CYCLES HENKET: 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.
CYCLES HENKET
Largest movements
- Stocks and contracts -€150,655
down €150,655 (-19.9%), from €758,613 to €607,958
- Receivables within one year -€33,980
down €33,980 (-42.9%), from €79,238 to €45,258
of which Trade receivables: -€46,679
- Cash +€25,796
up €25,796 (+11.2%), from €230,951 to €256,747
mainly Stocks and contracts (+€150,655) and Receivables within one year (+€33,980)
- Other debts -€160,010
down €160,010 (-99.9%), from €160,233 to €223
- Tax, wage and social debts +€17,241
up €17,241 (+81.4%), from €21,175 to €38,415
of which Remuneration and social security: +€14,550
- Profit (loss) carried forward -€13,474
down €13,474 (-1.6%), from €862,921 to €849,447
- Gross operating margin -€116,979
down €116,979 (-41.2%), from €283,697 to €166,719
- Staff costs +€64,428
up €64,428 (+63.7%), from €101,103 to €165,531
- Taxes -€45,129
down €45,129 (-99.1%), from €45,543 to €414
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 | €1,098,570 | €937,787 | -€160,784 | -14.6% |
| Fixed assets | 21/28 | €25,418 | €25,783 | +€365 | +1.4% |
| Tangible fixed assets | 22/27 | €25,418 | €23,283 | -€2,135 | -8.4% |
| Plant, machinery and equipment | 23 | €8,323 | €6,710 | -€1,613 | -19.4% |
| Furniture and vehicles | 24 | €668 | €315 | -€353 | -52.9% |
| Other tangible fixed assets | 26 | €16,428 | €16,258 | -€169 | -1.0% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €1,073,152 | €912,004 | -€161,149 | -15.0% |
| Stocks and contracts in progress | 3 | €758,613 | €607,958 | -€150,655 | -19.9% |
| Stocks | 30/36 | €758,613 | €607,958 | -€150,655 | -19.9% |
| Amounts receivable within one year | 40/41 | €79,238 | €45,258 | -€33,980 | -42.9% |
| Trade receivables | 40 | €58,351 | €11,673 | -€46,679 | -80.0% |
| Other amounts receivable | 41 | €20,887 | €33,585 | +€12,698 | +60.8% |
| Cash at bank and in hand | 54/58 | €230,951 | €256,747 | +€25,796 | +11.2% |
| Deferred charges and accrued income | 490/1 | €4,351 | €2,041 | -€2,310 | -53.1% |
| Total equity and liabilities | 10/49 | €1,098,570 | €937,787 | -€160,784 | -14.6% |
| Equity | 10/15 | €890,421 | €876,947 | -€13,474 | -1.5% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €862,921 | €849,447 | -€13,474 | -1.6% |
| Amounts payable | 17/49 | €208,149 | €60,839 | -€147,310 | -70.8% |
| Amounts payable within one year | 42/48 | €208,149 | €60,839 | -€147,310 | -70.8% |
| Trade debts | 44 | €26,742 | €22,201 | -€4,541 | -17.0% |
| Suppliers | 440/4 | €26,742 | €22,201 | -€4,541 | -17.0% |
| Taxes, remuneration and social security | 45 | €21,175 | €38,415 | +€17,241 | +81.4% |
| Taxes | 450/3 | €7,065 | €9,755 | +€2,691 | +38.1% |
| Remuneration and social security | 454/9 | €14,110 | €28,660 | +€14,550 | +103% |
| Other amounts payable | 47/48 | €160,233 | €223 | -€160,010 | -99.9% |
| Remuneration, social security and pensions | 62 | €101,103 | €165,531 | +€64,428 | +63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,240 | €4,708 | -€1,532 | -24.6% |
| Other operating charges | 640/8 | €1,109 | €1,042 | -€66 | -6.0% |
| Gross operating margin | 9900 | €283,697 | €166,719 | -€116,979 | -41.2% |
| Operating profit (loss) | 9901 | €175,246 | -€4,562 | -€179,808 | |
| Financial income | 75/76B | €6,156 | €3,875 | -€2,281 | -37.1% |
| Recurring financial income | 75 | €6,156 | €3,875 | -€2,281 | -37.1% |
| Financial charges | 65/66B | €1,633 | €2,373 | +€740 | +45.3% |
| Recurring financial charges | 65 | €1,633 | €2,373 | +€740 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €179,769 | -€3,060 | -€182,829 | |
| Income taxes | 67/77 | €45,543 | €414 | -€45,129 | -99.1% |
| Profit (loss) for the period | 9904 | €134,227 | -€3,474 | -€137,700 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,227 | -€3,474 | -€137,700 |
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 16 October 2026 via checked.be.