HENRY DAVID: 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.
HENRY DAVID
Largest movements
- Tangible fixed assets -€12,510
down €12,510 (-1.8%), from €680,637 to €668,128
of which Land and buildings: -€14,461
- Receivables within one year -€9,423
down €9,423 (-5.7%), from €164,901 to €155,478
- Debts after one year -€29,196
down €29,196 (-5.7%), from €508,101 to €478,905
- Tax, wage and social debts +€15,325
up €15,325 (+65.4%), from €23,446 to €38,771
- Reserves -€10,800
down €10,800 (-4.2%), from €255,060 to €244,260
of which Distributable reserves: -€10,800
- Gross operating margin -€14,904
down €14,904 (-9.5%), from €157,317 to €142,413
- Taxes -€3,343
down €3,343 (-10.2%), from €32,642 to €29,299
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 | €932,829 | €915,711 | -€17,118 | -1.8% |
| Fixed assets | 21/28 | €680,744 | €668,234 | -€12,510 | -1.8% |
| Tangible fixed assets | 22/27 | €680,637 | €668,128 | -€12,510 | -1.8% |
| Land and buildings | 22 | €606,735 | €592,274 | -€14,461 | -2.4% |
| Furniture and vehicles | 24 | €73,903 | €75,854 | +€1,951 | +2.6% |
| Financial fixed assets | 28 | €106 | €106 | = | 0.0% |
| Current assets | 29/58 | €252,086 | €247,477 | -€4,608 | -1.8% |
| Amounts receivable within one year | 40/41 | €164,901 | €155,478 | -€9,423 | -5.7% |
| Other amounts receivable | 41 | €164,901 | €155,478 | -€9,423 | -5.7% |
| Cash at bank and in hand | 54/58 | €69,457 | €71,249 | +€1,792 | +2.6% |
| Deferred charges and accrued income | 490/1 | €17,728 | €20,750 | +€3,022 | +17.0% |
| Total equity and liabilities | 10/49 | €932,829 | €915,711 | -€17,118 | -1.8% |
| Equity | 10/15 | €367,180 | €356,432 | -€10,747 | -2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €255,060 | €244,260 | -€10,800 | -4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €253,200 | €242,400 | -€10,800 | -4.3% |
| Profit (loss) carried forward | 14 | €99,720 | €99,772 | +€53 | +0.1% |
| Amounts payable | 17/49 | €565,650 | €559,279 | -€6,371 | -1.1% |
| Amounts payable after more than one year | 17 | €508,101 | €478,905 | -€29,196 | -5.7% |
| Financial debts | 170/4 | €508,101 | €478,905 | -€29,196 | -5.7% |
| Amounts payable within one year | 42/48 | €53,724 | €76,549 | +€22,825 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €28,148 | €29,196 | +€1,047 | +3.7% |
| Trade debts | 44 | €1,271 | €7,749 | +€6,478 | +509.9% |
| Suppliers | 440/4 | €1,271 | €7,749 | +€6,478 | +509.9% |
| Taxes, remuneration and social security | 45 | €23,446 | €38,771 | +€15,325 | +65.4% |
| Taxes | 450/3 | €23,446 | €38,771 | +€15,325 | +65.4% |
| Other amounts payable | 47/48 | €859 | €833 | -€26 | -3.0% |
| Accrued charges and deferred income | 492/3 | €3,825 | €3,825 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,471 | €22,036 | +€565 | +2.6% |
| Other operating charges | 640/8 | €6,551 | €5,120 | -€1,430 | -21.8% |
| Gross operating margin | 9900 | €157,317 | €142,413 | -€14,904 | -9.5% |
| Operating profit (loss) | 9901 | €129,296 | €115,257 | -€14,039 | -10.9% |
| Financial income | 75/76B | €8,713 | €8,662 | -€51 | -0.6% |
| Recurring financial income | 75 | €8,713 | €8,662 | -€51 | -0.6% |
| Financial charges | 65/66B | €21,509 | €20,734 | -€775 | -3.6% |
| Recurring financial charges | 65 | €21,509 | €20,734 | -€775 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €116,500 | €103,185 | -€13,315 | -11.4% |
| Income taxes | 67/77 | €32,642 | €29,299 | -€3,343 | -10.2% |
| Profit (loss) for the period | 9904 | €83,857 | €73,886 | -€9,972 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,857 | €73,886 | -€9,972 | -11.9% |
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 6 October 2026 via checked.be.