HENDRICK ARNAUD: 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.
HENDRICK ARNAUD
Largest movements
- Receivables after one year +€10,877
new in 2025: €10,877
- Cash -€10,788
down €10,788 (-20.3%), from €53,237 to €42,449
mainly Receivables after one year (-€10,877) and Net result for the year (-€6,013)
- Receivables within one year -€7,510
down €7,510 (-86.7%), from €8,661 to €1,150
of which Trade receivables: -€8,524
- Tangible fixed assets -€5,108
down €5,108 (-32.5%), from €15,713 to €10,605
of which Furniture and vehicles: -€5,108
- Profit (loss) carried forward -€6,013
down €6,013 (-32.7%), from €18,385 to €12,372
- Debts after one year -€5,127
down €5,127 (-45.4%), from €11,286 to €6,159
- Trade debts -€3,157
down €3,157 (-48.8%), from €6,474 to €3,317
- Tax, wage and social debts +€835
up €835 (+25.8%), from €3,239 to €4,074
of which Taxes: +€683
- Gross operating margin -€5,203
down €5,203 (-77.6%), from €6,701 to €1,498
- Taxes -€735
down €735 (-77.6%), from €947 to €213
- Depreciation -€309
down €309 (-5.7%), from €5,418 to €5,108
- Financial charges +€244
up €244 (+27.2%), from €896 to €1,139
- Financial income +€102
up €102 (+18,571%), from €1 to €103
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 | €78,669 | €65,468 | -€13,201 | -16.8% |
| Fixed assets | 21/28 | €15,713 | €10,605 | -€5,108 | -32.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €15,713 | €10,605 | -€5,108 | -32.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €15,713 | €10,605 | -€5,108 | -32.5% |
| Current assets | 29/58 | €62,956 | €54,863 | -€8,093 | -12.9% |
| Amounts receivable after more than one year | 29 | - | €10,877 | +€10,877 | |
| Trade receivables | 290 | - | €10,877 | +€10,877 | |
| Amounts receivable within one year | 40/41 | €8,661 | €1,150 | -€7,510 | -86.7% |
| Trade receivables | 40 | €8,524 | €0 | -€8,524 | -100% |
| Other amounts receivable | 41 | €136 | €1,150 | +€1,014 | +745% |
| Cash at bank and in hand | 54/58 | €53,237 | €42,449 | -€10,788 | -20.3% |
| Deferred charges and accrued income | 490/1 | €1,059 | €387 | -€672 | -63.5% |
| Total equity and liabilities | 10/49 | €78,669 | €65,468 | -€13,201 | -16.8% |
| Equity | 10/15 | €51,885 | €45,872 | -€6,013 | -11.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,500 | €13,500 | = | 0.0% |
| Distributable reserves | 133 | €13,500 | €13,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,385 | €12,372 | -€6,013 | -32.7% |
| Amounts payable | 17/49 | €26,785 | €19,596 | -€7,188 | -26.8% |
| Amounts payable after more than one year | 17 | €11,286 | €6,159 | -€5,127 | -45.4% |
| Financial debts | 170/4 | €11,286 | €6,159 | -€5,127 | -45.4% |
| Amounts payable within one year | 42/48 | €15,471 | €13,087 | -€2,384 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €5,017 | €5,137 | +€120 | +2.4% |
| Trade debts | 44 | €6,474 | €3,317 | -€3,157 | -48.8% |
| Suppliers | 440/4 | €6,474 | €3,317 | -€3,157 | -48.8% |
| Taxes, remuneration and social security | 45 | €3,239 | €4,074 | +€835 | +25.8% |
| Taxes | 450/3 | €1,101 | €1,785 | +€683 | +62.0% |
| Remuneration and social security | 454/9 | €2,138 | €2,290 | +€152 | +7.1% |
| Other amounts payable | 47/48 | €741 | €559 | -€182 | -24.5% |
| Accrued charges and deferred income | 492/3 | €27 | €350 | +€323 | +1,190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,418 | €5,108 | -€309 | -5.7% |
| Other operating charges | 640/8 | €1,128 | €1,153 | +€25 | +2.2% |
| Gross operating margin | 9900 | €6,701 | €1,498 | -€5,203 | -77.6% |
| Operating profit (loss) | 9901 | €155 | -€4,764 | -€4,919 | |
| Financial income | 75/76B | €1 | €103 | +€102 | +18,571% |
| Recurring financial income | 75 | €1 | €103 | +€102 | +18,571% |
| Financial charges | 65/66B | €896 | €1,139 | +€244 | +27.2% |
| Recurring financial charges | 65 | €896 | €1,139 | +€244 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | -€740 | -€5,800 | -€5,061 | -684% |
| Income taxes | 67/77 | €947 | €213 | -€735 | -77.6% |
| Profit (loss) for the period | 9904 | -€1,687 | -€6,013 | -€4,326 | -256% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,687 | -€6,013 | -€4,326 | -256% |
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 13 October 2026 via checked.be.