HENHOLD: 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.
HENHOLD
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+341.3%), from €657,281 to €2.9m
of which Land and buildings: +€2.2m
- Revaluation surpluses +€2.1m
up €2.1m (+1078.6%), from €195,000 to €2.3m
- Other debts +€215,271
up €215,271 (+35.0%), from €615,787 to €831,058
- Profit (loss) carried forward -€90,287
down €90,287 (-16.4%), from -€550,651 to -€640,939
- Reserves +€40,662
up €40,662 (+38.7%), from €105,000 to €145,662
- Depreciation +€27,688
up €27,688 (+46.3%), from €59,824 to €87,512
- Financial charges +€21,617
up €21,617 (+45.3%), from €47,673 to €69,291
- Other operating charges +€20,748
up €20,748 (+234.3%), from €8,857 to €29,605
- Gross operating margin +€12,032
up €12,032 (+14.3%), from €84,085 to €96,118
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 | €697,182 | €2,936,513 | +€2.2m | +321.2% |
| Fixed assets | 21/28 | €657,281 | €2,900,746 | +€2.2m | +341.3% |
| Tangible fixed assets | 22/27 | €657,281 | €2,900,746 | +€2.2m | +341.3% |
| Land and buildings | 22 | €657,281 | €2,900,746 | +€2.2m | +341.3% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Current assets | 29/58 | €39,902 | €35,768 | -€4,134 | -10.4% |
| Amounts receivable within one year | 40/41 | €5,079 | €250 | -€4,829 | -95.1% |
| Trade receivables | 40 | €5,004 | - | -€5,004 | |
| Other amounts receivable | 41 | €75 | €250 | +€175 | +235.2% |
| Cash at bank and in hand | 54/58 | €34,125 | €34,803 | +€678 | +2.0% |
| Deferred charges and accrued income | 490/1 | €698 | €714 | +€16 | +2.4% |
| Total equity and liabilities | 10/49 | €697,182 | €2,936,513 | +€2.2m | +321.2% |
| Equity | 10/15 | €51,349 | €2,105,062 | +€2.1m | +3999.5% |
| Contributions | 10/11 | €302,000 | €302,000 | = | 0.0% |
| Capital | 10 | €302,000 | €302,000 | = | 0.0% |
| Issued capital | 100 | €302,000 | €302,000 | = | 0.0% |
| Revaluation surpluses | 12 | €195,000 | €2,298,338 | +€2.1m | +1078.6% |
| Reserves | 13 | €105,000 | €145,662 | +€40,662 | +38.7% |
| Distributable reserves | 133 | €105,000 | €145,662 | +€40,662 | +38.7% |
| Profit (loss) carried forward | 14 | -€550,651 | -€640,939 | -€90,287 | -16.4% |
| Amounts payable | 17/49 | €645,834 | €831,452 | +€185,618 | +28.7% |
| Amounts payable within one year | 42/48 | €645,834 | €831,452 | +€185,618 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €361 | - | -€361 | |
| Trade debts | 44 | €20,526 | €394 | -€20,132 | -98.1% |
| Suppliers | 440/4 | €20,526 | €394 | -€20,132 | -98.1% |
| Advances received on contracts in progress | 46 | €9,000 | - | -€9,000 | |
| Taxes, remuneration and social security | 45 | €159 | - | -€159 | |
| Taxes | 450/3 | €159 | - | -€159 | |
| Other amounts payable | 47/48 | €615,787 | €831,058 | +€215,271 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,824 | €87,512 | +€27,688 | +46.3% |
| Other operating charges | 640/8 | €8,857 | €29,605 | +€20,748 | +234.3% |
| Gross operating margin | 9900 | €84,085 | €96,118 | +€12,032 | +14.3% |
| Operating profit (loss) | 9901 | €15,405 | -€20,999 | -€36,404 | |
| Financial income | 75/76B | €15 | €4 | -€12 | -77.4% |
| Recurring financial income | 75 | €15 | €4 | -€12 | -77.4% |
| Financial charges | 65/66B | €47,673 | €69,291 | +€21,617 | +45.3% |
| Recurring financial charges | 65 | €47,673 | €69,291 | +€21,617 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | -€32,253 | -€90,286 | -€58,033 | -179.9% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€32,253 | -€90,287 | -€58,034 | -179.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,253 | -€90,287 | -€58,034 | -179.9% |
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 11 October 2026 via checked.be.