DIETER HENDRIKS: 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.
DIETER HENDRIKS
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€84,290
down €84,290 (-26.9%), from €313,259 to €228,969
mainly Contributions, distributions and other (-€212,100) and Current investments (-€200,000)
- Tangible fixed assets -€47,957
down €47,957 (-5.9%), from €813,992 to €766,034
of which Land and buildings: -€26,368
- Receivables within one year -€41,615
down €41,615 (-33.1%), from €125,665 to €84,050
of which Trade receivables: -€31,496
- Stocks and contracts -€36,224
down €36,224 (-18.6%), from €194,638 to €158,414
of which Stocks: -€28,224
- Other debts +€87,599
up €87,599 (+103%), from €85,165 to €172,764
- Reserves -€60,232
down €60,232 (-7.0%), from €864,470 to €804,238
of which Distributable reserves: -€60,232
- Debts after one year -€38,588
down €38,588 (-12.4%), from €310,071 to €271,482
- Advances received -€30,000
down €30,000 (-100%), from €30,000 to €0
- Gross operating margin +€56,236
up €56,236 (+12.9%), from €434,703 to €490,939
- Staff costs +€46,560
up €46,560 (+34.1%), from €136,551 to €183,110
- Depreciation +€19,731
up €19,731 (+33.1%), from €59,647 to €79,378
- Financial income -€13,945
down €13,945 (-48.6%), from €28,697 to €14,753
of which Financial income: -€7,473
- Taxes -€7,417
down €7,417 (-9.8%), from €75,717 to €68,299
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 | €1,464,535 | €1,447,898 | -€16,637 | -1.1% |
| Fixed assets | 21/28 | €816,352 | €768,141 | -€48,211 | -5.9% |
| Intangible fixed assets | 21 | €435 | €181 | -€254 | -58.3% |
| Tangible fixed assets | 22/27 | €813,992 | €766,034 | -€47,957 | -5.9% |
| Land and buildings | 22 | €696,346 | €669,978 | -€26,368 | -3.8% |
| Plant, machinery and equipment | 23 | €10,135 | €9,353 | -€782 | -7.7% |
| Furniture and vehicles | 24 | €82,095 | €67,007 | -€15,088 | -18.4% |
| Other tangible fixed assets | 26 | €25,416 | €19,695 | -€5,720 | -22.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,925 | €1,925 | = | 0.0% |
| Current assets | 29/58 | €648,183 | €679,757 | +€31,574 | +4.9% |
| Stocks and contracts in progress | 3 | €194,638 | €158,414 | -€36,224 | -18.6% |
| Stocks | 30/36 | €154,638 | €126,414 | -€28,224 | -18.3% |
| Contracts in progress | 37 | €40,000 | €32,000 | -€8,000 | -20.0% |
| Amounts receivable within one year | 40/41 | €125,665 | €84,050 | -€41,615 | -33.1% |
| Trade receivables | 40 | €104,093 | €72,596 | -€31,496 | -30.3% |
| Other amounts receivable | 41 | €21,572 | €11,454 | -€10,119 | -46.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €313,259 | €228,969 | -€84,290 | -26.9% |
| Deferred charges and accrued income | 490/1 | €14,620 | €8,324 | -€6,296 | -43.1% |
| Total equity and liabilities | 10/49 | €1,464,535 | €1,447,898 | -€16,637 | -1.1% |
| Equity | 10/15 | €935,149 | €874,917 | -€60,232 | -6.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €864,470 | €804,238 | -€60,232 | -7.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,470 | €29,470 | = | 0.0% |
| Distributable reserves | 133 | €828,800 | €768,568 | -€60,232 | -7.3% |
| Profit (loss) carried forward | 14 | €8,679 | €8,679 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,000 | €3,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,000 | €3,000 | = | 0.0% |
| Environmental obligations | 163 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €526,386 | €569,980 | +€43,595 | +8.3% |
| Amounts payable after more than one year | 17 | €310,071 | €271,482 | -€38,588 | -12.4% |
| Financial debts | 170/4 | €310,071 | €271,482 | -€38,588 | -12.4% |
| Amounts payable within one year | 42/48 | €216,315 | €298,401 | +€82,086 | +37.9% |
| Current portion of amounts payable after more than one year | 42 | €37,366 | €38,588 | +€1,223 | +3.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €13,624 | €26,662 | +€13,038 | +95.7% |
| Suppliers | 440/4 | €13,624 | €26,662 | +€13,038 | +95.7% |
| Advances received on contracts in progress | 46 | €30,000 | €0 | -€30,000 | -100% |
| Taxes, remuneration and social security | 45 | €50,161 | €60,388 | +€10,226 | +20.4% |
| Taxes | 450/3 | €29,880 | €54,194 | +€24,314 | +81.4% |
| Remuneration and social security | 454/9 | €20,281 | €6,194 | -€14,087 | -69.5% |
| Other amounts payable | 47/48 | €85,165 | €172,764 | +€87,599 | +103% |
| Accrued charges and deferred income | 492/3 | - | €97 | +€97 | |
| Non-recurring operating income | 76A | - | €133 | +€133 | |
| Remuneration, social security and pensions | 62 | €136,551 | €183,110 | +€46,560 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,647 | €79,378 | +€19,731 | +33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €10,826 | €7,542 | -€3,284 | -30.3% |
| Non-recurring operating charges | 66A | €176 | €364 | +€187 | +106% |
| Gross operating margin | 9900 | €434,703 | €490,939 | +€56,236 | +12.9% |
| Operating profit (loss) | 9901 | €227,502 | €220,545 | -€6,957 | -3.1% |
| Financial income | 75/76B | €28,697 | €14,753 | -€13,945 | -48.6% |
| Recurring financial income | 75 | €22,225 | €14,753 | -€7,473 | -33.6% |
| Non-recurring financial income | 76B | €6,472 | €0 | -€6,472 | -100% |
| Financial charges | 65/66B | €16,874 | €15,131 | -€1,743 | -10.3% |
| Recurring financial charges | 65 | €16,874 | €15,131 | -€1,743 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €239,326 | €220,167 | -€19,159 | -8.0% |
| Income taxes | 67/77 | €75,717 | €68,299 | -€7,417 | -9.8% |
| Profit (loss) for the period | 9904 | €163,609 | €151,868 | -€11,741 | -7.2% |
| Transfer from tax-exempt reserves | 789 | €39,160 | €0 | -€39,160 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €202,769 | €151,868 | -€50,901 | -25.1% |
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 16 October 2026 via checked.be.