HENLINCO: 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.
HENLINCO
Largest movements
- Deferred charges and accrued income +€75,046
up €75,046 (+122.9%), from €61,083 to €136,129
- Tangible fixed assets -€75,030
down €75,030 (-7.2%), from €1.0m to €972,924
- Cash -€59,033
down €59,033 (-98.7%), from €59,819 to €786
mainly Deferred charges and accrued income (-€75,046) and Debts after one year (-€66,667)
- Debts after one year -€66,667
down €66,667 (-7.6%), from €872,222 to €805,555
- Gross operating margin +€60,466
up €60,466 (+112.1%), from €53,960 to €114,425
- Other operating charges -€4,971
no longer reported in 2025 (was €4,971)
- Depreciation -€4,655
down €4,655 (-5.8%), from €79,685 to €75,030
- Financial charges -€1,725
down €1,725 (-4.7%), from €37,080 to €35,355
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 | €1,168,855 | €1,109,839 | -€59,017 | -5.0% |
| Fixed assets | 21/28 | €1,047,953 | €972,924 | -€75,030 | -7.2% |
| Tangible fixed assets | 22/27 | €1,047,953 | €972,924 | -€75,030 | -7.2% |
| Land and buildings | 22 | €1,047,953 | €972,924 | -€75,030 | -7.2% |
| Current assets | 29/58 | €120,902 | €136,915 | +€16,013 | +13.2% |
| Cash at bank and in hand | 54/58 | €59,819 | €786 | -€59,033 | -98.7% |
| Deferred charges and accrued income | 490/1 | €61,083 | €136,129 | +€75,046 | +122.9% |
| Total equity and liabilities | 10/49 | €1,168,855 | €1,109,839 | -€59,017 | -5.0% |
| Equity | 10/15 | €132,224 | €136,278 | +€4,054 | +3.1% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,776 | -€63,722 | +€4,054 | +6.0% |
| Amounts payable | 17/49 | €1,036,632 | €973,561 | -€63,071 | -6.1% |
| Amounts payable after more than one year | 17 | €872,222 | €805,555 | -€66,667 | -7.6% |
| Financial debts | 170/4 | €872,222 | €805,555 | -€66,667 | -7.6% |
| Amounts payable within one year | 42/48 | €164,409 | €168,005 | +€3,596 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €66,667 | €66,667 | = | 0.0% |
| Trade debts | 44 | €404 | - | -€404 | |
| Suppliers | 440/4 | €404 | - | -€404 | |
| Other amounts payable | 47/48 | €97,338 | €101,338 | +€4,000 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,685 | €75,030 | -€4,655 | -5.8% |
| Other operating charges | 640/8 | €4,971 | - | -€4,971 | |
| Gross operating margin | 9900 | €53,960 | €114,425 | +€60,466 | +112.1% |
| Operating profit (loss) | 9901 | -€30,696 | €39,396 | +€70,092 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €37,080 | €35,355 | -€1,725 | -4.7% |
| Recurring financial charges | 65 | €37,080 | €35,355 | -€1,725 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€67,776 | €4,054 | +€71,830 | |
| Profit (loss) for the period | 9904 | -€67,776 | €4,054 | +€71,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,776 | €4,054 | +€71,830 |
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 7 October 2026 via checked.be.