CUMA HENCORA: 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.
CUMA HENCORA
Largest movements
- Receivables within one year +€87,257
up €87,257 (+141%), from €61,909 to €149,166
of which Trade receivables: +€89,476
- Tangible fixed assets -€47,016
down €47,016 (-25.7%), from €182,974 to €135,959
of which Plant, machinery and equipment: -€46,422
- Cash -€5,672
no longer reported in 2025 (was €5,672)
mainly Receivables within one year (-€87,257) and Debts after one year (-€18,824)
- Stocks and contracts +€3,703
up €3,703 (+264%), from €1,404 to €5,107
- Other debts +€28,224
up €28,224 (+35.3%), from €79,883 to €108,107
- Reserves +€19,217
up €19,217 (+143%), from €13,468 to €32,684
of which Tax-exempt reserves: +€19,217
- Debts after one year -€18,824
down €18,824 (-22.8%), from €82,449 to €63,625
- Provisions +€6,406
up €6,406 (+166%), from €3,869 to €10,275
- Tax, wage and social debts +€4,498
up €4,498 (+7,940%), from €57 to €4,555
- Depreciation -€17,763
down €17,763 (-33.0%), from €53,851 to €36,088
- Gross operating margin +€10,909
up €10,909 (+20.0%), from €54,477 to €65,386
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 | €252,983 | €291,263 | +€38,280 | +15.1% |
| Fixed assets | 21/28 | €182,974 | €135,959 | -€47,016 | -25.7% |
| Tangible fixed assets | 22/27 | €182,974 | €135,959 | -€47,016 | -25.7% |
| Plant, machinery and equipment | 23 | €181,275 | €134,853 | -€46,422 | -25.6% |
| Furniture and vehicles | 24 | €1,700 | €1,106 | -€594 | -34.9% |
| Current assets | 29/58 | €70,009 | €155,304 | +€85,295 | +122% |
| Stocks and contracts in progress | 3 | €1,404 | €5,107 | +€3,703 | +264% |
| Stocks | 30/36 | €1,404 | €5,107 | +€3,703 | +264% |
| Amounts receivable within one year | 40/41 | €61,909 | €149,166 | +€87,257 | +141% |
| Trade receivables | 40 | €59,690 | €149,166 | +€89,476 | +150% |
| Other amounts receivable | 41 | €2,219 | - | -€2,219 | |
| Cash at bank and in hand | 54/58 | €5,672 | - | -€5,672 | |
| Deferred charges and accrued income | 490/1 | €1,024 | €1,031 | +€7 | +0.7% |
| Total equity and liabilities | 10/49 | €252,983 | €291,263 | +€38,280 | +15.1% |
| Equity | 10/15 | €63,213 | €82,672 | +€19,458 | +30.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €13,468 | €32,684 | +€19,217 | +143% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,608 | €30,825 | +€19,217 | +166% |
| Profit (loss) carried forward | 14 | €43,548 | €43,790 | +€242 | +0.6% |
| Provisions and deferred taxes | 16 | €3,869 | €10,275 | +€6,406 | +166% |
| Deferred taxes | 168 | €3,869 | €10,275 | +€6,406 | +166% |
| Amounts payable | 17/49 | €185,900 | €198,316 | +€12,416 | +6.7% |
| Amounts payable after more than one year | 17 | €82,449 | €63,625 | -€18,824 | -22.8% |
| Financial debts | 170/4 | €82,449 | €63,625 | -€18,824 | -22.8% |
| Amounts payable within one year | 42/48 | €103,124 | €134,691 | +€31,567 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €22,872 | €22,030 | -€842 | -3.7% |
| Trade debts | 44 | €312 | - | -€312 | |
| Suppliers | 440/4 | €312 | - | -€312 | |
| Taxes, remuneration and social security | 45 | €57 | €4,555 | +€4,498 | +7,940% |
| Taxes | 450/3 | €57 | €4,555 | +€4,498 | +7,940% |
| Other amounts payable | 47/48 | €79,883 | €108,107 | +€28,224 | +35.3% |
| Accrued charges and deferred income | 492/3 | €328 | - | -€328 | |
| Non-recurring operating income | 76A | - | €29,100 | +€29,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,851 | €36,088 | -€17,763 | -33.0% |
| Other operating charges | 640/8 | €315 | €398 | +€83 | +26.2% |
| Gross operating margin | 9900 | €54,477 | €65,386 | +€10,909 | +20.0% |
| Operating profit (loss) | 9901 | €310 | €28,900 | +€28,590 | +9,221% |
| Financial income | 75/76B | €1 | €1 | +€0 | +8.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +8.0% |
| Financial charges | 65/66B | €3,503 | €3,037 | -€465 | -13.3% |
| Recurring financial charges | 65 | €3,503 | €3,037 | -€465 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,192 | €25,864 | +€29,055 | |
| Transfer from deferred taxes | 780 | €870 | €869 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | - | €7,275 | +€7,275 | |
| Profit (loss) for the period | 9904 | -€2,322 | €19,458 | +€21,780 | |
| Transfer from tax-exempt reserves | 789 | €2,609 | €2,608 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €21,825 | +€21,825 | |
| Profit (loss) for the period to be appropriated | 9905 | €287 | €242 | -€45 | -15.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.