HENOGEN: 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.
What changed
HENOGEN
NACE 72.109, Other research and development on natural sciences
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€14.9m
2024 · -€14.2m-€744,341
Equity
-€4.6m
2024 · €10.6m-€15.1m
Cash
€1.0m
2024 · €7.5m-€6.4m
Balance sheet total
€97.2m
2024 · €89.2m+€8.1m
Largest movements
Assets
- Receivables within one year +€17.7m
up €17.7m (+111.7%), from €15.8m to €33.5m
of which Trade receivables: +€18.2m
- Cash -€6.4m
down €6.4m (-85.9%), from €7.5m to €1.0m
mainly Receivables within one year (-€17.7m) and Net result for the year (-€14.9m)
- Tangible fixed assets -€1.7m
down €1.7m (-3.4%), from €50.3m to €48.6m
of which Assets under construction and advance payments: -€9.1m
Equity and liabilities
- Advances received +€15.3m
up €15.3m (+5611.5%), from €273,019 to €15.6m
- Profit (loss) carried forward -€14.9m
down €14.9m, from €680,667 to -€14.2m
- Short-term financial debts +€11.4m
up €11.4m (+26.2%), from €43.3m to €54.6m
of which Other loans: +€11.4m
- Trade debts -€5.6m
down €5.6m (-46.9%), from €11.9m to €6.3m
of which Suppliers: -€5.6m
- Provisions +€2.2m
up €2.2m (+155.8%), from €1.4m to €3.6m
of which Provisions for liabilities and charges: +€2.2m
Income statement
- Turnover -€9.9m
down €9.9m (-16.8%), from €58.6m to €48.7m
- Services and other goods -€4.9m
down €4.9m (-24.8%), from €19.9m to €15.0m
- Depreciation -€3.4m
down €3.4m (-40.2%), from €8.6m to €5.1m
- Provisions +€2.3m
up €2.3m, from -€101,634 to €2.2m
- Write-downs -€977,931
down €977,931 (-49.3%), from €2.0m to €1.0m
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.
Result 2024
-€14.2m
Turnover
-€9.9m
Other operating income
-€148,250
Goods and materials
+€723,473
Services and other goods
+€4.9m
Staff costs
+€698,243
Depreciation
+€3.4m
Write-downs
+€977,931
Provisions
-€2.3m
Other operating charges
+€397,963
Other operating items
+€559,722
Financial income
-€14,120
Financial charges
-€179,604
Taxes
+€29,657
Result 2025
-€14.9m
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.
From operations
-€13.1m
Investment
-€2.7m
Financing
+€9.3m
Cash 2024
€7.5m
From operations (derived)
-€13.1m
Net result for the year
-€14.9m
Depreciation
+€5.1m
Stocks and contracts
+€781,949
Receivables within one year
-€17.7m
Deferred charges and accrued income
+€83
Provisions
+€2.2m
Trade debts
-€5.6m
Tax, wage and social debts
+€327,871
Advances received
+€15.3m
Accrued charges and deferred income
+€1.3m
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.7m
Financing
+€9.3m
Debts after one year
-€1.7m
Current portion of long-term debt
-€148,125
Short-term financial debts
+€11.4m
Contributions, distributions and other
-€203,789
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,179,184 | €97,234,321 | +€8.1m | +9.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €55,751,982 | €53,319,022 | -€2.4m | -4.4% |
| Intangible fixed assets | 21 | €1,869,800 | €1,361,354 | -€508,446 | -27.2% |
| Tangible fixed assets | 22/27 | €50,261,286 | €48,551,070 | -€1.7m | -3.4% |
| Land and buildings | 22 | €16,506,381 | €26,546,229 | +€10.0m | +60.8% |
| Plant, machinery and equipment | 23 | €8,693,781 | €7,611,020 | -€1.1m | -12.5% |
| Furniture and vehicles | 24 | €11,111 | €8,079 | -€3,032 | -27.3% |
| Leasing and similar rights | 25 | €14,688,499 | €13,159,302 | -€1.5m | -10.4% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | €10,361,514 | €1,226,441 | -€9.1m | -88.2% |
| Financial fixed assets | 28 | €3,620,896 | €3,406,598 | -€214,298 | -5.9% |
| Affiliated companies | 280/1 | €3,500,000 | €3,300,214 | -€199,786 | -5.7% |
| Participating interests | 280 | €1,212,502 | €1,212,502 | = | 0.0% |
| Amounts receivable | 281 | €2,287,498 | €2,087,712 | -€199,786 | -8.7% |
