AHP: 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.
AHP
Largest movements
- Receivables within one year -€141,962
down €141,962 (-29.6%), from €479,426 to €337,464
of which Trade receivables: -€122,652
- Stocks and contracts +€93,745
up €93,745 (+16.6%), from €564,502 to €658,247
of which Stocks: +€76,617
- Cash -€79,646
down €79,646 (-56.7%), from €140,350 to €60,704
mainly Short-term financial debts (-€172,591) and Trade debts (-€108,213)
- Short-term financial debts -€172,591
down €172,591 (-33.0%), from €522,548 to €349,957
- Advances received +€110,270
new in 2025: €110,270
- Trade debts -€108,213
down €108,213 (-20.7%), from €523,447 to €415,234
- Tax, wage and social debts +€57,030
up €57,030 (+58.0%), from €98,370 to €155,400
of which Taxes: +€38,415
- Debts after one year -€30,389
down €30,389 (-31.0%), from €98,058 to €67,670
- Gross operating margin +€36,144
up €36,144 (+5.0%), from €726,546 to €762,690
- Financial charges -€17,516
down €17,516 (-25.4%), from €68,887 to €51,371
- Taxes +€10,389
up €10,389 (+57.4%), from €18,100 to €28,489
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 | €1,686,234 | €1,569,238 | -€116,996 | -6.9% |
| Fixed assets | 21/28 | €489,587 | €500,238 | +€10,650 | +2.2% |
| Intangible fixed assets | 21 | €9,092 | €7,060 | -€2,032 | -22.3% |
| Tangible fixed assets | 22/27 | €478,746 | €491,428 | +€12,682 | +2.6% |
| Land and buildings | 22 | €245,437 | €236,250 | -€9,187 | -3.7% |
| Plant, machinery and equipment | 23 | €57,266 | €88,532 | +€31,266 | +54.6% |
| Furniture and vehicles | 24 | €30,339 | €21,449 | -€8,890 | -29.3% |
| Leasing and similar rights | 25 | €71,471 | €81,582 | +€10,111 | +14.1% |
| Other tangible fixed assets | 26 | €74,233 | €63,615 | -€10,618 | -14.3% |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €1,196,647 | €1,069,000 | -€127,646 | -10.7% |
| Stocks and contracts in progress | 3 | €564,502 | €658,247 | +€93,745 | +16.6% |
| Stocks | 30/36 | €487,612 | €564,228 | +€76,617 | +15.7% |
| Contracts in progress | 37 | €76,890 | €94,019 | +€17,129 | +22.3% |
| Amounts receivable within one year | 40/41 | €479,426 | €337,464 | -€141,962 | -29.6% |
| Trade receivables | 40 | €450,480 | €327,828 | -€122,652 | -27.2% |
| Other amounts receivable | 41 | €28,946 | €9,636 | -€19,310 | -66.7% |
| Cash at bank and in hand | 54/58 | €140,350 | €60,704 | -€79,646 | -56.7% |
| Deferred charges and accrued income | 490/1 | €12,370 | €12,586 | +€216 | +1.7% |
| Total equity and liabilities | 10/49 | €1,686,234 | €1,569,238 | -€116,996 | -6.9% |
| Equity | 10/15 | €316,413 | €344,318 | +€27,906 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,867 | €156,772 | +€27,906 | +21.7% |
| Tax-exempt reserves | 132 | €6,936 | €6,936 | = | 0.0% |
| Distributable reserves | 133 | €121,930 | €149,836 | +€27,906 | +22.9% |
| Profit (loss) carried forward | 14 | €168,946 | €168,946 | = | 0.0% |
| Amounts payable | 17/49 | €1,369,821 | €1,224,920 | -€144,902 | -10.6% |
| Amounts payable after more than one year | 17 | €98,058 | €67,670 | -€30,389 | -31.0% |
| Financial debts | 170/4 | €98,058 | €67,670 | -€30,389 | -31.0% |
| Amounts payable within one year | 42/48 | €1,271,763 | €1,157,250 | -€114,513 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €92,668 | €90,496 | -€2,172 | -2.3% |
| Financial debts | 43 | €522,548 | €349,957 | -€172,591 | -33.0% |
| Credit institutions | 430/8 | €522,548 | €349,957 | -€172,591 | -33.0% |
| Trade debts | 44 | €523,447 | €415,234 | -€108,213 | -20.7% |
| Suppliers | 440/4 | €523,447 | €415,234 | -€108,213 | -20.7% |
| Advances received on contracts in progress | 46 | - | €110,270 | +€110,270 | |
| Taxes, remuneration and social security | 45 | €98,370 | €155,400 | +€57,030 | +58.0% |
| Taxes | 450/3 | €30,214 | €68,629 | +€38,415 | +127.1% |
| Remuneration and social security | 454/9 | €68,157 | €86,771 | +€18,615 | +27.3% |
| Other amounts payable | 47/48 | €34,730 | €35,893 | +€1,163 | +3.3% |
| Remuneration, social security and pensions | 62 | €513,123 | €520,367 | +€7,244 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,633 | €82,411 | -€3,222 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,836 | +€1,836 | |
| Other operating charges | 640/8 | €6,470 | €12,470 | +€6,000 | +92.7% |
| Non-recurring operating charges | 66A | - | €1,237 | +€1,237 | |
| Gross operating margin | 9900 | €726,546 | €762,690 | +€36,144 | +5.0% |
| Operating profit (loss) | 9901 | €121,320 | €144,370 | +€23,050 | +19.0% |
| Financial income | 75/76B | €1,484 | €1,176 | -€307 | -20.7% |
| Recurring financial income | 75 | €1,484 | €1,176 | -€307 | -20.7% |
| Financial charges | 65/66B | €68,887 | €51,371 | -€17,516 | -25.4% |
| Recurring financial charges | 65 | €68,887 | €51,371 | -€17,516 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €53,917 | €94,176 | +€40,259 | +74.7% |
| Income taxes | 67/77 | €18,100 | €28,489 | +€10,389 | +57.4% |
| Profit (loss) for the period | 9904 | €35,817 | €65,688 | +€29,870 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,817 | €65,688 | +€29,870 | +83.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.