HENDRICKX: what changed
Two fiscal 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
- Current investments +€900,000
up €900,000 (+300.0%), from €300,000 to €1.2m
- Receivables within one year -€657,068
down €657,068 (-99.6%), from €659,769 to €2,701
of which Other amounts receivable: -€650,749
- Cash -€376,479
down €376,479 (-85.3%), from €441,178 to €64,699
mainly Current investments (-€900,000) and Investment in fixed assets (net) (-€118,562)
- Tangible fixed assets +€92,798
up €92,798 (+35.0%), from €265,180 to €357,979
of which Furniture and vehicles: +€76,524
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€1.7m
down €1.7m (-98.2%), from €1.8m to €32,084
- Staff costs -€140,667
no longer reported in 2025 (was €140,667)
- Taxes -€65,706
down €65,706 (-76.5%), from €85,850 to €20,144
- Financial income +€44,653
up €44,653 (+346.8%), from €12,877 to €57,530
- Depreciation -€30,148
down €30,148 (-53.9%), from €55,912 to €25,764
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.
Cash bridge derived
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 | €2,318,474 | €2,277,935 | -€40,540 | -1.7% |
| Fixed assets | 21/28 | €265,180 | €357,979 | +€92,798 | +35.0% |
| Tangible fixed assets | 22/27 | €265,180 | €357,979 | +€92,798 | +35.0% |
| Land and buildings | 22 | €196,606 | €211,174 | +€14,568 | +7.4% |
| Plant, machinery and equipment | 23 | €1,505 | €3,211 | +€1,706 | +113.4% |
| Furniture and vehicles | 24 | €61,970 | €138,494 | +€76,524 | +123.5% |
| Other tangible fixed assets | 26 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €2,053,294 | €1,919,956 | -€133,338 | -6.5% |
| Amounts receivable after more than one year | 29 | €650,749 | €650,749 | = | 0.0% |
| Other amounts receivable | 291 | €650,749 | €650,749 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €659,769 | €2,701 | -€657,068 | -99.6% |
| Trade receivables | 40 | €9,020 | €2,701 | -€6,319 | -70.1% |
| Other amounts receivable | 41 | €650,749 | - | -€650,749 | |
| Current investments | 50/53 | €300,000 | €1,200,000 | +€900,000 | +300.0% |
| Cash at bank and in hand | 54/58 | €441,178 | €64,699 | -€376,479 | -85.3% |
| Deferred charges and accrued income | 490/1 | €1,599 | €1,807 | +€208 | +13.0% |
| Total equity and liabilities | 10/49 | €2,318,474 | €2,277,935 | -€40,540 | -1.7% |
| Equity | 10/15 | €1,964,335 | €1,943,874 | -€20,461 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,951,935 | €1,931,474 | -€20,461 | -1.0% |
| Tax-exempt reserves | 132 | €992,890 | €992,890 | = | 0.0% |
| Distributable reserves | 133 | €959,045 | €938,584 | -€20,461 | -2.1% |
| Provisions and deferred taxes | 16 | €325,374 | €325,374 | = | 0.0% |
| Deferred taxes | 168 | €325,374 | €325,374 | = | 0.0% |
| Amounts payable | 17/49 | €28,765 | €8,686 | -€20,079 | -69.8% |
| Amounts payable within one year | 42/48 | €27,975 | €6,071 | -€21,904 | -78.3% |
| Trade debts | 44 | €4,934 | €1,391 | -€3,544 | -71.8% |
| Suppliers | 440/4 | €4,934 | €1,391 | -€3,544 | -71.8% |
| Taxes, remuneration and social security | 45 | €21,987 | €3,292 | -€18,695 | -85.0% |
| Taxes | 450/3 | €21,987 | €3,150 | -€18,837 | -85.7% |
| Remuneration and social security | 454/9 | - | €142 | +€142 | |
| Other amounts payable | 47/48 | €1,054 | €1,389 | +€335 | +31.8% |
| Accrued charges and deferred income | 492/3 | €790 | €2,615 | +€1,825 | +231.0% |
| Remuneration, social security and pensions | 62 | €140,667 | - | -€140,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,912 | €25,764 | -€30,148 | -53.9% |
| Other operating charges | 640/8 | €5,045 | €6,107 | +€1,062 | +21.0% |
| Gross operating margin | 9900 | €1,764,949 | €32,084 | -€1.7m | -98.2% |
| Operating profit (loss) | 9901 | €1,563,325 | €213 | -€1.6m | -100.0% |
| Financial income | 75/76B | €12,877 | €57,530 | +€44,653 | +346.8% |
| Recurring financial income | 75 | €12,877 | €57,530 | +€44,653 | +346.8% |
| Financial charges | 65/66B | €1,229 | €2,293 | +€1,064 | +86.6% |
| Recurring financial charges | 65 | €1,229 | €2,293 | +€1,064 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | €1,574,972 | €55,450 | -€1.5m | -96.5% |
| Transfer to deferred taxes | 680 | €325,374 | - | -€325,374 | |
| Income taxes | 67/77 | €85,850 | €20,144 | -€65,706 | -76.5% |
| Profit (loss) for the period | 9904 | €1,163,748 | €35,306 | -€1.1m | -97.0% |
| Transfer to tax-exempt reserves | 689 | €976,123 | - | -€976,123 | |
| Profit (loss) for the period to be appropriated | 9905 | €187,625 | €35,306 | -€152,319 | -81.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.