HENGALY: 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
HENGALY
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€275,726
2024 · €37,247-€312,972
Equity
€2.8m
2024 · €3.1m-€275,726
Cash
€10,479
2024 · €863,236-€852,758
Balance sheet total
€10.5m
2024 · €9.9m+€636,229
Largest movements
Assets
- Tangible fixed assets +€1.8m
up €1.8m (+43.3%), from €4.1m to €5.9m
- Cash -€852,758
down €852,758 (-98.8%), from €863,236 to €10,479
mainly Investment in fixed assets (net) (-€2.0m) and Net result for the year (-€275,726)
- Receivables within one year -€303,366
down €303,366 (-8.9%), from €3.4m to €3.1m
of which Other amounts receivable: -€275,858
Equity and liabilities
- Short-term financial debts +€912,000
new in 2025: €912,000
- Profit (loss) carried forward -€205,510
down €205,510 (-52.8%), from €389,074 to €183,563
Income statement
- Other operating income -€142,780
no longer reported in 2025 (was €142,780)
- Gross operating margin +€92,118
new in 2025: €92,118
- Services and other goods -€78,819
no longer reported in 2025 (was €78,819)
- Depreciation +€51,002
up €51,002 (+23.5%), from €217,341 to €268,342
- Financial charges +€41,367
up €41,367 (+29.3%), from €141,399 to €182,766
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
€37,247
Depreciation
-€51,002
Other operating charges
-€2,233
Other operating items
-€309,524
Financial income
+€24,572
Financial charges
-€41,367
Taxes
-€5,781
Deferred taxes and other
+€72,363
Result 2025
-€275,726
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
+€434,672
Investment
-€2.0m
Financing
+€748,594
Cash 2024
€863,236
From operations (derived)
+€434,672
Net result for the year
-€275,726
Depreciation
+€268,342
Receivables within one year
+€303,366
Deferred charges and accrued income
-€24,671
Provisions
-€23,405
Trade debts
+€100,320
Other debts
+€71,506
Accrued charges and deferred income
+€14,939
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
+€748,594
Debts after one year
-€60,000
Current portion of long-term debt
-€103,406
Short-term financial debts
+€912,000
Cash 2025
€10,479
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,894,513 | €10,530,742 | +€636,229 | +6.4% |
| Fixed assets | 21/28 | €4,084,500 | €5,852,181 | +€1.8m | +43.3% |
| Tangible fixed assets | 22/27 | €4,084,500 | €5,852,181 | +€1.8m | +43.3% |
| Land and buildings | 22 | €4,084,500 | €5,852,181 | +€1.8m | +43.3% |
| Current assets | 29/58 | €5,810,013 | €4,678,561 | -€1.1m | -19.5% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,395,431 | €3,092,065 | -€303,366 | -8.9% |
| Trade receivables | 40 | €27,507 | €0 | -€27,507 | -100% |
| Other amounts receivable | 41 | €3,367,924 | €3,092,065 | -€275,858 | -8.2% |
| Cash at bank and in hand | 54/58 | €863,236 | €10,479 | -€852,758 | -98.8% |
| Deferred charges and accrued income | 490/1 | €51,346 | €76,017 | +€24,671 | +48.0% |
| Total equity and liabilities | 10/49 | €9,894,513 | €10,530,742 | +€636,229 | +6.4% |
| Equity | 10/15 | €3,062,481 | €2,786,755 | -€275,726 | -9.0% |
| Contributions | 10/11 | €1,110,000 | €1,110,000 | = | 0.0% |
| Capital | 10 | €1,110,000 | €1,110,000 | = | 0.0% |
| Issued capital | 100 | €1,110,000 | €1,110,000 | = | 0.0% |
| Revaluation surpluses | 12 | €29,443 | €29,443 | = | 0.0% |
| Reserves | 13 | €1,533,964 | €1,463,748 | -€70,215 | -4.6% |
