HANOLUX: 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.
HANOLUX
Largest movements
- Tangible fixed assets -€175,014
down €175,014 (-9.4%), from €1.9m to €1.7m
of which Land and buildings: -€147,435
- Stocks and contracts -€95,693
down €95,693 (-4.0%), from €2.4m to €2.3m
- Receivables within one year -€83,491
down €83,491 (-18.6%), from €448,173 to €364,682
of which Trade receivables: -€63,038
- Cash -€61,619
down €61,619 (-91.5%), from €67,375 to €5,757
mainly Trade debts (-€137,038) and Investment in fixed assets (net) (-€119,558)
- Trade debts -€137,038
down €137,038 (-22.5%), from €607,923 to €470,885
- Debts after one year -€105,229
down €105,229 (-13.0%), from €810,766 to €705,538
of which Financial debts: -€105,229
- Accrued charges and deferred income -€78,971
down €78,971 (-27.8%), from €284,439 to €205,468
- Advances received -€64,617
no longer reported in 2025 (was €64,617)
- Reserves +€52,408
up €52,408 (+4.3%), from €1.2m to €1.3m
of which Distributable reserves: +€52,408
- Staff costs -€75,408
down €75,408 (-8.0%), from €939,235 to €863,827
- Financial charges -€57,527
down €57,527 (-44.0%), from €130,646 to €73,119
- Provisions +€47,744
no longer reported in 2025 (was -€47,744)
- Gross operating margin -€26,237
down €26,237 (-2.1%), from €1.3m to €1.2m
- Depreciation +€15,497
up €15,497 (+6.3%), from €247,368 to €262,865
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.
Cash bridge derived
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 | €4,872,672 | €4,492,274 | -€380,398 | -7.8% |
| Fixed assets | 21/28 | €1,969,873 | €1,826,565 | -€143,308 | -7.3% |
| Intangible fixed assets | 21 | €109,340 | €140,997 | +€31,657 | +29.0% |
| Tangible fixed assets | 22/27 | €1,859,597 | €1,684,583 | -€175,014 | -9.4% |
| Land and buildings | 22 | €1,772,803 | €1,625,367 | -€147,435 | -8.3% |
| Plant, machinery and equipment | 23 | €44,758 | €27,709 | -€17,049 | -38.1% |
| Furniture and vehicles | 24 | €42,036 | €31,507 | -€10,530 | -25.0% |
| Financial fixed assets | 28 | €936 | €986 | +€50 | +5.3% |
| Current assets | 29/58 | €2,902,799 | €2,665,709 | -€237,091 | -8.2% |
| Stocks and contracts in progress | 3 | €2,367,386 | €2,271,693 | -€95,693 | -4.0% |
| Stocks | 30/36 | €2,367,386 | €2,271,693 | -€95,693 | -4.0% |
| Amounts receivable within one year | 40/41 | €448,173 | €364,682 | -€83,491 | -18.6% |
| Trade receivables | 40 | €392,994 | €329,956 | -€63,038 | -16.0% |
| Other amounts receivable | 41 | €55,179 | €34,726 | -€20,453 | -37.1% |
| Cash at bank and in hand | 54/58 | €67,375 | €5,757 | -€61,619 | -91.5% |
| Deferred charges and accrued income | 490/1 | €19,864 | €23,577 | +€3,713 | +18.7% |
| Total equity and liabilities | 10/49 | €4,872,672 | €4,492,274 | -€380,398 | -7.8% |
| Equity | 10/15 | €1,843,667 | €1,885,333 | +€41,666 | +2.3% |
| Contributions | 10/11 | €250,983 | €250,983 | = | 0.0% |
| Revaluation surpluses | 12 | €386,047 | €375,305 | -€10,742 | -2.8% |
| Reserves | 13 | €1,206,637 | €1,259,045 | +€52,408 | +4.3% |
| Tax-exempt reserves | 132 | €2,901 | €2,901 | = | 0.0% |
| Distributable reserves | 133 | €1,203,736 | €1,256,144 | +€52,408 | +4.4% |
| Amounts payable | 17/49 | €3,029,005 | €2,606,941 | -€422,064 | -13.9% |
| Amounts payable after more than one year | 17 | €810,766 | €705,538 | -€105,229 | -13.0% |
| Financial debts | 170/4 | €692,266 | €587,038 | -€105,229 | -15.2% |
| Other amounts payable | 178/9 | €118,500 | €118,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,933,800 | €1,695,935 | -€237,864 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €158,663 | €162,061 | +€3,398 | +2.1% |
| Financial debts | 43 | €917,906 | €896,334 | -€21,572 | -2.4% |
| Credit institutions | 430/8 | €917,906 | €896,334 | -€21,572 | -2.4% |
| Trade debts | 44 | €607,923 | €470,885 | -€137,038 | -22.5% |
| Suppliers | 440/4 | €607,923 | €470,885 | -€137,038 | -22.5% |
| Advances received on contracts in progress | 46 | €64,617 | - | -€64,617 | |
| Taxes, remuneration and social security | 45 | €159,991 | €152,930 | -€7,061 | -4.4% |
| Taxes | 450/3 | €48,844 | €72,967 | +€24,123 | +49.4% |
| Remuneration and social security | 454/9 | €111,146 | €79,963 | -€31,184 | -28.1% |
| Other amounts payable | 47/48 | €24,700 | €13,726 | -€10,974 | -44.4% |
| Accrued charges and deferred income | 492/3 | €284,439 | €205,468 | -€78,971 | -27.8% |
| Non-recurring operating income | 76A | €14,921 | - | -€14,921 | |
| Remuneration, social security and pensions | 62 | €939,235 | €863,827 | -€75,408 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,368 | €262,865 | +€15,497 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €265 | +€265 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€47,744 | - | +€47,744 | |
| Other operating charges | 640/8 | €24,945 | €27,335 | +€2,390 | +9.6% |
| Gross operating margin | 9900 | €1,275,950 | €1,249,713 | -€26,237 | -2.1% |
| Operating profit (loss) | 9901 | €112,146 | €95,420 | -€16,726 | -14.9% |
| Financial income | 75/76B | €5,975 | €4,523 | -€1,452 | -24.3% |
| Recurring financial income | 75 | €5,975 | €4,523 | -€1,452 | -24.3% |
| Financial charges | 65/66B | €130,646 | €73,119 | -€57,527 | -44.0% |
| Recurring financial charges | 65 | €130,646 | €73,119 | -€57,527 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,525 | €26,824 | +€39,349 | |
| Income taxes | 67/77 | €274 | €296 | +€22 | +8.2% |
| Profit (loss) for the period | 9904 | -€12,799 | €26,528 | +€39,327 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,799 | €26,528 | +€39,327 |
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 10 October 2026 via checked.be.