CLAUDE HENDLISZ: 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.
CLAUDE HENDLISZ
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash -€49,909
down €49,909 (-50.5%), from €98,792 to €48,883
mainly Investment in fixed assets (net) (-€73,612) and Net result for the year (-€48,758)
- Tangible fixed assets +€43,710
up €43,710 (+35.9%), from €121,740 to €165,450
of which Plant, machinery and equipment: +€58,767
- Deferred charges and accrued income -€4,720
down €4,720 (-14.8%), from €31,931 to €27,211
- Profit (loss) carried forward -€48,758
down €48,758 (-118%), from -€41,440 to -€90,197
- Debts after one year -€17,666
down €17,666 (-14.3%), from €123,655 to €105,989
- Tax, wage and social debts +€3,274
up €3,274 (+346%), from €946 to €4,220
- Gross operating margin -€27,272
down €27,272, from €15,870 to -€11,403
- Depreciation +€4,999
up €4,999 (+20.1%), from €24,903 to €29,902
- Financial income +€997
up €997 (+124%), from €805 to €1,802
- Financial charges -€615
down €615 (-9.4%), from €6,524 to €5,910
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 | €312,086 | €250,207 | -€61,880 | -19.8% |
| Fixed assets | 21/28 | €121,825 | €165,535 | +€43,710 | +35.9% |
| Tangible fixed assets | 22/27 | €121,740 | €165,450 | +€43,710 | +35.9% |
| Plant, machinery and equipment | 23 | €9,578 | €68,345 | +€58,767 | +614% |
| Furniture and vehicles | 24 | €25,363 | €21,771 | -€3,592 | -14.2% |
| Leasing and similar rights | 25 | €85,000 | €75,000 | -€10,000 | -11.8% |
| Other tangible fixed assets | 26 | €1,799 | €334 | -€1,465 | -81.5% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €190,261 | €84,672 | -€105,589 | -55.5% |
| Amounts receivable within one year | 40/41 | €9,538 | €8,577 | -€961 | -10.1% |
| Trade receivables | 40 | €3,250 | €2,115 | -€1,135 | -34.9% |
| Other amounts receivable | 41 | €6,288 | €6,462 | +€174 | +2.8% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €98,792 | €48,883 | -€49,909 | -50.5% |
| Deferred charges and accrued income | 490/1 | €31,931 | €27,211 | -€4,720 | -14.8% |
| Total equity and liabilities | 10/49 | €312,086 | €250,207 | -€61,880 | -19.8% |
| Equity | 10/15 | €108,560 | €59,803 | -€48,758 | -44.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,440 | -€90,197 | -€48,758 | -118% |
| Amounts payable | 17/49 | €203,526 | €190,404 | -€13,122 | -6.4% |
| Amounts payable after more than one year | 17 | €123,655 | €105,989 | -€17,666 | -14.3% |
| Financial debts | 170/4 | €123,655 | €105,989 | -€17,666 | -14.3% |
| Amounts payable within one year | 42/48 | €79,483 | €84,215 | +€4,732 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €17,666 | €17,666 | = | 0.0% |
| Trade debts | 44 | €11,988 | €12,853 | +€866 | +7.2% |
| Suppliers | 440/4 | €11,988 | €12,853 | +€866 | +7.2% |
| Taxes, remuneration and social security | 45 | €946 | €4,220 | +€3,274 | +346% |
| Taxes | 450/3 | €946 | €4,220 | +€3,274 | +346% |
| Other amounts payable | 47/48 | €48,883 | €49,476 | +€593 | +1.2% |
| Accrued charges and deferred income | 492/3 | €388 | €200 | -€188 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,903 | €29,902 | +€4,999 | +20.1% |
| Other operating charges | 640/8 | €3,059 | €3,215 | +€155 | +5.1% |
| Gross operating margin | 9900 | €15,870 | -€11,403 | -€27,272 | |
| Operating profit (loss) | 9901 | -€12,093 | -€44,520 | -€32,427 | -268% |
| Financial income | 75/76B | €805 | €1,802 | +€997 | +124% |
| Recurring financial income | 75 | €805 | €1,802 | +€997 | +124% |
| Financial charges | 65/66B | €6,524 | €5,910 | -€615 | -9.4% |
| Recurring financial charges | 65 | €6,524 | €5,910 | -€615 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,813 | -€48,628 | -€30,815 | -173% |
| Income taxes | 67/77 | €129 | €130 | +€1 | +0.7% |
| Profit (loss) for the period | 9904 | -€17,942 | -€48,758 | -€30,816 | -172% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,942 | -€48,758 | -€30,816 | -172% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.