Henoe: what changed
Henoe
Largest movements
- Receivables within one year +€66,192
up €66,192 (+16.5%), from €401,423 to €467,615
of which Other amounts receivable: +€49,291
- Cash -€35,769
down €35,769 (-58.4%), from €61,281 to €25,512
mainly Receivables within one year (-€66,192) and Debts after one year (-€33,517)
- Stocks and contracts +€28,922
up €28,922 (+68.5%), from €42,203 to €71,125
of which Contracts in progress: +€28,922
- Tangible fixed assets -€18,350
down €18,350 (-7.9%), from €233,739 to €215,389
of which Land and buildings: -€16,731
- Trade debts +€97,521
up €97,521 (+73.3%), from €133,048 to €230,569
- Debts after one year -€33,517
down €33,517 (-17.6%), from €190,678 to €157,161
of which Financial debts: -€33,517
- Tax, wage and social debts -€11,173
down €11,173 (-58.5%), from €19,114 to €7,941
of which Remuneration and social security: -€5,618
- Staff costs -€17,048
down €17,048 (-3.2%), from €524,737 to €507,690
- Other operating charges -€12,656
down €12,656 (-62.4%), from €20,292 to €7,636
- Gross operating margin +€10,405
up €10,405 (+2.0%), from €527,095 to €537,500
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €863,604 | €913,453 | +€49,849 | +5.8% |
| Fixed assets | 21/28 | €245,739 | €227,389 | -€18,350 | -7.5% |
| Tangible fixed assets | 22/27 | €233,739 | €215,389 | -€18,350 | -7.9% |
| Land and buildings | 22 | €185,370 | €168,639 | -€16,731 | -9.0% |
| Plant, machinery and equipment | 23 | €45,180 | €45,293 | +€114 | +0.3% |
| Furniture and vehicles | 24 | €3,190 | €1,457 | -€1,733 | -54.3% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €617,865 | €686,064 | +€68,199 | +11.0% |
| Amounts receivable after more than one year | 29 | €105,000 | €113,838 | +€8,838 | +8.4% |
| Other amounts receivable | 291 | €105,000 | €113,838 | +€8,838 | +8.4% |
| Stocks and contracts in progress | 3 | €42,203 | €71,125 | +€28,922 | +68.5% |
| Stocks | 30/36 | €14,125 | €14,125 | = | 0.0% |
| Contracts in progress | 37 | €28,078 | €57,000 | +€28,922 | +103% |
| Amounts receivable within one year | 40/41 | €401,423 | €467,615 | +€66,192 | +16.5% |
| Trade receivables | 40 | €199,083 | €215,984 | +€16,901 | +8.5% |
| Other amounts receivable | 41 | €202,340 | €251,631 | +€49,291 | +24.4% |
| Cash at bank and in hand | 54/58 | €61,281 | €25,512 | -€35,769 | -58.4% |
| Deferred charges and accrued income | 490/1 | €7,958 | €7,975 | +€17 | +0.2% |
| Total equity and liabilities | 10/49 | €863,604 | €913,453 | +€49,849 | +5.8% |
| Equity | 10/15 | €487,697 | €483,703 | -€3,994 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €508,708 | €508,708 | = | 0.0% |
| Distributable reserves | 133 | €508,708 | €508,708 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,611 | -€43,605 | -€3,994 | -10.1% |
| Amounts payable | 17/49 | €375,907 | €429,750 | +€53,843 | +14.3% |
| Amounts payable after more than one year | 17 | €190,678 | €157,161 | -€33,517 | -17.6% |
| Financial debts | 170/4 | €190,678 | €157,161 | -€33,517 | -17.6% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €184,714 | €272,589 | +€87,875 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €32,552 | €34,080 | +€1,527 | +4.7% |
| Trade debts | 44 | €133,048 | €230,569 | +€97,521 | +73.3% |
| Suppliers | 440/4 | €133,048 | €230,569 | +€97,521 | +73.3% |
| Taxes, remuneration and social security | 45 | €19,114 | €7,941 | -€11,173 | -58.5% |
| Taxes | 450/3 | €7,759 | €2,204 | -€5,555 | -71.6% |
| Remuneration and social security | 454/9 | €11,355 | €5,737 | -€5,618 | -49.5% |
| Accrued charges and deferred income | 492/3 | €515 | €0 | -€515 | -100% |
| Remuneration, social security and pensions | 62 | €524,737 | €507,690 | -€17,048 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,386 | €27,596 | +€3,210 | +13.2% |
| Other operating charges | 640/8 | €20,292 | €7,636 | -€12,656 | -62.4% |
| Non-recurring operating charges | 66A | €750 | €0 | -€750 | -100% |
| Gross operating margin | 9900 | €527,095 | €537,500 | +€10,405 | +2.0% |
| Operating profit (loss) | 9901 | -€43,070 | -€5,421 | +€37,648 | +87.4% |
| Financial income | 75/76B | €11,563 | €12,663 | +€1,100 | +9.5% |
| Recurring financial income | 75 | €11,563 | €12,663 | +€1,100 | +9.5% |
| Financial charges | 65/66B | €8,104 | €11,236 | +€3,131 | +38.6% |
| Recurring financial charges | 65 | €8,104 | €11,236 | +€3,131 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | -€39,611 | -€3,994 | +€35,617 | +89.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€39,611 | -€3,994 | +€35,617 | +89.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,611 | -€3,994 | +€35,617 | +89.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.