HENRY de PAIFVE: 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.
HENRY de PAIFVE
Largest movements
- Stocks and contracts +€220,094
up €220,094 (+114%), from €193,411 to €413,505
- Tangible fixed assets -€112,154
down €112,154 (-13.9%), from €809,539 to €697,385
of which Plant, machinery and equipment: -€71,486
- Receivables within one year +€35,678
up €35,678 (+8.1%), from €441,545 to €477,223
of which Trade receivables: +€22,882
- Reserves +€96,570
up €96,570 (+9.7%), from €993,179 to €1.1m
of which Distributable reserves: +€96,570
- Advances received +€77,167
new in 2026: €77,167
- Trade debts +€51,330
up €51,330 (+41.2%), from €124,625 to €175,955
- Debts after one year -€40,286
down €40,286 (-33.3%), from €120,857 to €80,571
- Gross operating margin +€58,068
up €58,068 (+29.9%), from €194,382 to €252,450
- Depreciation -€46,842
down €46,842 (-29.5%), from €158,995 to €112,154
- Taxes +€37,209
up €37,209 (+329%), from €11,295 to €48,504
- Financial income +€12,399
up €12,399 (+288%), from €4,309 to €16,708
- Other operating charges +€4,411
up €4,411 (+76.9%), from €5,735 to €10,146
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,741,991 | €2,924,201 | +€182,209 | +6.6% |
| Fixed assets | 21/28 | €854,194 | €748,040 | -€106,154 | -12.4% |
| Tangible fixed assets | 22/27 | €809,539 | €697,385 | -€112,154 | -13.9% |
| Land and buildings | 22 | €589,520 | €548,852 | -€40,668 | -6.9% |
| Plant, machinery and equipment | 23 | €220,019 | €148,533 | -€71,486 | -32.5% |
| Financial fixed assets | 28 | €44,655 | €50,655 | +€6,000 | +13.4% |
| Current assets | 29/58 | €1,887,798 | €2,176,160 | +€288,363 | +15.3% |
| Stocks and contracts in progress | 3 | €193,411 | €413,505 | +€220,094 | +114% |
| Stocks | 30/36 | €193,411 | €413,505 | +€220,094 | +114% |
| Amounts receivable within one year | 40/41 | €441,545 | €477,223 | +€35,678 | +8.1% |
| Trade receivables | 40 | €112,017 | €134,899 | +€22,882 | +20.4% |
| Other amounts receivable | 41 | €329,529 | €342,324 | +€12,796 | +3.9% |
| Current investments | 50/53 | €1,077,726 | €1,093,998 | +€16,272 | +1.5% |
| Cash at bank and in hand | 54/58 | €175,116 | €191,434 | +€16,319 | +9.3% |
| Total equity and liabilities | 10/49 | €2,741,991 | €2,924,201 | +€182,209 | +6.6% |
| Equity | 10/15 | €1,919,611 | €2,016,181 | +€96,570 | +5.0% |
| Contributions | 10/11 | €926,433 | €926,433 | = | 0.0% |
| Reserves | 13 | €993,179 | €1,089,749 | +€96,570 | +9.7% |
| Non-distributable reserves | 130/1 | €69,328 | €69,328 | = | 0.0% |
| Reserves not available under the articles | 1311 | €69,328 | €69,328 | = | 0.0% |
| Distributable reserves | 133 | €923,850 | €1,020,420 | +€96,570 | +10.5% |
| Amounts payable | 17/49 | €822,380 | €908,019 | +€85,639 | +10.4% |
| Amounts payable after more than one year | 17 | €120,857 | €80,571 | -€40,286 | -33.3% |
| Financial debts | 170/4 | €120,857 | €80,571 | -€40,286 | -33.3% |
| Amounts payable within one year | 42/48 | €701,523 | €827,448 | +€125,925 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €40,286 | €40,286 | = | 0.0% |
| Trade debts | 44 | €124,625 | €175,955 | +€51,330 | +41.2% |
| Suppliers | 440/4 | €124,625 | €175,955 | +€51,330 | +41.2% |
| Advances received on contracts in progress | 46 | - | €77,167 | +€77,167 | |
| Taxes, remuneration and social security | 45 | €49,092 | €59,359 | +€10,267 | +20.9% |
| Taxes | 450/3 | €49,092 | €59,359 | +€10,267 | +20.9% |
| Other amounts payable | 47/48 | €487,520 | €474,681 | -€12,839 | -2.6% |
| Remuneration, social security and pensions | 62 | -€1,153 | €690 | +€1,843 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,995 | €112,154 | -€46,842 | -29.5% |
| Other operating charges | 640/8 | €5,735 | €10,146 | +€4,411 | +76.9% |
| Gross operating margin | 9900 | €194,382 | €252,450 | +€58,068 | +29.9% |
| Operating profit (loss) | 9901 | €30,804 | €129,460 | +€98,656 | +320% |
| Financial income | 75/76B | €4,309 | €16,708 | +€12,399 | +288% |
| Recurring financial income | 75 | €4,309 | €16,708 | +€12,399 | +288% |
| Financial charges | 65/66B | €1,269 | €1,094 | -€174 | -13.7% |
| Recurring financial charges | 65 | €1,269 | €1,094 | -€174 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €33,845 | €145,074 | +€111,229 | +329% |
| Income taxes | 67/77 | €11,295 | €48,504 | +€37,209 | +329% |
| Profit (loss) for the period | 9904 | €22,550 | €96,570 | +€74,020 | +328% |
| Profit (loss) for the period to be appropriated | 9905 | €22,550 | €96,570 | +€74,020 | +328% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.