AHC-GROUP: 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.
What changed
AHC-GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€30,549
2024 · -€4,267-€26,282
Equity
€5.6m
2024 · €5.6m-€30,549
Cash
€180,205
2024 · €365,814-€185,609
Balance sheet total
€5.8m
2024 · €5.9m-€149,787
Largest movements
Assets
- Cash -€185,609
down €185,609 (-50.7%), from €365,814 to €180,205
mainly Other debts (-€78,675) and Receivables after one year (-€60,500)
- Receivables after one year +€60,500
up €60,500 (+24.2%), from €250,000 to €310,500
Equity and liabilities
- Other debts -€78,675
down €78,675 (-51.0%), from €154,367 to €75,692
Income statement
- Gross operating margin -€30,407
down €30,407 (-83.7%), from €36,326 to €5,919
- Other operating charges -€2,550
down €2,550 (-21.0%), from €12,112 to €9,563
- Financial charges -€2,079
down €2,079 (-41.6%), from €5,003 to €2,924
- Depreciation +€636
up €636 (+1.6%), from €38,628 to €39,265
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.
Result 2024
-€4,267
Gross operating margin
-€30,407
Depreciation
-€636
Other operating charges
+€2,550
Financial income
+€156
Financial charges
+€2,079
Taxes
-€23
Result 2025
-€30,549
raises the resultlowers the result
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.
From operations
-€146,921
Investment
-€15,332
Financing
-€23,356
Cash 2024
€365,814
From operations (derived)
-€146,921
Net result for the year
-€30,549
Depreciation
+€39,265
Receivables after one year
-€60,500
Receivables within one year
-€13,210
Deferred charges and accrued income
+€13,955
Trade debts
-€14,655
Tax, wage and social debts
-€2,552
Other debts
-€78,675
Investment (derived)
-€15,332
Investment in fixed assets (net)
-€15,332
Financing
-€23,356
Debts after one year
-€23,356
Cash 2025
€180,205
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,937,066 | €5,787,278 | -€149,787 | -2.5% |
| Fixed assets | 21/28 | €5,077,983 | €5,054,050 | -€23,933 | -0.5% |
| Tangible fixed assets | 22/27 | €1,125,888 | €1,091,955 | -€33,933 | -3.0% |
| Land and buildings | 22 | €1,124,724 | €1,091,290 | -€33,434 | -3.0% |
| Plant, machinery and equipment | 23 | €166 | €0 | -€166 | -100% |
| Furniture and vehicles | 24 | €998 | €665 | -€333 | -33.3% |
| Financial fixed assets | 28 | €3,952,095 | €3,962,095 | +€10,000 | +0.3% |
| Current assets | 29/58 | €859,083 | €733,228 | -€125,854 | -14.6% |
| Amounts receivable after more than one year | 29 | €250,000 | €310,500 | +€60,500 | +24.2% |
| Other amounts receivable | 291 | €250,000 | €310,500 | +€60,500 | +24.2% |
| Amounts receivable within one year | 40/41 | €227,364 | €240,574 | +€13,210 | +5.8% |
| Trade receivables | 40 | €18,150 | €29,287 | +€11,137 | +61.4% |
| Other amounts receivable | 41 | €209,214 | €211,288 | +€2,073 | +1.0% |
| Cash at bank and in hand | 54/58 | €365,814 | €180,205 | -€185,609 | -50.7% |
| Deferred charges and accrued income | 490/1 | €15,904 | €1,949 | -€13,955 | -87.7% |
| Total equity and liabilities | 10/49 | €5,937,066 | €5,787,278 | -€149,787 | -2.5% |
| Equity | 10/15 | €5,611,324 | €5,580,775 | -€30,549 | -0.5% |
| Contributions | 10/11 | €3,846,878 | €3,846,878 | = | 0.0% |
| Reserves | 13 | €1,764,446 | €1,733,897 | -€30,549 | -1.7% |
| Non-distributable reserves | 130/1 | €384,688 | €384,688 | = | 0.0% |
| Reserves not available under the articles | 1311 | €384,688 | €384,688 | = | 0.0% |
| Distributable reserves | 133 | €1,379,758 | €1,349,209 | -€30,549 | -2.2% |
| Amounts payable | 17/49 | €325,742 | €206,504 | -€119,238 | -36.6% |
| Amounts payable after more than one year | 17 | €130,078 | €106,722 | -€23,356 | -18.0% |
| Financial debts | 170/4 | €122,833 | €100,833 | -€22,000 | -17.9% |
| Other amounts payable | 178/9 | €7,245 | €5,889 | -€1,356 | -18.7% |
| Amounts payable within one year | 42/48 | €195,664 | €99,782 | -€95,882 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €22,000 | €22,000 | = | 0.0% |
| Trade debts | 44 | €16,557 | €1,902 | -€14,655 | -88.5% |
| Suppliers | 440/4 | €16,557 | €1,902 | -€14,655 | -88.5% |
| Taxes, remuneration and social security | 45 | €2,741 | €188 | -€2,552 | -93.1% |
| Taxes | 450/3 | €2,741 | €188 | -€2,552 | -93.1% |
| Other amounts payable | 47/48 | €154,367 | €75,692 | -€78,675 | -51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,628 | €39,265 | +€636 | +1.6% |
| Other operating charges | 640/8 | €12,112 | €9,563 | -€2,550 | -21.0% |
| Gross operating margin | 9900 | €36,326 | €5,919 | -€30,407 | -83.7% |
| Operating profit (loss) | 9901 | -€14,414 | -€42,908 | -€28,494 | -198% |
| Financial income | 75/76B | €15,363 | €15,520 | +€156 | +1.0% |
| Recurring financial income | 75 | €15,363 | €15,520 | +€156 | +1.0% |
| Financial charges | 65/66B | €5,003 | €2,924 | -€2,079 | -41.6% |
| Recurring financial charges | 65 | €5,003 | €2,924 | -€2,079 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,054 | -€30,312 | -€26,258 | -648% |
| Income taxes | 67/77 | €214 | €237 | +€23 | +10.9% |
| Profit (loss) for the period | 9904 | -€4,267 | -€30,549 | -€26,282 | -616% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,267 | -€30,549 | -€26,282 | -616% |
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 29 October 2026 via checked.be.