HENNAU M. 95: 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.
HENNAU M. 95
Largest movements
- Receivables within one year -€28,288
down €28,288 (-22.4%), from €126,480 to €98,192
of which Trade receivables: -€31,004
- Deferred charges and accrued income +€10,307
up €10,307 (+488%), from €2,112 to €12,419
- Tangible fixed assets -€8,304
down €8,304 (-1.5%), from €567,686 to €559,382
of which Plant, machinery and equipment: -€75,348
- Debts after one year -€64,741
down €64,741 (-17.2%), from €377,497 to €312,756
of which Financial debts: -€82,882
- Other debts +€22,848
up €22,848 (+44.6%), from €51,203 to €74,050
- Current portion of long-term debt +€17,641
up €17,641 (+16.7%), from €105,948 to €123,589
- Depreciation +€24,605
up €24,605 (+20.5%), from €119,791 to €144,396
- Gross operating margin -€20,347
down €20,347 (-12.8%), from €159,449 to €139,102
- Financial income +€15,401
up €15,401 (+153%), from €10,092 to €25,493
of which Non-recurring financial income: +€16,465
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 | €705,534 | €682,086 | -€23,448 | -3.3% |
| Fixed assets | 21/28 | €567,686 | €559,382 | -€8,304 | -1.5% |
| Tangible fixed assets | 22/27 | €567,686 | €559,382 | -€8,304 | -1.5% |
| Plant, machinery and equipment | 23 | €343,559 | €268,211 | -€75,348 | -21.9% |
| Furniture and vehicles | 24 | €101,762 | €108,852 | +€7,090 | +7.0% |
| Leasing and similar rights | 25 | €122,365 | €182,319 | +€59,954 | +49.0% |
| Current assets | 29/58 | €137,848 | €122,704 | -€15,144 | -11.0% |
| Stocks and contracts in progress | 3 | - | €5,759 | +€5,759 | |
| Stocks | 30/36 | - | €5,759 | +€5,759 | |
| Amounts receivable within one year | 40/41 | €126,480 | €98,192 | -€28,288 | -22.4% |
| Trade receivables | 40 | €103,305 | €72,300 | -€31,004 | -30.0% |
| Other amounts receivable | 41 | €23,175 | €25,892 | +€2,716 | +11.7% |
| Cash at bank and in hand | 54/58 | €9,256 | €6,335 | -€2,922 | -31.6% |
| Deferred charges and accrued income | 490/1 | €2,112 | €12,419 | +€10,307 | +488% |
| Total equity and liabilities | 10/49 | €705,534 | €682,086 | -€23,448 | -3.3% |
| Equity | 10/15 | €145,901 | €146,484 | +€583 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,687 | €113,299 | +€2,612 | +2.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,827 | €111,439 | +€2,612 | +2.4% |
| Investment grants | 15 | €16,614 | €14,585 | -€2,029 | -12.2% |
| Amounts payable | 17/49 | €559,633 | €535,602 | -€24,031 | -4.3% |
| Amounts payable after more than one year | 17 | €377,497 | €312,756 | -€64,741 | -17.2% |
| Financial debts | 170/4 | €269,771 | €186,889 | -€82,882 | -30.7% |
| Trade debts | 175 | €107,726 | €125,867 | +€18,141 | +16.8% |
| Amounts payable within one year | 42/48 | €182,136 | €222,847 | +€40,711 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €105,948 | €123,589 | +€17,641 | +16.7% |
| Trade debts | 44 | €24,910 | €24,938 | +€29 | +0.1% |
| Suppliers | 440/4 | €24,910 | €24,938 | +€29 | +0.1% |
| Taxes, remuneration and social security | 45 | €76 | €269 | +€193 | +255% |
| Taxes | 450/3 | €76 | €269 | +€193 | +255% |
| Other amounts payable | 47/48 | €51,203 | €74,050 | +€22,848 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,791 | €144,396 | +€24,605 | +20.5% |
| Other operating charges | 640/8 | €446 | €1,860 | +€1,414 | +317% |
| Non-recurring operating charges | 66A | €1,169 | - | -€1,169 | |
| Gross operating margin | 9900 | €159,449 | €139,102 | -€20,347 | -12.8% |
| Operating profit (loss) | 9901 | €38,043 | -€7,154 | -€45,197 | |
| Financial income | 75/76B | €10,092 | €25,493 | +€15,401 | +153% |
| Recurring financial income | 75 | €3,092 | €2,029 | -€1,063 | -34.4% |
| Non-recurring financial income | 76B | €7,000 | €23,465 | +€16,465 | +235% |
| Financial charges | 65/66B | €14,248 | €15,535 | +€1,287 | +9.0% |
| Recurring financial charges | 65 | €14,248 | €15,535 | +€1,287 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €33,887 | €2,805 | -€31,082 | -91.7% |
| Income taxes | 67/77 | €76 | €193 | +€117 | +155% |
| Profit (loss) for the period | 9904 | €33,811 | €2,612 | -€31,200 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,811 | €2,612 | -€31,200 | -92.3% |
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 23 October 2026 via checked.be.