HENLOTRANS: 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.
HENLOTRANS
Largest movements
- Receivables within one year +€61,406
up €61,406 (+135%), from €45,430 to €106,836
of which Trade receivables: +€61,308
- Tangible fixed assets -€38,852
down €38,852 (-23.9%), from €162,271 to €123,419
of which Leasing and similar rights: -€24,900
- Cash -€14,282
down €14,282 (-92.2%), from €15,485 to €1,203
mainly Receivables within one year (-€61,406) and Debts after one year (-€24,138)
- Deferred charges and accrued income +€5,132
up €5,132 (+74.3%), from €6,904 to €12,037
- Debts after one year -€24,138
down €24,138 (-32.5%), from €74,260 to €50,122
- Reserves +€20,155
up €20,155 (+70.7%), from €28,513 to €48,668
of which Distributable reserves: +€20,155
- Trade debts +€11,319
up €11,319 (+56.8%), from €19,929 to €31,249
- Tax, wage and social debts +€5,621
up €5,621 (+40.5%), from €13,879 to €19,500
of which Remuneration and social security: +€3,605
- Gross operating margin +€31,796
up €31,796 (+13.0%), from €244,180 to €275,977
- Staff costs +€12,611
up €12,611 (+7.9%), from €160,158 to €172,769
- Other operating charges +€3,415
up €3,415 (+14.5%), from €23,539 to €26,954
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 | €232,026 | €245,429 | +€13,404 | +5.8% |
| Fixed assets | 21/28 | €164,206 | €125,354 | -€38,852 | -23.7% |
| Tangible fixed assets | 22/27 | €162,271 | €123,419 | -€38,852 | -23.9% |
| Plant, machinery and equipment | 23 | - | €9,569 | +€9,569 | |
| Furniture and vehicles | 24 | €66,900 | €43,379 | -€23,521 | -35.2% |
| Leasing and similar rights | 25 | €95,370 | €70,470 | -€24,900 | -26.1% |
| Financial fixed assets | 28 | €1,935 | €1,935 | = | 0.0% |
| Current assets | 29/58 | €67,820 | €120,076 | +€52,256 | +77.1% |
| Amounts receivable within one year | 40/41 | €45,430 | €106,836 | +€61,406 | +135% |
| Trade receivables | 40 | €12,318 | €73,626 | +€61,308 | +498% |
| Other amounts receivable | 41 | €33,112 | €33,210 | +€98 | +0.3% |
| Cash at bank and in hand | 54/58 | €15,485 | €1,203 | -€14,282 | -92.2% |
| Deferred charges and accrued income | 490/1 | €6,904 | €12,037 | +€5,132 | +74.3% |
| Total equity and liabilities | 10/49 | €232,026 | €245,429 | +€13,404 | +5.8% |
| Equity | 10/15 | €100,266 | €120,421 | +€20,155 | +20.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €28,513 | €48,668 | +€20,155 | +70.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €22,313 | €42,468 | +€20,155 | +90.3% |
| Profit (loss) carried forward | 14 | €9,753 | €9,753 | = | 0.0% |
| Amounts payable | 17/49 | €131,760 | €125,008 | -€6,751 | -5.1% |
| Amounts payable after more than one year | 17 | €74,260 | €50,122 | -€24,138 | -32.5% |
| Financial debts | 170/4 | €74,260 | €50,122 | -€24,138 | -32.5% |
| Amounts payable within one year | 42/48 | €57,500 | €74,886 | +€17,386 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €23,002 | €24,138 | +€1,135 | +4.9% |
| Trade debts | 44 | €19,929 | €31,249 | +€11,319 | +56.8% |
| Suppliers | 440/4 | €19,929 | €31,249 | +€11,319 | +56.8% |
| Taxes, remuneration and social security | 45 | €13,879 | €19,500 | +€5,621 | +40.5% |
| Taxes | 450/3 | - | €2,016 | +€2,016 | |
| Remuneration and social security | 454/9 | €13,879 | €17,484 | +€3,605 | +26.0% |
| Other amounts payable | 47/48 | €689 | €0 | -€689 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €160,158 | €172,769 | +€12,611 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,407 | €49,436 | -€970 | -1.9% |
| Other operating charges | 640/8 | €23,539 | €26,954 | +€3,415 | +14.5% |
| Gross operating margin | 9900 | €244,180 | €275,977 | +€31,796 | +13.0% |
| Operating profit (loss) | 9901 | €10,077 | €26,817 | +€16,740 | +166% |
| Financial income | 75/76B | €2 | €194 | +€192 | +8,189% |
| Recurring financial income | 75 | €2 | €194 | +€192 | +8,189% |
| Financial charges | 65/66B | €5,604 | €4,841 | -€763 | -13.6% |
| Recurring financial charges | 65 | €5,604 | €4,841 | -€763 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €4,475 | €22,170 | +€17,695 | +395% |
| Income taxes | 67/77 | - | €2,016 | +€2,016 | |
| Profit (loss) for the period | 9904 | €4,475 | €20,155 | +€15,680 | +350% |
| Profit (loss) for the period to be appropriated | 9905 | €4,475 | €20,155 | +€15,680 | +350% |
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.