H EN P: 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.
H EN P
Largest movements
- Stocks and contracts -€34,549
down €34,549 (-16.3%), from €211,378 to €176,829
- Tangible fixed assets -€25,556
down €25,556 (-4.1%), from €626,971 to €601,416
of which Land and buildings: -€25,405
- Cash +€18,968
up €18,968 (+99.7%), from €19,023 to €37,991
mainly Depreciation (+€102,457) and Stocks and contracts (+€34,549)
- Debts after one year -€78,762
down €78,762 (-22.7%), from €347,647 to €268,885
- Current portion of long-term debt -€29,379
down €29,379 (-27.2%), from €108,141 to €78,762
- Trade debts +€23,019
up €23,019 (+49.3%), from €46,704 to €69,723
- Other debts +€16,127
up €16,127 (+8.7%), from €184,731 to €200,858
- Accrued charges and deferred income +€12,531
up €12,531, from €0 to €12,531
- Depreciation -€26,357
down €26,357 (-20.5%), from €128,814 to €102,457
- Gross operating margin +€12,492
up €12,492 (+9.5%), from €131,359 to €143,851
- Financial charges +€7,424
up €7,424 (+39.4%), from €18,862 to €26,285
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 | €919,667 | €871,805 | -€47,862 | -5.2% |
| Fixed assets | 21/28 | €626,971 | €601,416 | -€25,556 | -4.1% |
| Tangible fixed assets | 22/27 | €626,971 | €601,416 | -€25,556 | -4.1% |
| Land and buildings | 22 | €193,131 | €167,726 | -€25,405 | -13.2% |
| Plant, machinery and equipment | 23 | €27,492 | €22,597 | -€4,895 | -17.8% |
| Furniture and vehicles | 24 | €406,348 | €411,092 | +€4,744 | +1.2% |
| Current assets | 29/58 | €292,696 | €270,389 | -€22,307 | -7.6% |
| Stocks and contracts in progress | 3 | €211,378 | €176,829 | -€34,549 | -16.3% |
| Stocks | 30/36 | €211,378 | €176,829 | -€34,549 | -16.3% |
| Amounts receivable within one year | 40/41 | €52,811 | €45,699 | -€7,112 | -13.5% |
| Trade receivables | 40 | €50,165 | €43,402 | -€6,764 | -13.5% |
| Other amounts receivable | 41 | €2,646 | €2,297 | -€349 | -13.2% |
| Cash at bank and in hand | 54/58 | €19,023 | €37,991 | +€18,968 | +99.7% |
| Deferred charges and accrued income | 490/1 | €9,484 | €9,871 | +€387 | +4.1% |
| Total equity and liabilities | 10/49 | €919,667 | €871,805 | -€47,862 | -5.2% |
| Equity | 10/15 | €228,059 | €236,808 | +€8,749 | +3.8% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €3,095 | €3,095 | = | 0.0% |
| Reserves | 13 | €150,595 | €159,344 | +€8,749 | +5.8% |
| Distributable reserves | 133 | €150,595 | €159,344 | +€8,749 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €691,608 | €634,997 | -€56,611 | -8.2% |
| Amounts payable after more than one year | 17 | €347,647 | €268,885 | -€78,762 | -22.7% |
| Financial debts | 170/4 | €347,647 | €268,885 | -€78,762 | -22.7% |
| Amounts payable within one year | 42/48 | €343,961 | €353,581 | +€9,620 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €108,141 | €78,762 | -€29,379 | -27.2% |
| Trade debts | 44 | €46,704 | €69,723 | +€23,019 | +49.3% |
| Suppliers | 440/4 | €46,704 | €69,723 | +€23,019 | +49.3% |
| Taxes, remuneration and social security | 45 | €4,384 | €4,238 | -€146 | -3.3% |
| Taxes | 450/3 | €2,184 | €2,038 | -€146 | -6.7% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €184,731 | €200,858 | +€16,127 | +8.7% |
| Accrued charges and deferred income | 492/3 | €0 | €12,531 | +€12,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,814 | €102,457 | -€26,357 | -20.5% |
| Other operating charges | 640/8 | €4,603 | €4,781 | +€178 | +3.9% |
| Gross operating margin | 9900 | €131,359 | €143,851 | +€12,492 | +9.5% |
| Operating profit (loss) | 9901 | -€2,059 | €36,613 | +€38,671 | |
| Financial income | 75/76B | €766 | €314 | -€452 | -59.0% |
| Recurring financial income | 75 | €766 | €314 | -€452 | -59.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €18,862 | €26,285 | +€7,424 | +39.4% |
| Recurring financial charges | 65 | €18,862 | €26,285 | +€7,424 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,154 | €10,641 | +€30,796 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €967 | +€967 | |
| Profit (loss) for the period | 9904 | -€20,154 | €9,674 | +€29,828 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,154 | €9,674 | +€29,828 |
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 26 October 2026 via checked.be.