AHDC: 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.
AHDC
Largest movements
- Stocks and contracts +€430,941
up €430,941 (+300.0%), from €143,625 to €574,566
- Tangible fixed assets -€48,337
down €48,337 (-6.6%), from €733,854 to €685,517
of which Land and buildings: -€26,567
- Receivables within one year +€37,074
up €37,074 (+57.4%), from €64,628 to €101,702
of which Other amounts receivable: +€29,639
- Cash -€26,301
down €26,301 (-70.8%), from €37,132 to €10,831
mainly Stocks and contracts (-€430,941) and Debts after one year (-€78,640)
- Current portion of long-term debt +€411,017
up €411,017 (+301.6%), from €136,290 to €547,308
- Debts after one year -€78,640
down €78,640 (-43.4%), from €181,402 to €102,762
- Profit (loss) carried forward +€69,981
up €69,981 (+17.7%), from €395,339 to €465,320
- Other debts -€55,000
no longer reported in 2025 (was €55,000)
- Tax, wage and social debts +€37,079
up €37,079 (+134.6%), from €27,553 to €64,632
of which Taxes: +€37,054
- Gross operating margin -€38,707
down €38,707 (-17.4%), from €223,014 to €184,307
- Other operating charges -€7,953
down €7,953 (-56.8%), from €14,006 to €6,053
- Financial charges -€2,972
down €2,972 (-9.3%), from €31,787 to €28,816
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 | €981,488 | €1,387,475 | +€405,987 | +41.4% |
| Fixed assets | 21/28 | €733,854 | €686,517 | -€47,337 | -6.5% |
| Tangible fixed assets | 22/27 | €733,854 | €685,517 | -€48,337 | -6.6% |
| Land and buildings | 22 | €638,927 | €612,360 | -€26,567 | -4.2% |
| Furniture and vehicles | 24 | €79,124 | €59,865 | -€19,259 | -24.3% |
| Other tangible fixed assets | 26 | €15,803 | €13,291 | -€2,512 | -15.9% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €247,634 | €700,958 | +€453,324 | +183.1% |
| Stocks and contracts in progress | 3 | €143,625 | €574,566 | +€430,941 | +300.0% |
| Stocks | 30/36 | €143,625 | €574,566 | +€430,941 | +300.0% |
| Amounts receivable within one year | 40/41 | €64,628 | €101,702 | +€37,074 | +57.4% |
| Trade receivables | 40 | €21,455 | €28,890 | +€7,435 | +34.7% |
| Other amounts receivable | 41 | €43,173 | €72,812 | +€29,639 | +68.7% |
| Current investments | 50/53 | €80 | €11,675 | +€11,595 | +14528.5% |
| Cash at bank and in hand | 54/58 | €37,132 | €10,831 | -€26,301 | -70.8% |
| Deferred charges and accrued income | 490/1 | €2,169 | €2,183 | +€14 | +0.7% |
| Total equity and liabilities | 10/49 | €981,488 | €1,387,475 | +€405,987 | +41.4% |
| Equity | 10/15 | €408,399 | €478,380 | +€69,981 | +17.1% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,339 | €465,320 | +€69,981 | +17.7% |
| Amounts payable | 17/49 | €573,090 | €909,095 | +€336,005 | +58.6% |
| Amounts payable after more than one year | 17 | €181,402 | €102,762 | -€78,640 | -43.4% |
| Financial debts | 170/4 | €181,402 | €102,762 | -€78,640 | -43.4% |
| Amounts payable within one year | 42/48 | €391,304 | €806,213 | +€414,909 | +106.0% |
| Current portion of amounts payable after more than one year | 42 | €136,290 | €547,308 | +€411,017 | +301.6% |
| Financial debts | 43 | €160,000 | €160,000 | = | 0.0% |
| Credit institutions | 430/8 | €160,000 | €160,000 | = | 0.0% |
| Trade debts | 44 | €4,656 | €21,289 | +€16,633 | +357.3% |
| Suppliers | 440/4 | €4,656 | €21,289 | +€16,633 | +357.3% |
| Advances received on contracts in progress | 46 | €7,805 | €12,984 | +€5,179 | +66.4% |
| Taxes, remuneration and social security | 45 | €27,553 | €64,632 | +€37,079 | +134.6% |
| Taxes | 450/3 | €25,500 | €62,554 | +€37,054 | +145.3% |
| Remuneration and social security | 454/9 | €2,053 | €2,078 | +€25 | +1.2% |
| Other amounts payable | 47/48 | €55,000 | - | -€55,000 | |
| Accrued charges and deferred income | 492/3 | €383 | €120 | -€263 | -68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,353 | €54,273 | +€920 | +1.7% |
| Other operating charges | 640/8 | €14,006 | €6,053 | -€7,953 | -56.8% |
| Gross operating margin | 9900 | €223,014 | €184,307 | -€38,707 | -17.4% |
| Operating profit (loss) | 9901 | €155,655 | €123,981 | -€31,674 | -20.3% |
| Financial income | 75/76B | €924 | €252 | -€672 | -72.7% |
| Recurring financial income | 75 | €924 | €252 | -€672 | -72.7% |
| Financial charges | 65/66B | €31,787 | €28,816 | -€2,972 | -9.3% |
| Recurring financial charges | 65 | €31,787 | €28,816 | -€2,972 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €124,792 | €95,417 | -€29,374 | -23.5% |
| Income taxes | 67/77 | €25,495 | €25,436 | -€59 | -0.2% |
| Profit (loss) for the period | 9904 | €99,297 | €69,981 | -€29,315 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €99,297 | €69,981 | -€29,315 | -29.5% |
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 10 October 2026 via checked.be.