Chris 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.
Chris Hendrickx
Largest movements
- Tangible fixed assets -€27,652
down €27,652 (-8.6%), from €321,239 to €293,587
of which Land and buildings: -€16,037
- Receivables within one year +€15,183
up €15,183 (+15,359%), from €99 to €15,282
- Cash +€7,398
up €7,398 (+104%), from €7,083 to €14,481
mainly Depreciation (+€32,456) and Trade debts (+€14,349)
- Debts after one year -€23,419
down €23,419 (-9.4%), from €248,760 to €225,341
- Trade debts +€14,349
up €14,349 (+491%), from €2,921 to €17,270
- Profit (loss) carried forward +€8,074
up €8,074 (+10.3%), from -€78,147 to -€70,073
- Other debts -€5,597
down €5,597 (-4.5%), from €124,291 to €118,695
- Gross operating margin +€8,637
up €8,637 (+20.7%), from €41,719 to €50,356
- Depreciation +€1,033
up €1,033 (+3.3%), from €31,423 to €32,456
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 | €339,246 | €333,332 | -€5,914 | -1.7% |
| Fixed assets | 21/28 | €321,239 | €293,587 | -€27,652 | -8.6% |
| Tangible fixed assets | 22/27 | €321,239 | €293,587 | -€27,652 | -8.6% |
| Land and buildings | 22 | €267,494 | €251,457 | -€16,037 | -6.0% |
| Plant, machinery and equipment | 23 | €12,165 | €7,327 | -€4,837 | -39.8% |
| Furniture and vehicles | 24 | €2,875 | €2,190 | -€685 | -23.8% |
| Other tangible fixed assets | 26 | €38,705 | €32,613 | -€6,092 | -15.7% |
| Current assets | 29/58 | €18,007 | €39,745 | +€21,738 | +121% |
| Stocks and contracts in progress | 3 | €6,609 | €5,702 | -€907 | -13.7% |
| Stocks | 30/36 | €6,609 | €5,702 | -€907 | -13.7% |
| Amounts receivable within one year | 40/41 | €99 | €15,282 | +€15,183 | +15,359% |
| Trade receivables | 40 | €99 | €15,282 | +€15,183 | +15,359% |
| Cash at bank and in hand | 54/58 | €7,083 | €14,481 | +€7,398 | +104% |
| Deferred charges and accrued income | 490/1 | €4,217 | €4,281 | +€64 | +1.5% |
| Total equity and liabilities | 10/49 | €339,246 | €333,332 | -€5,914 | -1.7% |
| Equity | 10/15 | -€65,615 | -€57,542 | +€8,074 | +12.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €131 | €131 | = | 0.0% |
| Tax-exempt reserves | 132 | €131 | €131 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,147 | -€70,073 | +€8,074 | +10.3% |
| Amounts payable | 17/49 | €404,862 | €390,874 | -€13,988 | -3.5% |
| Amounts payable after more than one year | 17 | €248,760 | €225,341 | -€23,419 | -9.4% |
| Financial debts | 170/4 | €248,760 | €225,341 | -€23,419 | -9.4% |
| Amounts payable within one year | 42/48 | €154,503 | €163,868 | +€9,365 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €23,683 | €23,617 | -€67 | -0.3% |
| Trade debts | 44 | €2,921 | €17,270 | +€14,349 | +491% |
| Suppliers | 440/4 | €2,921 | €17,270 | +€14,349 | +491% |
| Taxes, remuneration and social security | 45 | €3,608 | €4,287 | +€679 | +18.8% |
| Taxes | 450/3 | €3,608 | €4,287 | +€679 | +18.8% |
| Other amounts payable | 47/48 | €124,291 | €118,695 | -€5,597 | -4.5% |
| Accrued charges and deferred income | 492/3 | €1,598 | €1,664 | +€66 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,423 | €32,456 | +€1,033 | +3.3% |
| Other operating charges | 640/8 | €2,875 | €2,994 | +€120 | +4.2% |
| Gross operating margin | 9900 | €41,719 | €50,356 | +€8,637 | +20.7% |
| Operating profit (loss) | 9901 | €7,422 | €14,905 | +€7,484 | +101% |
| Financial income | 75/76B | €0 | €491 | +€491 | +327,400% |
| Recurring financial income | 75 | €0 | €491 | +€491 | +327,400% |
| Financial charges | 65/66B | €7,214 | €7,154 | -€60 | -0.8% |
| Recurring financial charges | 65 | €7,214 | €7,154 | -€60 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €207 | €8,242 | +€8,035 | +3,876% |
| Income taxes | 67/77 | €161 | €168 | +€8 | +4.7% |
| Profit (loss) for the period | 9904 | €46 | €8,074 | +€8,027 | +17,275% |
| Profit (loss) for the period to be appropriated | 9905 | €46 | €8,074 | +€8,027 | +17,275% |
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.