H. HEYNEN: 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. HEYNEN
Largest movements
- Receivables within one year -€3,248
down €3,248 (-31.2%), from €10,400 to €7,152
of which Other amounts receivable: -€3,661
- Cash -€2,070
down €2,070 (-15.1%), from €13,700 to €11,629
mainly Investment in fixed assets (net) (-€20,396) and Debts after one year (-€10,755)
- Tangible fixed assets -€2,028
down €2,028 (-1.6%), from €123,874 to €121,846
of which Plant, machinery and equipment: -€8,120
- Debts after one year -€10,755
down €10,755 (-24.8%), from €43,296 to €32,540
- Current portion of long-term debt +€2,940
up €2,940 (+15.1%), from €19,530 to €22,470
- Reserves +€2,011
up €2,011 (+5.8%), from €34,602 to €36,614
- Other debts -€1,983
down €1,983 (-17.8%), from €11,152 to €9,168
- Taxes +€2,227
up €2,227 (+199%), from €1,118 to €3,345
- Gross operating margin +€2,086
up €2,086 (+5.7%), from €36,857 to €38,944
- Financial charges -€728
down €728 (-23.8%), from €3,067 to €2,339
- Depreciation +€428
up €428 (+1.9%), from €21,996 to €22,424
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 | €155,906 | €147,164 | -€8,742 | -5.6% |
| Fixed assets | 21/28 | €123,874 | €121,846 | -€2,028 | -1.6% |
| Tangible fixed assets | 22/27 | €123,874 | €121,846 | -€2,028 | -1.6% |
| Land and buildings | 22 | €70,042 | €76,239 | +€6,196 | +8.8% |
| Plant, machinery and equipment | 23 | €53,614 | €45,494 | -€8,120 | -15.1% |
| Furniture and vehicles | 24 | €217 | €113 | -€105 | -48.2% |
| Current assets | 29/58 | €32,032 | €25,318 | -€6,714 | -21.0% |
| Stocks and contracts in progress | 3 | €4,562 | €4,390 | -€173 | -3.8% |
| Stocks | 30/36 | €4,562 | €4,390 | -€173 | -3.8% |
| Amounts receivable within one year | 40/41 | €10,400 | €7,152 | -€3,248 | -31.2% |
| Trade receivables | 40 | €372 | €786 | +€413 | +111% |
| Other amounts receivable | 41 | €10,028 | €6,367 | -€3,661 | -36.5% |
| Cash at bank and in hand | 54/58 | €13,700 | €11,629 | -€2,070 | -15.1% |
| Deferred charges and accrued income | 490/1 | €3,370 | €2,147 | -€1,223 | -36.3% |
| Total equity and liabilities | 10/49 | €155,906 | €147,164 | -€8,742 | -5.6% |
| Equity | 10/15 | €53,202 | €55,214 | +€2,011 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,602 | €36,614 | +€2,011 | +5.8% |
| Distributable reserves | 133 | €34,602 | €36,614 | +€2,011 | +5.8% |
| Amounts payable | 17/49 | €102,703 | €91,950 | -€10,753 | -10.5% |
| Amounts payable after more than one year | 17 | €43,296 | €32,540 | -€10,755 | -24.8% |
| Financial debts | 170/4 | €43,296 | €32,540 | -€10,755 | -24.8% |
| Amounts payable within one year | 42/48 | €58,263 | €59,410 | +€1,147 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €19,530 | €22,470 | +€2,940 | +15.1% |
| Financial debts | 43 | €1,696 | €1,746 | +€51 | +3.0% |
| Credit institutions | 430/8 | €1,696 | €1,746 | +€51 | +3.0% |
| Trade debts | 44 | €21,710 | €21,830 | +€121 | +0.6% |
| Suppliers | 440/4 | €21,710 | €21,830 | +€121 | +0.6% |
| Taxes, remuneration and social security | 45 | €4,176 | €4,195 | +€19 | +0.5% |
| Taxes | 450/3 | €4,176 | €4,195 | +€19 | +0.5% |
| Other amounts payable | 47/48 | €11,152 | €9,168 | -€1,983 | -17.8% |
| Accrued charges and deferred income | 492/3 | €1,145 | - | -€1,145 | |
| Remuneration, social security and pensions | 62 | €110 | - | -€110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,996 | €22,424 | +€428 | +1.9% |
| Other operating charges | 640/8 | €1,528 | €1,375 | -€153 | -10.0% |
| Gross operating margin | 9900 | €36,857 | €38,944 | +€2,086 | +5.7% |
| Operating profit (loss) | 9901 | €13,223 | €15,144 | +€1,921 | +14.5% |
| Financial income | 75/76B | €214 | €167 | -€47 | -21.9% |
| Recurring financial income | 75 | €214 | €167 | -€47 | -21.9% |
| Financial charges | 65/66B | €3,067 | €2,339 | -€728 | -23.8% |
| Recurring financial charges | 65 | €3,067 | €2,339 | -€728 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €10,370 | €12,973 | +€2,603 | +25.1% |
| Income taxes | 67/77 | €1,118 | €3,345 | +€2,227 | +199% |
| Profit (loss) for the period | 9904 | €9,251 | €9,628 | +€376 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,251 | €9,628 | +€376 | +4.1% |
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 28 October 2026 via checked.be.