HEINRICHS: 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.
HEINRICHS
Largest movements
- Cash +€341,600
up €341,600 (+161%), from €212,258 to €553,857
mainly Receivables within one year (+€230,026) and Depreciation (+€225,099)
- Receivables within one year -€230,026
down €230,026 (-63.8%), from €360,508 to €130,482
- Tangible fixed assets -€208,783
down €208,783 (-36.8%), from €566,877 to €358,094
of which Plant, machinery and equipment: -€158,512
- Debts after one year -€87,614
down €87,614 (-56.5%), from €154,954 to €67,341
- Profit (loss) carried forward +€43,561
up €43,561 (+6.6%), from €658,524 to €702,085
- Investment grants -€43,537
down €43,537 (-45.5%), from €95,692 to €52,156
- Current portion of long-term debt -€22,116
down €22,116 (-17.7%), from €124,872 to €102,756
- Depreciation -€75,087
down €75,087 (-25.0%), from €300,186 to €225,099
- Gross operating margin -€39,747
down €39,747 (-13.0%), from €306,826 to €267,079
- Financial income -€30,994
down €30,994 (-41.6%), from €74,543 to €43,548
- Staff costs +€6,279
up €6,279 (+32.6%), from €19,281 to €25,560
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 | €1,237,463 | €1,132,162 | -€105,301 | -8.5% |
| Fixed assets | 21/28 | €567,012 | €358,229 | -€208,783 | -36.8% |
| Tangible fixed assets | 22/27 | €566,877 | €358,094 | -€208,783 | -36.8% |
| Land and buildings | 22 | €45,139 | €37,983 | -€7,157 | -15.9% |
| Plant, machinery and equipment | 23 | €459,783 | €301,271 | -€158,512 | -34.5% |
| Furniture and vehicles | 24 | €34,923 | €18,840 | -€16,084 | -46.1% |
| Leasing and similar rights | 25 | €27,031 | - | -€27,031 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €670,451 | €773,933 | +€103,483 | +15.4% |
| Stocks and contracts in progress | 3 | €80,000 | €80,000 | = | 0.0% |
| Stocks | 30/36 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €360,508 | €130,482 | -€230,026 | -63.8% |
| Trade receivables | 40 | €360,508 | €130,482 | -€230,026 | -63.8% |
| Cash at bank and in hand | 54/58 | €212,258 | €553,857 | +€341,600 | +161% |
| Deferred charges and accrued income | 490/1 | €17,685 | €9,594 | -€8,092 | -45.8% |
| Total equity and liabilities | 10/49 | €1,237,463 | €1,132,162 | -€105,301 | -8.5% |
| Equity | 10/15 | €906,966 | €906,990 | +€25 | 0.0% |
| Contributions | 10/11 | €134,000 | €134,000 | = | 0.0% |
| Capital | 10 | €134,000 | €134,000 | = | 0.0% |
| Issued capital | 100 | €134,000 | €134,000 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €658,524 | €702,085 | +€43,561 | +6.6% |
| Investment grants | 15 | €95,692 | €52,156 | -€43,537 | -45.5% |
| Amounts payable | 17/49 | €330,497 | €225,172 | -€105,325 | -31.9% |
| Amounts payable after more than one year | 17 | €154,954 | €67,341 | -€87,614 | -56.5% |
| Financial debts | 170/4 | €154,954 | €67,341 | -€87,614 | -56.5% |
| Amounts payable within one year | 42/48 | €175,543 | €157,831 | -€17,712 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €124,872 | €102,756 | -€22,116 | -17.7% |
| Trade debts | 44 | €32,015 | €35,082 | +€3,067 | +9.6% |
| Suppliers | 440/4 | €32,015 | €35,082 | +€3,067 | +9.6% |
| Taxes, remuneration and social security | 45 | €4,960 | €5,174 | +€215 | +4.3% |
| Taxes | 450/3 | €294 | €281 | -€13 | -4.4% |
| Remuneration and social security | 454/9 | €4,666 | €4,893 | +€228 | +4.9% |
| Other amounts payable | 47/48 | €13,696 | €14,819 | +€1,123 | +8.2% |
| Remuneration, social security and pensions | 62 | €19,281 | €25,560 | +€6,279 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €300,186 | €225,099 | -€75,087 | -25.0% |
| Other operating charges | 640/8 | €5,025 | €4,107 | -€918 | -18.3% |
| Gross operating margin | 9900 | €306,826 | €267,079 | -€39,747 | -13.0% |
| Operating profit (loss) | 9901 | -€17,666 | €12,313 | +€29,979 | |
| Financial income | 75/76B | €74,543 | €43,548 | -€30,994 | -41.6% |
| Recurring financial income | 75 | €74,543 | €43,548 | -€30,994 | -41.6% |
| Financial charges | 65/66B | €11,122 | €12,017 | +€895 | +8.0% |
| Recurring financial charges | 65 | €11,122 | €12,017 | +€895 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €45,755 | €43,845 | -€1,910 | -4.2% |
| Income taxes | 67/77 | €295 | €284 | -€11 | -3.8% |
| Profit (loss) for the period | 9904 | €45,461 | €43,561 | -€1,899 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,461 | €43,561 | -€1,899 | -4.2% |
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 19 October 2026 via checked.be.