HENATHERM: 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.
HENATHERM
Largest movements
- Cash +€39,314
up €39,314 (+52.1%), from €75,432 to €114,746
mainly Net result for the year (+€70,459) and Depreciation (+€22,908)
- Tangible fixed assets -€22,908
down €22,908 (-8.7%), from €262,051 to €239,143
of which Furniture and vehicles: -€11,673
- Stocks and contracts -€10,000
down €10,000 (-4.0%), from €252,000 to €242,000
- Reserves +€70,459
up €70,459 (+22.7%), from €310,064 to €380,523
- Other debts -€45,382
down €45,382 (-87.8%), from €51,701 to €6,319
- Debts after one year -€23,997
down €23,997 (-12.5%), from €192,115 to €168,118
- Tax, wage and social debts +€15,639
up €15,639 (+89.0%), from €17,580 to €33,220
- Gross operating margin +€5,408
up €5,408 (+4.2%), from €127,721 to €133,129
- Financial income +€2,122
up €2,122 (+55.9%), from €3,797 to €5,919
- Taxes +€1,710
up €1,710 (+5.6%), from €30,724 to €32,434
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 | €626,800 | €638,791 | +€11,991 | +1.9% |
| Fixed assets | 21/28 | €262,051 | €239,143 | -€22,908 | -8.7% |
| Tangible fixed assets | 22/27 | €262,051 | €239,143 | -€22,908 | -8.7% |
| Land and buildings | 22 | €240,497 | €232,383 | -€8,114 | -3.4% |
| Plant, machinery and equipment | 23 | €9,824 | €6,702 | -€3,122 | -31.8% |
| Furniture and vehicles | 24 | €11,730 | €58 | -€11,673 | -99.5% |
| Current assets | 29/58 | €364,749 | €399,648 | +€34,899 | +9.6% |
| Stocks and contracts in progress | 3 | €252,000 | €242,000 | -€10,000 | -4.0% |
| Stocks | 30/36 | €252,000 | €242,000 | -€10,000 | -4.0% |
| Amounts receivable within one year | 40/41 | €35,819 | €42,096 | +€6,277 | +17.5% |
| Trade receivables | 40 | €35,819 | €42,096 | +€6,277 | +17.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €75,432 | €114,746 | +€39,314 | +52.1% |
| Deferred charges and accrued income | 490/1 | €1,498 | €806 | -€692 | -46.2% |
| Total equity and liabilities | 10/49 | €626,800 | €638,791 | +€11,991 | +1.9% |
| Equity | 10/15 | €335,064 | €405,523 | +€70,459 | +21.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €310,064 | €380,523 | +€70,459 | +22.7% |
| Distributable reserves | 133 | €310,064 | €380,523 | +€70,459 | +22.7% |
| Amounts payable | 17/49 | €291,736 | €233,268 | -€58,468 | -20.0% |
| Amounts payable after more than one year | 17 | €192,115 | €168,118 | -€23,997 | -12.5% |
| Financial debts | 170/4 | €192,115 | €168,118 | -€23,997 | -12.5% |
| Amounts payable within one year | 42/48 | €99,621 | €65,150 | -€34,471 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €26,916 | €22,014 | -€4,902 | -18.2% |
| Trade debts | 44 | €3,424 | €3,597 | +€174 | +5.1% |
| Suppliers | 440/4 | €3,424 | €3,597 | +€174 | +5.1% |
| Taxes, remuneration and social security | 45 | €17,580 | €33,220 | +€15,639 | +89.0% |
| Taxes | 450/3 | €17,580 | €33,220 | +€15,639 | +89.0% |
| Other amounts payable | 47/48 | €51,701 | €6,319 | -€45,382 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,705 | €22,908 | -€797 | -3.4% |
| Other operating charges | 640/8 | €1,404 | €1,509 | +€105 | +7.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €127,721 | €133,129 | +€5,408 | +4.2% |
| Operating profit (loss) | 9901 | €102,612 | €108,712 | +€6,100 | +5.9% |
| Financial income | 75/76B | €3,797 | €5,919 | +€2,122 | +55.9% |
| Recurring financial income | 75 | €3,797 | €5,919 | +€2,122 | +55.9% |
| Financial charges | 65/66B | €12,336 | €11,738 | -€598 | -4.8% |
| Recurring financial charges | 65 | €12,336 | €11,738 | -€598 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €94,073 | €102,893 | +€8,820 | +9.4% |
| Income taxes | 67/77 | €30,724 | €32,434 | +€1,710 | +5.6% |
| Profit (loss) for the period | 9904 | €63,349 | €70,459 | +€7,110 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,349 | €70,459 | +€7,110 | +11.2% |
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 9 October 2026 via checked.be.