HENACH: 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.
HENACH
Largest movements
- Tangible fixed assets +€871,643
up €871,643 (+139.8%), from €623,642 to €1.5m
of which Land and buildings: +€848,827
- Cash -€131,670
down €131,670 (-96.9%), from €135,945 to €4,275
mainly Investment in fixed assets (net) (-€926,541) and Short-term financial debts (-€130,000)
- Receivables within one year +€62,897
up €62,897 (+5854.2%), from €1,074 to €63,971
of which Trade receivables: +€59,050
- Debts after one year +€523,964
up €523,964 (+844.0%), from €62,081 to €586,045
- Other debts +€327,642
up €327,642 (+2847.1%), from €11,508 to €339,150
- Short-term financial debts -€130,000
down €130,000 (-100.0%), from €130,000 to €0
- Reserves +€71,761
up €71,761 (+19.6%), from €367,004 to €438,765
of which Distributable reserves: +€71,761
- Trade debts +€45,022
up €45,022 (+8.1%), from €555,466 to €600,488
- Depreciation +€45,517
up €45,517 (+485.2%), from €9,381 to €54,898
- Taxes -€17,369
down €17,369 (-37.7%), from €46,084 to €28,715
- Gross operating margin +€7,734
up €7,734 (+4.9%), from €156,932 to €164,667
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 | €1,377,861 | €2,178,631 | +€800,770 | +58.1% |
| Fixed assets | 21/28 | €1,226,491 | €2,098,135 | +€871,643 | +71.1% |
| Tangible fixed assets | 22/27 | €623,642 | €1,495,286 | +€871,643 | +139.8% |
| Land and buildings | 22 | €612,333 | €1,461,159 | +€848,827 | +138.6% |
| Other tangible fixed assets | 26 | €11,310 | €34,126 | +€22,817 | +201.7% |
| Financial fixed assets | 28 | €602,849 | €602,849 | = | 0.0% |
| Current assets | 29/58 | €151,369 | €80,496 | -€70,873 | -46.8% |
| Amounts receivable within one year | 40/41 | €1,074 | €63,971 | +€62,897 | +5854.2% |
| Trade receivables | 40 | €0 | €59,050 | +€59,050 | |
| Other amounts receivable | 41 | €1,074 | €4,921 | +€3,847 | +358.0% |
| Cash at bank and in hand | 54/58 | €135,945 | €4,275 | -€131,670 | -96.9% |
| Deferred charges and accrued income | 490/1 | €14,350 | €12,250 | -€2,100 | -14.6% |
| Total equity and liabilities | 10/49 | €1,377,861 | €2,178,631 | +€800,770 | +58.1% |
| Equity | 10/15 | €479,637 | €551,397 | +€71,761 | +15.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €1,708 | €1,708 | = | 0.0% |
| Reserves | 13 | €367,004 | €438,765 | +€71,761 | +19.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €367,004 | €438,765 | +€71,761 | +19.6% |
| Profit (loss) carried forward | 14 | €104,724 | €104,724 | = | 0.0% |
| Amounts payable | 17/49 | €898,224 | €1,627,234 | +€729,009 | +81.2% |
| Amounts payable after more than one year | 17 | €62,081 | €586,045 | +€523,964 | +844.0% |
| Financial debts | 170/4 | €62,081 | €586,045 | +€523,964 | +844.0% |
| Amounts payable within one year | 42/48 | €834,487 | €1,034,869 | +€200,382 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €94,237 | €64,133 | -€30,104 | -31.9% |
| Financial debts | 43 | €130,000 | €0 | -€130,000 | -100.0% |
| Credit institutions | 430/8 | €130,000 | €0 | -€130,000 | -100.0% |
| Trade debts | 44 | €555,466 | €600,488 | +€45,022 | +8.1% |
| Suppliers | 440/4 | €555,466 | €600,488 | +€45,022 | +8.1% |
| Advances received on contracts in progress | 46 | €4,450 | €0 | -€4,450 | -100.0% |
| Taxes, remuneration and social security | 45 | €38,826 | €31,098 | -€7,728 | -19.9% |
| Taxes | 450/3 | €35,616 | €27,888 | -€7,728 | -21.7% |
| Remuneration and social security | 454/9 | €3,210 | €3,210 | = | 0.0% |
| Other amounts payable | 47/48 | €11,508 | €339,150 | +€327,642 | +2847.1% |
| Accrued charges and deferred income | 492/3 | €1,655 | €6,319 | +€4,664 | +281.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,381 | €54,898 | +€45,517 | +485.2% |
| Other operating charges | 640/8 | €1,328 | €213 | -€1,114 | -83.9% |
| Gross operating margin | 9900 | €156,932 | €164,667 | +€7,734 | +4.9% |
| Operating profit (loss) | 9901 | €146,224 | €109,556 | -€36,668 | -25.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +2216.7% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +2216.7% |
| Financial charges | 65/66B | €8,363 | €9,081 | +€719 | +8.6% |
| Recurring financial charges | 65 | €8,363 | €9,081 | +€719 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €137,861 | €100,476 | -€37,385 | -27.1% |
| Income taxes | 67/77 | €46,084 | €28,715 | -€17,369 | -37.7% |
| Profit (loss) for the period | 9904 | €91,777 | €71,761 | -€20,017 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,777 | €71,761 | -€20,017 | -21.8% |
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 5 October 2026 via checked.be.