DE AHORN: 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.
DE AHORN
Largest movements
- Tangible fixed assets -€2.6m
down €2.6m (-26.1%), from €9.8m to €7.3m
of which Land and buildings: -€1.4m
- Receivables after one year +€697,899
up €697,899 (+10.8%), from €6.5m to €7.2m
- Cash +€351,569
up €351,569 (+1,539%), from €22,847 to €374,416
mainly Debts after one year (+€3.9m) and Investment in fixed assets (net) (+€2.4m)
- Receivables within one year +€309,710
up €309,710 (+156%), from €198,266 to €507,976
of which Other amounts receivable: +€249,700
- Other debts -€5.4m
down €5.4m (-100%), from €5.4m to €0
- Debts after one year +€3.9m
up €3.9m (+55.6%), from €7.0m to €10.9m
- Reserves +€252,859
up €252,859 (+5.6%), from €4.5m to €4.8m
of which Distributable reserves: +€263,765
- Depreciation -€99,559
down €99,559 (-38.6%), from €257,742 to €158,184
- Taxes +€64,048
up €64,048 (+145%), from €44,232 to €108,280
- Other operating charges +€63,722
up €63,722 (+382%), from €16,680 to €80,402
- Financial charges -€63,303
down €63,303 (-16.8%), from €376,526 to €313,223
- Gross operating margin +€61,533
up €61,533 (+8.9%), from €693,762 to €755,295
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 | €17,517,825 | €16,311,125 | -€1.2m | -6.9% |
| Fixed assets | 21/28 | €10,820,605 | €8,255,837 | -€2.6m | -23.7% |
| Tangible fixed assets | 22/27 | €9,821,601 | €7,256,837 | -€2.6m | -26.1% |
| Land and buildings | 22 | €6,202,370 | €4,840,800 | -€1.4m | -22.0% |
| Plant, machinery and equipment | 23 | €8,074 | €5,167 | -€2,907 | -36.0% |
| Leasing and similar rights | 25 | €32,038 | €17,122 | -€14,916 | -46.6% |
| Other tangible fixed assets | 26 | €3,579,120 | €2,393,748 | -€1.2m | -33.1% |
| Financial fixed assets | 28 | €999,003 | €999,000 | -€3 | 0.0% |
| Current assets | 29/58 | €6,697,221 | €8,055,288 | +€1.4m | +20.3% |
| Amounts receivable after more than one year | 29 | €6,471,545 | €7,169,444 | +€697,899 | +10.8% |
| Other amounts receivable | 291 | €6,471,545 | €7,169,444 | +€697,899 | +10.8% |
| Amounts receivable within one year | 40/41 | €198,266 | €507,976 | +€309,710 | +156% |
| Trade receivables | 40 | €0 | €60,010 | +€60,010 | |
| Other amounts receivable | 41 | €198,266 | €447,966 | +€249,700 | +126% |
| Cash at bank and in hand | 54/58 | €22,847 | €374,416 | +€351,569 | +1,539% |
| Deferred charges and accrued income | 490/1 | €4,562 | €3,451 | -€1,111 | -24.4% |
| Total equity and liabilities | 10/49 | €17,517,825 | €16,311,125 | -€1.2m | -6.9% |
| Equity | 10/15 | €4,600,771 | €4,853,629 | +€252,859 | +5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,538,771 | €4,791,629 | +€252,859 | +5.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €326,056 | €315,149 | -€10,907 | -3.3% |
| Distributable reserves | 133 | €4,206,515 | €4,470,280 | +€263,765 | +6.3% |
| Provisions and deferred taxes | 16 | €103,485 | €99,850 | -€3,636 | -3.5% |
| Deferred taxes | 168 | €103,485 | €99,850 | -€3,636 | -3.5% |
| Amounts payable | 17/49 | €12,813,569 | €11,357,646 | -€1.5m | -11.4% |
| Amounts payable after more than one year | 17 | €6,975,523 | €10,851,037 | +€3.9m | +55.6% |
| Financial debts | 170/4 | €6,975,523 | €10,851,037 | +€3.9m | +55.6% |
| Amounts payable within one year | 42/48 | €5,755,294 | €428,834 | -€5.3m | -92.5% |
| Current portion of amounts payable after more than one year | 42 | €341,796 | €308,265 | -€33,530 | -9.8% |
| Trade debts | 44 | €31,541 | €58,788 | +€27,247 | +86.4% |
| Suppliers | 440/4 | €31,541 | €58,788 | +€27,247 | +86.4% |
| Taxes, remuneration and social security | 45 | €23,619 | €61,780 | +€38,161 | +162% |
| Taxes | 450/3 | €23,619 | €59,727 | +€36,108 | +153% |
| Remuneration and social security | 454/9 | - | €2,053 | +€2,053 | |
| Other amounts payable | 47/48 | €5,358,338 | €0 | -€5.4m | -100% |
| Accrued charges and deferred income | 492/3 | €82,753 | €77,775 | -€4,977 | -6.0% |
| Non-recurring operating income | 76A | - | €10,107 | +€10,107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,742 | €158,184 | -€99,559 | -38.6% |
| Other operating charges | 640/8 | €16,680 | €80,402 | +€63,722 | +382% |
| Gross operating margin | 9900 | €693,762 | €755,295 | +€61,533 | +8.9% |
| Operating profit (loss) | 9901 | €419,340 | €516,710 | +€97,370 | +23.2% |
| Financial income | 75/76B | €126,582 | €154,016 | +€27,434 | +21.7% |
| Recurring financial income | 75 | €126,582 | €151,437 | +€24,855 | +19.6% |
| Non-recurring financial income | 76B | - | €2,579 | +€2,579 | |
| Financial charges | 65/66B | €376,526 | €313,223 | -€63,303 | -16.8% |
| Recurring financial charges | 65 | €376,526 | €313,223 | -€63,303 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €169,396 | €357,503 | +€188,107 | +111% |
| Transfer from deferred taxes | 780 | €3,636 | €3,636 | +€0 | 0.0% |
| Income taxes | 67/77 | €44,232 | €108,280 | +€64,048 | +145% |
| Profit (loss) for the period | 9904 | €128,800 | €252,859 | +€124,059 | +96.3% |
| Transfer from tax-exempt reserves | 789 | €10,907 | €10,907 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,706 | €263,765 | +€124,059 | +88.8% |
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 19 October 2026 via checked.be.