HENGI: 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.
HENGI
Largest movements
- Receivables within one year +€22,982
up €22,982 (+22.6%), from €101,721 to €124,703
of which Trade receivables: +€26,643
- Cash -€21,319
down €21,319 (-16.7%), from €127,605 to €106,286
mainly Other debts (-€60,000) and Receivables within one year (-€22,982)
- Tangible fixed assets +€3,721
up €3,721 (+99.3%), from €3,749 to €7,471
of which Furniture and vehicles: +€3,911
- Other debts -€60,000
no longer reported in 2025 (was €60,000)
- Profit (loss) carried forward +€47,879
up €47,879 (+28.6%), from €167,626 to €215,505
- Tax, wage and social debts +€17,414
up €17,414 (+582%), from €2,994 to €20,408
of which Taxes: +€20,408
- Gross operating margin -€14,175
down €14,175 (-18.0%), from €78,789 to €64,614
- Depreciation -€3,053
down €3,053 (-50.4%), from €6,059 to €3,005
- Taxes -€2,733
down €2,733 (-17.4%), from €15,677 to €12,944
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 | €233,106 | €238,490 | +€5,384 | +2.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €3,779 | €7,501 | +€3,721 | +98.5% |
| Tangible fixed assets | 22/27 | €3,749 | €7,471 | +€3,721 | +99.3% |
| Plant, machinery and equipment | 23 | €307 | €117 | -€189 | -61.8% |
| Furniture and vehicles | 24 | €3,443 | €7,354 | +€3,911 | +114% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €229,327 | €230,989 | +€1,662 | +0.7% |
| Amounts receivable within one year | 40/41 | €101,721 | €124,703 | +€22,982 | +22.6% |
| Trade receivables | 40 | €94,357 | €121,000 | +€26,643 | +28.2% |
| Other amounts receivable | 41 | €7,364 | €3,703 | -€3,661 | -49.7% |
| Cash at bank and in hand | 54/58 | €127,605 | €106,286 | -€21,319 | -16.7% |
| Total equity and liabilities | 10/49 | €233,106 | €238,490 | +€5,384 | +2.3% |
| Equity | 10/15 | €168,626 | €216,505 | +€47,879 | +28.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,626 | €215,505 | +€47,879 | +28.6% |
| Amounts payable | 17/49 | €64,480 | €21,985 | -€42,495 | -65.9% |
| Amounts payable within one year | 42/48 | €64,480 | €21,985 | -€42,495 | -65.9% |
| Trade debts | 44 | €1,486 | €1,577 | +€91 | +6.1% |
| Suppliers | 440/4 | €1,486 | €1,577 | +€91 | +6.1% |
| Taxes, remuneration and social security | 45 | €2,994 | €20,408 | +€17,414 | +582% |
| Taxes | 450/3 | - | €20,408 | +€20,408 | |
| Remuneration and social security | 454/9 | €2,994 | - | -€2,994 | |
| Other amounts payable | 47/48 | €60,000 | - | -€60,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,059 | €3,005 | -€3,053 | -50.4% |
| Other operating charges | 640/8 | €636 | €654 | +€19 | +2.9% |
| Gross operating margin | 9900 | €78,789 | €64,614 | -€14,175 | -18.0% |
| Operating profit (loss) | 9901 | €72,094 | €60,954 | -€11,140 | -15.5% |
| Financial charges | 65/66B | €117 | €131 | +€14 | +11.9% |
| Recurring financial charges | 65 | €117 | €131 | +€14 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €71,977 | €60,823 | -€11,154 | -15.5% |
| Income taxes | 67/77 | €15,677 | €12,944 | -€2,733 | -17.4% |
| Profit (loss) for the period | 9904 | €56,300 | €47,879 | -€8,421 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,300 | €47,879 | -€8,421 | -15.0% |
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 14 October 2026 via checked.be.