Dr K. 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 K. HENDRICKX
Largest movements
- Current investments +€116,040
up €116,040 (+52.0%), from €222,960 to €339,000
- Receivables within one year -€72,227
down €72,227 (-21.6%), from €333,956 to €261,730
of which Other amounts receivable: -€76,530
- Cash -€24,211
down €24,211 (-29.8%), from €81,320 to €57,109
mainly Contributions, distributions and other (-€141,244) and Current investments (-€116,040)
- Reserves +€44,322
up €44,322 (+3.8%), from €1.2m to €1.2m
- Short-term financial debts -€24,591
down €24,591 (-100%), from €24,591 to €0
- Gross operating margin -€73,964
down €73,964 (-19.2%), from €384,721 to €310,757
- Taxes -€24,669
down €24,669 (-23.9%), from €103,136 to €78,466
- Financial income +€20,334
up €20,334 (+411%), from €4,943 to €25,277
- Financial charges +€5,658
up €5,658 (+117%), from €4,845 to €10,503
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 | €1,270,443 | €1,298,464 | +€28,021 | +2.2% |
| Fixed assets | 21/28 | €632,137 | €640,625 | +€8,489 | +1.3% |
| Tangible fixed assets | 22/27 | €632,037 | €640,525 | +€8,489 | +1.3% |
| Land and buildings | 22 | €591,804 | €548,646 | -€43,158 | -7.3% |
| Plant, machinery and equipment | 23 | €940 | €610 | -€330 | -35.1% |
| Furniture and vehicles | 24 | €10,390 | €62,367 | +€51,977 | +500% |
| Other tangible fixed assets | 26 | €28,902 | €28,902 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €638,307 | €657,839 | +€19,532 | +3.1% |
| Amounts receivable within one year | 40/41 | €333,956 | €261,730 | -€72,227 | -21.6% |
| Trade receivables | 40 | €163,244 | €167,548 | +€4,304 | +2.6% |
| Other amounts receivable | 41 | €170,712 | €94,182 | -€76,530 | -44.8% |
| Current investments | 50/53 | €222,960 | €339,000 | +€116,040 | +52.0% |
| Cash at bank and in hand | 54/58 | €81,320 | €57,109 | -€24,211 | -29.8% |
| Deferred charges and accrued income | 490/1 | €70 | €0 | -€70 | -100% |
| Total equity and liabilities | 10/49 | €1,270,443 | €1,298,464 | +€28,021 | +2.2% |
| Equity | 10/15 | €1,187,042 | €1,231,364 | +€44,322 | +3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,168,442 | €1,212,764 | +€44,322 | +3.8% |
| Distributable reserves | 133 | €1,168,442 | €1,212,764 | +€44,322 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €83,401 | €67,101 | -€16,301 | -19.5% |
| Amounts payable within one year | 42/48 | €82,707 | €66,151 | -€16,556 | -20.0% |
| Financial debts | 43 | €24,591 | €0 | -€24,591 | -100% |
| Credit institutions | 430/8 | €24,591 | €0 | -€24,591 | -100% |
| Trade debts | 44 | €4,952 | €15,006 | +€10,055 | +203% |
| Suppliers | 440/4 | €4,952 | €15,006 | +€10,055 | +203% |
| Taxes, remuneration and social security | 45 | €52,543 | €51,144 | -€1,398 | -2.7% |
| Taxes | 450/3 | €52,543 | €51,144 | -€1,398 | -2.7% |
| Other amounts payable | 47/48 | €622 | €0 | -€622 | -100% |
| Accrued charges and deferred income | 492/3 | €694 | €950 | +€256 | +36.9% |
| Non-recurring operating income | 76A | €40,946 | €0 | -€40,946 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,396 | €54,695 | +€1,300 | +2.4% |
| Other operating charges | 640/8 | €7,293 | €6,803 | -€490 | -6.7% |
| Non-recurring operating charges | 66A | €349 | €0 | -€349 | -100% |
| Gross operating margin | 9900 | €384,721 | €310,757 | -€73,964 | -19.2% |
| Operating profit (loss) | 9901 | €323,684 | €249,259 | -€74,425 | -23.0% |
| Financial income | 75/76B | €4,943 | €25,277 | +€20,334 | +411% |
| Recurring financial income | 75 | €4,943 | €25,277 | +€20,334 | +411% |
| Financial charges | 65/66B | €4,845 | €10,503 | +€5,658 | +117% |
| Recurring financial charges | 65 | €4,845 | €10,503 | +€5,658 | +117% |
| Profit (loss) for the period before taxes | 9903 | €323,782 | €264,033 | -€59,750 | -18.5% |
| Income taxes | 67/77 | €103,136 | €78,466 | -€24,669 | -23.9% |
| Profit (loss) for the period | 9904 | €220,647 | €185,566 | -€35,081 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €220,647 | €185,566 | -€35,081 | -15.9% |
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 26 October 2026 via checked.be.