HENAMO: 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.
What changed
HENAMO
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€49,387
2024 · €222,306-€172,919
Equity
€3.8m
2024 · €3.9m-€90,613
Cash
€176,572
2024 · €1,588+€174,984
Balance sheet total
€8.6m
2024 · €8.6m+€45,951
Largest movements
Assets
- Receivables after one year +€241,870
up €241,870 (+42.4%), from €570,937 to €812,807
- Receivables within one year -€220,973
down €220,973 (-8.4%), from €2.6m to €2.4m
of which Other amounts receivable: -€218,539
- Cash +€174,984
up €174,984 (+11,019%), from €1,588 to €176,572
mainly Other debts (+€342,367) and Depreciation (+€270,364)
- Tangible fixed assets -€143,471
down €143,471 (-2.7%), from €5.3m to €5.2m
of which Land and buildings: -€179,598
Equity and liabilities
- Other debts +€342,367
up €342,367 (+102%), from €336,757 to €679,124
- Debts after one year -€244,444
down €244,444 (-8.4%), from €2.9m to €2.6m
- Reserves -€92,582
down €92,582 (-3.4%), from €2.7m to €2.6m
of which Tax-exempt reserves: -€92,582
Income statement
- Gross operating margin -€146,857
down €146,857 (-27.5%), from €534,588 to €387,731
- Financial charges +€18,401
up €18,401 (+60.7%), from €30,296 to €48,697
- Financial income -€6,652
down €6,652 (-49.1%), from €13,539 to €6,887
- Other operating charges -€5,778
down €5,778 (-19.7%), from €29,347 to €23,569
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.
Result 2024
€222,306
Gross operating margin
-€146,857
Staff costs
+€256
Depreciation
-€1,576
Other operating charges
+€5,778
Financial income
-€6,652
Financial charges
-€18,401
Taxes
-€4,555
Deferred taxes and other
-€912
Result 2025
€49,387
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€701,643
Investment
-€126,104
Financing
-€400,555
Cash 2024
€1,588
From operations (derived)
+€701,643
Net result for the year
+€49,387
Depreciation
+€270,364
Receivables after one year
-€241,870
Receivables within one year
+€220,973
Deferred charges and accrued income
+€5,670
Provisions
-€38,888
Trade debts
+€40,466
Tax, wage and social debts
+€6,522
Advances received
+€46,185
Other debts
+€342,367
Accrued charges and deferred income
+€467
Investment (derived)
-€126,104
Investment in fixed assets (net)
-€126,104
Financing
-€400,555
Debts after one year
-€244,444
Current portion of long-term debt
-€16,111
Contributions, distributions and other
-€140,000
Cash 2025
€176,572
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,568,200 | €8,614,151 | +€45,951 | +0.5% |
| Fixed assets | 21/28 | €5,360,883 | €5,216,623 | -€144,260 | -2.7% |
| Intangible fixed assets | 21 | €4,729 | €3,940 | -€789 | -16.7% |
| Tangible fixed assets | 22/27 | €5,347,902 | €5,204,431 | -€143,471 | -2.7% |
| Land and buildings | 22 | €5,198,379 | €5,018,781 | -€179,598 | -3.5% |
| Plant, machinery and equipment | 23 | €17,952 | €65,037 | +€47,085 | +262% |
| Furniture and vehicles | 24 | €131,571 | €120,613 | -€10,958 | -8.3% |
| Financial fixed assets | 28 | €8,252 | €8,252 | = | 0.0% |
| Current assets | 29/58 | €3,207,317 | €3,397,528 | +€190,211 | +5.9% |
| Amounts receivable after more than one year | 29 | €570,937 | €812,807 | +€241,870 | +42.4% |
| Other amounts receivable | 291 | €570,937 | €812,807 | +€241,870 | +42.4% |
| Amounts receivable within one year | 40/41 | €2,624,202 | €2,403,229 | -€220,973 | -8.4% |
| Trade receivables | 40 | €32,156 | €29,722 | -€2,434 | -7.6% |
