Bart Hendrickx: what changed
Bart Hendrickx
Largest movements
- Current investments +€9,888
up €9,888 (+4.8%), from €208,000 to €217,888
- Deferred charges and accrued income -€8,982
down €8,982 (-56.2%), from €15,976 to €6,993
- Cash +€4,648
up €4,648 (+4.1%), from €114,371 to €119,019
mainly Net result for the year (+€105,317) and Deferred charges and accrued income (+€8,982)
- Profit (loss) carried forward +€105,317
up €105,317 (+50.1%), from €210,125 to €315,442
- Other debts -€72,653
down €72,653 (-93.8%), from €77,469 to €4,816
- Tax, wage and social debts -€20,223
down €20,223 (-57.8%), from €34,959 to €14,736
- Gross operating margin +€16,691
up €16,691 (+15.0%), from €111,500 to €128,192
- Financial income +€8,761
up €8,761 (+666%), from €1,316 to €10,077
- Taxes +€4,442
up €4,442 (+19.5%), from €22,781 to €27,223
- Depreciation +€3,056
up €3,056 (+149%), from €2,044 to €5,100
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €342,298 | €351,569 | +€9,271 | +2.7% |
| Fixed assets | 21/28 | €3,838 | €6,733 | +€2,895 | +75.5% |
| Tangible fixed assets | 22/27 | €3,838 | €6,733 | +€2,895 | +75.5% |
| Furniture and vehicles | 24 | €2,715 | €5,968 | +€3,254 | +120% |
| Other tangible fixed assets | 26 | €1,123 | €765 | -€358 | -31.9% |
| Current assets | 29/58 | €338,460 | €344,836 | +€6,376 | +1.9% |
| Amounts receivable within one year | 40/41 | €114 | €936 | +€822 | +722% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €114 | €936 | +€822 | +722% |
| Current investments | 50/53 | €208,000 | €217,888 | +€9,888 | +4.8% |
| Cash at bank and in hand | 54/58 | €114,371 | €119,019 | +€4,648 | +4.1% |
| Deferred charges and accrued income | 490/1 | €15,976 | €6,993 | -€8,982 | -56.2% |
| Total equity and liabilities | 10/49 | €342,298 | €351,569 | +€9,271 | +2.7% |
| Equity | 10/15 | €225,125 | €330,442 | +€105,317 | +46.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,125 | €315,442 | +€105,317 | +50.1% |
| Amounts payable | 17/49 | €117,173 | €21,127 | -€96,046 | -82.0% |
| Amounts payable within one year | 42/48 | €116,203 | €20,298 | -€95,905 | -82.5% |
| Trade debts | 44 | €3,775 | €746 | -€3,029 | -80.2% |
| Suppliers | 440/4 | €3,775 | €746 | -€3,029 | -80.2% |
| Taxes, remuneration and social security | 45 | €34,959 | €14,736 | -€20,223 | -57.8% |
| Taxes | 450/3 | €34,959 | €14,736 | -€20,223 | -57.8% |
| Other amounts payable | 47/48 | €77,469 | €4,816 | -€72,653 | -93.8% |
| Accrued charges and deferred income | 492/3 | €970 | €829 | -€141 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,044 | €5,100 | +€3,056 | +149% |
| Other operating charges | 640/8 | €64 | €465 | +€401 | +629% |
| Gross operating margin | 9900 | €111,500 | €128,192 | +€16,691 | +15.0% |
| Operating profit (loss) | 9901 | €109,392 | €122,627 | +€13,234 | +12.1% |
| Financial income | 75/76B | €1,316 | €10,077 | +€8,761 | +666% |
| Recurring financial income | 75 | €1,316 | €10,077 | +€8,761 | +666% |
| Financial charges | 65/66B | €1,338 | €163 | -€1,174 | -87.8% |
| Recurring financial charges | 65 | €1,338 | €163 | -€1,174 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | €109,371 | €132,540 | +€23,169 | +21.2% |
| Income taxes | 67/77 | €22,781 | €27,223 | +€4,442 | +19.5% |
| Profit (loss) for the period | 9904 | €86,590 | €105,317 | +€18,728 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €86,590 | €105,317 | +€18,728 | +21.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.