A.H.: 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.
A.H.
Largest movements
- Tangible fixed assets +€411,748
up €411,748 (+19.7%), from €2.1m to €2.5m
of which Assets under construction and advance payments: +€633,658
- Financial fixed assets +€150,000
up €150,000 (+250.0%), from €60,000 to €210,000
- Cash +€123,925
up €123,925 (+287.0%), from €43,185 to €167,110
mainly Debts after one year (+€440,815) and Depreciation (+€159,243)
- Debts after one year +€440,815
up €440,815 (+37.2%), from €1.2m to €1.6m
- Trade debts +€114,521
up €114,521 (+269.2%), from €42,540 to €157,061
- Reserves +€82,992
up €82,992 (+1131.7%), from €7,334 to €90,325
of which Tax-exempt reserves: +€82,992
- Other debts +€31,120
up €31,120 (+7.1%), from €439,968 to €471,087
- Gross operating margin +€159,834
up €159,834 (+77.9%), from €205,139 to €364,972
- Other operating charges +€32,577
up €32,577 (+110.7%), from €29,416 to €61,993
- Financial charges +€7,650
up €7,650 (+16.5%), from €46,352 to €54,002
- Depreciation +€6,094
up €6,094 (+4.0%), from €153,149 to €159,243
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 | €2,414,449 | €3,061,389 | +€646,941 | +26.8% |
| Fixed assets | 21/28 | €2,153,710 | €2,715,459 | +€561,748 | +26.1% |
| Tangible fixed assets | 22/27 | €2,093,710 | €2,505,459 | +€411,748 | +19.7% |
| Land and buildings | 22 | €1,730,635 | €1,378,043 | -€352,592 | -20.4% |
| Plant, machinery and equipment | 23 | €86,433 | €78,359 | -€8,075 | -9.3% |
| Furniture and vehicles | 24 | €86,876 | €225,632 | +€138,756 | +159.7% |
| Assets under construction and advance payments | 27 | €189,767 | €823,425 | +€633,658 | +333.9% |
| Financial fixed assets | 28 | €60,000 | €210,000 | +€150,000 | +250.0% |
| Current assets | 29/58 | €260,738 | €345,931 | +€85,192 | +32.7% |
| Stocks and contracts in progress | 3 | €68,000 | €68,000 | = | 0.0% |
| Stocks | 30/36 | €68,000 | €68,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €126,198 | €103,258 | -€22,940 | -18.2% |
| Trade receivables | 40 | €125,159 | €68,547 | -€56,613 | -45.2% |
| Other amounts receivable | 41 | €1,039 | €34,712 | +€33,673 | +3241.0% |
| Cash at bank and in hand | 54/58 | €43,185 | €167,110 | +€123,925 | +287.0% |
| Deferred charges and accrued income | 490/1 | €23,355 | €7,562 | -€15,793 | -67.6% |
| Total equity and liabilities | 10/49 | €2,414,449 | €3,061,389 | +€646,941 | +26.8% |
| Equity | 10/15 | €579,460 | €641,570 | +€62,110 | +10.7% |
| Contributions | 10/11 | €589,621 | €589,621 | = | 0.0% |
| Capital | 10 | €589,621 | €589,621 | = | 0.0% |
| Issued capital | 100 | €589,621 | €589,621 | = | 0.0% |
| Reserves | 13 | €7,334 | €90,325 | +€82,992 | +1131.7% |
| Non-distributable reserves | 130/1 | €7,334 | €7,334 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,334 | €7,334 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €82,992 | +€82,992 | |
| Profit (loss) carried forward | 14 | -€17,494 | -€38,376 | -€20,882 | -119.4% |
| Provisions and deferred taxes | 16 | - | €27,664 | +€27,664 | |
| Deferred taxes | 168 | - | €27,664 | +€27,664 | |
| Amounts payable | 17/49 | €1,834,988 | €2,392,155 | +€557,167 | +30.4% |
| Amounts payable after more than one year | 17 | €1,184,443 | €1,625,258 | +€440,815 | +37.2% |
| Financial debts | 170/4 | €1,184,443 | €1,625,258 | +€440,815 | +37.2% |
| Amounts payable within one year | 42/48 | €650,545 | €766,897 | +€116,352 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €165,004 | €138,749 | -€26,254 | -15.9% |
| Trade debts | 44 | €42,540 | €157,061 | +€114,521 | +269.2% |
| Suppliers | 440/4 | €42,540 | €157,061 | +€114,521 | +269.2% |
| Taxes, remuneration and social security | 45 | €3,034 | - | -€3,034 | |
| Taxes | 450/3 | €3,034 | - | -€3,034 | |
| Other amounts payable | 47/48 | €439,968 | €471,087 | +€31,120 | +7.1% |
| Non-recurring operating income | 76A | - | €317,424 | +€317,424 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,149 | €159,243 | +€6,094 | +4.0% |
| Other operating charges | 640/8 | €29,416 | €61,993 | +€32,577 | +110.7% |
| Non-recurring operating charges | 66A | €6,000 | - | -€6,000 | |
| Gross operating margin | 9900 | €205,139 | €364,972 | +€159,834 | +77.9% |
| Operating profit (loss) | 9901 | €16,573 | €143,736 | +€127,163 | +767.3% |
| Financial income | 75/76B | €1 | €40 | +€39 | +6568.3% |
| Recurring financial income | 75 | €1 | €40 | +€39 | +6568.3% |
| Financial charges | 65/66B | €46,352 | €54,002 | +€7,650 | +16.5% |
| Recurring financial charges | 65 | €46,352 | €54,002 | +€7,650 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | -€29,778 | €89,774 | +€119,552 | |
| Transfer to deferred taxes | 680 | - | €27,664 | +€27,664 | |
| Profit (loss) for the period | 9904 | -€29,778 | €62,110 | +€91,888 | |
| Transfer to tax-exempt reserves | 689 | - | €82,992 | +€82,992 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,778 | -€20,882 | +€8,896 | +29.9% |
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 9 October 2026 via checked.be.