GHISCOM: what changed
What changed
GHISCOM
filed annual accounts (NBB)
Net result for the year
€184,018
2024 · €199,422-€15,404
Equity
€496,448
2024 · €230,697+€265,750
Cash
€2,252
2024 · €40,277-€38,025
Balance sheet total
€4.0m
2024 · €1.4m+€2.6m
Largest movements
Assets
- Tangible fixed assets +€1.6m
up €1.6m (+367%), from €442,556 to €2.1m
of which Land and buildings: +€1.6m
- Stocks and contracts +€698,278
new in 2025: €698,278
- Receivables within one year +€288,783
up €288,783 (+29.9%), from €966,260 to €1.3m
of which Trade receivables: +€642,363
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+141%), from €790,205 to €1.9m
of which Financial debts: +€1.1m
- Short-term financial debts +€1.1m
new in 2025: €1.1m
- Other debts -€388,614
down €388,614 (-97.0%), from €400,594 to €11,980
- Trade debts +€327,647
up €327,647, from €0 to €327,647
- Profit (loss) carried forward +€186,209
up €186,209, from -€73,391 to €112,818
Income statement
- Taxes +€41,599
new in 2025: €41,599
- Financial charges +€40,201
up €40,201 (+229%), from €17,561 to €57,762
of which Financial charges: +€41,923
- Gross operating margin +€25,025
up €25,025 (+8.5%), from €295,221 to €320,246
- Depreciation +€8,501
up €8,501 (+36.2%), from €23,491 to €31,992
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€199,422
Gross operating margin
+€25,025
Depreciation
-€8,501
Other operating charges
-€285
Other operating items
-€66
Financial income
-€1,529
Financial charges
-€40,201
Taxes
-€41,599
Deferred taxes and other
+€51,752
Result 2025
€184,018
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€740,826
Investment
-€1.7m
Financing
+€2.4m
Cash 2024
€40,277
From operations (derived)
-€740,826
Net result for the year
+€184,018
Depreciation
+€31,992
Stocks and contracts
-€698,278
Receivables within one year
-€288,783
Deferred charges and accrued income
-€698
Provisions
+€50,292
Trade debts
+€327,647
Tax, wage and social debts
+€41,599
Other debts
-€388,614
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
+€2.4m
Debts after one year
+€1.1m
Current portion of long-term debt
+€73,856
Short-term financial debts
+€1.1m
Contributions, distributions and other
+€81,733
Cash 2025
€2,252
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,449,092 | €4,022,048 | +€2.6m | +178% |
| Fixed assets | 21/28 | €442,556 | €2,065,776 | +€1.6m | +367% |
| Tangible fixed assets | 22/27 | €442,556 | €2,065,776 | +€1.6m | +367% |
| Land and buildings | 22 | €440,375 | €2,063,595 | +€1.6m | +369% |
| Plant, machinery and equipment | 23 | €2,181 | €2,181 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,006,537 | €1,956,272 | +€949,735 | +94.4% |
| Stocks and contracts in progress | 3 | - | €698,278 | +€698,278 | |
| Stocks | 30/36 | - | €698,278 | +€698,278 | |
| Amounts receivable within one year | 40/41 | €966,260 | €1,255,043 | +€288,783 | +29.9% |
| Trade receivables | 40 | - | €642,363 | +€642,363 | |
| Other amounts receivable | 41 | €966,260 | €612,680 | -€353,580 | -36.6% |
| Cash at bank and in hand | 54/58 | €40,277 | €2,252 | -€38,025 | -94.4% |
| Deferred charges and accrued income | 490/1 | - | €698 | +€698 | |
| Total equity and liabilities | 10/49 | €1,449,092 | €4,022,048 | +€2.6m | +178% |
| Equity | 10/15 | €230,697 | €496,448 | +€265,750 | +115% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €204,088 | €283,630 | +€79,542 | +39.0% |
| Tax-exempt reserves | 132 | €204,088 | €283,630 | +€79,542 | +39.0% |
| Profit (loss) carried forward | 14 | -€73,391 | €112,818 | +€186,209 | |
| Provisions and deferred taxes | 16 | - | €50,292 | +€50,292 | |
| Deferred taxes | 168 | - | €50,292 | +€50,292 | |
| Amounts payable | 17/49 | €1,218,395 | €3,475,308 | +€2.3m | +185% |
| Amounts payable after more than one year | 17 | €790,205 | €1,902,115 | +€1.1m | +141% |
| Financial debts | 170/4 | €790,205 | €1,901,857 | +€1.1m | +141% |
| Other amounts payable | 178/9 | - | €258 | +€258 | |
| Amounts payable within one year | 42/48 | €428,189 | €1,573,194 | +€1.1m | +267% |
| Current portion of amounts payable after more than one year | 42 | €27,596 | €101,452 | +€73,856 | +268% |
| Financial debts | 43 | - | €1,090,516 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,090,516 | +€1.1m | |
| Trade debts | 44 | €0 | €327,647 | +€327,647 | |
| Suppliers | 440/4 | €0 | €327,647 | +€327,647 | |
| Taxes, remuneration and social security | 45 | - | €41,599 | +€41,599 | |
| Taxes | 450/3 | - | €41,599 | +€41,599 | |
| Other amounts payable | 47/48 | €400,594 | €11,980 | -€388,614 | -97.0% |
| Non-recurring operating income | 76A | €204,088 | - | -€204,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,491 | €31,992 | +€8,501 | +36.2% |
| Other operating charges | 640/8 | €5,255 | €5,540 | +€285 | +5.4% |
| Non-recurring operating charges | 66A | - | €66 | +€66 | |
| Gross operating margin | 9900 | €295,221 | €320,246 | +€25,025 | +8.5% |
| Operating profit (loss) | 9901 | €266,475 | €282,648 | +€16,173 | +6.1% |
| Financial income | 75/76B | €1,529 | €0 | -€1,529 | -100% |
| Recurring financial income | 75 | €1,529 | €0 | -€1,529 | -100% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €17,561 | €57,762 | +€40,201 | +229% |
| Recurring financial charges | 65 | €15,839 | €57,762 | +€41,923 | +265% |
| Non-recurring financial charges | 66B | €1,722 | €0 | -€1,722 | -100% |
| Profit (loss) for the period before taxes | 9903 | €250,444 | €224,887 | -€25,557 | -10.2% |
| Transfer from deferred taxes | 780 | - | €730 | +€730 | |
| Transfer to deferred taxes | 680 | €51,022 | €0 | -€51,022 | -100% |
| Income taxes | 67/77 | - | €41,599 | +€41,599 | |
| Profit (loss) for the period | 9904 | €199,422 | €184,018 | -€15,404 | -7.7% |
| Transfer from tax-exempt reserves | 789 | - | €2,191 | +€2,191 | |
| Transfer to tax-exempt reserves | 689 | €153,066 | €0 | -€153,066 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €46,356 | €186,209 | +€139,853 | +302% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.