HENS STIJN: 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.
HENS STIJN
Largest movements
- Cash +€717,505
up €717,505 (+159%), from €450,458 to €1.2m
mainly Net result for the year (+€802,410) and Investment in fixed assets (net) (+€339,445)
- Financial fixed assets -€449,125
down €449,125 (-8.2%), from €5.5m to €5.1m
- Receivables within one year -€82,980
down €82,980 (-31.6%), from €262,474 to €179,493
of which Trade receivables: -€55,846
- Reserves +€642,410
up €642,410 (+12.9%), from €5.0m to €5.6m
of which Distributable reserves: +€326,660
- Current portion of long-term debt -€512,772
down €512,772 (-55.2%), from €928,554 to €415,782
- Debts after one year +€211,745
up €211,745 (+21.0%), from €1.0m to €1.2m
- Financial income -€812,124
down €812,124 (-88.2%), from €921,103 to €108,979
- Gross operating margin +€211,806
up €211,806 (+22.9%), from €923,820 to €1.1m
- Taxes +€66,810
up €66,810 (+37.7%), from €176,998 to €243,808
- Staff costs -€54,542
down €54,542 (-36.1%), from €151,048 to €96,507
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 | €7,701,219 | €8,000,980 | +€299,761 | +3.9% |
| Fixed assets | 21/28 | €5,808,332 | €5,423,815 | -€384,517 | -6.6% |
| Tangible fixed assets | 22/27 | €305,580 | €370,188 | +€64,608 | +21.1% |
| Land and buildings | 22 | €214,549 | €204,484 | -€10,065 | -4.7% |
| Furniture and vehicles | 24 | €14,594 | €9,172 | -€5,422 | -37.2% |
| Leasing and similar rights | 25 | €76,437 | €156,532 | +€80,095 | +105% |
| Financial fixed assets | 28 | €5,502,753 | €5,053,627 | -€449,125 | -8.2% |
| Current assets | 29/58 | €1,892,886 | €2,577,164 | +€684,278 | +36.1% |
| Amounts receivable within one year | 40/41 | €262,474 | €179,493 | -€82,980 | -31.6% |
| Trade receivables | 40 | €167,018 | €111,172 | -€55,846 | -33.4% |
| Other amounts receivable | 41 | €95,456 | €68,321 | -€27,135 | -28.4% |
| Current investments | 50/53 | €1,177,345 | €1,217,821 | +€40,477 | +3.4% |
| Cash at bank and in hand | 54/58 | €450,458 | €1,167,963 | +€717,505 | +159% |
| Deferred charges and accrued income | 490/1 | €2,610 | €11,887 | +€9,277 | +355% |
| Total equity and liabilities | 10/49 | €7,701,219 | €8,000,980 | +€299,761 | +3.9% |
| Equity | 10/15 | €4,991,527 | €5,633,938 | +€642,410 | +12.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,971,527 | €5,613,938 | +€642,410 | +12.9% |
| Tax-exempt reserves | 132 | €350,100 | €665,850 | +€315,750 | +90.2% |
| Distributable reserves | 133 | €4,621,427 | €4,948,088 | +€326,660 | +7.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,709,691 | €2,367,042 | -€342,649 | -12.6% |
| Amounts payable after more than one year | 17 | €1,008,846 | €1,220,590 | +€211,745 | +21.0% |
| Financial debts | 170/4 | €1,008,846 | €1,220,590 | +€211,745 | +21.0% |
| Amounts payable within one year | 42/48 | €1,699,492 | €1,144,899 | -€554,593 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €928,554 | €415,782 | -€512,772 | -55.2% |
| Trade debts | 44 | €89,645 | €76,603 | -€13,042 | -14.5% |
| Suppliers | 440/4 | €89,645 | €76,603 | -€13,042 | -14.5% |
| Taxes, remuneration and social security | 45 | €70,784 | €54,507 | -€16,276 | -23.0% |
| Taxes | 450/3 | €58,808 | €46,920 | -€11,888 | -20.2% |
| Remuneration and social security | 454/9 | €11,975 | €7,587 | -€4,388 | -36.6% |
| Other amounts payable | 47/48 | €610,510 | €598,007 | -€12,503 | -2.0% |
| Accrued charges and deferred income | 492/3 | €1,354 | €1,553 | +€199 | +14.7% |
| Remuneration, social security and pensions | 62 | €151,048 | €96,507 | -€54,542 | -36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,622 | €45,072 | +€6,450 | +16.7% |
| Other operating charges | 640/8 | €1,837 | €4,058 | +€2,221 | +121% |
| Gross operating margin | 9900 | €923,820 | €1,135,626 | +€211,806 | +22.9% |
| Operating profit (loss) | 9901 | €732,313 | €989,989 | +€257,676 | +35.2% |
| Financial income | 75/76B | €921,103 | €108,979 | -€812,124 | -88.2% |
| Recurring financial income | 75 | €921,103 | €108,979 | -€812,124 | -88.2% |
| Financial charges | 65/66B | €43,550 | €52,750 | +€9,201 | +21.1% |
| Recurring financial charges | 65 | €43,550 | €52,750 | +€9,201 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €1,609,866 | €1,046,218 | -€563,648 | -35.0% |
| Income taxes | 67/77 | €176,998 | €243,808 | +€66,810 | +37.7% |
| Profit (loss) for the period | 9904 | €1,432,869 | €802,410 | -€630,459 | -44.0% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €315,750 | +€189,450 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €1,306,569 | €486,660 | -€819,909 | -62.8% |
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 20 October 2026 via checked.be.