HEN-PACE: 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-PACE
Largest movements
- Tangible fixed assets -€1.9m
down €1.9m (-97.1%), from €2.0m to €56,417
of which Land and buildings: -€1.9m
- Deferred charges and accrued income -€145,526
down €145,526 (-99.9%), from €145,647 to €121
- Receivables within one year +€116,322
up €116,322 (+55.8%), from €208,339 to €324,661
of which Other amounts receivable: +€227,747
- Financial fixed assets -€30,686
down €30,686 (-100.0%), from €30,686 to €0
- Debts after one year -€1.7m
down €1.7m (-100.0%), from €1.7m to €0
- Current portion of long-term debt -€170,967
down €170,967 (-100.0%), from €170,967 to €0
- Profit (loss) carried forward -€65,989
down €65,989 (-18.1%), from €365,103 to €299,114
- Other debts -€59,247
down €59,247 (-64.2%), from €92,247 to €33,000
- Reserves -€33,000
down €33,000 (-100.0%), from €33,000 to €0
- Financial charges +€41,941
up €41,941 (+54.7%), from €76,734 to €118,674
- Write-downs +€37,090
up €37,090, from -€37,090 to €0
- Financial income +€30,219
up €30,219 (+8578.2%), from €352 to €30,571
- Depreciation -€19,131
down €19,131 (-18.5%), from €103,666 to €84,535
- Gross operating margin -€14,344
down €14,344 (-6.9%), from €207,838 to €193,494
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 | €2,362,033 | €381,947 | -€2.0m | -83.8% |
| Fixed assets | 21/28 | €2,007,990 | €56,417 | -€2.0m | -97.2% |
| Tangible fixed assets | 22/27 | €1,977,304 | €56,417 | -€1.9m | -97.1% |
| Land and buildings | 22 | €1,909,596 | €0 | -€1.9m | -100.0% |
| Plant, machinery and equipment | 23 | €538 | €0 | -€538 | -100.0% |
| Furniture and vehicles | 24 | €259 | €0 | -€259 | -100.0% |
| Other tangible fixed assets | 26 | €66,911 | €56,417 | -€10,494 | -15.7% |
| Financial fixed assets | 28 | €30,686 | €0 | -€30,686 | -100.0% |
| Current assets | 29/58 | €354,043 | €325,531 | -€28,512 | -8.1% |
| Amounts receivable within one year | 40/41 | €208,339 | €324,661 | +€116,322 | +55.8% |
| Trade receivables | 40 | €111,425 | €0 | -€111,425 | -100.0% |
| Other amounts receivable | 41 | €96,914 | €324,661 | +€227,747 | +235.0% |
| Cash at bank and in hand | 54/58 | €56 | €748 | +€692 | +1226.0% |
| Deferred charges and accrued income | 490/1 | €145,647 | €121 | -€145,526 | -99.9% |
| Total equity and liabilities | 10/49 | €2,362,033 | €381,947 | -€2.0m | -83.8% |
| Equity | 10/15 | €399,203 | €300,214 | -€98,989 | -24.8% |
| Contributions | 10/11 | €1,100 | €1,100 | = | 0.0% |
| Reserves | 13 | €33,000 | €0 | -€33,000 | -100.0% |
| Distributable reserves | 133 | €33,000 | €0 | -€33,000 | -100.0% |
| Profit (loss) carried forward | 14 | €365,103 | €299,114 | -€65,989 | -18.1% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €1,962,830 | €81,733 | -€1.9m | -95.8% |
| Amounts payable after more than one year | 17 | €1,659,994 | €0 | -€1.7m | -100.0% |
| Financial debts | 170/4 | €1,659,994 | €0 | -€1.7m | -100.0% |
| Amounts payable within one year | 42/48 | €301,490 | €81,733 | -€219,757 | -72.9% |
| Current portion of amounts payable after more than one year | 42 | €170,967 | €0 | -€170,967 | -100.0% |
| Financial debts | 43 | €3,871 | €0 | -€3,871 | -100.0% |
| Other loans | 439 | €3,871 | €0 | -€3,871 | -100.0% |
| Trade debts | 44 | €25,657 | €48,672 | +€23,014 | +89.7% |
| Suppliers | 440/4 | €25,657 | €48,672 | +€23,014 | +89.7% |
| Taxes, remuneration and social security | 45 | €8,748 | €62 | -€8,686 | -99.3% |
| Taxes | 450/3 | €5,438 | €62 | -€5,377 | -98.9% |
| Remuneration and social security | 454/9 | €3,309 | €0 | -€3,309 | -100.0% |
| Other amounts payable | 47/48 | €92,247 | €33,000 | -€59,247 | -64.2% |
| Accrued charges and deferred income | 492/3 | €1,345 | €0 | -€1,345 | -100.0% |
| Non-recurring operating income | 76A | €0 | €2,154 | +€2,154 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,666 | €84,535 | -€19,131 | -18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€37,090 | €0 | +€37,090 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €9,899 | €7,543 | -€2,357 | -23.8% |
| Non-recurring operating charges | 66A | €29,236 | €79,302 | +€50,066 | +171.2% |
| Gross operating margin | 9900 | €207,838 | €193,494 | -€14,344 | -6.9% |
| Operating profit (loss) | 9901 | €102,126 | €22,115 | -€80,012 | -78.3% |
| Financial income | 75/76B | €352 | €30,571 | +€30,219 | +8578.2% |
| Recurring financial income | 75 | €352 | €30,571 | +€30,219 | +8578.2% |
| Financial charges | 65/66B | €76,734 | €118,674 | +€41,941 | +54.7% |
| Recurring financial charges | 65 | €76,734 | €118,674 | +€41,941 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €25,745 | -€65,989 | -€91,734 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €25,745 | -€65,989 | -€91,734 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,745 | -€65,989 | -€91,734 |
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 6 October 2026 via checked.be.