HENREC: 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.
HENREC
Largest movements
- Tangible fixed assets +€502,320
up €502,320 (+10.0%), from €5.0m to €5.5m
- Cash +€499,602
up €499,602 (+281.2%), from €177,659 to €677,261
mainly Net result for the year (+€697,517) and Receivables within one year (+€258,913)
- Receivables within one year -€258,913
down €258,913 (-99.8%), from €259,558 to €645
- Reserves +€684,097
up €684,097 (+612.5%), from €111,687 to €795,783
of which Tax-exempt reserves: +€684,097
- Debts after one year -€292,520
down €292,520 (-8.9%), from €3.3m to €3.0m
- Provisions +€228,032
up €228,032 (+660.9%), from €34,505 to €262,537
- Trade debts +€84,818
up €84,818 (+245.1%), from €34,605 to €119,423
- Gross operating margin +€876,448
up €876,448 (+163.4%), from €536,437 to €1.4m
- Other operating charges +€193,755
up €193,755 (+218.6%), from €88,632 to €282,388
- Depreciation -€29,079
down €29,079 (-14.1%), from €205,759 to €176,680
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 | €5,483,827 | €6,199,685 | +€715,857 | +13.1% |
| Fixed assets | 21/28 | €5,017,130 | €5,519,450 | +€502,320 | +10.0% |
| Tangible fixed assets | 22/27 | €5,017,130 | €5,519,450 | +€502,320 | +10.0% |
| Land and buildings | 22 | €5,017,130 | €5,519,450 | +€502,320 | +10.0% |
| Current assets | 29/58 | €466,697 | €680,235 | +€213,538 | +45.8% |
| Amounts receivable within one year | 40/41 | €259,558 | €645 | -€258,913 | -99.8% |
| Trade receivables | 40 | €259,558 | €645 | -€258,913 | -99.8% |
| Cash at bank and in hand | 54/58 | €177,659 | €677,261 | +€499,602 | +281.2% |
| Deferred charges and accrued income | 490/1 | €29,480 | €2,329 | -€27,151 | -92.1% |
| Total equity and liabilities | 10/49 | €5,483,827 | €6,199,685 | +€715,857 | +13.1% |
| Equity | 10/15 | €1,784,014 | €2,481,531 | +€697,517 | +39.1% |
| Contributions | 10/11 | €1,575,000 | €1,575,000 | = | 0.0% |
| Capital | 10 | €1,575,000 | €1,575,000 | = | 0.0% |
| Issued capital | 100 | €1,575,000 | €1,575,000 | = | 0.0% |
| Reserves | 13 | €111,687 | €795,783 | +€684,097 | +612.5% |
| Non-distributable reserves | 130/1 | €8,171 | €8,171 | = | 0.0% |
| Legal reserve | 130 | €8,171 | €8,171 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,516 | €787,612 | +€684,097 | +660.9% |
| Profit (loss) carried forward | 14 | €97,328 | €110,748 | +€13,420 | +13.8% |
| Provisions and deferred taxes | 16 | €34,505 | €262,537 | +€228,032 | +660.9% |
| Deferred taxes | 168 | €34,505 | €262,537 | +€228,032 | +660.9% |
| Amounts payable | 17/49 | €3,665,308 | €3,455,616 | -€209,692 | -5.7% |
| Amounts payable after more than one year | 17 | €3,285,469 | €2,992,949 | -€292,520 | -8.9% |
| Financial debts | 170/4 | €3,285,469 | €2,992,949 | -€292,520 | -8.9% |
| Amounts payable within one year | 42/48 | €324,529 | €413,726 | +€89,197 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €289,924 | €292,520 | +€2,595 | +0.9% |
| Trade debts | 44 | €34,605 | €119,423 | +€84,818 | +245.1% |
| Suppliers | 440/4 | €34,605 | €119,423 | +€84,818 | +245.1% |
| Taxes, remuneration and social security | 45 | - | €1,783 | +€1,783 | |
| Taxes | 450/3 | - | €1,783 | +€1,783 | |
| Accrued charges and deferred income | 492/3 | €55,309 | €48,941 | -€6,368 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,759 | €176,680 | -€29,079 | -14.1% |
| Other operating charges | 640/8 | €88,632 | €282,388 | +€193,755 | +218.6% |
| Gross operating margin | 9900 | €536,437 | €1,412,886 | +€876,448 | +163.4% |
| Operating profit (loss) | 9901 | €242,046 | €953,818 | +€711,772 | +294.1% |
| Financial charges | 65/66B | €39,879 | €26,486 | -€13,394 | -33.6% |
| Recurring financial charges | 65 | €39,879 | €26,486 | -€13,394 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €202,167 | €927,332 | +€725,166 | +358.7% |
| Transfer from deferred taxes | 780 | €1,153 | €1,153 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €229,186 | +€229,186 | |
| Income taxes | 67/77 | - | €1,783 | +€1,783 | |
| Profit (loss) for the period | 9904 | €203,320 | €697,517 | +€494,197 | +243.1% |
| Transfer from tax-exempt reserves | 789 | €3,460 | €3,460 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €687,557 | +€687,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €206,780 | €13,420 | -€193,360 | -93.5% |
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 2 October 2026 via checked.be.