CYCLES HENRARD: what changed
What changed
CYCLES HENRARD
NACE 47.632, Retail sale of bicycles
filed annual accounts (NBB)
Net result for the year
€67,437
2024 · €87,368-€19,931
Equity
€449,521
2024 · €504,516-€54,995
Cash
€182,157
2024 · €121,019+€61,138
Balance sheet total
€1.1m
2024 · €1.1m+€5,554
Largest movements
Assets
- Stocks and contracts -€93,418
down €93,418 (-19.6%), from €477,592 to €384,174
- Cash +€61,138
up €61,138 (+50.5%), from €121,019 to €182,157
mainly Stocks and contracts (+€93,418) and Other debts (+€74,688)
- Receivables within one year +€24,268
up €24,268 (+283%), from €8,581 to €32,849
of which Other amounts receivable: +€20,841
- Tangible fixed assets +€13,001
up €13,001 (+2.8%), from €470,778 to €483,780
of which Leasing and similar rights: +€30,844
Equity and liabilities
- Other debts +€74,688
up €74,688 (+156%), from €47,744 to €122,432
- Reserves -€54,156
down €54,156 (-11.5%), from €470,616 to €416,460
- Tax, wage and social debts -€21,857
down €21,857 (-35.1%), from €62,261 to €40,404
of which Taxes: -€23,159
Income statement
- Write-downs +€12,054
up €12,054, from -€9,358 to €2,696
- Staff costs +€9,697
up €9,697 (+9.2%), from €105,605 to €115,302
- Depreciation +€9,388
up €9,388 (+27.5%), from €34,194 to €43,581
- Taxes -€9,091
down €9,091 (-25.9%), from €35,102 to €26,011
- Gross operating margin +€5,489
up €5,489 (+2.0%), from €275,567 to €281,056
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€87,368
Gross operating margin
+€5,489
Staff costs
-€9,697
Depreciation
-€9,388
Write-downs
-€12,054
Other operating charges
-€1,364
Financial income
-€633
Financial charges
-€1,375
Taxes
+€9,091
Result 2025
€67,437
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€235,940
Investment
-€55,806
Financing
-€118,997
Cash 2024
€121,019
From operations (derived)
+€235,940
Net result for the year
+€67,437
Depreciation
+€43,581
Stocks and contracts
+€93,418
Receivables within one year
-€24,268
Deferred charges and accrued income
-€1,341
Trade debts
+€4,305
Tax, wage and social debts
-€21,857
Advances received
+€1,098
Other debts
+€74,688
Accrued charges and deferred income
-€1,121
Investment (derived)
-€55,806
Investment in fixed assets (net)
-€55,806
Financing
-€118,997
Debts after one year
-€4,076
Current portion of long-term debt
+€7,511
Contributions, distributions and other
-€122,432
Cash 2025
€182,157
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,094,907 | €1,100,460 | +€5,554 | +0.5% |
| Formation expenses | 20 | €2,901 | €2,124 | -€777 | -26.8% |
| Fixed assets | 21/28 | €471,403 | €484,405 | +€13,001 | +2.8% |
| Tangible fixed assets | 22/27 | €470,778 | €483,780 | +€13,001 | +2.8% |
| Land and buildings | 22 | €446,158 | €421,746 | -€24,413 | -5.5% |
| Plant, machinery and equipment | 23 | €1,366 | €2,767 | +€1,401 | +103% |
| Furniture and vehicles | 24 | €7,546 | €5,374 | -€2,171 | -28.8% |
| Leasing and similar rights | 25 | - | €30,844 | +€30,844 | |
| Other tangible fixed assets | 26 | €15,708 | €23,049 | +€7,341 | +46.7% |
| Financial fixed assets | 28 | €625 | €625 | = | 0.0% |
| Current assets | 29/58 | €620,602 | €613,931 | -€6,671 | -1.1% |
| Stocks and contracts in progress | 3 | €477,592 | €384,174 | -€93,418 | -19.6% |
| Stocks | 30/36 | €477,592 | €384,174 | -€93,418 | -19.6% |
| Amounts receivable within one year | 40/41 | €8,581 | €32,849 | +€24,268 | +283% |
| Trade receivables | 40 | €55 | €3,482 | +€3,427 | +6,266% |
| Other amounts receivable | 41 | €8,526 | €29,367 | +€20,841 | +244% |
| Cash at bank and in hand | 54/58 | €121,019 | €182,157 | +€61,138 | +50.5% |
| Deferred charges and accrued income | 490/1 | €13,411 | €14,752 | +€1,341 | +10.0% |
| Total equity and liabilities | 10/49 | €1,094,907 | €1,100,460 | +€5,554 | +0.5% |
| Equity | 10/15 | €504,516 | €449,521 | -€54,995 | -10.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €470,616 | €416,460 | -€54,156 | -11.5% |
| Distributable reserves | 133 | €470,616 | €416,460 | -€54,156 | -11.5% |
| Profit (loss) carried forward | 14 | €3,900 | €3,061 | -€839 | -21.5% |
| Amounts payable | 17/49 | €590,390 | €650,939 | +€60,549 | +10.3% |
| Amounts payable after more than one year | 17 | €411,258 | €407,182 | -€4,076 | -1.0% |
| Financial debts | 170/4 | €411,258 | €407,182 | -€4,076 | -1.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €174,969 | €240,715 | +€65,746 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €25,578 | €33,089 | +€7,511 | +29.4% |
| Trade debts | 44 | €37,183 | €41,488 | +€4,305 | +11.6% |
| Suppliers | 440/4 | €37,183 | €41,488 | +€4,305 | +11.6% |
| Advances received on contracts in progress | 46 | €2,204 | €3,301 | +€1,098 | +49.8% |
| Taxes, remuneration and social security | 45 | €62,261 | €40,404 | -€21,857 | -35.1% |
| Taxes | 450/3 | €52,203 | €29,044 | -€23,159 | -44.4% |
| Remuneration and social security | 454/9 | €10,058 | €11,360 | +€1,302 | +12.9% |
| Other amounts payable | 47/48 | €47,744 | €122,432 | +€74,688 | +156% |
| Accrued charges and deferred income | 492/3 | €4,163 | €3,042 | -€1,121 | -26.9% |
| Remuneration, social security and pensions | 62 | €105,605 | €115,302 | +€9,697 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,194 | €43,581 | +€9,388 | +27.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,358 | €2,696 | +€12,054 | |
| Other operating charges | 640/8 | €4,743 | €6,106 | +€1,364 | +28.8% |
| Gross operating margin | 9900 | €275,567 | €281,056 | +€5,489 | +2.0% |
| Operating profit (loss) | 9901 | €140,384 | €113,370 | -€27,014 | -19.2% |
| Financial income | 75/76B | €4,180 | €3,547 | -€633 | -15.1% |
| Recurring financial income | 75 | €4,180 | €3,547 | -€633 | -15.1% |
| Financial charges | 65/66B | €22,093 | €23,468 | +€1,375 | +6.2% |
| Recurring financial charges | 65 | €22,093 | €23,468 | +€1,375 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €122,471 | €93,449 | -€29,022 | -23.7% |
| Income taxes | 67/77 | €35,102 | €26,011 | -€9,091 | -25.9% |
| Profit (loss) for the period | 9904 | €87,368 | €67,437 | -€19,931 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,368 | €67,437 | -€19,931 | -22.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.