HENLIN: 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.
HENLIN
Largest movements
- Cash -€72,418
down €72,418 (-21.6%), from €335,116 to €262,699
mainly Contributions, distributions and other (-€350,000) and Other debts (-€59,339)
- Tangible fixed assets -€37,791
down €37,791 (-4.1%), from €925,962 to €888,172
- Contributions -€340,713
down €340,713 (-53.9%), from €632,405 to €291,692
- Debts after one year +€306,953
up €306,953 (+116.7%), from €262,978 to €569,930
of which Other amounts payable: +€334,536
- Other debts -€59,339
no longer reported in 2025 (was €59,339)
- Financial charges -€406,038
down €406,038 (-96.0%), from €422,971 to €16,933
of which Non-recurring financial charges: -€350,000
- Financial income -€349,548
down €349,548 (-99.9%), from €350,017 to €469
of which Financial income: -€350,015
- Gross operating margin -€49,624
down €49,624 (-42.3%), from €117,235 to €67,610
- Depreciation +€8,674
up €8,674 (+27.7%), from €31,341 to €40,016
- Taxes -€1,695
down €1,695 (-37.9%), from €4,471 to €2,775
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 | €1,431,445 | €1,315,237 | -€116,208 | -8.1% |
| Fixed assets | 21/28 | €1,084,039 | €1,040,048 | -€43,991 | -4.1% |
| Tangible fixed assets | 22/27 | €925,962 | €888,172 | -€37,791 | -4.1% |
| Land and buildings | 22 | €830,356 | €811,875 | -€18,481 | -2.2% |
| Plant, machinery and equipment | 23 | €23,461 | €21,131 | -€2,330 | -9.9% |
| Furniture and vehicles | 24 | €72,145 | €55,165 | -€16,980 | -23.5% |
| Financial fixed assets | 28 | €158,077 | €151,877 | -€6,200 | -3.9% |
| Current assets | 29/58 | €347,406 | €275,189 | -€72,217 | -20.8% |
| Amounts receivable within one year | 40/41 | €12,290 | €12,490 | +€200 | +1.6% |
| Trade receivables | 40 | €12,290 | €12,490 | +€200 | +1.6% |
| Cash at bank and in hand | 54/58 | €335,116 | €262,699 | -€72,418 | -21.6% |
| Total equity and liabilities | 10/49 | €1,431,445 | €1,315,237 | -€116,208 | -8.1% |
| Equity | 10/15 | €1,059,831 | €711,241 | -€348,590 | -32.9% |
| Contributions | 10/11 | €632,405 | €291,692 | -€340,713 | -53.9% |
| Revaluation surpluses | 12 | €323,801 | €323,801 | = | 0.0% |
| Reserves | 13 | €100,943 | €94,511 | -€6,432 | -6.4% |
| Distributable reserves | 133 | €100,943 | €94,511 | -€6,432 | -6.4% |
| Profit (loss) carried forward | 14 | €2,682 | €1,237 | -€1,445 | -53.9% |
| Amounts payable | 17/49 | €371,614 | €603,996 | +€232,382 | +62.5% |
| Amounts payable after more than one year | 17 | €262,978 | €569,930 | +€306,953 | +116.7% |
| Financial debts | 170/4 | €262,978 | €235,394 | -€27,584 | -10.5% |
| Other amounts payable | 178/9 | - | €334,536 | +€334,536 | |
| Amounts payable within one year | 42/48 | €108,636 | €34,066 | -€74,571 | -68.6% |
| Current portion of amounts payable after more than one year | 42 | €39,224 | €27,584 | -€11,641 | -29.7% |
| Trade debts | 44 | €4,473 | €476 | -€3,996 | -89.3% |
| Suppliers | 440/4 | €4,473 | €476 | -€3,996 | -89.3% |
| Taxes, remuneration and social security | 45 | €5,600 | €6,006 | +€406 | +7.2% |
| Taxes | 450/3 | €5,600 | €6,006 | +€406 | +7.2% |
| Other amounts payable | 47/48 | €59,339 | - | -€59,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,341 | €40,016 | +€8,674 | +27.7% |
| Other operating charges | 640/8 | €7,161 | €6,945 | -€217 | -3.0% |
| Gross operating margin | 9900 | €117,235 | €67,610 | -€49,624 | -42.3% |
| Operating profit (loss) | 9901 | €78,732 | €20,650 | -€58,082 | -73.8% |
| Financial income | 75/76B | €350,017 | €469 | -€349,548 | -99.9% |
| Recurring financial income | 75 | €350,017 | €2 | -€350,015 | -100.0% |
| Non-recurring financial income | 76B | - | €467 | +€467 | |
| Financial charges | 65/66B | €422,971 | €16,933 | -€406,038 | -96.0% |
| Recurring financial charges | 65 | €72,971 | €16,933 | -€56,038 | -76.8% |
| Non-recurring financial charges | 66B | €350,000 | - | -€350,000 | |
| Profit (loss) for the period before taxes | 9903 | €5,778 | €4,185 | -€1,592 | -27.6% |
| Income taxes | 67/77 | €4,471 | €2,775 | -€1,695 | -37.9% |
| Profit (loss) for the period | 9904 | €1,307 | €1,410 | +€103 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,307 | €1,410 | +€103 | +7.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.