AH & CIE: what changed
AH & CIE
Largest movements
- Receivables within one year +€79,419
up €79,419 (+26.2%), from €303,254 to €382,673
of which Trade receivables: +€73,300
- Tangible fixed assets -€7,716
down €7,716 (-49.8%), from €15,510 to €7,793
of which Furniture and vehicles: -€7,178
- Cash +€6,776
up €6,776 (+9.9%), from €68,139 to €74,914
mainly Short-term financial debts (+€181,571) and Net result for the year (+€107,928)
- Trade debts -€208,173
no longer reported in 2025 (was €208,173)
of which Suppliers: -€172,389
- Short-term financial debts +€181,571
new in 2025: €181,571
- Profit (loss) carried forward +€62,928
up €62,928 (+43.1%), from €145,929 to €208,857
- Reserves +€45,000
new in 2025: €45,000
- Advances received -€4,848
down €4,848 (-15.7%), from €30,972 to €26,125
- Gross operating margin +€22,981
up €22,981 (+20.6%), from €111,660 to €134,641
- Taxes +€8,962
up €8,962 (+119%), from €7,538 to €16,500
- Staff costs -€6,030
down €6,030 (-60.7%), from €9,930 to €3,900
- Financial income +€2,268
up €2,268 (+7,560,600%), from €0 to €2,268
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €405,935 | €484,672 | +€78,738 | +19.4% |
| Fixed assets | 21/28 | €30,698 | €22,982 | -€7,716 | -25.1% |
| Tangible fixed assets | 22/27 | €15,510 | €7,793 | -€7,716 | -49.8% |
| Plant, machinery and equipment | 23 | €1,077 | €538 | -€538 | -50.0% |
| Furniture and vehicles | 24 | €14,433 | €7,255 | -€7,178 | -49.7% |
| Financial fixed assets | 28 | €15,188 | €15,188 | = | 0.0% |
| Current assets | 29/58 | €375,237 | €461,691 | +€86,454 | +23.0% |
| Stocks and contracts in progress | 3 | €100 | €100 | = | 0.0% |
| Stocks | 30/36 | €100 | €100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €303,254 | €382,673 | +€79,419 | +26.2% |
| Trade receivables | 40 | €267,536 | €340,836 | +€73,300 | +27.4% |
| Other amounts receivable | 41 | €35,718 | €41,837 | +€6,119 | +17.1% |
| Cash at bank and in hand | 54/58 | €68,139 | €74,914 | +€6,776 | +9.9% |
| Deferred charges and accrued income | 490/1 | €3,744 | €4,003 | +€260 | +6.9% |
| Total equity and liabilities | 10/49 | €405,935 | €484,672 | +€78,738 | +19.4% |
| Equity | 10/15 | €157,429 | €265,357 | +€107,928 | +68.6% |
| Contributions | 10/11 | €11,500 | €11,500 | = | 0.0% |
| Reserves | 13 | - | €45,000 | +€45,000 | |
| Distributable reserves | 133 | - | €45,000 | +€45,000 | |
| Profit (loss) carried forward | 14 | €145,929 | €208,857 | +€62,928 | +43.1% |
| Amounts payable | 17/49 | €248,506 | €219,316 | -€29,190 | -11.7% |
| Amounts payable after more than one year | 17 | €5,984 | €5,984 | = | 0.0% |
| Financial debts | 170/4 | €5,569 | €5,569 | = | 0.0% |
| Other amounts payable | 178/9 | €415 | €415 | = | 0.0% |
| Amounts payable within one year | 42/48 | €242,521 | €213,331 | -€29,190 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €2,241 | - | -€2,241 | |
| Financial debts | 43 | - | €181,571 | +€181,571 | |
| Credit institutions | 430/8 | - | €181,571 | +€181,571 | |
| Trade debts | 44 | €208,173 | - | -€208,173 | |
| Suppliers | 440/4 | €172,389 | - | -€172,389 | |
| Bills of exchange payable | 441 | €35,785 | - | -€35,785 | |
| Advances received on contracts in progress | 46 | €30,972 | €26,125 | -€4,848 | -15.7% |
| Taxes, remuneration and social security | 45 | €1,135 | €5,635 | +€4,500 | +397% |
| Taxes | 450/3 | €1,135 | €5,635 | +€4,500 | +397% |
| Remuneration, social security and pensions | 62 | €9,930 | €3,900 | -€6,030 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,519 | €7,716 | +€197 | +2.6% |
| Other operating charges | 640/8 | €967 | €693 | -€274 | -28.3% |
| Gross operating margin | 9900 | €111,660 | €134,641 | +€22,981 | +20.6% |
| Operating profit (loss) | 9901 | €93,244 | €122,332 | +€29,087 | +31.2% |
| Financial income | 75/76B | €0 | €2,268 | +€2,268 | +7,560,600% |
| Recurring financial income | 75 | €0 | €2,268 | +€2,268 | +7,560,600% |
| Financial charges | 65/66B | €238 | €172 | -€66 | -27.7% |
| Recurring financial charges | 65 | €238 | €172 | -€66 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €93,006 | €124,428 | +€31,422 | +33.8% |
| Income taxes | 67/77 | €7,538 | €16,500 | +€8,962 | +119% |
| Profit (loss) for the period | 9904 | €85,469 | €107,928 | +€22,459 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,469 | €107,928 | +€22,459 | +26.3% |
Next steps
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.