HENOTHERM: 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.
HENOTHERM
Largest movements
- Receivables within one year -€25,497
down €25,497 (-21.8%), from €117,206 to €91,708
- Tangible fixed assets -€7,847
down €7,847 (-34.3%), from €22,852 to €15,005
of which Furniture and vehicles: -€7,604
- Cash +€5,232
up €5,232 (+51.6%), from €10,138 to €15,370
mainly Receivables within one year (+€25,497) and Depreciation (+€8,479)
- Deferred charges and accrued income +€2,095
up €2,095 (+73.6%), from €2,845 to €4,941
- Other debts -€10,827
down €10,827 (-27.9%), from €38,806 to €27,979
- Reserves -€8,000
down €8,000 (-25.7%), from €31,099 to €23,099
of which Distributable reserves: -€8,000
- Debts after one year -€7,001
no longer reported in 2025 (was €7,001)
- Profit (loss) carried forward +€5,124
up €5,124 (+13.5%), from €38,007 to €43,131
- Tax, wage and social debts -€4,597
down €4,597 (-45.4%), from €10,134 to €5,537
- Gross operating margin -€13,634
down €13,634 (-32.1%), from €42,419 to €28,786
- Write-downs +€7,276
no longer reported in 2025 (was -€7,276)
- Taxes -€4,514
down €4,514 (-63.0%), from €7,161 to €2,647
- Depreciation -€2,338
down €2,338 (-21.6%), from €10,817 to €8,479
- Financial charges -€1,559
down €1,559 (-53.5%), from €2,914 to €1,355
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.
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 | €174,150 | €148,657 | -€25,494 | -14.6% |
| Fixed assets | 21/28 | €23,559 | €15,712 | -€7,847 | -33.3% |
| Tangible fixed assets | 22/27 | €22,852 | €15,005 | -€7,847 | -34.3% |
| Plant, machinery and equipment | 23 | €362 | €120 | -€243 | -66.9% |
| Furniture and vehicles | 24 | €22,490 | €14,886 | -€7,604 | -33.8% |
| Financial fixed assets | 28 | €707 | €707 | = | 0.0% |
| Current assets | 29/58 | €150,592 | €132,945 | -€17,647 | -11.7% |
| Stocks and contracts in progress | 3 | €20,403 | €20,926 | +€523 | +2.6% |
| Stocks | 30/36 | €20,403 | €20,926 | +€523 | +2.6% |
| Amounts receivable within one year | 40/41 | €117,206 | €91,708 | -€25,497 | -21.8% |
| Trade receivables | 40 | €117,206 | €91,708 | -€25,497 | -21.8% |
| Cash at bank and in hand | 54/58 | €10,138 | €15,370 | +€5,232 | +51.6% |
| Deferred charges and accrued income | 490/1 | €2,845 | €4,941 | +€2,095 | +73.6% |
| Total equity and liabilities | 10/49 | €174,150 | €148,657 | -€25,494 | -14.6% |
| Equity | 10/15 | €100,093 | €97,216 | -€2,876 | -2.9% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €31,099 | €23,099 | -€8,000 | -25.7% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | €20,000 | -€8,000 | -28.6% |
| Profit (loss) carried forward | 14 | €38,007 | €43,131 | +€5,124 | +13.5% |
| Amounts payable | 17/49 | €74,058 | €51,441 | -€22,617 | -30.5% |
| Amounts payable after more than one year | 17 | €7,001 | - | -€7,001 | |
| Financial debts | 170/4 | €7,001 | - | -€7,001 | |
| Amounts payable within one year | 42/48 | €67,057 | €51,441 | -€15,616 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €9,253 | €7,001 | -€2,252 | -24.3% |
| Trade debts | 44 | €8,864 | €10,923 | +€2,059 | +23.2% |
| Suppliers | 440/4 | €8,864 | €10,923 | +€2,059 | +23.2% |
| Taxes, remuneration and social security | 45 | €10,134 | €5,537 | -€4,597 | -45.4% |
| Taxes | 450/3 | €10,134 | €5,537 | -€4,597 | -45.4% |
| Other amounts payable | 47/48 | €38,806 | €27,979 | -€10,827 | -27.9% |
| Remuneration, social security and pensions | 62 | €11,785 | €10,895 | -€891 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,817 | €8,479 | -€2,338 | -21.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,276 | - | +€7,276 | |
| Other operating charges | 640/8 | €821 | €1,200 | +€379 | +46.1% |
| Gross operating margin | 9900 | €42,419 | €28,786 | -€13,634 | -32.1% |
| Operating profit (loss) | 9901 | €26,272 | €8,212 | -€18,059 | -68.7% |
| Financial income | 75/76B | €1,676 | €913 | -€762 | -45.5% |
| Recurring financial income | 75 | €1,676 | €913 | -€762 | -45.5% |
| Financial charges | 65/66B | €2,914 | €1,355 | -€1,559 | -53.5% |
| Recurring financial charges | 65 | €2,914 | €1,355 | -€1,559 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €25,033 | €7,770 | -€17,263 | -69.0% |
| Income taxes | 67/77 | €7,161 | €2,647 | -€4,514 | -63.0% |
| Profit (loss) for the period | 9904 | €17,873 | €5,124 | -€12,749 | -71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,873 | €5,124 | -€12,749 | -71.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.