A.E.H.: 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.
A.E.H.
Largest movements
- Stocks and contracts +€116,491
up €116,491 (+101.0%), from €115,317 to €231,809
- Receivables within one year -€30,362
down €30,362 (-25.1%), from €120,937 to €90,576
of which Trade receivables: -€30,453
- Tangible fixed assets -€5,666
down €5,666 (-50.0%), from €11,334 to €5,668
- Trade debts +€36,041
up €36,041 (+92.5%), from €38,943 to €74,983
- Profit (loss) carried forward +€31,764
up €31,764 (+23.0%), from €137,834 to €169,598
- Tax, wage and social debts +€12,453
up €12,453 (+26.7%), from €46,590 to €59,043
of which Taxes: +€14,531
- Staff costs +€39,796
up €39,796 (+1021.6%), from €3,896 to €43,692
- Gross operating margin -€23,585
down €23,585 (-17.3%), from €136,254 to €112,670
- Taxes -€3,589
down €3,589 (-15.1%), from €23,825 to €20,236
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 | €301,042 | €380,391 | +€79,349 | +26.4% |
| Fixed assets | 21/28 | €14,238 | €8,572 | -€5,666 | -39.8% |
| Tangible fixed assets | 22/27 | €11,334 | €5,668 | -€5,666 | -50.0% |
| Furniture and vehicles | 24 | €11,334 | €5,668 | -€5,666 | -50.0% |
| Financial fixed assets | 28 | €2,904 | €2,904 | = | 0.0% |
| Current assets | 29/58 | €286,805 | €371,819 | +€85,015 | +29.6% |
| Stocks and contracts in progress | 3 | €115,317 | €231,809 | +€116,491 | +101.0% |
| Stocks | 30/36 | €115,317 | €231,809 | +€116,491 | +101.0% |
| Amounts receivable within one year | 40/41 | €120,937 | €90,576 | -€30,362 | -25.1% |
| Trade receivables | 40 | €120,773 | €90,320 | -€30,453 | -25.2% |
| Other amounts receivable | 41 | €164 | €255 | +€91 | +55.5% |
| Cash at bank and in hand | 54/58 | €50,550 | €49,435 | -€1,115 | -2.2% |
| Total equity and liabilities | 10/49 | €301,042 | €380,391 | +€79,349 | +26.4% |
| Equity | 10/15 | €141,834 | €173,598 | +€31,764 | +22.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,834 | €169,598 | +€31,764 | +23.0% |
| Amounts payable | 17/49 | €159,208 | €206,792 | +€47,584 | +29.9% |
| Amounts payable within one year | 42/48 | €158,299 | €206,792 | +€48,494 | +30.6% |
| Trade debts | 44 | €38,943 | €74,983 | +€36,041 | +92.5% |
| Suppliers | 440/4 | €38,943 | €74,983 | +€36,041 | +92.5% |
| Taxes, remuneration and social security | 45 | €46,590 | €59,043 | +€12,453 | +26.7% |
| Taxes | 450/3 | €44,512 | €59,043 | +€14,531 | +32.6% |
| Remuneration and social security | 454/9 | €2,078 | €0 | -€2,078 | -100.0% |
| Other amounts payable | 47/48 | €72,766 | €72,766 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €910 | €0 | -€910 | -100.0% |
| Remuneration, social security and pensions | 62 | €3,896 | €43,692 | +€39,796 | +1021.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,666 | €5,666 | = | 0.0% |
| Other operating charges | 640/8 | €10,759 | €10,729 | -€29 | -0.3% |
| Gross operating margin | 9900 | €136,254 | €112,670 | -€23,585 | -17.3% |
| Operating profit (loss) | 9901 | €115,934 | €52,583 | -€63,351 | -54.6% |
| Financial income | 75/76B | €2 | €0 | -€2 | -92.7% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -92.7% |
| Financial charges | 65/66B | €637 | €583 | -€55 | -8.6% |
| Recurring financial charges | 65 | €637 | €583 | -€55 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €115,298 | €52,000 | -€63,298 | -54.9% |
| Income taxes | 67/77 | €23,825 | €20,236 | -€3,589 | -15.1% |
| Profit (loss) for the period | 9904 | €91,474 | €31,764 | -€59,709 | -65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,474 | €31,764 | -€59,709 | -65.3% |
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.