DR. C. HINDRICKX: 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.
DR. C. HINDRICKX
Largest movements
- Current investments +€151,375
up €151,375 (+16.8%), from €898,624 to €1.0m
- Receivables within one year +€62,258
up €62,258 (+20.8%), from €299,561 to €361,820
- Reserves +€167,063
up €167,063 (+10.9%), from €1.5m to €1.7m
of which Distributable reserves: +€167,063
- Trade debts +€28,008
up €28,008 (+19.6%), from €143,144 to €171,152
- Gross operating margin +€37,124
up €37,124 (+15.5%), from €239,279 to €276,403
- Taxes +€13,856
up €13,856 (+23.0%), from €60,185 to €74,041
- Financial income +€4,007
up €4,007 (+30.2%), from €13,272 to €17,279
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 | €2,491,876 | €2,693,050 | +€201,174 | +8.1% |
| Fixed assets | 21/28 | €290,496 | €269,041 | -€21,456 | -7.4% |
| Tangible fixed assets | 22/27 | €290,496 | €269,041 | -€21,456 | -7.4% |
| Land and buildings | 22 | €290,496 | €269,041 | -€21,456 | -7.4% |
| Current assets | 29/58 | €2,201,380 | €2,424,009 | +€222,629 | +10.1% |
| Amounts receivable within one year | 40/41 | €299,561 | €361,820 | +€62,258 | +20.8% |
| Trade receivables | 40 | €299,561 | €361,820 | +€62,258 | +20.8% |
| Current investments | 50/53 | €898,624 | €1,049,999 | +€151,375 | +16.8% |
| Cash at bank and in hand | 54/58 | €1,003,195 | €1,012,190 | +€8,996 | +0.9% |
| Total equity and liabilities | 10/49 | €2,491,876 | €2,693,050 | +€201,174 | +8.1% |
| Equity | 10/15 | €1,973,208 | €2,140,270 | +€167,063 | +8.5% |
| Contributions | 10/11 | €438,693 | €438,693 | = | 0.0% |
| Reserves | 13 | €1,534,515 | €1,701,577 | +€167,063 | +10.9% |
| Non-distributable reserves | 130/1 | €40,111 | €40,111 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,111 | €40,111 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,475,653 | €1,642,716 | +€167,063 | +11.3% |
| Amounts payable | 17/49 | €518,669 | €552,780 | +€34,111 | +6.6% |
| Amounts payable within one year | 42/48 | €518,669 | €552,780 | +€34,111 | +6.6% |
| Trade debts | 44 | €143,144 | €171,152 | +€28,008 | +19.6% |
| Suppliers | 440/4 | €143,144 | €171,152 | +€28,008 | +19.6% |
| Taxes, remuneration and social security | 45 | €51,738 | €48,270 | -€3,467 | -6.7% |
| Taxes | 450/3 | €51,738 | €48,270 | -€3,467 | -6.7% |
| Other amounts payable | 47/48 | €323,787 | €333,358 | +€9,571 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,651 | €29,234 | +€1,583 | +5.7% |
| Other operating charges | 640/8 | €3,305 | €3,057 | -€247 | -7.5% |
| Gross operating margin | 9900 | €239,279 | €276,403 | +€37,124 | +15.5% |
| Operating profit (loss) | 9901 | €208,323 | €244,112 | +€35,788 | +17.2% |
| Financial income | 75/76B | €13,272 | €17,279 | +€4,007 | +30.2% |
| Recurring financial income | 75 | €13,272 | €17,279 | +€4,007 | +30.2% |
| Financial charges | 65/66B | €22,990 | €20,287 | -€2,703 | -11.8% |
| Recurring financial charges | 65 | €22,990 | €20,287 | -€2,703 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €198,605 | €241,103 | +€42,498 | +21.4% |
| Income taxes | 67/77 | €60,185 | €74,041 | +€13,856 | +23.0% |
| Profit (loss) for the period | 9904 | €138,420 | €167,063 | +€28,642 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €138,420 | €167,063 | +€28,642 | +20.7% |
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.