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 -€160,653
down €160,653 (-33.6%), from €477,551 to €316,898
of which Furniture and vehicles: -€88,357
- Cash +€121,939
up €121,939 (+26.0%), from €469,143 to €591,082
mainly Depreciation (+€106,268) and Net result for the year (+€80,902)
- Current investments -€33,979
down €33,979 (-26.7%), from €127,082 to €93,103
- Reserves -€180,008
down €180,008 (-14.0%), from €1.3m to €1.1m
of which Distributable reserves: -€180,008
- Trade debts +€68,985
up €68,985 (+259.9%), from €26,544 to €95,529
- Gross operating margin +€122,298
up €122,298 (+11.9%), from €1.0m to €1.2m
- Staff costs +€88,126
up €88,126 (+11.9%), from €739,645 to €827,770
- Other operating charges +€73,168
up €73,168 (+311.1%), from €23,516 to €96,684
- Depreciation +€15,021
up €15,021 (+16.5%), from €91,248 to €106,268
- Taxes -€14,009
down €14,009 (-22.8%), from €61,386 to €47,377
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 | €1,813,478 | €1,719,939 | -€93,539 | -5.2% |
| Fixed assets | 21/28 | €1,051,553 | €890,900 | -€160,653 | -15.3% |
| Tangible fixed assets | 22/27 | €477,551 | €316,898 | -€160,653 | -33.6% |
| Land and buildings | 22 | €143,702 | €74,793 | -€68,910 | -48.0% |
| Plant, machinery and equipment | 23 | €16,272 | €12,886 | -€3,386 | -20.8% |
| Furniture and vehicles | 24 | €317,576 | €229,220 | -€88,357 | -27.8% |
| Financial fixed assets | 28 | €574,002 | €574,002 | = | 0.0% |
| Current assets | 29/58 | €761,925 | €829,039 | +€67,114 | +8.8% |
| Amounts receivable after more than one year | 29 | €83,202 | €68,177 | -€15,025 | -18.1% |
| Other amounts receivable | 291 | €83,202 | €68,177 | -€15,025 | -18.1% |
| Amounts receivable within one year | 40/41 | €75,012 | €76,059 | +€1,047 | +1.4% |
| Trade receivables | 40 | €34,992 | €36,308 | +€1,316 | +3.8% |
| Other amounts receivable | 41 | €40,020 | €39,751 | -€269 | -0.7% |
| Current investments | 50/53 | €127,082 | €93,103 | -€33,979 | -26.7% |
| Cash at bank and in hand | 54/58 | €469,143 | €591,082 | +€121,939 | +26.0% |
| Deferred charges and accrued income | 490/1 | €7,485 | €617 | -€6,868 | -91.8% |
| Total equity and liabilities | 10/49 | €1,813,478 | €1,719,939 | -€93,539 | -5.2% |
| Equity | 10/15 | €1,720,672 | €1,540,665 | -€180,008 | -10.5% |
| Contributions | 10/11 | €431,515 | €431,515 | = | 0.0% |
| Capital | 10 | €431,511 | €431,511 | = | 0.0% |
| Issued capital | 100 | €431,511 | €431,511 | = | 0.0% |
| Outside capital | 11 | €4 | €4 | = | 0.0% |
| Share premium | 1100/10 | €4 | €4 | = | 0.0% |
| Revaluation surpluses | 12 | €7,266 | €7,266 | = | 0.0% |
| Reserves | 13 | €1,281,892 | €1,101,884 | -€180,008 | -14.0% |
| Non-distributable reserves | 130/1 | €67,487 | €67,487 | = | 0.0% |
| Legal reserve | 130 | €43,151 | €43,151 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,336 | €24,336 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,575 | €3,575 | = | 0.0% |
| Distributable reserves | 133 | €1,210,830 | €1,030,823 | -€180,008 | -14.9% |
| Amounts payable | 17/49 | €92,806 | €179,274 | +€86,469 | +93.2% |
| Amounts payable within one year | 42/48 | €92,806 | €179,274 | +€86,469 | +93.2% |
| Trade debts | 44 | €26,544 | €95,529 | +€68,985 | +259.9% |
| Suppliers | 440/4 | €26,544 | €95,529 | +€68,985 | +259.9% |
| Taxes, remuneration and social security | 45 | €66,261 | €83,745 | +€17,484 | +26.4% |
| Taxes | 450/3 | €26,514 | €25,009 | -€1,505 | -5.7% |
| Remuneration and social security | 454/9 | €39,748 | €58,736 | +€18,989 | +47.8% |
| Non-recurring operating income | 76A | - | €185,000 | +€185,000 | |
| Remuneration, social security and pensions | 62 | €739,645 | €827,770 | +€88,126 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,248 | €106,268 | +€15,021 | +16.5% |
| Other operating charges | 640/8 | €23,516 | €96,684 | +€73,168 | +311.1% |
| Gross operating margin | 9900 | €1,031,548 | €1,153,847 | +€122,298 | +11.9% |
| Operating profit (loss) | 9901 | €177,140 | €123,124 | -€54,016 | -30.5% |
| Financial income | 75/76B | €2,175 | €6,171 | +€3,996 | +183.7% |
| Recurring financial income | 75 | €2,175 | €6,171 | +€3,996 | +183.7% |
| Financial charges | 65/66B | €8,766 | €1,017 | -€7,750 | -88.4% |
| Recurring financial charges | 65 | €8,766 | €1,017 | -€7,750 | -88.4% |
| Profit (loss) for the period before taxes | 9903 | €170,549 | €128,278 | -€42,270 | -24.8% |
| Income taxes | 67/77 | €61,386 | €47,377 | -€14,009 | -22.8% |
| Profit (loss) for the period | 9904 | €109,162 | €80,902 | -€28,261 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €109,162 | €80,902 | -€28,261 | -25.9% |
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 6 October 2026 via checked.be.