DR. 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.
DR. HENDRICKX
Largest movements
- Receivables within one year -€97,689
down €97,689 (-63.4%), from €154,068 to €56,379
- Current investments +€71,229
up €71,229 (+3.1%), from €2.3m to €2.4m
- Cash +€68,211
up €68,211 (+74.6%), from €91,448 to €159,659
mainly Receivables within one year (+€97,689) and Net result for the year (+€36,384)
- Tangible fixed assets -€34,708
down €34,708 (-5.5%), from €632,672 to €597,963
of which Furniture and vehicles: -€20,240
- Reserves +€36,384
up €36,384 (+1.3%), from €2.8m to €2.8m
- Debts after one year -€31,824
down €31,824 (-66.4%), from €47,916 to €16,092
- Gross operating margin -€34,345
down €34,345 (-62.7%), from €54,770 to €20,425
- Financial charges -€30,094
down €30,094, from €21,564 to -€8,529
- Financial income +€28,378
up €28,378 (+94.2%), from €30,132 to €58,510
- Depreciation -€2,416
down €2,416 (-6.5%), from €37,124 to €34,708
- Other operating charges +€1,389
up €1,389 (+33.6%), from €4,139 to €5,527
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 | €3,162,924 | €3,173,313 | +€10,389 | +0.3% |
| Fixed assets | 21/28 | €632,777 | €598,068 | -€34,708 | -5.5% |
| Tangible fixed assets | 22/27 | €632,672 | €597,963 | -€34,708 | -5.5% |
| Land and buildings | 22 | €540,574 | €526,437 | -€14,137 | -2.6% |
| Plant, machinery and equipment | 23 | €2,462 | €2,131 | -€331 | -13.4% |
| Furniture and vehicles | 24 | €44,636 | €24,395 | -€20,240 | -45.3% |
| Other tangible fixed assets | 26 | €45,000 | €45,000 | = | 0.0% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €2,530,147 | €2,575,244 | +€45,097 | +1.8% |
| Amounts receivable within one year | 40/41 | €154,068 | €56,379 | -€97,689 | -63.4% |
| Other amounts receivable | 41 | €154,068 | €56,379 | -€97,689 | -63.4% |
| Current investments | 50/53 | €2,280,801 | €2,352,030 | +€71,229 | +3.1% |
| Cash at bank and in hand | 54/58 | €91,448 | €159,659 | +€68,211 | +74.6% |
| Deferred charges and accrued income | 490/1 | €3,830 | €7,176 | +€3,346 | +87.4% |
| Total equity and liabilities | 10/49 | €3,162,924 | €3,173,313 | +€10,389 | +0.3% |
| Equity | 10/15 | €3,076,778 | €3,113,161 | +€36,384 | +1.2% |
| Contributions | 10/11 | €293,600 | €293,600 | = | 0.0% |
| Reserves | 13 | €2,783,178 | €2,819,561 | +€36,384 | +1.3% |
| Distributable reserves | 133 | €2,783,178 | €2,819,561 | +€36,384 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €86,146 | €60,151 | -€25,995 | -30.2% |
| Amounts payable after more than one year | 17 | €47,916 | €16,092 | -€31,824 | -66.4% |
| Financial debts | 170/4 | €47,916 | €16,092 | -€31,824 | -66.4% |
| Amounts payable within one year | 42/48 | €36,980 | €41,904 | +€4,925 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €31,351 | €31,824 | +€473 | +1.5% |
| Trade debts | 44 | €257 | €1,189 | +€932 | +362% |
| Suppliers | 440/4 | €257 | €1,189 | +€932 | +362% |
| Taxes, remuneration and social security | 45 | €5,035 | €8,891 | +€3,856 | +76.6% |
| Taxes | 450/3 | €5,035 | €8,891 | +€3,856 | +76.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €336 | €0 | -€336 | -100% |
| Accrued charges and deferred income | 492/3 | €1,250 | €2,155 | +€905 | +72.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,124 | €34,708 | -€2,416 | -6.5% |
| Other operating charges | 640/8 | €4,139 | €5,527 | +€1,389 | +33.6% |
| Non-recurring operating charges | 66A | €1,479 | €0 | -€1,479 | -100% |
| Gross operating margin | 9900 | €54,770 | €20,425 | -€34,345 | -62.7% |
| Operating profit (loss) | 9901 | €12,028 | -€19,811 | -€31,838 | |
| Financial income | 75/76B | €30,132 | €58,510 | +€28,378 | +94.2% |
| Recurring financial income | 75 | €30,132 | €58,510 | +€28,378 | +94.2% |
| Financial charges | 65/66B | €21,564 | -€8,529 | -€30,094 | |
| Recurring financial charges | 65 | €21,564 | -€8,529 | -€30,094 | |
| Profit (loss) for the period before taxes | 9903 | €20,595 | €47,229 | +€26,634 | +129% |
| Income taxes | 67/77 | €11,613 | €10,845 | -€768 | -6.6% |
| Profit (loss) for the period | 9904 | €8,982 | €36,384 | +€27,402 | +305% |
| Profit (loss) for the period to be appropriated | 9905 | €8,982 | €36,384 | +€27,402 | +305% |
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 17 October 2026 via checked.be.