CARL HENDRICKX: 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.
CARL HENDRICKX
Largest movements
- Cash +€96,181
up €96,181 (+25.6%), from €375,188 to €471,369
mainly Net result for the year (+€141,541) and Other debts (+€79,272)
- Receivables within one year +€21,615
up €21,615 (+9.5%), from €226,765 to €248,381
of which Trade receivables: +€20,006
- Other debts +€79,272
up €79,272 (+121%), from €65,631 to €144,903
- Tax, wage and social debts +€35,272
up €35,272 (+229%), from €15,379 to €50,651
of which Taxes: +€34,966
- Gross operating margin +€82,994
up €82,994 (+59.5%), from €139,455 to €222,449
- Purchases and services -€71,207
down €71,207 (-13.3%), from €535,911 to €464,704
- Taxes +€16,393
up €16,393 (+61.0%), from €26,854 to €43,246
- Turnover +€11,788
up €11,788 (+1.7%), from €675,366 to €687,154
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 | €668,595 | €781,756 | +€113,161 | +16.9% |
| Fixed assets | 21/28 | €65,494 | €60,745 | -€4,749 | -7.3% |
| Tangible fixed assets | 22/27 | €65,172 | €60,423 | -€4,749 | -7.3% |
| Land and buildings | 22 | €62,167 | €58,504 | -€3,663 | -5.9% |
| Plant, machinery and equipment | 23 | €1,225 | €525 | -€700 | -57.1% |
| Furniture and vehicles | 24 | €780 | €394 | -€386 | -49.5% |
| Other tangible fixed assets | 26 | €1,000 | €1,000 | = | 0.0% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €603,101 | €721,011 | +€117,910 | +19.6% |
| Amounts receivable within one year | 40/41 | €226,765 | €248,381 | +€21,615 | +9.5% |
| Trade receivables | 40 | €193,475 | €213,481 | +€20,006 | +10.3% |
| Other amounts receivable | 41 | €33,291 | €34,900 | +€1,609 | +4.8% |
| Cash at bank and in hand | 54/58 | €375,188 | €471,369 | +€96,181 | +25.6% |
| Deferred charges and accrued income | 490/1 | €1,148 | €1,261 | +€113 | +9.9% |
| Total equity and liabilities | 10/49 | €668,595 | €781,756 | +€113,161 | +16.9% |
| Equity | 10/15 | €583,936 | €584,477 | +€541 | +0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €565,344 | €565,885 | +€541 | +0.1% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €557,344 | €557,885 | +€541 | +0.1% |
| Amounts payable | 17/49 | €84,659 | €197,279 | +€112,620 | +133% |
| Amounts payable within one year | 42/48 | €84,659 | €197,279 | +€112,620 | +133% |
| Trade debts | 44 | €3,649 | €1,725 | -€1,924 | -52.7% |
| Suppliers | 440/4 | €3,649 | €1,725 | -€1,924 | -52.7% |
| Taxes, remuneration and social security | 45 | €15,379 | €50,651 | +€35,272 | +229% |
| Taxes | 450/3 | €12,601 | €47,567 | +€34,966 | +277% |
| Remuneration and social security | 454/9 | €2,778 | €3,084 | +€305 | +11.0% |
| Other amounts payable | 47/48 | €65,631 | €144,903 | +€79,272 | +121% |
| Turnover | 70 | €675,366 | €687,154 | +€11,788 | +1.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €535,911 | €464,704 | -€71,207 | -13.3% |
| Remuneration, social security and pensions | 62 | €26,876 | €30,136 | +€3,260 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,824 | €4,749 | -€75 | -1.5% |
| Other operating charges | 640/8 | €2,676 | €2,222 | -€454 | -17.0% |
| Gross operating margin | 9900 | €139,455 | €222,449 | +€82,994 | +59.5% |
| Operating profit (loss) | 9901 | €105,080 | €185,343 | +€80,263 | +76.4% |
| Financial income | 75/76B | €3 | €4 | +€1 | +44.1% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +44.1% |
| Financial charges | 65/66B | €548 | €559 | +€12 | +2.1% |
| Recurring financial charges | 65 | €548 | €559 | +€12 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €104,535 | €184,787 | +€80,253 | +76.8% |
| Income taxes | 67/77 | €26,854 | €43,246 | +€16,393 | +61.0% |
| Profit (loss) for the period | 9904 | €77,681 | €141,541 | +€63,860 | +82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €77,681 | €141,541 | +€63,860 | +82.2% |
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 15 October 2026 via checked.be.