HENROTECH: 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.
HENROTECH
Largest movements
- Tangible fixed assets -€954,154
down €954,154 (-100.0%), from €954,264 to €110
of which Land and buildings: -€880,191
- Cash +€523,926
up €523,926 (+929%), from €56,393 to €580,318
mainly Investment in fixed assets (net) (+€931,803) and Stocks and contracts (+€372,792)
- Stocks and contracts -€372,792
down €372,792 (-92.4%), from €403,268 to €30,475
- Receivables within one year -€302,697
down €302,697 (-77.9%), from €388,610 to €85,913
of which Trade receivables: -€198,348
- Debts after one year -€563,932
no longer reported in 2025 (was €563,932)
- Reserves +€492,833
up €492,833 (+1,614%), from €30,533 to €523,366
of which Distributable reserves: +€507,466
- Profit (loss) carried forward -€407,886
no longer reported in 2025 (was €407,886)
- Trade debts -€310,928
down €310,928 (-99.6%), from €312,247 to €1,319
- Other debts -€132,981
down €132,981 (-99.6%), from €133,564 to €583
- Financial income +€308,178
new in 2025: €308,178
of which Non-recurring financial income: +€308,142
- Gross operating margin -€146,926
down €146,926, from €24,386 to -€122,540
- Staff costs -€88,215
down €88,215 (-56.5%), from €156,099 to €67,884
- Write-downs -€64,360
down €64,360, from €21,474 to -€42,885
- Depreciation -€12,549
down €12,549 (-36.0%), from €34,899 to €22,350
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 | €1,802,534 | €696,816 | -€1.1m | -61.3% |
| Fixed assets | 21/28 | €954,264 | €110 | -€954,154 | -100.0% |
| Tangible fixed assets | 22/27 | €954,264 | €110 | -€954,154 | -100.0% |
| Land and buildings | 22 | €880,191 | - | -€880,191 | |
| Plant, machinery and equipment | 23 | €40,794 | - | -€40,794 | |
| Furniture and vehicles | 24 | €33,279 | €110 | -€33,169 | -99.7% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €848,270 | €696,706 | -€151,564 | -17.9% |
| Stocks and contracts in progress | 3 | €403,268 | €30,475 | -€372,792 | -92.4% |
| Stocks | 30/36 | €403,268 | €30,475 | -€372,792 | -92.4% |
| Amounts receivable within one year | 40/41 | €388,610 | €85,913 | -€302,697 | -77.9% |
| Trade receivables | 40 | €278,867 | €80,519 | -€198,348 | -71.1% |
| Other amounts receivable | 41 | €109,743 | €5,393 | -€104,350 | -95.1% |
| Cash at bank and in hand | 54/58 | €56,393 | €580,318 | +€523,926 | +929% |
| Total equity and liabilities | 10/49 | €1,802,534 | €696,816 | -€1.1m | -61.3% |
| Equity | 10/15 | €597,420 | €682,366 | +€84,946 | +14.2% |
| Contributions | 10/11 | €159,000 | €159,000 | = | 0.0% |
| Capital | 10 | €159,000 | €159,000 | = | 0.0% |
| Issued capital | 100 | €159,000 | €159,000 | = | 0.0% |
| Reserves | 13 | €30,533 | €523,366 | +€492,833 | +1,614% |
| Non-distributable reserves | 130/1 | €15,900 | €15,900 | = | 0.0% |
| Legal reserve | 130 | €15,900 | €15,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,633 | - | -€14,633 | |
| Distributable reserves | 133 | - | €507,466 | +€507,466 | |
| Profit (loss) carried forward | 14 | €407,886 | - | -€407,886 | |
| Amounts payable | 17/49 | €1,205,114 | €14,450 | -€1.2m | -98.8% |
| Amounts payable after more than one year | 17 | €563,932 | - | -€563,932 | |
| Financial debts | 170/4 | €563,932 | - | -€563,932 | |
| Amounts payable within one year | 42/48 | €641,182 | €12,634 | -€628,548 | -98.0% |
| Current portion of amounts payable after more than one year | 42 | €63,393 | - | -€63,393 | |
| Financial debts | 43 | €66,567 | - | -€66,567 | |
| Credit institutions | 430/8 | €66,567 | - | -€66,567 | |
| Trade debts | 44 | €312,247 | €1,319 | -€310,928 | -99.6% |
| Suppliers | 440/4 | €312,247 | €1,319 | -€310,928 | -99.6% |
| Taxes, remuneration and social security | 45 | €65,411 | €10,732 | -€54,679 | -83.6% |
| Taxes | 450/3 | €47,149 | €10,732 | -€36,417 | -77.2% |
| Remuneration and social security | 454/9 | €18,262 | - | -€18,262 | |
| Other amounts payable | 47/48 | €133,564 | €583 | -€132,981 | -99.6% |
| Accrued charges and deferred income | 492/3 | - | €1,816 | +€1,816 | |
| Non-recurring operating income | 76A | €25,451 | €70,032 | +€44,581 | +175% |
| Remuneration, social security and pensions | 62 | €156,099 | €67,884 | -€88,215 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,899 | €22,350 | -€12,549 | -36.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,474 | -€42,885 | -€64,360 | |
| Other operating charges | 640/8 | €15,070 | €15,057 | -€13 | -0.1% |
| Gross operating margin | 9900 | €24,386 | -€122,540 | -€146,926 | |
| Operating profit (loss) | 9901 | -€203,157 | -€184,945 | +€18,212 | +9.0% |
| Financial income | 75/76B | - | €308,178 | +€308,178 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Non-recurring financial income | 76B | - | €308,142 | +€308,142 | |
| Financial charges | 65/66B | €23,124 | €27,299 | +€4,175 | +18.1% |
| Recurring financial charges | 65 | €23,124 | €27,299 | +€4,175 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | -€226,281 | €95,933 | +€322,214 | |
| Income taxes | 67/77 | €256 | €10,153 | +€9,898 | +3,873% |
| Profit (loss) for the period | 9904 | -€226,537 | €85,779 | +€312,316 | |
| Transfer from tax-exempt reserves | 789 | - | €14,633 | +€14,633 | |
| Profit (loss) for the period to be appropriated | 9905 | -€226,537 | €100,413 | +€326,950 |
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 14 October 2026 via checked.be.