HENDRICK MAXIM: 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 MAXIM
Largest movements
- Cash -€24,718
down €24,718 (-44.7%), from €55,260 to €30,543
mainly Stocks and contracts (-€17,943) and Investment in fixed assets (net) (-€15,351)
- Stocks and contracts +€17,943
up €17,943 (+51.8%), from €34,655 to €52,599
- Receivables within one year -€11,238
down €11,238 (-36.9%), from €30,473 to €19,235
of which Trade receivables: -€8,029
- Debts after one year -€14,612
down €14,612 (-8.8%), from €166,690 to €152,077
- Trade debts -€13,738
down €13,738 (-65.2%), from €21,087 to €7,349
- Reserves +€10,287
up €10,287 (+11.8%), from €87,287 to €97,574
- Tax, wage and social debts -€4,507
down €4,507 (-32.4%), from €13,916 to €9,409
of which Taxes: -€4,524
- Other debts +€4,412
up €4,412 (+108%), from €4,082 to €8,494
- Gross operating margin -€57,225
down €57,225 (-63.7%), from €89,768 to €32,543
- Staff costs -€12,036
down €12,036 (-99.0%), from €12,152 to €116
- Taxes -€8,703
down €8,703 (-72.2%), from €12,050 to €3,347
- Depreciation +€2,961
up €2,961 (+22.6%), from €13,076 to €16,037
- Financial income -€1,452
down €1,452 (-62.0%), from €2,341 to €890
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €318,206 | €299,515 | -€18,691 | -5.9% |
| Fixed assets | 21/28 | €195,995 | €195,309 | -€686 | -0.4% |
| Tangible fixed assets | 22/27 | €195,820 | €195,134 | -€686 | -0.4% |
| Land and buildings | 22 | €161,363 | €159,920 | -€1,444 | -0.9% |
| Plant, machinery and equipment | 23 | €33,054 | €26,999 | -€6,056 | -18.3% |
| Furniture and vehicles | 24 | €1,402 | €8,215 | +€6,813 | +486% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €122,211 | €104,207 | -€18,004 | -14.7% |
| Stocks and contracts in progress | 3 | €34,655 | €52,599 | +€17,943 | +51.8% |
| Stocks | 30/36 | €34,655 | €52,599 | +€17,943 | +51.8% |
| Amounts receivable within one year | 40/41 | €30,473 | €19,235 | -€11,238 | -36.9% |
| Trade receivables | 40 | €26,141 | €18,112 | -€8,029 | -30.7% |
| Other amounts receivable | 41 | €4,332 | €1,124 | -€3,208 | -74.1% |
| Cash at bank and in hand | 54/58 | €55,260 | €30,543 | -€24,718 | -44.7% |
| Deferred charges and accrued income | 490/1 | €1,822 | €1,830 | +€8 | +0.4% |
| Total equity and liabilities | 10/49 | €318,206 | €299,515 | -€18,691 | -5.9% |
| Equity | 10/15 | €97,287 | €107,574 | +€10,287 | +10.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €87,287 | €97,574 | +€10,287 | +11.8% |
| Distributable reserves | 133 | €87,287 | €97,574 | +€10,287 | +11.8% |
| Amounts payable | 17/49 | €220,919 | €191,942 | -€28,978 | -13.1% |
| Amounts payable after more than one year | 17 | €166,690 | €152,077 | -€14,612 | -8.8% |
| Financial debts | 170/4 | €166,690 | €152,077 | -€14,612 | -8.8% |
| Amounts payable within one year | 42/48 | €53,263 | €39,864 | -€13,399 | -25.2% |
| Financial debts | 43 | €14,179 | €14,612 | +€434 | +3.1% |
| Credit institutions | 430/8 | €14,179 | €14,612 | +€434 | +3.1% |
| Trade debts | 44 | €21,087 | €7,349 | -€13,738 | -65.2% |
| Suppliers | 440/4 | €21,087 | €7,349 | -€13,738 | -65.2% |
| Taxes, remuneration and social security | 45 | €13,916 | €9,409 | -€4,507 | -32.4% |
| Taxes | 450/3 | €12,050 | €7,525 | -€4,524 | -37.5% |
| Remuneration and social security | 454/9 | €1,866 | €1,884 | +€18 | +0.9% |
| Other amounts payable | 47/48 | €4,082 | €8,494 | +€4,412 | +108% |
| Accrued charges and deferred income | 492/3 | €967 | - | -€967 | |
| Remuneration, social security and pensions | 62 | €12,152 | €116 | -€12,036 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,076 | €16,037 | +€2,961 | +22.6% |
| Other operating charges | 640/8 | €2,870 | €3,098 | +€228 | +8.0% |
| Gross operating margin | 9900 | €89,768 | €32,543 | -€57,225 | -63.7% |
| Operating profit (loss) | 9901 | €61,670 | €13,291 | -€48,378 | -78.4% |
| Financial income | 75/76B | €2,341 | €890 | -€1,452 | -62.0% |
| Recurring financial income | 75 | €2,341 | €890 | -€1,452 | -62.0% |
| Financial charges | 65/66B | €5,363 | €4,240 | -€1,123 | -20.9% |
| Recurring financial charges | 65 | €5,363 | €4,240 | -€1,123 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €58,648 | €9,941 | -€48,707 | -83.0% |
| Income taxes | 67/77 | €12,050 | €3,347 | -€8,703 | -72.2% |
| Profit (loss) for the period | 9904 | €46,599 | €6,594 | -€40,005 | -85.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,599 | €6,594 | -€40,005 | -85.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.