AHF PROJECTS: 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.
AHF PROJECTS
Largest movements
- Receivables within one year +€236,855
up €236,855 (+9.9%), from €2.4m to €2.6m
of which Trade receivables: +€160,884
- Stocks and contracts +€207,700
up €207,700 (+25.9%), from €803,307 to €1.0m
of which Stocks: +€164,700
- Tangible fixed assets -€49,695
down €49,695 (-9.6%), from €517,494 to €467,799
- Other debts +€518,917
up €518,917 (+134.9%), from €384,702 to €903,618
- Debts after one year -€113,754
down €113,754 (-29.4%), from €386,730 to €272,976
- Gross operating margin -€39,478
down €39,478 (-38.3%), from €103,168 to €63,690
- Other operating charges +€7,149
up €7,149 (+113.4%), from €6,305 to €13,454
- Depreciation -€5,192
down €5,192 (-9.5%), from €54,887 to €49,695
- Financial charges -€4,575
down €4,575 (-6.0%), from €75,739 to €71,164
- Taxes +€4,199
up €4,199 (+2098.9%), from €200 to €4,399
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 | €3,718,278 | €4,114,042 | +€395,764 | +10.6% |
| Fixed assets | 21/28 | €520,364 | €470,669 | -€49,695 | -9.6% |
| Tangible fixed assets | 22/27 | €517,494 | €467,799 | -€49,695 | -9.6% |
| Land and buildings | 22 | €449,088 | €424,542 | -€24,545 | -5.5% |
| Plant, machinery and equipment | 23 | €33,198 | €20,497 | -€12,701 | -38.3% |
| Furniture and vehicles | 24 | €35,208 | €22,760 | -€12,449 | -35.4% |
| Financial fixed assets | 28 | €2,870 | €2,870 | = | 0.0% |
| Current assets | 29/58 | €3,197,914 | €3,643,373 | +€445,459 | +13.9% |
| Stocks and contracts in progress | 3 | €803,307 | €1,011,007 | +€207,700 | +25.9% |
| Stocks | 30/36 | €803,307 | €968,007 | +€164,700 | +20.5% |
| Contracts in progress | 37 | - | €43,000 | +€43,000 | |
| Amounts receivable within one year | 40/41 | €2,389,752 | €2,626,607 | +€236,855 | +9.9% |
| Trade receivables | 40 | €552,710 | €713,595 | +€160,884 | +29.1% |
| Other amounts receivable | 41 | €1,837,042 | €1,913,012 | +€75,971 | +4.1% |
| Cash at bank and in hand | 54/58 | €6 | €583 | +€577 | +9201.0% |
| Deferred charges and accrued income | 490/1 | €4,849 | €5,176 | +€327 | +6.8% |
| Total equity and liabilities | 10/49 | €3,718,278 | €4,114,042 | +€395,764 | +10.6% |
| Equity | 10/15 | €1,665,646 | €1,671,988 | +€6,342 | +0.4% |
| Contributions | 10/11 | €1,408,025 | €1,408,025 | = | 0.0% |
| Capital | 10 | €1,408,025 | €1,408,025 | = | 0.0% |
| Issued capital | 100 | €1,408,025 | €1,408,025 | = | 0.0% |
| Reserves | 13 | €125,326 | €131,326 | +€6,000 | +4.8% |
| Non-distributable reserves | 130/1 | €85,000 | €85,000 | = | 0.0% |
| Legal reserve | 130 | €85,000 | €85,000 | = | 0.0% |
| Distributable reserves | 133 | €40,326 | €46,326 | +€6,000 | +14.9% |
| Profit (loss) carried forward | 14 | €132,294 | €132,637 | +€342 | +0.3% |
| Amounts payable | 17/49 | €2,052,632 | €2,442,054 | +€389,422 | +19.0% |
| Amounts payable after more than one year | 17 | €386,730 | €272,976 | -€113,754 | -29.4% |
| Financial debts | 170/4 | €386,730 | €272,976 | -€113,754 | -29.4% |
| Amounts payable within one year | 42/48 | €1,665,902 | €2,169,078 | +€503,175 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €118,747 | €113,754 | -€4,993 | -4.2% |
| Financial debts | 43 | €1,004,811 | €999,313 | -€5,498 | -0.5% |
| Credit institutions | 430/8 | €1,004,811 | €999,313 | -€5,498 | -0.5% |
| Trade debts | 44 | €141,776 | €147,699 | +€5,923 | +4.2% |
| Suppliers | 440/4 | €141,776 | €147,699 | +€5,923 | +4.2% |
| Taxes, remuneration and social security | 45 | €15,867 | €4,694 | -€11,173 | -70.4% |
| Taxes | 450/3 | €15,867 | €4,694 | -€11,173 | -70.4% |
| Other amounts payable | 47/48 | €384,702 | €903,618 | +€518,917 | +134.9% |
| Remuneration, social security and pensions | 62 | €809 | €141 | -€668 | -82.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,887 | €49,695 | -€5,192 | -9.5% |
| Other operating charges | 640/8 | €6,305 | €13,454 | +€7,149 | +113.4% |
| Gross operating margin | 9900 | €103,168 | €63,690 | -€39,478 | -38.3% |
| Operating profit (loss) | 9901 | €41,168 | €400 | -€40,767 | -99.0% |
| Financial income | 75/76B | €77,792 | €81,506 | +€3,713 | +4.8% |
| Recurring financial income | 75 | €77,792 | €81,506 | +€3,713 | +4.8% |
| Financial charges | 65/66B | €75,739 | €71,164 | -€4,575 | -6.0% |
| Recurring financial charges | 65 | €75,739 | €71,164 | -€4,575 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €43,221 | €10,742 | -€32,480 | -75.1% |
| Income taxes | 67/77 | €200 | €4,399 | +€4,199 | +2098.9% |
| Profit (loss) for the period | 9904 | €43,021 | €6,342 | -€36,679 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,021 | €6,342 | -€36,679 | -85.3% |
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 7 October 2026 via checked.be.