74.1%), from €110,934 to €28,746
mainly Contributions, distributions and other (-€1.5m) and Smaller working-capital items (-€14)
- Current investments -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Reserves -€152,539
down €152,539 (-41.3%), from €368,936 to €216,397
- Financial income +€1.2m
up €1.2m (+660.5%), from €177,461 to €1.3m
- Taxes -€6,412
down €6,412 (-100.0%), from €6,412 to €0
- Gross operating margin -€523
down €523, from €68 to -€454
- Other operating charges -€419
down €419 (-27.3%), from €1,538 to €1,118
- Financial charges -€194
down €194 (-41.6%), from €468 to €273
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 | €388,547 | €235,897 | -€152,650 | -39.3% |
| Fixed assets | 21/28 | €204,437 | €204,072 | -€365 | -0.2% |
| Tangible fixed assets | 22/27 | €12,600 | €12,235 | -€365 | -2.9% |
| Land and buildings | 22 | €12,600 | €12,235 | -€365 | -2.9% |
| Financial fixed assets | 28 | €191,837 | €191,837 | = | 0.0% |
| Current assets | 29/58 | €184,110 | €31,825 | -€152,285 | -82.7% |
| Amounts receivable within one year | 40/41 | €2,604 | €2,508 | -€95 | -3.7% |
| Other amounts receivable | 41 | €2,604 | €2,508 | -€95 | -3.7% |
| Current investments | 50/53 | €70,000 | €0 | -€70,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €110,934 | €28,746 | -€82,188 | -74.1% |
| Deferred charges and accrued income | 490/1 | €573 | €571 | -€3 | -0.5% |
| Total equity and liabilities | 10/49 | €388,547 | €235,897 | -€152,650 | -39.3% |
| Equity | 10/15 | €388,436 | €235,897 | -€152,539 | -39.3% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €368,936 | €216,397 | -€152,539 | -41.3% |
| Distributable reserves | 133 | €368,936 | €216,397 | -€152,539 | -41.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €112 | €0 | -€112 | -100.0% |
| Amounts payable within one year | 42/48 | €0 | - | = | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €112 | €0 | -€112 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352 | €365 | +€13 | +3.6% |
| Other operating charges | 640/8 | €1,538 | €1,118 | -€419 | -27.3% |
| Gross operating margin | 9900 | €68 | -€454 | -€523 | |
| Operating profit (loss) | 9901 | -€1,821 | -€1,937 | -€116 | -6.4% |
| Financial income | 75/76B | €177,461 | €1,349,672 | +€1.2m | +660.5% |
| Recurring financial income | 75 | €177,461 | €1,349,672 | +€1.2m | +660.5% |
| Financial charges | 65/66B | €468 | €273 | -€194 | -41.6% |
| Recurring financial charges | 65 | €468 | €273 | -€194 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €175,172 | €1,347,461 | +€1.2m | +669.2% |
| Income taxes | 67/77 | €6,412 | €0 | -€6,412 | -100.0% |
| Profit (loss) for the period | 9904 | €168,761 | €1,347,461 | +€1.2m | +698.4% |
| Profit (loss) for the period to be appropriated | 9905 | €168,761 | €1,347,461 | +€1.2m | +698.4% |
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 6 October 2026 via checked.be.