HENCORP: 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.
HENCORP
Largest movements
- Receivables within one year +€307,391
up €307,391 (+53.9%), from €570,466 to €877,857
of which Other amounts receivable: +€259,485
- Tangible fixed assets +€245,863
up €245,863 (+16.7%), from €1.5m to €1.7m
of which Land and buildings: +€270,219
- Deferred charges and accrued income +€64,519
up €64,519 (+601%), from €10,735 to €75,254
- Cash -€39,784
down €39,784 (-35.4%), from €112,366 to €72,582
mainly Investment in fixed assets (net) (-€521,434) and Receivables within one year (-€307,391)
- Short-term financial debts +€366,990
up €366,990 (+2,063%), from €17,790 to €384,781
- Debts after one year +€268,445
up €268,445 (+30.6%), from €876,716 to €1.1m
of which Financial debts: +€268,495
- Other debts +€128,493
up €128,493 (+721%), from €17,829 to €146,322
- Accrued charges and deferred income -€107,557
down €107,557 (-100%), from €107,557 to €0
- Reserves -€96,822
down €96,822 (-27.6%), from €350,856 to €254,034
of which Distributable reserves: -€76,212
- Gross operating margin +€312,839
up €312,839 (+42.1%), from €742,863 to €1.1m
- Depreciation +€61,262
up €61,262 (+28.6%), from €214,310 to €275,572
- Financial charges +€45,455
up €45,455 (+69.1%), from €65,822 to €111,277
- Financial income +€35,999
up €35,999 (+94,933%), from €38 to €36,036
of which Financial income: +€30,213
- Staff costs +€28,932
up €28,932 (+3.8%), from €763,698 to €792,630
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,205,651 | €2,778,151 | +€572,500 | +26.0% |
| Fixed assets | 21/28 | €1,473,868 | €1,719,731 | +€245,863 | +16.7% |
| Tangible fixed assets | 22/27 | €1,471,552 | €1,717,415 | +€245,863 | +16.7% |
| Land and buildings | 22 | €1,378,439 | €1,648,658 | +€270,219 | +19.6% |
| Plant, machinery and equipment | 23 | €86,620 | €67,707 | -€18,913 | -21.8% |
| Furniture and vehicles | 24 | €6,493 | €1,050 | -€5,443 | -83.8% |
| Financial fixed assets | 28 | €2,316 | €2,316 | = | 0.0% |
| Current assets | 29/58 | €731,782 | €1,058,420 | +€326,638 | +44.6% |
| Stocks and contracts in progress | 3 | €38,214 | €32,726 | -€5,488 | -14.4% |
| Stocks | 30/36 | €38,214 | €32,726 | -€5,488 | -14.4% |
| Amounts receivable within one year | 40/41 | €570,466 | €877,857 | +€307,391 | +53.9% |
| Trade receivables | 40 | €36,133 | €84,038 | +€47,905 | +133% |
| Other amounts receivable | 41 | €534,333 | €793,819 | +€259,485 | +48.6% |
| Cash at bank and in hand | 54/58 | €112,366 | €72,582 | -€39,784 | -35.4% |
| Deferred charges and accrued income | 490/1 | €10,735 | €75,254 | +€64,519 | +601% |
| Total equity and liabilities | 10/49 | €2,205,651 | €2,778,151 | +€572,500 | +26.0% |
| Equity | 10/15 | €652,829 | €556,007 | -€96,822 | -14.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €350,856 | €254,034 | -€96,822 | -27.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,903 | €52,293 | -€20,610 | -28.3% |
| Distributable reserves | 133 | €271,756 | €195,543 | -€76,212 | -28.0% |
| Provisions and deferred taxes | 16 | €24,301 | €17,431 | -€6,870 | -28.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €24,301 | €17,431 | -€6,870 | -28.3% |
| Amounts payable | 17/49 | €1,528,520 | €2,204,713 | +€676,193 | +44.2% |
| Amounts payable after more than one year | 17 | €876,716 | €1,145,161 | +€268,445 | +30.6% |
| Financial debts | 170/4 | €876,666 | €1,145,161 | +€268,495 | +30.6% |
| Other amounts payable | 178/9 | €50 | €0 | -€50 | -100% |
| Amounts payable within one year | 42/48 | €544,247 | €1,059,552 | +€515,305 | +94.7% |
| Current portion of amounts payable after more than one year | 42 | €72,003 | €124,304 | +€52,301 | +72.6% |
| Financial debts | 43 | €17,790 | €384,781 | +€366,990 | +2,063% |
| Credit institutions | 430/8 | €17,790 | €384,781 | +€366,990 | +2,063% |
| Trade debts | 44 | €334,203 | €321,177 | -€13,026 | -3.9% |
| Suppliers | 440/4 | €334,203 | €321,177 | -€13,026 | -3.9% |
| Taxes, remuneration and social security | 45 | €102,422 | €82,969 | -€19,453 | -19.0% |
| Remuneration and social security | 454/9 | €102,422 | €82,969 | -€19,453 | -19.0% |
| Other amounts payable | 47/48 | €17,829 | €146,322 | +€128,493 | +721% |
| Accrued charges and deferred income | 492/3 | €107,557 | €0 | -€107,557 | -100% |
| Non-recurring operating income | 76A | €15,000 | €0 | -€15,000 | -100% |
| Remuneration, social security and pensions | 62 | €763,698 | €792,630 | +€28,932 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,310 | €275,572 | +€61,262 | +28.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,000 | €0 | +€25,000 | |
| Other operating charges | 640/8 | €21,317 | €8,278 | -€13,039 | -61.2% |
| Non-recurring operating charges | 66A | €0 | €800 | +€800 | |
| Gross operating margin | 9900 | €742,863 | €1,055,702 | +€312,839 | +42.1% |
| Operating profit (loss) | 9901 | -€231,462 | -€21,577 | +€209,885 | +90.7% |
| Financial income | 75/76B | €38 | €36,036 | +€35,999 | +94,933% |
| Recurring financial income | 75 | €38 | €30,251 | +€30,213 | +79,677% |
| Non-recurring financial income | 76B | - | €5,785 | +€5,785 | |
| Financial charges | 65/66B | €65,822 | €111,277 | +€45,455 | +69.1% |
| Recurring financial charges | 65 | €65,822 | €111,277 | +€45,455 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | -€297,245 | -€96,817 | +€200,428 | +67.4% |
| Transfer from deferred taxes | 780 | €7,665 | €6,870 | -€795 | -10.4% |
| Income taxes | 67/77 | €0 | €6,875 | +€6,875 | |
| Profit (loss) for the period | 9904 | -€289,580 | -€96,822 | +€192,758 | +66.6% |
| Transfer from tax-exempt reserves | 789 | €22,996 | €20,610 | -€2,385 | -10.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€266,585 | -€76,212 | +€190,373 | +71.4% |
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 17 October 2026 via checked.be.