HENSER: 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.
HENSER
Largest movements
- Tangible fixed assets -€5,126
down €5,126 (-3.1%), from €163,028 to €157,902
- Receivables within one year -€4,671
down €4,671 (-67.2%), from €6,949 to €2,279
- Receivables after one year -€2,000
no longer reported in 2025 (was €2,000)
- Profit (loss) carried forward -€12,247
down €12,247 (-30.7%), from -€39,830 to -€52,077
- Other debts +€2,451
up €2,451 (+172%), from €1,422 to €3,873
- Gross operating margin -€18,870
down €18,870, from €13,955 to -€4,915
- Financial income -€246
no longer reported in 2025 (was €246)
- Taxes -€221
no longer reported in 2025 (was €221)
- Other operating charges -€184
down €184 (-8.6%), from €2,130 to €1,946
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 | €172,188 | €160,618 | -€11,570 | -6.7% |
| Fixed assets | 21/28 | €163,238 | €158,112 | -€5,126 | -3.1% |
| Tangible fixed assets | 22/27 | €163,028 | €157,902 | -€5,126 | -3.1% |
| Land and buildings | 22 | €163,028 | €157,902 | -€5,126 | -3.1% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €8,949 | €2,506 | -€6,444 | -72.0% |
| Amounts receivable after more than one year | 29 | €2,000 | - | -€2,000 | |
| Other amounts receivable | 291 | €2,000 | - | -€2,000 | |
| Amounts receivable within one year | 40/41 | €6,949 | €2,279 | -€4,671 | -67.2% |
| Other amounts receivable | 41 | €6,949 | €2,279 | -€4,671 | -67.2% |
| Cash at bank and in hand | 54/58 | - | €227 | +€227 | |
| Total equity and liabilities | 10/49 | €172,188 | €160,618 | -€11,570 | -6.7% |
| Equity | 10/15 | €168,992 | €156,744 | -€12,247 | -7.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €146,848 | €146,848 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €140,651 | €140,651 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,830 | -€52,077 | -€12,247 | -30.7% |
| Amounts payable | 17/49 | €3,196 | €3,873 | +€677 | +21.2% |
| Amounts payable within one year | 42/48 | €3,196 | €3,873 | +€677 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €1,475 | - | -€1,475 | |
| Financial debts | 43 | €298 | - | -€298 | |
| Credit institutions | 430/8 | €298 | - | -€298 | |
| Other amounts payable | 47/48 | €1,422 | €3,873 | +€2,451 | +172% |
| Non-recurring operating income | 76A | €10,250 | - | -€10,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,126 | €5,126 | = | 0.0% |
| Other operating charges | 640/8 | €2,130 | €1,946 | -€184 | -8.6% |
| Gross operating margin | 9900 | €13,955 | -€4,915 | -€18,870 | |
| Operating profit (loss) | 9901 | €6,698 | -€11,987 | -€18,686 | |
| Financial income | 75/76B | €246 | - | -€246 | |
| Recurring financial income | 75 | €246 | - | -€246 | |
| Financial charges | 65/66B | €290 | €260 | -€30 | -10.5% |
| Recurring financial charges | 65 | €290 | €260 | -€30 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €6,654 | -€12,247 | -€18,901 | |
| Income taxes | 67/77 | €221 | - | -€221 | |
| Profit (loss) for the period | 9904 | €6,432 | -€12,247 | -€18,680 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,432 | -€12,247 | -€18,680 |
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 19 October 2026 via checked.be.