| Companies linked by participating interests | 282/3 | - | €0 | = | |
| Participating interests | 282 | - | €0 | = | |
| Amounts receivable | 283 | - | €0 | = | |
| Other financial fixed assets | 284/8 | €120,896 | €106,384 | -€14,511 | -12.0% |
| Shares | 284 | €110,652 | €96,140 | -€14,511 | -13.1% |
| Amounts receivable and cash guarantees | 285/8 | €10,244 | €10,244 | = | 0.0% |
| Current assets | 29/58 | €33,427,202 | €43,915,299 | +€10.5m | +31.4% |
| Amounts receivable after more than one year | 29 | €243,628 | €243,628 | = | 0.0% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €243,628 | €243,628 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,903,717 | €9,121,768 | -€781,949 | -7.9% |
| Stocks | 30/36 | €9,903,717 | €9,121,768 | -€781,949 | -7.9% |
| Raw materials and consumables | 30/31 | €9,620,060 | €8,604,329 | -€1.0m | -10.6% |
| Work in progress | 32 | €283,658 | €517,439 | +€233,781 | +82.4% |
| Finished goods | 33 | - | €0 | = | |
| Goods purchased for resale | 34 | - | €0 | = | |
| Property held for sale | 35 | - | €0 | = | |
| Advance payments | 36 | - | €0 | = | |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €15,816,999 | €33,491,265 | +€17.7m | +111.7% |
| Trade receivables | 40 | €14,719,359 | €32,895,915 | +€18.2m | +123.5% |
| Other amounts receivable | 41 | €1,097,640 | €595,350 | -€502,291 | -45.8% |
| Current investments | 50/53 | - | €0 | = | |
| Own shares | 50 | - | €0 | = | |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €7,453,944 | €1,049,808 | -€6.4m | -85.9% |
| Deferred charges and accrued income | 490/1 | €8,913 | €8,831 | -€83 | -0.9% |
| Total equity and liabilities | 10/49 | €89,179,184 | €97,234,321 | +€8.1m | +9.0% |
| Equity | 10/15 | €10,564,023 | -€4,550,866 | -€15.1m | |
| Contributions | 10/11 | €6,616,582 | €6,616,582 | = | 0.0% |
| Revaluation surpluses | 12 | - | €0 | = | |
| Reserves | 13 | €661,658 | €661,658 | = | 0.0% |
| Non-distributable reserves | 130/1 | €661,658 | €661,658 | = | 0.0% |
| Reserves not available under the articles | 1311 | €661,658 | €661,658 | = | 0.0% |
| Own shares acquired | 1312 | - | €0 | = | |
| Financial assistance | 1313 | - | €0 | = | |
| Other | 1319 | - | €0 | = | |
| Tax-exempt reserves | 132 | - | €0 | = | |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | €680,667 | -€14,230,433 | -€14.9m | |
| Investment grants | 15 | €2,605,116 | €2,401,327 | -€203,789 | -7.8% |
| Advance to shareholders on the distribution of net assets | 19 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €1,419,248 | €3,630,118 | +€2.2m | +155.8% |
| Provisions for liabilities and charges | 160/5 | €1,419,248 | €3,630,118 | +€2.2m | +155.8% |
| Pensions and similar obligations | 160 | - | €0 | = | |
| Taxes | 161 | - | €0 | = | |
| Major repairs and maintenance | 162 | €1,419,248 | €1,419,248 | = | 0.0% |
| Environmental obligations | 163 | - | €0 | = | |
| Other liabilities and charges | 164/5 | - | €2,210,869 | +€2.2m | |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €77,195,913 | €98,155,070 | +€21.0m | +27.2% |
| Amounts payable after more than one year | 17 | €10,844,244 | €9,181,906 | -€1.7m | -15.3% |
| Financial debts | 170/4 | €9,775,539 | €8,460,425 | -€1.3m | -13.5% |
| Subordinated loans | 170 | - | €0 | = | |
| Unsubordinated bonds | 171 | - | €0 | = | |
| Leasing and similar obligations | 172 | €9,775,539 | €8,460,425 | -€1.3m | -13.5% |
| Credit institutions | 173 | - | €0 | = | |
| Other loans | 174 | - | €0 | = | |
| Trade debts | 175 | - | €0 | = | |
| Suppliers | 1750 | - | €0 | = | |
| Bills of exchange payable | 1751 | - | €0 | = | |
