Alfred HENRY: 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.
Alfred HENRY
Largest movements
- Stocks and contracts +€10,765
up €10,765 (+211%), from €5,100 to €15,865
- Receivables within one year +€6,176
up €6,176 (+223%), from €2,771 to €8,947
of which Trade receivables: +€5,100
- Tangible fixed assets +€1,675
up €1,675 (+3.5%), from €48,087 to €49,762
of which Plant, machinery and equipment: +€1,675
- Reserves +€20,116
up €20,116 (+24.1%), from €83,598 to €103,714
of which Distributable reserves: +€20,116
- Other debts -€6,927
no longer reported in 2025 (was €6,927)
- Tax, wage and social debts +€6,767
up €6,767 (+769%), from €880 to €7,647
- Gross operating margin +€21,537
up €21,537 (+357%), from €6,028 to €27,565
- Taxes +€5,646
up €5,646 (+503%), from €1,121 to €6,767
- Depreciation -€2,000
down €2,000 (-84.7%), from €2,362 to €362
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 | €112,669 | €131,408 | +€18,739 | +16.6% |
| Fixed assets | 21/28 | €49,984 | €51,659 | +€1,675 | +3.4% |
| Tangible fixed assets | 22/27 | €48,087 | €49,762 | +€1,675 | +3.5% |
| Land and buildings | 22 | €47,857 | €47,857 | = | 0.0% |
| Plant, machinery and equipment | 23 | €230 | €1,905 | +€1,675 | +727% |
| Financial fixed assets | 28 | €1,896 | €1,896 | = | 0.0% |
| Current assets | 29/58 | €62,685 | €79,749 | +€17,064 | +27.2% |
| Stocks and contracts in progress | 3 | €5,100 | €15,865 | +€10,765 | +211% |
| Stocks | 30/36 | €5,100 | €15,865 | +€10,765 | +211% |
| Amounts receivable within one year | 40/41 | €2,771 | €8,947 | +€6,176 | +223% |
| Trade receivables | 40 | €1,115 | €6,215 | +€5,100 | +457% |
| Other amounts receivable | 41 | €1,656 | €2,732 | +€1,076 | +65.0% |
| Cash at bank and in hand | 54/58 | €52,735 | €52,618 | -€117 | -0.2% |
| Deferred charges and accrued income | 490/1 | €2,079 | €2,319 | +€240 | +11.5% |
| Total equity and liabilities | 10/49 | €112,669 | €131,408 | +€18,739 | +16.6% |
| Equity | 10/15 | €102,190 | €122,306 | +€20,116 | +19.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €83,598 | €103,714 | +€20,116 | +24.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €81,738 | €101,855 | +€20,116 | +24.6% |
| Amounts payable | 17/49 | €10,479 | €9,102 | -€1,378 | -13.1% |
| Amounts payable within one year | 42/48 | €10,479 | €9,102 | -€1,378 | -13.1% |
| Trade debts | 44 | €2,672 | €1,455 | -€1,217 | -45.6% |
| Suppliers | 440/4 | €2,672 | €1,455 | -€1,217 | -45.6% |
| Taxes, remuneration and social security | 45 | €880 | €7,647 | +€6,767 | +769% |
| Taxes | 450/3 | €880 | €7,647 | +€6,767 | +769% |
| Other amounts payable | 47/48 | €6,927 | - | -€6,927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,362 | €362 | -€2,000 | -84.7% |
| Other operating charges | 640/8 | €271 | €302 | +€30 | +11.2% |
| Gross operating margin | 9900 | €6,028 | €27,565 | +€21,537 | +357% |
| Operating profit (loss) | 9901 | €3,395 | €26,901 | +€23,506 | +692% |
| Financial income | 75/76B | €0 | €0 | -€0 | -71.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -71.4% |
| Financial charges | 65/66B | €18 | €18 | -€0 | -0.3% |
| Recurring financial charges | 65 | €18 | €18 | -€0 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €3,377 | €26,883 | +€23,506 | +696% |
| Income taxes | 67/77 | €1,121 | €6,767 | +€5,646 | +503% |
| Profit (loss) for the period | 9904 | €2,256 | €20,116 | +€17,860 | +792% |
| Profit (loss) for the period to be appropriated | 9905 | €2,256 | €20,116 | +€17,860 | +792% |
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 25 October 2026 via checked.be.