Dr. Steven 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. Steven Hendrickx
Largest movements
- Cash +€71,251
up €71,251 (+193%), from €36,994 to €108,245
mainly Net result for the year (+€220,229) and Tax, wage and social debts (+€35,664)
- Receivables within one year +€68,579
up €68,579 (+1,420%), from €4,831 to €73,410
of which Other amounts receivable: +€73,410
- Current investments +€18,000
up €18,000 (+92.5%), from €19,463 to €37,463
- Tangible fixed assets +€17,715
up €17,715 (+107%), from €16,619 to €34,334
of which Land and buildings: +€22,118
- Profit (loss) carried forward +€147,324
up €147,324 (+339%), from €43,501 to €190,825
- Tax, wage and social debts +€35,664
up €35,664 (+149%), from €23,876 to €59,540
of which Taxes: +€35,664
- Current portion of long-term debt -€8,450
no longer reported in 2025 (was €8,450)
- Gross operating margin +€104,737
up €104,737 (+52.5%), from €199,331 to €304,069
- Taxes +€24,764
up €24,764 (+53.3%), from €46,431 to €71,195
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 | €83,118 | €257,418 | +€174,300 | +210% |
| Fixed assets | 21/28 | €16,719 | €34,434 | +€17,715 | +106% |
| Tangible fixed assets | 22/27 | €16,619 | €34,334 | +€17,715 | +107% |
| Land and buildings | 22 | - | €22,118 | +€22,118 | |
| Plant, machinery and equipment | 23 | €1,296 | €1,127 | -€169 | -13.0% |
| Furniture and vehicles | 24 | €15,323 | €11,089 | -€4,234 | -27.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €66,399 | €222,984 | +€156,585 | +236% |
| Amounts receivable within one year | 40/41 | €4,831 | €73,410 | +€68,579 | +1,420% |
| Trade receivables | 40 | €4,831 | - | -€4,831 | |
| Other amounts receivable | 41 | €0 | €73,410 | +€73,410 | |
| Current investments | 50/53 | €19,463 | €37,463 | +€18,000 | +92.5% |
| Cash at bank and in hand | 54/58 | €36,994 | €108,245 | +€71,251 | +193% |
| Deferred charges and accrued income | 490/1 | €5,111 | €3,867 | -€1,244 | -24.3% |
| Total equity and liabilities | 10/49 | €83,118 | €257,418 | +€174,300 | +210% |
| Equity | 10/15 | €48,301 | €195,625 | +€147,324 | +305% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,501 | €190,825 | +€147,324 | +339% |
| Amounts payable | 17/49 | €34,816 | €61,792 | +€26,976 | +77.5% |
| Amounts payable within one year | 42/48 | €34,816 | €61,792 | +€26,976 | +77.5% |
| Current portion of amounts payable after more than one year | 42 | €8,450 | - | -€8,450 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,454 | €2,252 | +€798 | +54.9% |
| Suppliers | 440/4 | €1,454 | €2,252 | +€798 | +54.9% |
| Taxes, remuneration and social security | 45 | €23,876 | €59,540 | +€35,664 | +149% |
| Taxes | 450/3 | €23,876 | €59,540 | +€35,664 | +149% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,036 | - | -€1,036 | |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,793 | €6,404 | +€1,611 | +33.6% |
| Other operating charges | 640/8 | €689 | €762 | +€73 | +10.6% |
| Non-recurring operating charges | 66A | €116 | €370 | +€254 | +219% |
| Gross operating margin | 9900 | €199,331 | €304,069 | +€104,737 | +52.5% |
| Operating profit (loss) | 9901 | €193,734 | €296,533 | +€102,799 | +53.1% |
| Financial income | 75/76B | €1 | €1,773 | +€1,772 | +177,220% |
| Recurring financial income | 75 | €1 | €1,773 | +€1,772 | +177,220% |
| Financial charges | 65/66B | €5,802 | €6,882 | +€1,080 | +18.6% |
| Recurring financial charges | 65 | €5,802 | €6,882 | +€1,080 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €187,933 | €291,424 | +€103,492 | +55.1% |
| Income taxes | 67/77 | €46,431 | €71,195 | +€24,764 | +53.3% |
| Profit (loss) for the period | 9904 | €141,501 | €220,229 | +€78,728 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €141,501 | €220,229 | +€78,728 | +55.6% |
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 29 October 2026 via checked.be.