Dr. T. Hennus: 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.
Dr. T. Hennus
Largest movements
- Current investments +€97,301
up €97,301 (+26.8%), from €363,741 to €461,042
- Cash +€16,191
up €16,191 (+10.3%), from €157,435 to €173,627
mainly Net result for the year (+€112,303) and Depreciation (+€11,824)
- Tangible fixed assets -€9,662
down €9,662 (-33.7%), from €28,705 to €19,043
of which Furniture and vehicles: -€8,847
- Reserves +€112,303
up €112,303 (+25.0%), from €449,055 to €561,358
- Gross operating margin +€17,523
up €17,523 (+9.8%), from €178,868 to €196,391
- Taxes +€4,878
up €4,878 (+10.1%), from €48,345 to €53,223
- Depreciation -€2,658
down €2,658 (-18.4%), from €14,482 to €11,824
- Staff costs +€2,231
up €2,231 (+11.1%), from €20,060 to €22,291
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 | €557,595 | €661,453 | +€103,858 | +18.6% |
| Fixed assets | 21/28 | €28,705 | €19,043 | -€9,662 | -33.7% |
| Tangible fixed assets | 22/27 | €28,705 | €19,043 | -€9,662 | -33.7% |
| Land and buildings | 22 | €3,582 | €2,759 | -€822 | -23.0% |
| Plant, machinery and equipment | 23 | €2,591 | €2,598 | +€7 | +0.3% |
| Furniture and vehicles | 24 | €22,533 | €13,686 | -€8,847 | -39.3% |
| Current assets | 29/58 | €528,890 | €642,410 | +€113,520 | +21.5% |
| Amounts receivable within one year | 40/41 | €4,605 | €4,488 | -€117 | -2.5% |
| Trade receivables | 40 | €4,605 | €2,673 | -€1,932 | -42.0% |
| Other amounts receivable | 41 | - | €1,815 | +€1,815 | |
| Current investments | 50/53 | €363,741 | €461,042 | +€97,301 | +26.8% |
| Cash at bank and in hand | 54/58 | €157,435 | €173,627 | +€16,191 | +10.3% |
| Deferred charges and accrued income | 490/1 | €3,109 | €3,254 | +€145 | +4.7% |
| Total equity and liabilities | 10/49 | €557,595 | €661,453 | +€103,858 | +18.6% |
| Equity | 10/15 | €509,055 | €621,358 | +€112,303 | +22.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €449,055 | €561,358 | +€112,303 | +25.0% |
| Distributable reserves | 133 | €449,055 | €561,358 | +€112,303 | +25.0% |
| Amounts payable | 17/49 | €48,540 | €40,095 | -€8,445 | -17.4% |
| Amounts payable after more than one year | 17 | €4,861 | - | -€4,861 | |
| Financial debts | 170/4 | €4,861 | - | -€4,861 | |
| Amounts payable within one year | 42/48 | €43,679 | €40,095 | -€3,584 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €8,332 | €4,861 | -€3,472 | -41.7% |
| Financial debts | 43 | €3,273 | €3,697 | +€424 | +13.0% |
| Credit institutions | 430/8 | €3,273 | €3,697 | +€424 | +13.0% |
| Trade debts | 44 | €5,560 | €7,406 | +€1,845 | +33.2% |
| Suppliers | 440/4 | €5,560 | €7,406 | +€1,845 | +33.2% |
| Taxes, remuneration and social security | 45 | €26,144 | €24,131 | -€2,013 | -7.7% |
| Taxes | 450/3 | €21,627 | €24,131 | +€2,505 | +11.6% |
| Remuneration and social security | 454/9 | €4,518 | €0 | -€4,518 | -100% |
| Other amounts payable | 47/48 | €369 | - | -€369 | |
| Remuneration, social security and pensions | 62 | €20,060 | €22,291 | +€2,231 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,482 | €11,824 | -€2,658 | -18.4% |
| Other operating charges | 640/8 | €1,201 | €1,230 | +€29 | +2.4% |
| Gross operating margin | 9900 | €178,868 | €196,391 | +€17,523 | +9.8% |
| Operating profit (loss) | 9901 | €143,125 | €161,046 | +€17,921 | +12.5% |
| Financial income | 75/76B | €6,191 | €6,277 | +€86 | +1.4% |
| Recurring financial income | 75 | €6,191 | €6,277 | +€86 | +1.4% |
| Financial charges | 65/66B | €1,221 | €1,797 | +€576 | +47.2% |
| Recurring financial charges | 65 | €1,221 | €1,797 | +€576 | +47.2% |
| Profit (loss) for the period before taxes | 9903 | €148,095 | €165,526 | +€17,431 | +11.8% |
| Income taxes | 67/77 | €48,345 | €53,223 | +€4,878 | +10.1% |
| Profit (loss) for the period | 9904 | €99,750 | €112,303 | +€12,553 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,750 | €112,303 | +€12,553 | +12.6% |
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 24 October 2026 via checked.be.