Hen: what changed
Two fiscal 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.
Hen
Largest movements
- Tangible fixed assets -€195,795
down €195,795 (-15.0%), from €1.3m to €1.1m
of which Other tangible fixed assets: -€124,850
- Financial fixed assets -€37,491
down €37,491 (-26.1%), from €143,492 to €106,001
- Receivables within one year -€33,502
down €33,502 (-58.3%), from €57,486 to €23,984
of which Trade receivables: -€33,651
- Cash -€32,398
down €32,398 (-23.2%), from €139,705 to €107,307
mainly Net result for the year (-€569,939) and Accrued charges and deferred income (-€21,424)
- Intangible fixed assets -€32,205
down €32,205 (-31.8%), from €101,163 to €68,958
- Profit (loss) carried forward -€569,939
down €569,939 (-28.4%), from -€2.0m to -€2.6m
- Debts after one year +€254,085
up €254,085 (+10.8%), from €2.4m to €2.6m
- Accrued charges and deferred income -€21,424
down €21,424 (-32.2%), from €66,629 to €45,205
- Trade debts +€19,783
up €19,783 (+9.6%), from €206,815 to €226,598
- Provisions -€19,760
down €19,760 (-98.8%), from €20,000 to €240
- Gross operating margin -€162,567
down €162,567 (-14.6%), from €1.1m to €949,041
- Staff costs -€95,886
down €95,886 (-7.6%), from €1.3m to €1.2m
- Provisions -€39,760
down €39,760, from €20,000 to -€19,760
- Financial charges +€23,878
up €23,878 (+31.2%), from €76,597 to €100,474
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 | €1,808,267 | €1,457,580 | -€350,687 | -19.4% |
| Fixed assets | 21/28 | €1,549,190 | €1,283,699 | -€265,491 | -17.1% |
| Intangible fixed assets | 21 | €101,163 | €68,958 | -€32,205 | -31.8% |
| Tangible fixed assets | 22/27 | €1,304,535 | €1,108,740 | -€195,795 | -15.0% |
| Plant, machinery and equipment | 23 | €308,763 | €266,201 | -€42,562 | -13.8% |
| Furniture and vehicles | 24 | €155,654 | €127,272 | -€28,382 | -18.2% |
| Other tangible fixed assets | 26 | €840,117 | €715,267 | -€124,850 | -14.9% |
| Financial fixed assets | 28 | €143,492 | €106,001 | -€37,491 | -26.1% |
| Current assets | 29/58 | €259,077 | €173,881 | -€85,196 | -32.9% |
| Stocks and contracts in progress | 3 | €37,752 | €26,307 | -€11,445 | -30.3% |
| Stocks | 30/36 | €37,752 | €26,307 | -€11,445 | -30.3% |
| Amounts receivable within one year | 40/41 | €57,486 | €23,984 | -€33,502 | -58.3% |
| Trade receivables | 40 | €54,432 | €20,781 | -€33,651 | -61.8% |
| Other amounts receivable | 41 | €3,054 | €3,203 | +€149 | +4.9% |
| Cash at bank and in hand | 54/58 | €139,705 | €107,307 | -€32,398 | -23.2% |
| Deferred charges and accrued income | 490/1 | €24,133 | €16,283 | -€7,850 | -32.5% |
| Total equity and liabilities | 10/49 | €1,808,267 | €1,457,580 | -€350,687 | -19.4% |
| Equity | 10/15 | -€1,302,462 | -€1,872,401 | -€569,939 | -43.8% |
| Contributions | 10/11 | €702,000 | €702,000 | = | 0.0% |
| Capital | 10 | €702,000 | €702,000 | = | 0.0% |
| Issued capital | 100 | €702,000 | €702,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,004,462 | -€2,574,401 | -€569,939 | -28.4% |
| Provisions and deferred taxes | 16 | €20,000 | €240 | -€19,760 | -98.8% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €240 | -€19,760 | -98.8% |
| Other liabilities and charges | 164/5 | €20,000 | €240 | -€19,760 | -98.8% |
| Amounts payable | 17/49 | €3,090,729 | €3,329,742 | +€239,013 | +7.7% |
| Amounts payable after more than one year | 17 | €2,353,690 | €2,607,774 | +€254,085 | +10.8% |
| Financial debts | 170/4 | €2,353,690 | €2,607,774 | +€254,085 | +10.8% |
| Amounts payable within one year | 42/48 | €670,410 | €676,763 | +€6,352 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €268,815 | €270,712 | +€1,897 | +0.7% |
| Trade debts | 44 | €206,815 | €226,598 | +€19,783 | +9.6% |
| Suppliers | 440/4 | €206,815 | €226,598 | +€19,783 | +9.6% |
| Taxes, remuneration and social security | 45 | €194,780 | €179,453 | -€15,328 | -7.9% |
| Taxes | 450/3 | €41,462 | €29,847 | -€11,614 | -28.0% |
| Remuneration and social security | 454/9 | €153,319 | €149,605 | -€3,713 | -2.4% |
| Accrued charges and deferred income | 492/3 | €66,629 | €45,205 | -€21,424 | -32.2% |
| Remuneration, social security and pensions | 62 | €1,262,550 | €1,166,663 | -€95,886 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,303 | €266,662 | -€1,641 | -0.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,000 | -€19,760 | -€39,760 | |
| Other operating charges | 640/8 | €2,597 | €5,126 | +€2,530 | +97.4% |
| Non-recurring operating charges | 66A | - | €3,888 | +€3,888 | |
| Gross operating margin | 9900 | €1,111,609 | €949,041 | -€162,567 | -14.6% |
| Operating profit (loss) | 9901 | -€441,841 | -€473,538 | -€31,697 | -7.2% |
| Financial income | 75/76B | €2,658 | €5,013 | +€2,354 | +88.6% |
| Recurring financial income | 75 | €2,658 | €5,013 | +€2,354 | +88.6% |
| Financial charges | 65/66B | €76,597 | €100,474 | +€23,878 | +31.2% |
| Recurring financial charges | 65 | €76,597 | €100,474 | +€23,878 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | -€515,779 | -€569,000 | -€53,221 | -10.3% |
| Income taxes | 67/77 | €485 | €939 | +€454 | +93.7% |
| Profit (loss) for the period | 9904 | -€516,264 | -€569,939 | -€53,675 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€516,264 | -€569,939 | -€53,675 | -10.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.