GSH RETAIL: 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 RETAIL
Largest movements
- Cash +€755,351
up €755,351 (+50.3%), from €1.5m to €2.3m
mainly Stocks and contracts (+€592,907) and Trade debts (+€409,291)
- Stocks and contracts -€592,907
down €592,907 (-81.7%), from €725,407 to €132,500
- Tangible fixed assets +€185,670
up €185,670 (+380.3%), from €48,818 to €234,488
of which Leasing and similar rights: +€136,510
- Receivables within one year +€48,433
up €48,433 (+19.9%), from €243,891 to €292,324
of which Other amounts receivable: +€224,074
- Trade debts +€409,291
up €409,291 (+24.3%), from €1.7m to €2.1m
- Profit (loss) carried forward -€392,363
down €392,363, from €146,500 to -€245,864
- Current portion of long-term debt +€204,914
new in 2025: €204,914
- Debts after one year +€201,671
up €201,671 (+134.4%), from €150,000 to €351,671
- Gross operating margin +€2.1m
up €2.1m (+114.2%), from €1.8m to €3.9m
- Staff costs +€1.2m
up €1.2m (+75.1%), from €1.6m to €2.8m
- Other operating charges +€427,712
up €427,712 (+46829.9%), from €913 to €428,625
- Taxes -€49,936
down €49,936 (-99.7%), from €50,064 to €128
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 | €2,529,600 | €2,929,453 | +€399,853 | +15.8% |
| Fixed assets | 21/28 | €56,418 | €242,088 | +€185,670 | +329.1% |
| Tangible fixed assets | 22/27 | €48,818 | €234,488 | +€185,670 | +380.3% |
| Plant, machinery and equipment | 23 | €23,950 | €32,821 | +€8,871 | +37.0% |
| Furniture and vehicles | 24 | €5,222 | €25,189 | +€19,967 | +382.4% |
| Leasing and similar rights | 25 | - | €136,510 | +€136,510 | |
| Other tangible fixed assets | 26 | €19,646 | €39,967 | +€20,321 | +103.4% |
| Financial fixed assets | 28 | €7,600 | €7,600 | = | 0.0% |
| Current assets | 29/58 | €2,473,182 | €2,687,365 | +€214,183 | +8.7% |
| Stocks and contracts in progress | 3 | €725,407 | €132,500 | -€592,907 | -81.7% |
| Stocks | 30/36 | €725,407 | €132,500 | -€592,907 | -81.7% |
| Amounts receivable within one year | 40/41 | €243,891 | €292,324 | +€48,433 | +19.9% |
| Trade receivables | 40 | €196,737 | €21,096 | -€175,642 | -89.3% |
| Other amounts receivable | 41 | €47,154 | €271,228 | +€224,074 | +475.2% |
| Cash at bank and in hand | 54/58 | €1,500,575 | €2,255,927 | +€755,351 | +50.3% |
| Deferred charges and accrued income | 490/1 | €3,308 | €6,614 | +€3,306 | +99.9% |
| Total equity and liabilities | 10/49 | €2,529,600 | €2,929,453 | +€399,853 | +15.8% |
| Equity | 10/15 | €196,500 | -€195,864 | -€392,363 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,500 | -€245,864 | -€392,363 | |
| Amounts payable | 17/49 | €2,333,100 | €3,125,317 | +€792,216 | +34.0% |
| Amounts payable after more than one year | 17 | €150,000 | €351,671 | +€201,671 | +134.4% |
| Financial debts | 170/4 | €150,000 | €351,671 | +€201,671 | +134.4% |
| Amounts payable within one year | 42/48 | €2,183,100 | €2,773,403 | +€590,303 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | - | €204,914 | +€204,914 | |
| Trade debts | 44 | €1,683,547 | €2,092,838 | +€409,291 | +24.3% |
| Suppliers | 440/4 | €1,683,547 | €2,092,838 | +€409,291 | +24.3% |
| Taxes, remuneration and social security | 45 | €499,554 | €475,599 | -€23,955 | -4.8% |
| Taxes | 450/3 | €104,388 | €50,110 | -€54,278 | -52.0% |
| Remuneration and social security | 454/9 | €395,166 | €425,489 | +€30,323 | +7.7% |
| Other amounts payable | 47/48 | - | €52 | +€52 | |
| Accrued charges and deferred income | 492/3 | - | €242 | +€242 | |
| Remuneration, social security and pensions | 62 | €1,608,528 | €2,817,036 | +€1.2m | +75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,805 | €35,566 | +€31,761 | +834.7% |
| Other operating charges | 640/8 | €913 | €428,625 | +€427,712 | +46829.9% |
| Non-recurring operating charges | 66A | - | €984,625 | +€984,625 | |
| Gross operating margin | 9900 | €1,820,862 | €3,899,572 | +€2.1m | +114.2% |
| Operating profit (loss) | 9901 | €207,615 | -€366,280 | -€573,895 | |
| Financial income | 75/76B | €13,741 | €29,164 | +€15,423 | +112.2% |
| Recurring financial income | 75 | €13,741 | €29,164 | +€15,423 | +112.2% |
| Financial charges | 65/66B | €24,792 | €55,119 | +€30,327 | +122.3% |
| Recurring financial charges | 65 | €24,792 | €55,119 | +€30,327 | +122.3% |
| Profit (loss) for the period before taxes | 9903 | €196,563 | -€392,236 | -€588,799 | |
| Income taxes | 67/77 | €50,064 | €128 | -€49,936 | -99.7% |
| Profit (loss) for the period | 9904 | €146,500 | -€392,363 | -€538,863 | |
| Profit (loss) for the period to be appropriated | 9905 | €146,500 | -€392,363 | -€538,863 |
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 7 October 2026 via checked.be.