A.H.L.: 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.H.L.
Largest movements
- Cash -€166,134
down €166,134 (-57.9%), from €286,841 to €120,707
mainly Net result for the year (-€151,967) and Receivables within one year (-€58,185)
- Receivables within one year +€58,185
up €58,185 (+55.2%), from €105,504 to €163,689
of which Other amounts receivable: +€45,749
- Stocks and contracts -€18,167
down €18,167 (-4.7%), from €388,330 to €370,164
- Profit (loss) carried forward -€151,967
new in 2025: -€151,967
- Tax, wage and social debts +€11,825
up €11,825 (+136%), from €8,689 to €20,514
of which Remuneration and social security: +€15,044
- Trade debts +€9,008
up €9,008 (+106%), from €8,538 to €17,546
- Gross operating margin -€142,429
down €142,429, from €98,938 to -€43,491
- Staff costs +€78,076
new in 2025: €78,076
- Taxes -€15,308
down €15,308 (-97.7%), from €15,667 to €360
- Other operating charges +€5,157
up €5,157 (+24.3%), from €21,202 to €26,359
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.
Derived cash bridge
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 | €816,987 | €685,807 | -€131,180 | -16.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €34,473 | €31,247 | -€3,226 | -9.4% |
| Tangible fixed assets | 22/27 | €34,473 | €31,247 | -€3,226 | -9.4% |
| Land and buildings | 22 | €34,271 | €31,247 | -€3,024 | -8.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €202 | €0 | -€202 | -100% |
| Current assets | 29/58 | €782,514 | €654,560 | -€127,954 | -16.4% |
| Stocks and contracts in progress | 3 | €388,330 | €370,164 | -€18,167 | -4.7% |
| Stocks | 30/36 | €388,330 | €370,164 | -€18,167 | -4.7% |
| Amounts receivable within one year | 40/41 | €105,504 | €163,689 | +€58,185 | +55.2% |
| Trade receivables | 40 | €98,664 | €111,100 | +€12,436 | +12.6% |
| Other amounts receivable | 41 | €6,839 | €52,589 | +€45,749 | +669% |
| Cash at bank and in hand | 54/58 | €286,841 | €120,707 | -€166,134 | -57.9% |
| Deferred charges and accrued income | 490/1 | €1,839 | - | -€1,839 | |
| Total equity and liabilities | 10/49 | €816,987 | €685,807 | -€131,180 | -16.1% |
| Equity | 10/15 | €799,360 | €647,393 | -€151,967 | -19.0% |
| Contributions | 10/11 | €120,930 | €120,930 | = | 0.0% |
| Reserves | 13 | €678,430 | €678,430 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,093 | €12,093 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,093 | €12,093 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €647,587 | €647,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€151,967 | -€151,967 | |
| Amounts payable | 17/49 | €17,627 | €38,414 | +€20,787 | +118% |
| Amounts payable within one year | 42/48 | €17,627 | €38,060 | +€20,433 | +116% |
| Trade debts | 44 | €8,538 | €17,546 | +€9,008 | +106% |
| Suppliers | 440/4 | €8,538 | €17,546 | +€9,008 | +106% |
| Taxes, remuneration and social security | 45 | €8,689 | €20,514 | +€11,825 | +136% |
| Taxes | 450/3 | €8,689 | €5,469 | -€3,220 | -37.1% |
| Remuneration and social security | 454/9 | - | €15,044 | +€15,044 | |
| Other amounts payable | 47/48 | €400 | - | -€400 | |
| Accrued charges and deferred income | 492/3 | - | €354 | +€354 | |
| Remuneration, social security and pensions | 62 | - | €78,076 | +€78,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,428 | €3,226 | -€202 | -5.9% |
| Other operating charges | 640/8 | €21,202 | €26,359 | +€5,157 | +24.3% |
| Gross operating margin | 9900 | €98,938 | -€43,491 | -€142,429 | |
| Operating profit (loss) | 9901 | €74,308 | -€151,152 | -€225,460 | |
| Financial income | 75/76B | €548 | €1,287 | +€739 | +135% |
| Recurring financial income | 75 | €548 | €1,287 | +€739 | +135% |
| Financial charges | 65/66B | €1,817 | €1,742 | -€75 | -4.1% |
| Recurring financial charges | 65 | €1,817 | €1,742 | -€75 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €73,039 | -€151,608 | -€224,646 | |
| Income taxes | 67/77 | €15,667 | €360 | -€15,308 | -97.7% |
| Profit (loss) for the period | 9904 | €57,371 | -€151,967 | -€209,339 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,371 | -€151,967 | -€209,339 |
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 20 October 2026 via checked.be.