Geert 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.
Geert Hendrickx
Largest movements
- Cash +€74,647
up €74,647 (+1,981%), from €3,768 to €78,415
mainly Net result for the year (+€60,144) and Receivables after one year (+€50,000)
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year +€28,258
up €28,258 (+40.8%), from €69,262 to €97,520
of which Other amounts receivable: +€47,658
- Deferred charges and accrued income -€22,226
down €22,226 (-89.9%), from €24,719 to €2,493
- Tax, wage and social debts +€16,366
up €16,366 (+195%), from €8,394 to €24,760
- Other debts +€15,000
up €15,000 (+13.6%), from €110,000 to €125,000
- Gross operating margin +€27,420
up €27,420 (+57.2%), from €47,915 to €75,335
- Taxes +€5,102
up €5,102 (+49.7%), from €10,273 to €15,374
- Depreciation -€3,853
down €3,853 (-81.2%), from €4,747 to €895
- Financial charges +€2,270
up €2,270 (+182%), from €1,244 to €3,514
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 | €151,097 | €182,276 | +€31,179 | +20.6% |
| Fixed assets | 21/28 | €3,348 | €3,848 | +€500 | +14.9% |
| Tangible fixed assets | 22/27 | €3,098 | €3,598 | +€500 | +16.1% |
| Furniture and vehicles | 24 | €3,098 | €3,598 | +€500 | +16.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €147,749 | €178,428 | +€30,679 | +20.8% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €69,262 | €97,520 | +€28,258 | +40.8% |
| Trade receivables | 40 | €19,400 | €0 | -€19,400 | -100% |
| Other amounts receivable | 41 | €49,862 | €97,520 | +€47,658 | +95.6% |
| Cash at bank and in hand | 54/58 | €3,768 | €78,415 | +€74,647 | +1,981% |
| Deferred charges and accrued income | 490/1 | €24,719 | €2,493 | -€22,226 | -89.9% |
| Total equity and liabilities | 10/49 | €151,097 | €182,276 | +€31,179 | +20.6% |
| Equity | 10/15 | €30,382 | €30,526 | +€144 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,782 | €11,926 | +€144 | +1.2% |
| Distributable reserves | 133 | €11,782 | €11,926 | +€144 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €120,714 | €151,750 | +€31,035 | +25.7% |
| Amounts payable within one year | 42/48 | €120,714 | €151,750 | +€31,035 | +25.7% |
| Trade debts | 44 | €2,320 | €1,990 | -€330 | -14.2% |
| Suppliers | 440/4 | €2,320 | €1,990 | -€330 | -14.2% |
| Taxes, remuneration and social security | 45 | €8,394 | €24,760 | +€16,366 | +195% |
| Taxes | 450/3 | €8,394 | €24,760 | +€16,366 | +195% |
| Other amounts payable | 47/48 | €110,000 | €125,000 | +€15,000 | +13.6% |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,747 | €895 | -€3,853 | -81.2% |
| Other operating charges | 640/8 | €964 | €714 | -€249 | -25.9% |
| Gross operating margin | 9900 | €47,915 | €75,335 | +€27,420 | +57.2% |
| Operating profit (loss) | 9901 | €42,203 | €73,726 | +€31,522 | +74.7% |
| Financial income | 75/76B | €5,185 | €5,306 | +€122 | +2.3% |
| Recurring financial income | 75 | €5,185 | €5,306 | +€122 | +2.3% |
| Financial charges | 65/66B | €1,244 | €3,514 | +€2,270 | +182% |
| Recurring financial charges | 65 | €1,244 | €3,514 | +€2,270 | +182% |
| Profit (loss) for the period before taxes | 9903 | €46,144 | €75,518 | +€29,374 | +63.7% |
| Income taxes | 67/77 | €10,273 | €15,374 | +€5,102 | +49.7% |
| Profit (loss) for the period | 9904 | €35,872 | €60,144 | +€24,272 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,872 | €60,144 | +€24,272 | +67.7% |
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 19 October 2026 via checked.be.