HENDA: 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.
HENDA
Largest movements
- Tangible fixed assets -€8,487
down €8,487 (-2.1%), from €409,699 to €401,211
- Cash -€5,291
down €5,291 (-17.5%), from €30,291 to €25,001
mainly Other debts (-€11,280) and Net result for the year (-€4,147)
- Other debts -€11,280
down €11,280 (-6.0%), from €187,105 to €175,825
- Financial charges +€7,077
up €7,077 (+4133.8%), from €171 to €7,248
- Gross operating margin +€695
up €695 (+5.3%), from €13,216 to €13,911
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 | €439,990 | €426,212 | -€13,778 | -3.1% |
| Fixed assets | 21/28 | €409,699 | €401,211 | -€8,487 | -2.1% |
| Tangible fixed assets | 22/27 | €409,699 | €401,211 | -€8,487 | -2.1% |
| Land and buildings | 22 | €409,699 | €401,211 | -€8,487 | -2.1% |
| Current assets | 29/58 | €30,291 | €25,001 | -€5,291 | -17.5% |
| Cash at bank and in hand | 54/58 | €30,291 | €25,001 | -€5,291 | -17.5% |
| Total equity and liabilities | 10/49 | €439,990 | €426,212 | -€13,778 | -3.1% |
| Equity | 10/15 | €250,229 | €246,081 | -€4,147 | -1.7% |
| Contributions | 10/11 | €224,000 | €224,000 | = | 0.0% |
| Capital | 10 | €224,000 | €224,000 | = | 0.0% |
| Issued capital | 100 | €224,000 | €224,000 | = | 0.0% |
| Reserves | 13 | €14,203 | €12,865 | -€1,338 | -9.4% |
| Non-distributable reserves | 130/1 | €763 | €763 | = | 0.0% |
| Legal reserve | 130 | €763 | €763 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,967 | €6,629 | -€1,338 | -16.8% |
| Distributable reserves | 133 | €5,473 | €5,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,026 | €9,217 | -€2,809 | -23.4% |
| Provisions and deferred taxes | 16 | €2,656 | €2,210 | -€446 | -16.8% |
| Deferred taxes | 168 | €2,656 | €2,210 | -€446 | -16.8% |
| Amounts payable | 17/49 | €187,105 | €177,921 | -€9,184 | -4.9% |
| Amounts payable within one year | 42/48 | €187,105 | €177,921 | -€9,184 | -4.9% |
| Taxes, remuneration and social security | 45 | - | €2,096 | +€2,096 | |
| Taxes | 450/3 | - | €2,096 | +€2,096 | |
| Other amounts payable | 47/48 | €187,105 | €175,825 | -€11,280 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,378 | €8,487 | +€110 | +1.3% |
| Other operating charges | 640/8 | €2,685 | €2,769 | +€84 | +3.1% |
| Gross operating margin | 9900 | €13,216 | €13,911 | +€695 | +5.3% |
| Operating profit (loss) | 9901 | €2,153 | €2,655 | +€502 | +23.3% |
| Financial charges | 65/66B | €171 | €7,248 | +€7,077 | +4133.8% |
| Recurring financial charges | 65 | €171 | €7,248 | +€7,077 | +4133.8% |
| Profit (loss) for the period before taxes | 9903 | €1,982 | -€4,594 | -€6,575 | |
| Transfer from deferred taxes | 780 | €446 | €446 | = | 0.0% |
| Profit (loss) for the period | 9904 | €2,428 | -€4,147 | -€6,575 | |
| Transfer from tax-exempt reserves | 789 | €1,338 | €1,338 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,767 | -€2,809 | -€6,575 |
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.