AVH MANAGEMENT: 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.
AVH MANAGEMENT
Largest movements
- Tangible fixed assets -€40,205
down €40,205 (-8.5%), from €471,237 to €431,032
of which Furniture and vehicles: -€24,101
- Cash -€33,915
down €33,915 (-88.7%), from €38,236 to €4,321
mainly Contributions, distributions and other (-€58,175) and Debts after one year (-€49,605)
- Receivables within one year -€18,528
down €18,528 (-43.9%), from €42,218 to €23,690
of which Other amounts receivable: -€36,300
- Debts after one year -€49,605
down €49,605 (-13.0%), from €381,211 to €331,606
of which Financial debts: -€49,605
- Reserves -€41,945
down €41,945 (-27.9%), from €150,486 to €108,541
- Current portion of long-term debt -€7,617
down €7,617 (-12.8%), from €59,289 to €51,672
- Gross operating margin -€30,313
down €30,313 (-27.4%), from €110,825 to €80,512
- Depreciation +€4,823
up €4,823 (+11.7%), from €41,246 to €46,069
- Taxes -€3,569
down €3,569 (-30.6%), from €11,648 to €8,079
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €628,773 | €536,339 | -€92,434 | -14.7% |
| Fixed assets | 21/28 | €471,333 | €431,158 | -€40,175 | -8.5% |
| Tangible fixed assets | 22/27 | €471,237 | €431,032 | -€40,205 | -8.5% |
| Land and buildings | 22 | €370,759 | €354,655 | -€16,104 | -4.3% |
| Furniture and vehicles | 24 | €100,478 | €76,377 | -€24,101 | -24.0% |
| Financial fixed assets | 28 | €96 | €126 | +€30 | +31.3% |
| Current assets | 29/58 | €157,440 | €105,181 | -€52,259 | -33.2% |
| Amounts receivable after more than one year | 29 | €74,269 | €74,269 | = | 0.0% |
| Other amounts receivable | 291 | €74,269 | €74,269 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,218 | €23,690 | -€18,528 | -43.9% |
| Trade receivables | 40 | €1,984 | €19,756 | +€17,772 | +896% |
| Other amounts receivable | 41 | €40,234 | €3,934 | -€36,300 | -90.2% |
| Cash at bank and in hand | 54/58 | €38,236 | €4,321 | -€33,915 | -88.7% |
| Deferred charges and accrued income | 490/1 | €2,717 | €2,901 | +€184 | +6.8% |
| Total equity and liabilities | 10/49 | €628,773 | €536,339 | -€92,434 | -14.7% |
| Equity | 10/15 | €170,486 | €128,541 | -€41,945 | -24.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €150,486 | €108,541 | -€41,945 | -27.9% |
| Distributable reserves | 133 | €150,486 | €108,541 | -€41,945 | -27.9% |
| Amounts payable | 17/49 | €458,287 | €407,798 | -€50,489 | -11.0% |
| Amounts payable after more than one year | 17 | €381,211 | €331,606 | -€49,605 | -13.0% |
| Financial debts | 170/4 | €376,747 | €327,142 | -€49,605 | -13.2% |
| Other amounts payable | 178/9 | €4,464 | €4,464 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,033 | €75,851 | -€1,182 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €59,289 | €51,672 | -€7,617 | -12.8% |
| Financial debts | 43 | €3,713 | €4,038 | +€325 | +8.8% |
| Credit institutions | 430/8 | €3,713 | €4,038 | +€325 | +8.8% |
| Trade debts | 44 | €4,450 | €8,343 | +€3,893 | +87.5% |
| Suppliers | 440/4 | €4,450 | €8,343 | +€3,893 | +87.5% |
| Taxes, remuneration and social security | 45 | €9,581 | €9,705 | +€124 | +1.3% |
| Taxes | 450/3 | €9,581 | €9,705 | +€124 | +1.3% |
| Other amounts payable | 47/48 | - | €2,093 | +€2,093 | |
| Accrued charges and deferred income | 492/3 | €43 | €341 | +€298 | +693% |
| Non-recurring operating income | 76A | €25,000 | - | -€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,246 | €46,069 | +€4,823 | +11.7% |
| Other operating charges | 640/8 | €2,073 | €2,774 | +€701 | +33.8% |
| Gross operating margin | 9900 | €110,825 | €80,512 | -€30,313 | -27.4% |
| Operating profit (loss) | 9901 | €67,506 | €31,669 | -€35,837 | -53.1% |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €7,774 | €7,360 | -€414 | -5.3% |
| Recurring financial charges | 65 | €7,774 | €7,360 | -€414 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €59,750 | €24,309 | -€35,441 | -59.3% |
| Income taxes | 67/77 | €11,648 | €8,079 | -€3,569 | -30.6% |
| Profit (loss) for the period | 9904 | €48,102 | €16,230 | -€31,872 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,102 | €16,230 | -€31,872 | -66.3% |
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 14 October 2026 via checked.be.