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.
HENDRICKX
Largest movements
- Cash -€131,948
down €131,948 (-28.3%), from €466,901 to €334,954
mainly Contributions, distributions and other (-€231,516) and Investment in fixed assets (net) (-€53,436)
- Current investments +€45,821
up €45,821 (+28.5%), from €160,646 to €206,467
- Tangible fixed assets -€24,028
down €24,028 (-6.7%), from €360,744 to €336,716
of which Furniture and vehicles: -€37,841
- Stocks and contracts +€20,526
up €20,526 (+4.0%), from €516,012 to €536,537
- Reserves -€126,895
down €126,895 (-12.5%), from €1.0m to €885,563
of which Distributable reserves: -€126,895
- Other debts +€86,204
up €86,204 (+105%), from €81,891 to €168,095
- Trade debts -€30,269
down €30,269 (-24.7%), from €122,622 to €92,352
- Tax, wage and social debts -€22,133
down €22,133 (-10.9%), from €203,169 to €181,036
of which Taxes: -€17,607
- Debts after one year -€21,413
down €21,413 (-24.1%), from €89,014 to €67,600
- Staff costs +€40,084
up €40,084 (+6.0%), from €671,131 to €711,215
- Taxes -€25,201
down €25,201 (-33.3%), from €75,689 to €50,487
- Gross operating margin -€24,260
down €24,260 (-2.5%), from €985,872 to €961,613
- Depreciation +€17,746
up €17,746 (+28.7%), from €61,774 to €79,521
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 | €1,684,563 | €1,587,763 | -€96,800 | -5.7% |
| Fixed assets | 21/28 | €365,267 | €339,183 | -€26,084 | -7.1% |
| Intangible fixed assets | 21 | €4,374 | €2,318 | -€2,056 | -47.0% |
| Tangible fixed assets | 22/27 | €360,744 | €336,716 | -€24,028 | -6.7% |
| Land and buildings | 22 | €170,403 | €159,201 | -€11,201 | -6.6% |
| Plant, machinery and equipment | 23 | €12,974 | €10,180 | -€2,794 | -21.5% |
| Furniture and vehicles | 24 | €177,367 | €139,526 | -€37,841 | -21.3% |
| Leasing and similar rights | 25 | - | €27,808 | +€27,808 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €1,319,295 | €1,248,580 | -€70,716 | -5.4% |
| Stocks and contracts in progress | 3 | €516,012 | €536,537 | +€20,526 | +4.0% |
| Stocks | 30/36 | €516,012 | €536,537 | +€20,526 | +4.0% |
| Amounts receivable within one year | 40/41 | €136,156 | €127,947 | -€8,209 | -6.0% |
| Trade receivables | 40 | €134,888 | €113,500 | -€21,388 | -15.9% |
| Other amounts receivable | 41 | €1,268 | €14,447 | +€13,179 | +1,039% |
| Current investments | 50/53 | €160,646 | €206,467 | +€45,821 | +28.5% |
| Cash at bank and in hand | 54/58 | €466,901 | €334,954 | -€131,948 | -28.3% |
| Deferred charges and accrued income | 490/1 | €39,580 | €42,675 | +€3,095 | +7.8% |
| Total equity and liabilities | 10/49 | €1,684,563 | €1,587,763 | -€96,800 | -5.7% |
| Equity | 10/15 | €1,073,958 | €947,063 | -€126,895 | -11.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,012,458 | €885,563 | -€126,895 | -12.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,006,308 | €879,413 | -€126,895 | -12.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €610,605 | €640,700 | +€30,095 | +4.9% |
| Amounts payable after more than one year | 17 | €89,014 | €67,600 | -€21,413 | -24.1% |
| Financial debts | 170/4 | €89,014 | €67,600 | -€21,413 | -24.1% |
| Amounts payable within one year | 42/48 | €519,234 | €565,560 | +€46,326 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €94,675 | €107,262 | +€12,587 | +13.3% |
| Financial debts | 43 | €16,878 | €16,815 | -€63 | -0.4% |
| Credit institutions | 430/8 | €16,878 | €16,815 | -€63 | -0.4% |
| Trade debts | 44 | €122,622 | €92,352 | -€30,269 | -24.7% |
| Suppliers | 440/4 | €122,622 | €92,352 | -€30,269 | -24.7% |
| Taxes, remuneration and social security | 45 | €203,169 | €181,036 | -€22,133 | -10.9% |
| Taxes | 450/3 | €106,352 | €88,745 | -€17,607 | -16.6% |
| Remuneration and social security | 454/9 | €96,817 | €92,291 | -€4,526 | -4.7% |
| Other amounts payable | 47/48 | €81,891 | €168,095 | +€86,204 | +105% |
| Accrued charges and deferred income | 492/3 | €2,357 | €7,540 | +€5,183 | +220% |
| Remuneration, social security and pensions | 62 | €671,131 | €711,215 | +€40,084 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,774 | €79,521 | +€17,746 | +28.7% |
| Other operating charges | 640/8 | €20,537 | €18,570 | -€1,968 | -9.6% |
| Gross operating margin | 9900 | €985,872 | €961,613 | -€24,260 | -2.5% |
| Operating profit (loss) | 9901 | €232,429 | €152,307 | -€80,122 | -34.5% |
| Financial income | 75/76B | €10,908 | €8,599 | -€2,309 | -21.2% |
| Recurring financial income | 75 | €10,908 | €8,599 | -€2,309 | -21.2% |
| Financial charges | 65/66B | €6,560 | €5,798 | -€762 | -11.6% |
| Recurring financial charges | 65 | €6,560 | €5,798 | -€762 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €236,777 | €155,108 | -€81,669 | -34.5% |
| Income taxes | 67/77 | €75,689 | €50,487 | -€25,201 | -33.3% |
| Profit (loss) for the period | 9904 | €161,088 | €104,621 | -€56,468 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €161,088 | €104,621 | -€56,468 | -35.1% |
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 15 October 2026 via checked.be.