HENRI 7: 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.
HENRI 7
Largest movements
- Receivables within one year +€129,628
up €129,628 (+126%), from €102,704 to €232,332
of which Trade receivables: +€118,999
- Cash -€100,825
down €100,825 (-40.3%), from €249,947 to €149,122
mainly Receivables within one year (-€129,628) and Tax, wage and social debts (-€56,553)
- Tangible fixed assets -€99,464
down €99,464 (-23.0%), from €432,931 to €333,467
of which Other tangible fixed assets: -€62,826
- Stocks and contracts -€22,988
down €22,988 (-21.0%), from €109,464 to €86,476
- Trade debts +€112,560
up €112,560 (+58.1%), from €193,669 to €306,229
- Tax, wage and social debts -€56,553
down €56,553 (-16.5%), from €342,111 to €285,558
of which Taxes: -€29,700
- Short-term financial debts -€48,468
down €48,468 (-74.2%), from €65,333 to €16,865
- Profit (loss) carried forward -€46,878
down €46,878 (-202%), from -€23,251 to -€70,129
- Debts after one year -€21,206
down €21,206 (-52.0%), from €40,801 to €19,594
- Staff costs +€68,857
up €68,857 (+7.7%), from €899,290 to €968,147
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 | €903,171 | €807,422 | -€95,748 | -10.6% |
| Fixed assets | 21/28 | €434,299 | €334,835 | -€99,464 | -22.9% |
| Tangible fixed assets | 22/27 | €432,931 | €333,467 | -€99,464 | -23.0% |
| Plant, machinery and equipment | 23 | €71,728 | €55,653 | -€16,075 | -22.4% |
| Furniture and vehicles | 24 | €16,339 | €6,555 | -€9,784 | -59.9% |
| Leasing and similar rights | 25 | €15,274 | €4,496 | -€10,779 | -70.6% |
| Other tangible fixed assets | 26 | €329,590 | €266,763 | -€62,826 | -19.1% |
| Financial fixed assets | 28 | €1,368 | €1,368 | = | 0.0% |
| Current assets | 29/58 | €468,871 | €472,587 | +€3,716 | +0.8% |
| Stocks and contracts in progress | 3 | €109,464 | €86,476 | -€22,988 | -21.0% |
| Stocks | 30/36 | €109,464 | €86,476 | -€22,988 | -21.0% |
| Amounts receivable within one year | 40/41 | €102,704 | €232,332 | +€129,628 | +126% |
| Trade receivables | 40 | €92,905 | €211,904 | +€118,999 | +128% |
| Other amounts receivable | 41 | €9,799 | €20,428 | +€10,629 | +108% |
| Cash at bank and in hand | 54/58 | €249,947 | €149,122 | -€100,825 | -40.3% |
| Deferred charges and accrued income | 490/1 | €6,756 | €4,657 | -€2,099 | -31.1% |
| Total equity and liabilities | 10/49 | €903,171 | €807,422 | -€95,748 | -10.6% |
| Equity | 10/15 | €88,566 | €22,054 | -€66,512 | -75.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,251 | -€70,129 | -€46,878 | -202% |
| Investment grants | 15 | €49,317 | €29,683 | -€19,634 | -39.8% |
| Provisions and deferred taxes | 16 | €79 | - | -€79 | |
| Deferred taxes | 168 | €79 | - | -€79 | |
| Amounts payable | 17/49 | €814,526 | €785,369 | -€29,158 | -3.6% |
| Amounts payable after more than one year | 17 | €40,801 | €19,594 | -€21,206 | -52.0% |
| Financial debts | 170/4 | €40,801 | €19,594 | -€21,206 | -52.0% |
| Amounts payable within one year | 42/48 | €772,372 | €764,800 | -€7,572 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €72,740 | €58,223 | -€14,517 | -20.0% |
| Financial debts | 43 | €65,333 | €16,865 | -€48,468 | -74.2% |
| Credit institutions | 430/8 | €65,333 | €16,865 | -€48,468 | -74.2% |
| Trade debts | 44 | €193,669 | €306,229 | +€112,560 | +58.1% |
| Suppliers | 440/4 | €193,669 | €306,229 | +€112,560 | +58.1% |
| Taxes, remuneration and social security | 45 | €342,111 | €285,558 | -€56,553 | -16.5% |
| Taxes | 450/3 | €51,461 | €21,761 | -€29,700 | -57.7% |
| Remuneration and social security | 454/9 | €290,649 | €263,797 | -€26,853 | -9.2% |
| Other amounts payable | 47/48 | €98,520 | €97,926 | -€594 | -0.6% |
| Accrued charges and deferred income | 492/3 | €1,354 | €975 | -€379 | -28.0% |
| Remuneration, social security and pensions | 62 | €899,290 | €968,147 | +€68,857 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,149 | €137,835 | +€686 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €403 | €4,082 | +€3,679 | +913% |
| Other operating charges | 640/8 | €3,631 | €2,611 | -€1,020 | -28.1% |
| Non-recurring operating charges | 66A | - | €59,531 | +€59,531 | |
| Gross operating margin | 9900 | €1,137,414 | €1,133,705 | -€3,709 | -0.3% |
| Operating profit (loss) | 9901 | €96,941 | -€38,501 | -€135,442 | |
| Financial income | 75/76B | €20,821 | €28,827 | +€8,006 | +38.4% |
| Recurring financial income | 75 | €20,821 | €28,827 | +€8,006 | +38.4% |
| Financial charges | 65/66B | €30,357 | €36,930 | +€6,573 | +21.7% |
| Recurring financial charges | 65 | €30,357 | €36,930 | +€6,573 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €87,405 | -€46,604 | -€134,009 | |
| Transfer from deferred taxes | 780 | €144 | €79 | -€65 | -45.4% |
| Income taxes | 67/77 | €387 | €353 | -€34 | -8.9% |
| Profit (loss) for the period | 9904 | €87,162 | -€46,878 | -€134,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,162 | -€46,878 | -€134,040 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.