AH-QUY: 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.
AH-QUY
Largest movements
- Tangible fixed assets +€196,718
up €196,718 (+150%), from €131,188 to €327,906
of which Land and buildings: +€218,270
- Receivables within one year +€168,938
up €168,938 (+61.9%), from €272,747 to €441,686
of which Trade receivables: +€205,933
- Cash -€53,807
down €53,807 (-96.6%), from €55,690 to €1,882
mainly Investment in fixed assets (net) (-€220,124) and Receivables within one year (-€168,938)
- Debts after one year +€139,918
up €139,918 (+159%), from €87,761 to €227,679
- Advances received +€90,000
new in 2025: €90,000
- Current portion of long-term debt +€81,232
up €81,232 (+278%), from €29,195 to €110,428
- Trade debts -€9,651
down €9,651 (-7.5%), from €127,864 to €118,213
- Other debts +€8,094
new in 2025: €8,094
- Gross operating margin -€74,210
down €74,210 (-20.9%), from €354,550 to €280,340
- Staff costs -€67,248
down €67,248 (-23.1%), from €291,435 to €224,187
- Financial charges +€25,177
up €25,177 (+227%), from €11,104 to €36,281
- Taxes -€8,885
down €8,885 (-90.1%), from €9,857 to €972
- Depreciation +€5,353
up €5,353 (+32.8%), from €16,303 to €21,657
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 | €493,358 | €805,199 | +€311,841 | +63.2% |
| Fixed assets | 21/28 | €148,758 | €347,226 | +€198,468 | +133% |
| Tangible fixed assets | 22/27 | €131,188 | €327,906 | +€196,718 | +150% |
| Land and buildings | 22 | - | €218,270 | +€218,270 | |
| Plant, machinery and equipment | 23 | €22,159 | €15,794 | -€6,365 | -28.7% |
| Furniture and vehicles | 24 | €5,513 | €3,276 | -€2,237 | -40.6% |
| Other tangible fixed assets | 26 | €103,516 | €90,566 | -€12,950 | -12.5% |
| Financial fixed assets | 28 | €17,570 | €19,320 | +€1,750 | +10.0% |
| Current assets | 29/58 | €344,600 | €457,973 | +€113,373 | +32.9% |
| Stocks and contracts in progress | 3 | €16,163 | €8,312 | -€7,851 | -48.6% |
| Stocks | 30/36 | €16,163 | €8,312 | -€7,851 | -48.6% |
| Amounts receivable within one year | 40/41 | €272,747 | €441,686 | +€168,938 | +61.9% |
| Trade receivables | 40 | €72,622 | €278,555 | +€205,933 | +284% |
| Other amounts receivable | 41 | €200,125 | €163,131 | -€36,994 | -18.5% |
| Cash at bank and in hand | 54/58 | €55,690 | €1,882 | -€53,807 | -96.6% |
| Deferred charges and accrued income | 490/1 | - | €6,093 | +€6,093 | |
| Total equity and liabilities | 10/49 | €493,358 | €805,199 | +€311,841 | +63.2% |
| Equity | 10/15 | €174,180 | €175,789 | +€1,609 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,901 | €5,901 | = | 0.0% |
| Distributable reserves | 133 | €5,901 | €5,901 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,679 | €151,287 | +€1,609 | +1.1% |
| Amounts payable | 17/49 | €319,178 | €629,410 | +€310,232 | +97.2% |
| Amounts payable after more than one year | 17 | €87,761 | €227,679 | +€139,918 | +159% |
| Financial debts | 170/4 | €87,761 | €227,679 | +€139,918 | +159% |
| Amounts payable within one year | 42/48 | €231,417 | €401,731 | +€170,314 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €29,195 | €110,428 | +€81,232 | +278% |
| Trade debts | 44 | €127,864 | €118,213 | -€9,651 | -7.5% |
| Suppliers | 440/4 | €127,864 | €118,213 | -€9,651 | -7.5% |
| Advances received on contracts in progress | 46 | - | €90,000 | +€90,000 | |
| Taxes, remuneration and social security | 45 | €74,357 | €74,996 | +€639 | +0.9% |
| Taxes | 450/3 | €39,658 | €37,726 | -€1,932 | -4.9% |
| Remuneration and social security | 454/9 | €34,699 | €37,270 | +€2,571 | +7.4% |
| Other amounts payable | 47/48 | - | €8,094 | +€8,094 | |
| Remuneration, social security and pensions | 62 | €291,435 | €224,187 | -€67,248 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,303 | €21,657 | +€5,353 | +32.8% |
| Other operating charges | 640/8 | €8,815 | €3,621 | -€5,194 | -58.9% |
| Gross operating margin | 9900 | €354,550 | €280,340 | -€74,210 | -20.9% |
| Operating profit (loss) | 9901 | €37,997 | €30,876 | -€7,121 | -18.7% |
| Financial income | 75/76B | €13,162 | €7,986 | -€5,176 | -39.3% |
| Recurring financial income | 75 | €13,162 | €7,986 | -€5,176 | -39.3% |
| Financial charges | 65/66B | €11,104 | €36,281 | +€25,177 | +227% |
| Recurring financial charges | 65 | €11,104 | €36,281 | +€25,177 | +227% |
| Profit (loss) for the period before taxes | 9903 | €40,055 | €2,581 | -€37,474 | -93.6% |
| Income taxes | 67/77 | €9,857 | €972 | -€8,885 | -90.1% |
| Profit (loss) for the period | 9904 | €30,198 | €1,609 | -€28,589 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,198 | €1,609 | -€28,589 | -94.7% |
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 28 October 2026 via checked.be.