HENRY STEPHANIE: 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 STEPHANIE
Largest movements
- Cash +€89,692
up €89,692 (+35.9%), from €249,500 to €339,192
mainly Net result for the year (+€140,447) and Depreciation (+€55,811)
- Deferred charges and accrued income +€30,000
up €30,000 (+44.8%), from €67,000 to €97,000
- Tangible fixed assets -€14,324
down €14,324 (-1.7%), from €819,999 to €805,674
of which Land and buildings: -€27,798
- Receivables within one year -€13,797
no longer reported in 2025 (was €13,797)
of which Other amounts receivable: -€12,897
- Reserves +€140,447
up €140,447 (+40.2%), from €349,059 to €489,506
- Debts after one year -€58,193
down €58,193 (-14.1%), from €413,470 to €355,276
- Gross operating margin +€89,423
up €89,423 (+43.6%), from €205,039 to €294,463
- Taxes +€29,258
up €29,258 (+88.1%), from €33,199 to €62,457
- Depreciation +€6,853
up €6,853 (+14.0%), from €48,958 to €55,811
- Financial charges -€4,580
down €4,580 (-12.2%), from €37,436 to €32,856
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 | €1,152,121 | €1,243,692 | +€91,571 | +7.9% |
| Fixed assets | 21/28 | €821,824 | €807,500 | -€14,324 | -1.7% |
| Tangible fixed assets | 22/27 | €819,999 | €805,674 | -€14,324 | -1.7% |
| Land and buildings | 22 | €733,483 | €705,684 | -€27,798 | -3.8% |
| Plant, machinery and equipment | 23 | €74,316 | €58,209 | -€16,107 | -21.7% |
| Furniture and vehicles | 24 | €12,200 | €41,781 | +€29,582 | +242% |
| Financial fixed assets | 28 | €1,826 | €1,826 | = | 0.0% |
| Current assets | 29/58 | €330,297 | €436,192 | +€105,895 | +32.1% |
| Amounts receivable within one year | 40/41 | €13,797 | - | -€13,797 | |
| Trade receivables | 40 | €900 | - | -€900 | |
| Other amounts receivable | 41 | €12,897 | - | -€12,897 | |
| Cash at bank and in hand | 54/58 | €249,500 | €339,192 | +€89,692 | +35.9% |
| Deferred charges and accrued income | 490/1 | €67,000 | €97,000 | +€30,000 | +44.8% |
| Total equity and liabilities | 10/49 | €1,152,121 | €1,243,692 | +€91,571 | +7.9% |
| Equity | 10/15 | €441,809 | €582,256 | +€140,447 | +31.8% |
| Contributions | 10/11 | €92,750 | €92,750 | = | 0.0% |
| Reserves | 13 | €349,059 | €489,506 | +€140,447 | +40.2% |
| Distributable reserves | 133 | €349,059 | €489,506 | +€140,447 | +40.2% |
| Amounts payable | 17/49 | €710,312 | €661,436 | -€48,876 | -6.9% |
| Amounts payable after more than one year | 17 | €413,470 | €355,276 | -€58,193 | -14.1% |
| Financial debts | 170/4 | €413,470 | €355,276 | -€58,193 | -14.1% |
| Amounts payable within one year | 42/48 | €296,842 | €306,159 | +€9,317 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €69,263 | €80,771 | +€11,509 | +16.6% |
| Trade debts | 44 | €3,862 | €3,799 | -€63 | -1.6% |
| Suppliers | 440/4 | €3,862 | €3,799 | -€63 | -1.6% |
| Taxes, remuneration and social security | 45 | €5,252 | €9,627 | +€4,375 | +83.3% |
| Taxes | 450/3 | €5,252 | €9,627 | +€4,375 | +83.3% |
| Other amounts payable | 47/48 | €218,466 | €211,962 | -€6,504 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,958 | €55,811 | +€6,853 | +14.0% |
| Other operating charges | 640/8 | €3,806 | €3,860 | +€54 | +1.4% |
| Gross operating margin | 9900 | €205,039 | €294,463 | +€89,423 | +43.6% |
| Operating profit (loss) | 9901 | €152,275 | €234,791 | +€82,516 | +54.2% |
| Financial income | 75/76B | €345 | €969 | +€624 | +181% |
| Recurring financial income | 75 | €345 | €969 | +€624 | +181% |
| Financial charges | 65/66B | €37,436 | €32,856 | -€4,580 | -12.2% |
| Recurring financial charges | 65 | €37,436 | €32,856 | -€4,580 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €115,184 | €202,905 | +€87,720 | +76.2% |
| Income taxes | 67/77 | €33,199 | €62,457 | +€29,258 | +88.1% |
| Profit (loss) for the period | 9904 | €81,985 | €140,447 | +€58,462 | +71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,985 | €140,447 | +€58,462 | +71.3% |
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 26 October 2026 via checked.be.