HENRO DEVOS: 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.
HENRO DEVOS
Largest movements
- Cash +€56,183
up €56,183 (+105%), from €53,413 to €109,595
mainly Net result for the year (+€140,803) and Other debts (+€61,809)
- Receivables within one year -€10,016
down €10,016 (-82.9%), from €12,081 to €2,065
of which Trade receivables: -€10,207
- Tangible fixed assets -€8,436
down €8,436 (-1.4%), from €582,307 to €573,872
of which Land and buildings: -€14,499
- Other debts +€61,809
up €61,809 (+54.9%), from €112,502 to €174,311
- Reserves -€29,197
down €29,197 (-42.3%), from €68,986 to €39,789
- Debts after one year -€29,131
down €29,131 (-7.1%), from €411,350 to €382,220
of which Financial debts: -€29,131
- Tax, wage and social debts +€15,538
up €15,538 (+219%), from €7,101 to €22,639
of which Taxes: +€14,109
- Accrued charges and deferred income +€10,805
up €10,805 (+418%), from €2,588 to €13,393
- Gross operating margin +€106,979
up €106,979 (+68.7%), from €155,639 to €262,618
- Taxes +€25,194
up €25,194 (+107%), from €23,614 to €48,809
- Staff costs +€8,969
up €8,969 (+40.0%), from €22,430 to €31,400
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 | €652,112 | €690,295 | +€38,183 | +5.9% |
| Fixed assets | 21/28 | €585,377 | €576,942 | -€8,436 | -1.4% |
| Tangible fixed assets | 22/27 | €582,307 | €573,872 | -€8,436 | -1.4% |
| Land and buildings | 22 | €564,440 | €549,941 | -€14,499 | -2.6% |
| Plant, machinery and equipment | 23 | €10,825 | €15,254 | +€4,430 | +40.9% |
| Furniture and vehicles | 24 | €7,043 | €8,676 | +€1,633 | +23.2% |
| Financial fixed assets | 28 | €3,070 | €3,070 | = | 0.0% |
| Current assets | 29/58 | €66,735 | €113,353 | +€46,619 | +69.9% |
| Amounts receivable within one year | 40/41 | €12,081 | €2,065 | -€10,016 | -82.9% |
| Trade receivables | 40 | €12,081 | €1,874 | -€10,207 | -84.5% |
| Other amounts receivable | 41 | €0 | €191 | +€191 | |
| Cash at bank and in hand | 54/58 | €53,413 | €109,595 | +€56,183 | +105% |
| Deferred charges and accrued income | 490/1 | €1,241 | €1,693 | +€452 | +36.4% |
| Total equity and liabilities | 10/49 | €652,112 | €690,295 | +€38,183 | +5.9% |
| Equity | 10/15 | €87,586 | €58,389 | -€29,197 | -33.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,986 | €39,789 | -€29,197 | -42.3% |
| Distributable reserves | 133 | €68,986 | €39,789 | -€29,197 | -42.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €564,526 | €631,906 | +€67,380 | +11.9% |
| Amounts payable after more than one year | 17 | €411,350 | €382,220 | -€29,131 | -7.1% |
| Financial debts | 170/4 | €406,640 | €377,510 | -€29,131 | -7.2% |
| Other amounts payable | 178/9 | €4,710 | €4,710 | = | 0.0% |
| Amounts payable within one year | 42/48 | €150,588 | €236,293 | +€85,705 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €30,322 | €32,174 | +€1,852 | +6.1% |
| Trade debts | 44 | €263 | €6,768 | +€6,505 | +2,471% |
| Suppliers | 440/4 | €263 | €6,768 | +€6,505 | +2,471% |
| Advances received on contracts in progress | 46 | €400 | €400 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,101 | €22,639 | +€15,538 | +219% |
| Taxes | 450/3 | €7,100 | €21,209 | +€14,109 | +199% |
| Remuneration and social security | 454/9 | €1 | €1,430 | +€1,429 | +155,317% |
| Other amounts payable | 47/48 | €112,502 | €174,311 | +€61,809 | +54.9% |
| Accrued charges and deferred income | 492/3 | €2,588 | €13,393 | +€10,805 | +418% |
| Remuneration, social security and pensions | 62 | €22,430 | €31,400 | +€8,969 | +40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,140 | €24,541 | +€2,401 | +10.8% |
| Other operating charges | 640/8 | €4,375 | €3,957 | -€418 | -9.6% |
| Gross operating margin | 9900 | €155,639 | €262,618 | +€106,979 | +68.7% |
| Operating profit (loss) | 9901 | €106,693 | €202,721 | +€96,028 | +90.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €14,094 | €13,110 | -€984 | -7.0% |
| Recurring financial charges | 65 | €14,094 | €13,110 | -€984 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €92,600 | €189,612 | +€97,012 | +105% |
| Income taxes | 67/77 | €23,614 | €48,809 | +€25,194 | +107% |
| Profit (loss) for the period | 9904 | €68,986 | €140,803 | +€71,817 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €68,986 | €140,803 | +€71,817 | +104% |
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 15 October 2026 via checked.be.