Dr. R. 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. R. Hendrickx
Largest movements
- Receivables after one year -€55,769
no longer reported in 2025 (was €55,769)
- Current investments +€48,136
up €48,136 (+10.1%), from €475,322 to €523,458
- Receivables within one year +€8,965
up €8,965 (+24.3%), from €36,825 to €45,790
of which Trade receivables: +€12,390
- Reserves +€538,754
up €538,754 (+1,655%), from €32,547 to €571,301
- Profit (loss) carried forward -€473,097
no longer reported in 2025 (was €473,097)
- Other debts -€65,238
down €65,238 (-58.2%), from €112,023 to €46,786
- Debts after one year -€20,130
down €20,130 (-26.9%), from €74,726 to €54,596
- Tax, wage and social debts +€13,340
up €13,340 (+220%), from €6,077 to €19,417
of which Taxes: +€8,270
- Gross operating margin +€59,066
up €59,066 (+97.3%), from €60,723 to €119,788
- Taxes +€17,222
up €17,222 (+136%), from €12,645 to €29,867
- Financial charges +€13,226
up €13,226 (+143%), from €9,235 to €22,461
of which Non-recurring financial charges: +€15,803
- Financial income +€6,008
up €6,008 (+357%), from €1,685 to €7,693
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 | €743,939 | €741,318 | -€2,621 | -0.4% |
| Fixed assets | 21/28 | €162,433 | €159,788 | -€2,645 | -1.6% |
| Tangible fixed assets | 22/27 | €162,433 | €159,788 | -€2,645 | -1.6% |
| Land and buildings | 22 | €162,157 | €155,796 | -€6,360 | -3.9% |
| Plant, machinery and equipment | 23 | - | €1,870 | +€1,870 | |
| Furniture and vehicles | 24 | €276 | €2,122 | +€1,845 | +667% |
| Current assets | 29/58 | €581,506 | €581,530 | +€24 | 0.0% |
| Amounts receivable after more than one year | 29 | €55,769 | - | -€55,769 | |
| Other amounts receivable | 291 | €55,769 | - | -€55,769 | |
| Amounts receivable within one year | 40/41 | €36,825 | €45,790 | +€8,965 | +24.3% |
| Trade receivables | 40 | €30,984 | €43,374 | +€12,390 | +40.0% |
| Other amounts receivable | 41 | €5,841 | €2,416 | -€3,425 | -58.6% |
| Current investments | 50/53 | €475,322 | €523,458 | +€48,136 | +10.1% |
| Cash at bank and in hand | 54/58 | €8,670 | €11,405 | +€2,735 | +31.5% |
| Deferred charges and accrued income | 490/1 | €4,919 | €877 | -€4,042 | -82.2% |
| Total equity and liabilities | 10/49 | €743,939 | €741,318 | -€2,621 | -0.4% |
| Equity | 10/15 | €524,244 | €589,901 | +€65,657 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,547 | €571,301 | +€538,754 | +1,655% |
| Distributable reserves | 133 | €32,547 | €571,301 | +€538,754 | +1,655% |
| Profit (loss) carried forward | 14 | €473,097 | - | -€473,097 | |
| Amounts payable | 17/49 | €219,695 | €151,417 | -€68,278 | -31.1% |
| Amounts payable after more than one year | 17 | €74,726 | €54,596 | -€20,130 | -26.9% |
| Financial debts | 170/4 | €74,726 | €54,596 | -€20,130 | -26.9% |
| Amounts payable within one year | 42/48 | €139,258 | €92,897 | -€46,361 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €19,946 | €20,130 | +€185 | +0.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,212 | €6,564 | +€5,352 | +442% |
| Suppliers | 440/4 | €1,212 | €6,564 | +€5,352 | +442% |
| Taxes, remuneration and social security | 45 | €6,077 | €19,417 | +€13,340 | +220% |
| Taxes | 450/3 | €6,077 | €14,347 | +€8,270 | +136% |
| Remuneration and social security | 454/9 | - | €5,070 | +€5,070 | |
| Other amounts payable | 47/48 | €112,023 | €46,786 | -€65,238 | -58.2% |
| Accrued charges and deferred income | 492/3 | €5,710 | €3,924 | -€1,786 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,448 | €7,062 | -€386 | -5.2% |
| Other operating charges | 640/8 | €2,393 | €2,435 | +€42 | +1.8% |
| Gross operating margin | 9900 | €60,723 | €119,788 | +€59,066 | +97.3% |
| Operating profit (loss) | 9901 | €50,882 | €110,292 | +€59,409 | +117% |
| Financial income | 75/76B | €1,685 | €7,693 | +€6,008 | +357% |
| Recurring financial income | 75 | €1,685 | €7,693 | +€6,008 | +357% |
| Financial charges | 65/66B | €9,235 | €22,461 | +€13,226 | +143% |
| Recurring financial charges | 65 | €9,235 | €6,658 | -€2,577 | -27.9% |
| Non-recurring financial charges | 66B | - | €15,803 | +€15,803 | |
| Profit (loss) for the period before taxes | 9903 | €43,332 | €95,524 | +€52,192 | +120% |
| Income taxes | 67/77 | €12,645 | €29,867 | +€17,222 | +136% |
| Profit (loss) for the period | 9904 | €30,687 | €65,657 | +€34,970 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €30,687 | €65,657 | +€34,970 | +114% |
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 27 October 2026 via checked.be.