AHCO: 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.
AHCO
Largest movements
- Cash +€33,250
up €33,250 (+17.8%), from €186,455 to €219,705
mainly Net result for the year (+€43,677) and Depreciation (+€5,668)
- Tangible fixed assets -€5,668
down €5,668 (-51.4%), from €11,032 to €5,364
of which Furniture and vehicles: -€5,335
- Receivables within one year -€4,012
down €4,012 (-21.3%), from €18,846 to €14,834
of which Trade receivables: -€2,308
- Reserves +€43,677
up €43,677 (+29.5%), from €148,078 to €191,755
- Tax, wage and social debts -€8,668
down €8,668 (-19.0%), from €45,596 to €36,927
- Trade debts -€4,717
down €4,717 (-70.2%), from €6,719 to €2,002
- Debts after one year -€3,802
no longer reported in 2025 (was €3,802)
- Current portion of long-term debt -€2,989
down €2,989 (-44.0%), from €6,791 to €3,802
- Gross operating margin +€53,668
up €53,668 (+62.9%), from €85,343 to €139,012
- Financial charges +€23,957
up €23,957 (+58.4%), from €40,988 to €64,944
- Taxes +€9,013
up €9,013 (+86.6%), from €10,404 to €19,417
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 | €216,334 | €239,903 | +€23,569 | +10.9% |
| Fixed assets | 21/28 | €11,032 | €5,364 | -€5,668 | -51.4% |
| Tangible fixed assets | 22/27 | €11,032 | €5,364 | -€5,668 | -51.4% |
| Land and buildings | 22 | €1,411 | €1,222 | -€189 | -13.4% |
| Plant, machinery and equipment | 23 | €1,088 | €943 | -€145 | -13.3% |
| Furniture and vehicles | 24 | €8,534 | €3,199 | -€5,335 | -62.5% |
| Current assets | 29/58 | €205,301 | €234,539 | +€29,238 | +14.2% |
| Amounts receivable within one year | 40/41 | €18,846 | €14,834 | -€4,012 | -21.3% |
| Trade receivables | 40 | €17,142 | €14,834 | -€2,308 | -13.5% |
| Other amounts receivable | 41 | €1,705 | - | -€1,705 | |
| Cash at bank and in hand | 54/58 | €186,455 | €219,705 | +€33,250 | +17.8% |
| Total equity and liabilities | 10/49 | €216,334 | €239,903 | +€23,569 | +10.9% |
| Equity | 10/15 | €148,078 | €191,755 | +€43,677 | +29.5% |
| Reserves | 13 | €148,078 | €191,755 | +€43,677 | +29.5% |
| Distributable reserves | 133 | €148,078 | €191,755 | +€43,677 | +29.5% |
| Amounts payable | 17/49 | €68,256 | €48,148 | -€20,107 | -29.5% |
| Amounts payable after more than one year | 17 | €3,802 | - | -€3,802 | |
| Financial debts | 170/4 | €3,802 | - | -€3,802 | |
| Amounts payable within one year | 42/48 | €64,454 | €48,148 | -€16,305 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €6,791 | €3,802 | -€2,989 | -44.0% |
| Trade debts | 44 | €6,719 | €2,002 | -€4,717 | -70.2% |
| Suppliers | 440/4 | €6,719 | €2,002 | -€4,717 | -70.2% |
| Taxes, remuneration and social security | 45 | €45,596 | €36,927 | -€8,668 | -19.0% |
| Taxes | 450/3 | €45,596 | €36,927 | -€8,668 | -19.0% |
| Other amounts payable | 47/48 | €5,347 | €5,417 | +€69 | +1.3% |
| Remuneration, social security and pensions | 62 | €4,570 | €4,444 | -€126 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,116 | €5,668 | -€448 | -7.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€0 | - | +€0 | |
| Other operating charges | 640/8 | €999 | €862 | -€138 | -13.8% |
| Gross operating margin | 9900 | €85,343 | €139,012 | +€53,668 | +62.9% |
| Operating profit (loss) | 9901 | €73,658 | €128,038 | +€54,380 | +73.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €40,988 | €64,944 | +€23,957 | +58.4% |
| Recurring financial charges | 65 | €40,988 | €64,944 | +€23,957 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | €32,671 | €63,094 | +€30,423 | +93.1% |
| Income taxes | 67/77 | €10,404 | €19,417 | +€9,013 | +86.6% |
| Profit (loss) for the period | 9904 | €22,267 | €43,677 | +€21,410 | +96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,267 | €43,677 | +€21,410 | +96.2% |
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 5 October 2026 via checked.be.