Henderickx Bart: 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.
Henderickx Bart
Largest movements
- Cash +€123,941
up €123,941 (+19.4%), from €639,439 to €763,379
mainly Net result for the year (+€116,904) and Other debts (+€31,056)
- Current investments -€14,802
down €14,802 (-11.6%), from €128,060 to €113,257
- Tangible fixed assets -€10,879
down €10,879 (-31.4%), from €34,614 to €23,735
of which Furniture and vehicles: -€10,084
- Reserves +€80,904
up €80,904 (+28.9%), from €279,868 to €360,772
- Other debts +€31,056
up €31,056 (+9.7%), from €321,538 to €352,593
- Gross operating margin +€87,219
up €87,219 (+111%), from €78,886 to €166,105
- Taxes +€28,705
up €28,705 (+159%), from €18,060 to €46,765
- Financial income -€13,137
down €13,137 (-68.0%), from €19,309 to €6,172
- Other operating charges -€10,854
down €10,854 (-91.4%), from €11,870 to €1,016
- Financial charges -€3,494
down €3,494 (-79.3%), from €4,407 to €914
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 | €823,010 | €919,831 | +€96,822 | +11.8% |
| Fixed assets | 21/28 | €34,614 | €23,735 | -€10,879 | -31.4% |
| Tangible fixed assets | 22/27 | €34,614 | €23,735 | -€10,879 | -31.4% |
| Plant, machinery and equipment | 23 | €2,009 | €1,215 | -€794 | -39.5% |
| Furniture and vehicles | 24 | €32,604 | €22,520 | -€10,084 | -30.9% |
| Current assets | 29/58 | €788,396 | €896,096 | +€107,700 | +13.7% |
| Stocks and contracts in progress | 3 | €1,726 | €2,480 | +€755 | +43.7% |
| Stocks | 30/36 | €1,726 | €2,480 | +€755 | +43.7% |
| Amounts receivable within one year | 40/41 | €18,774 | €15,826 | -€2,948 | -15.7% |
| Trade receivables | 40 | €10,443 | €12,262 | +€1,820 | +17.4% |
| Other amounts receivable | 41 | €8,331 | €3,564 | -€4,767 | -57.2% |
| Current investments | 50/53 | €128,060 | €113,257 | -€14,802 | -11.6% |
| Cash at bank and in hand | 54/58 | €639,439 | €763,379 | +€123,941 | +19.4% |
| Deferred charges and accrued income | 490/1 | €398 | €1,153 | +€755 | +189% |
| Total equity and liabilities | 10/49 | €823,010 | €919,831 | +€96,822 | +11.8% |
| Equity | 10/15 | €304,868 | €385,772 | +€80,904 | +26.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €279,868 | €360,772 | +€80,904 | +28.9% |
| Distributable reserves | 133 | €279,868 | €360,772 | +€80,904 | +28.9% |
| Amounts payable | 17/49 | €518,141 | €534,059 | +€15,918 | +3.1% |
| Amounts payable within one year | 42/48 | €358,741 | €381,259 | +€22,518 | +6.3% |
| Trade debts | 44 | €11,128 | €10,955 | -€172 | -1.6% |
| Suppliers | 440/4 | €11,128 | €10,955 | -€172 | -1.6% |
| Taxes, remuneration and social security | 45 | €26,076 | €17,711 | -€8,365 | -32.1% |
| Taxes | 450/3 | €14,207 | €15,091 | +€884 | +6.2% |
| Remuneration and social security | 454/9 | €11,869 | €2,620 | -€9,249 | -77.9% |
| Other amounts payable | 47/48 | €321,538 | €352,593 | +€31,056 | +9.7% |
| Accrued charges and deferred income | 492/3 | €159,400 | €152,800 | -€6,600 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,703 | €6,644 | -€59 | -0.9% |
| Other operating charges | 640/8 | €11,870 | €1,016 | -€10,854 | -91.4% |
| Non-recurring operating charges | 66A | - | €35 | +€35 | |
| Gross operating margin | 9900 | €78,886 | €166,105 | +€87,219 | +111% |
| Operating profit (loss) | 9901 | €60,313 | €158,410 | +€98,097 | +163% |
| Financial income | 75/76B | €19,309 | €6,172 | -€13,137 | -68.0% |
| Recurring financial income | 75 | €19,309 | €6,172 | -€13,137 | -68.0% |
| Financial charges | 65/66B | €4,407 | €914 | -€3,494 | -79.3% |
| Recurring financial charges | 65 | €4,407 | €914 | -€3,494 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | €75,215 | €163,669 | +€88,454 | +118% |
| Income taxes | 67/77 | €18,060 | €46,765 | +€28,705 | +159% |
| Profit (loss) for the period | 9904 | €57,155 | €116,904 | +€59,749 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €57,155 | €116,904 | +€59,749 | +105% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.