De Hennin: 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 Hennin
Largest movements
- Receivables within one year +€28,223
up €28,223 (+4.7%), from €596,278 to €624,501
of which Other amounts receivable: +€104,208
- Cash -€21,314
down €21,314 (-45.5%), from €46,890 to €25,577
mainly Net result for the year (-€31,264) and Receivables within one year (-€28,223)
- Stocks and contracts -€19,016
down €19,016 (-17.5%), from €108,400 to €89,384
- Tangible fixed assets -€13,780
no longer reported in 2025 (was €13,780)
- Profit (loss) carried forward -€31,264
down €31,264, from €464 to -€30,800
- Trade debts +€10,957
up €10,957 (+9.8%), from €111,764 to €122,722
- Write-downs +€48,763
up €48,763, from -€36,869 to €11,894
- Gross operating margin -€13,077
down €13,077 (-7.5%), from €175,056 to €161,979
- Taxes -€11,448
down €11,448 (-96.1%), from €11,910 to €462
- Staff costs +€6,351
up €6,351 (+3.8%), from €168,964 to €175,315
- Financial charges +€3,726
up €3,726 (+44.4%), from €8,390 to €12,116
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 | €781,082 | €757,902 | -€23,180 | -3.0% |
| Fixed assets | 21/28 | €13,780 | - | -€13,780 | |
| Tangible fixed assets | 22/27 | €13,780 | - | -€13,780 | |
| Furniture and vehicles | 24 | €13,780 | - | -€13,780 | |
| Current assets | 29/58 | €767,302 | €757,902 | -€9,401 | -1.2% |
| Stocks and contracts in progress | 3 | €108,400 | €89,384 | -€19,016 | -17.5% |
| Stocks | 30/36 | €108,400 | €89,384 | -€19,016 | -17.5% |
| Amounts receivable within one year | 40/41 | €596,278 | €624,501 | +€28,223 | +4.7% |
| Trade receivables | 40 | €167,688 | €91,703 | -€75,985 | -45.3% |
| Other amounts receivable | 41 | €428,590 | €532,798 | +€104,208 | +24.3% |
| Cash at bank and in hand | 54/58 | €46,890 | €25,577 | -€21,314 | -45.5% |
| Deferred charges and accrued income | 490/1 | €15,734 | €18,440 | +€2,706 | +17.2% |
| Total equity and liabilities | 10/49 | €781,082 | €757,902 | -€23,180 | -3.0% |
| Equity | 10/15 | €614,099 | €582,835 | -€31,264 | -5.1% |
| Contributions | 10/11 | €537,334 | €537,334 | = | 0.0% |
| Capital | 10 | €537,334 | €537,334 | = | 0.0% |
| Issued capital | 100 | €537,334 | €537,334 | = | 0.0% |
| Reserves | 13 | €76,302 | €76,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,973 | €61,973 | = | 0.0% |
| Legal reserve | 130 | €61,973 | €61,973 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,328 | €14,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | €464 | -€30,800 | -€31,264 | |
| Amounts payable | 17/49 | €166,983 | €175,066 | +€8,084 | +4.8% |
| Amounts payable within one year | 42/48 | €166,983 | €175,066 | +€8,084 | +4.8% |
| Trade debts | 44 | €111,764 | €122,722 | +€10,957 | +9.8% |
| Suppliers | 440/4 | €111,764 | €122,722 | +€10,957 | +9.8% |
| Taxes, remuneration and social security | 45 | €38,719 | €41,579 | +€2,861 | +7.4% |
| Taxes | 450/3 | €15,250 | €17,050 | +€1,800 | +11.8% |
| Remuneration and social security | 454/9 | €23,469 | €24,530 | +€1,061 | +4.5% |
| Other amounts payable | 47/48 | €16,500 | €10,766 | -€5,734 | -34.8% |
| Remuneration, social security and pensions | 62 | €168,964 | €175,315 | +€6,351 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,404 | €13,780 | -€3,624 | -20.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€36,869 | €11,894 | +€48,763 | |
| Other operating charges | 640/8 | €1,656 | €1,693 | +€38 | +2.3% |
| Gross operating margin | 9900 | €175,056 | €161,979 | -€13,077 | -7.5% |
| Operating profit (loss) | 9901 | €23,902 | -€40,703 | -€64,605 | |
| Financial income | 75/76B | €21,454 | €22,017 | +€563 | +2.6% |
| Recurring financial income | 75 | €21,454 | €22,017 | +€563 | +2.6% |
| Financial charges | 65/66B | €8,390 | €12,116 | +€3,726 | +44.4% |
| Recurring financial charges | 65 | €8,390 | €12,116 | +€3,726 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €36,966 | -€30,802 | -€67,768 | |
| Income taxes | 67/77 | €11,910 | €462 | -€11,448 | -96.1% |
| Profit (loss) for the period | 9904 | €25,056 | -€31,264 | -€56,320 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,056 | -€31,264 | -€56,320 |
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 15 October 2026 via checked.be.