| Advances received on contracts in progress | 176 | €1,068,705 | €721,481 | -€347,225 | -32.5% |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €64,360,290 | €85,642,934 | +€21.3m | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €1,108,123 | €959,998 | -€148,125 | -13.4% |
| Financial debts | 43 | €43,265,315 | €54,619,263 | +€11.4m | +26.2% |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | €43,265,315 | €54,619,263 | +€11.4m | +26.2% |
| Trade debts | 44 | €11,877,861 | €6,306,420 | -€5.6m | -46.9% |
| Suppliers | 440/4 | €11,877,861 | €6,306,420 | -€5.6m | -46.9% |
| Bills of exchange payable | 441 | - | €0 | = | |
| Advances received on contracts in progress | 46 | €273,019 | €15,593,408 | +€15.3m | +5611.5% |
| Taxes, remuneration and social security | 45 | €7,835,972 | €8,163,844 | +€327,871 | +4.2% |
| Taxes | 450/3 | €1,608,773 | €3,583,510 | +€2.0m | +122.7% |
| Remuneration and social security | 454/9 | €6,227,199 | €4,580,334 | -€1.6m | -26.4% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €1,991,379 | €3,330,230 | +€1.3m | +67.2% |
| Operating income | 70/76A | €62,226,002 | €52,774,621 | -€9.5m | -15.2% |
| Turnover | 70 | €58,604,709 | €48,742,365 | -€9.9m | -16.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€328,706 | €233,781 | +€562,487 | |
| Own construction capitalised | 72 | €3,274 | €0 | -€3,274 | -100.0% |
| Other operating income | 74 | €3,946,725 | €3,798,476 | -€148,250 | -3.8% |
| Operating charges | 60/66A | €74,317,570 | €65,446,463 | -€8.9m | -11.9% |
| Goods for resale, raw materials and consumables | 60 | €17,284,235 | €16,560,762 | -€723,473 | -4.2% |
| Purchases | 600/8 | €13,952,800 | €14,180,702 | +€227,902 | +1.6% |
| Change in stocks: decrease (increase) | 609 | €3,331,434 | €2,380,059 | -€951,375 | -28.6% |
| Services and other goods | 61 | €19,935,724 | €14,988,791 | -€4.9m | -24.8% |
| Remuneration, social security and pensions | 62 | €26,144,174 | €25,445,931 | -€698,243 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,560,729 | €5,122,171 | -€3.4m | -40.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,983,142 | €1,005,212 | -€977,931 | -49.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€101,634 | €2,210,869 | +€2.3m | |
| Other operating charges | 640/8 | €510,111 | €112,148 | -€397,963 | -78.0% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Non-recurring operating charges | 66A | €1,089 | €580 | -€509 | -46.8% |
| Operating profit (loss) | 9901 | -€12,091,568 | -€12,671,842 | -€580,274 | -4.8% |
| Financial income | 75/76B | €348,583 | €334,463 | -€14,120 | -4.1% |
| Recurring financial income | 75 | €348,583 | €334,463 | -€14,120 | -4.1% |
| Income from financial fixed assets | 750 | - | €0 | = | |
| Income from current assets | 751 | - | €0 | = | |
| Other financial income | 752/9 | €348,583 | €334,463 | -€14,120 | -4.1% |
| Financial charges | 65/66B | €2,394,117 | €2,573,722 | +€179,604 | +7.5% |
| Recurring financial charges | 65 | €1,991,740 | €2,573,722 | +€581,981 | +29.2% |
| Debt charges | 650 | €1,904,723 | €2,176,115 | +€271,392 | +14.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €0 | = | |
| Other financial charges | 652/9 | €87,017 | €397,606 | +€310,589 | +356.9% |
| Non-recurring financial charges | 66B | €402,377 | €0 | -€402,377 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,137,102 | -€14,911,100 | -€773,998 | -5.5% |
| Transfer from deferred taxes | 780 | - | €0 | = | |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €29,657 | €0 | -€29,657 | -100.0% |
| Taxes | 670/3 | €29,657 | €0 | -€29,657 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€14,166,759 | -€14,911,100 | -€744,341 | -5.3% |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,166,759 | -€14,911,100 | -€744,341 | -5.3% |
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.