| Other amounts receivable | 41 | €2,592,046 | €2,373,507 | -€218,539 | -8.4% |
| Cash at bank and in hand | 54/58 | €1,588 | €176,572 | +€174,984 | +11,019% |
| Deferred charges and accrued income | 490/1 | €10,590 | €4,920 | -€5,670 | -53.5% |
| Total equity and liabilities | 10/49 | €8,568,200 | €8,614,151 | +€45,951 | +0.5% |
| Equity | 10/15 | €3,895,398 | €3,804,785 | -€90,613 | -2.3% |
| Contributions | 10/11 | €68,200 | €68,200 | = | 0.0% |
| Capital | 10 | €68,200 | €68,200 | = | 0.0% |
| Issued capital | 100 | €82,000 | €82,000 | = | 0.0% |
| Uncalled capital | 101 | €13,800 | €13,800 | = | 0.0% |
| Reserves | 13 | €2,692,096 | €2,599,514 | -€92,582 | -3.4% |
| Non-distributable reserves | 130/1 | €8,200 | €8,200 | = | 0.0% |
| Legal reserve | 130 | €8,200 | €8,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,683,896 | €2,591,314 | -€92,582 | -3.4% |
| Profit (loss) carried forward | 14 | €1,135,102 | €1,137,071 | +€1,969 | +0.2% |
| Provisions and deferred taxes | 16 | €1,125,480 | €1,086,592 | -€38,888 | -3.5% |
| Deferred taxes | 168 | €1,125,480 | €1,086,592 | -€38,888 | -3.5% |
| Amounts payable | 17/49 | €3,547,322 | €3,722,774 | +€175,452 | +4.9% |
| Amounts payable after more than one year | 17 | €2,893,421 | €2,648,977 | -€244,444 | -8.4% |
| Financial debts | 170/4 | €2,893,421 | €2,648,977 | -€244,444 | -8.4% |
| Amounts payable within one year | 42/48 | €653,901 | €1,073,330 | +€419,429 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €260,555 | €244,444 | -€16,111 | -6.2% |
| Trade debts | 44 | €37,463 | €77,929 | +€40,466 | +108% |
| Suppliers | 440/4 | €37,463 | €77,929 | +€40,466 | +108% |
| Advances received on contracts in progress | 46 | €3,700 | €49,885 | +€46,185 | +1,248% |
| Taxes, remuneration and social security | 45 | €15,426 | €21,948 | +€6,522 | +42.3% |
| Taxes | 450/3 | €10,327 | €17,514 | +€7,187 | +69.6% |
| Remuneration and social security | 454/9 | €5,099 | €4,434 | -€665 | -13.0% |
| Other amounts payable | 47/48 | €336,757 | €679,124 | +€342,367 | +102% |
| Accrued charges and deferred income | 492/3 | - | €467 | +€467 | |
| Remuneration, social security and pensions | 62 | €26,098 | €25,842 | -€256 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,788 | €270,364 | +€1,576 | +0.6% |
| Other operating charges | 640/8 | €29,347 | €23,569 | -€5,778 | -19.7% |
| Gross operating margin | 9900 | €534,588 | €387,731 | -€146,857 | -27.5% |
| Operating profit (loss) | 9901 | €210,355 | €67,956 | -€142,399 | -67.7% |
| Financial income | 75/76B | €13,539 | €6,887 | -€6,652 | -49.1% |
| Recurring financial income | 75 | €13,539 | €6,887 | -€6,652 | -49.1% |
| Financial charges | 65/66B | €30,296 | €48,697 | +€18,401 | +60.7% |
| Recurring financial charges | 65 | €30,296 | €48,697 | +€18,401 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | €193,598 | €26,146 | -€167,452 | -86.5% |
| Transfer from deferred taxes | 780 | €39,801 | €38,889 | -€912 | -2.3% |
| Income taxes | 67/77 | €11,093 | €15,648 | +€4,555 | +41.1% |
| Profit (loss) for the period | 9904 | €222,306 | €49,387 | -€172,919 | -77.8% |
| Transfer from tax-exempt reserves | 789 | €94,752 | €92,582 | -€2,170 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €317,058 | €141,969 | -€175,089 | -55.2% |
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 15 October 2026 via checked.be.