| Non-distributable reserves | 130/1 | €66,381 | €66,381 | = | 0.0% |
| Legal reserve | 130 | €66,381 | €66,381 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,467,583 | €1,397,367 | -€70,215 | -4.8% |
| Profit (loss) carried forward | 14 | €389,074 | €183,563 | -€205,510 | -52.8% |
| Provisions and deferred taxes | 16 | €489,194 | €465,789 | -€23,405 | -4.8% |
| Deferred taxes | 168 | €489,194 | €465,789 | -€23,405 | -4.8% |
| Amounts payable | 17/49 | €6,342,838 | €7,278,198 | +€935,360 | +14.7% |
| Amounts payable after more than one year | 17 | €5,651,097 | €5,591,097 | -€60,000 | -1.1% |
| Financial debts | 170/4 | €5,651,097 | €5,591,097 | -€60,000 | -1.1% |
| Credit institutions | 173 | €5,651,097 | - | -€5.7m | |
| Amounts payable within one year | 42/48 | €661,599 | €1,642,020 | +€980,421 | +148% |
| Current portion of amounts payable after more than one year | 42 | €268,203 | €164,798 | -€103,406 | -38.6% |
| Financial debts | 43 | - | €912,000 | +€912,000 | |
| Credit institutions | 430/8 | - | €912,000 | +€912,000 | |
| Trade debts | 44 | €25,851 | €126,171 | +€100,320 | +388% |
| Suppliers | 440/4 | €25,851 | €126,171 | +€100,320 | +388% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €367,545 | €439,051 | +€71,506 | +19.5% |
| Accrued charges and deferred income | 492/3 | €30,143 | €45,082 | +€14,939 | +49.6% |
| Operating income | 70/76A | €480,461 | - | -€480,461 | |
| Other operating income | 74 | €142,780 | - | -€142,780 | |
| Non-recurring operating income | 76A | €337,681 | €0 | -€337,681 | -100% |
| Operating charges | 60/66A | €306,992 | - | -€306,992 | |
| Services and other goods | 61 | €78,819 | - | -€78,819 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,341 | €268,342 | +€51,002 | +23.5% |
| Other operating charges | 640/8 | €10,832 | €13,066 | +€2,233 | +20.6% |
| Gross operating margin | 9900 | - | €92,118 | +€92,118 | |
| Operating profit (loss) | 9901 | €173,469 | -€189,290 | -€362,759 | |
| Financial income | 75/76B | €48,354 | €72,926 | +€24,572 | +50.8% |
| Recurring financial income | 75 | €48,354 | €72,926 | +€24,572 | +50.8% |
| Income from current assets | 751 | €48,334 | - | -€48,334 | |
| Other financial income | 752/9 | €20 | - | -€20 | |
| Financial charges | 65/66B | €141,399 | €182,766 | +€41,367 | +29.3% |
| Recurring financial charges | 65 | €141,399 | €182,766 | +€41,367 | +29.3% |
| Debt charges | 650 | €139,701 | - | -€139,701 | |
| Other financial charges | 652/9 | €1,699 | - | -€1,699 | |
| Profit (loss) for the period before taxes | 9903 | €80,423 | -€299,131 | -€379,554 | |
| Transfer from deferred taxes | 780 | €14,997 | €23,405 | +€8,409 | +56.1% |
| Transfer to deferred taxes | 680 | €63,955 | €0 | -€63,955 | -100% |
| Income taxes | 67/77 | -€5,781 | €0 | +€5,781 | |
| Taxes | 670/3 | €0 | - | = | |
| Tax adjustments and reversals of tax provisions | 77 | €5,781 | - | -€5,781 | |
| Profit (loss) for the period | 9904 | €37,247 | -€275,726 | -€312,972 | |
| Transfer from tax-exempt reserves | 789 | €44,990 | €70,215 | +€25,226 | +56.1% |
| Transfer to tax-exempt reserves | 689 | €191,864 | €0 | -€191,864 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€109,628 | -€205,510 | -€95,883 | -87.5% |
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 13 October 2026 via checked.be.