HENRARD: 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.
HENRARD
Largest movements
- Current investments -€22,684
down €22,684 (-5.2%), from €439,608 to €416,924
- Cash +€20,496
up €20,496 (+80.6%), from €25,432 to €45,928
mainly Depreciation (+€25,071) and Current investments (+€22,684)
- Reserves -€8,000
down €8,000 (-1.1%), from €732,000 to €724,000
- Gross operating margin +€3,108
up €3,108 (+39.8%), from €7,808 to €10,916
- Financial charges +€2,744
up €2,744 (+408.5%), from €672 to €3,416
- Depreciation +€662
up €662 (+2.7%), from €24,409 to €25,071
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,047 | €757,809 | -€6,238 | -0.8% |
| Fixed assets | 21/28 | €293,874 | €287,874 | -€6,000 | -2.0% |
| Tangible fixed assets | 22/27 | €293,874 | €287,874 | -€6,000 | -2.0% |
| Land and buildings | 22 | €293,305 | €287,764 | -€5,541 | -1.9% |
| Furniture and vehicles | 24 | €569 | €110 | -€460 | -80.8% |
| Current assets | 29/58 | €470,172 | €469,935 | -€238 | -0.1% |
| Amounts receivable within one year | 40/41 | €4,207 | €6,153 | +€1,946 | +46.2% |
| Other amounts receivable | 41 | €4,207 | €6,153 | +€1,946 | +46.2% |
| Current investments | 50/53 | €439,608 | €416,924 | -€22,684 | -5.2% |
| Cash at bank and in hand | 54/58 | €25,432 | €45,928 | +€20,496 | +80.6% |
| Deferred charges and accrued income | 490/1 | €925 | €930 | +€4 | +0.5% |
| Total equity and liabilities | 10/49 | €764,047 | €757,809 | -€6,238 | -0.8% |
| Equity | 10/15 | €763,490 | €756,233 | -€7,257 | -1.0% |
| Contributions | 10/11 | €23,286 | €23,286 | = | 0.0% |
| Reserves | 13 | €732,000 | €724,000 | -€8,000 | -1.1% |
| Distributable reserves | 133 | €732,000 | €724,000 | -€8,000 | -1.1% |
| Profit (loss) carried forward | 14 | €8,204 | €8,947 | +€743 | +9.1% |
| Amounts payable | 17/49 | €556 | €1,576 | +€1,019 | +183.2% |
| Amounts payable within one year | 42/48 | €530 | €1,554 | +€1,024 | +193.1% |
| Trade debts | 44 | €48 | €1,072 | +€1,024 | +2115.7% |
| Suppliers | 440/4 | €48 | €1,072 | +€1,024 | +2115.7% |
| Other amounts payable | 47/48 | €482 | €482 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €26 | €21 | -€5 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,409 | €25,071 | +€662 | +2.7% |
| Other operating charges | 640/8 | €1,361 | €1,402 | +€42 | +3.0% |
| Gross operating margin | 9900 | €7,808 | €10,916 | +€3,108 | +39.8% |
| Operating profit (loss) | 9901 | -€17,962 | -€15,557 | +€2,404 | +13.4% |
| Financial income | 75/76B | €11,837 | €11,881 | +€44 | +0.4% |
| Recurring financial income | 75 | €11,837 | €11,881 | +€44 | +0.4% |
| Financial charges | 65/66B | €672 | €3,416 | +€2,744 | +408.5% |
| Recurring financial charges | 65 | €672 | €3,416 | +€2,744 | +408.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,796 | -€7,092 | -€296 | -4.4% |
| Income taxes | 67/77 | €128 | €165 | +€37 | +28.9% |
| Profit (loss) for the period | 9904 | -€6,924 | -€7,257 | -€333 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,924 | -€7,257 | -€333 | -4.8% |
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 8 October 2026 via checked.be.