Hendrickx Consult: 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 Consult
Largest movements
- Receivables within one year -€82,637
down €82,637 (-94.7%), from €87,241 to €4,605
of which Other amounts receivable: -€48,662
- Tangible fixed assets +€57,124
up €57,124 (+16.5%), from €345,257 to €402,381
of which Leasing and similar rights: +€58,178
- Intangible fixed assets -€31,423
down €31,423 (-13.2%), from €238,293 to €206,869
- Cash +€22,258
up €22,258 (+35.7%), from €62,339 to €84,597
mainly Receivables within one year (+€82,637) and Depreciation (+€45,173)
- Other debts -€33,763
down €33,763 (-19.3%), from €174,610 to €140,846
- Provisions -€32,699
down €32,699 (-29.6%), from €110,652 to €77,954
- Current portion of long-term debt +€16,321
up €16,321 (+32.3%), from €50,494 to €66,816
- Reserves +€14,621
up €14,621 (+2.9%), from €505,297 to €519,918
of which Distributable reserves: +€92,465
- Gross operating margin -€109,843
down €109,843 (-74.7%), from €147,108 to €37,266
- Financial income -€99,710
down €99,710 (-65.8%), from €151,588 to €51,877
- Taxes -€11,118
down €11,118 (-20.7%), from €53,837 to €42,719
- Financial charges -€4,256
down €4,256 (-20.2%), from €21,037 to €16,781
- Depreciation +€2,365
up €2,365 (+5.5%), from €42,808 to €45,173
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 | €1,272,014 | €1,237,336 | -€34,678 | -2.7% |
| Fixed assets | 21/28 | €1,122,433 | €1,148,134 | +€25,701 | +2.3% |
| Intangible fixed assets | 21 | €238,293 | €206,869 | -€31,423 | -13.2% |
| Tangible fixed assets | 22/27 | €345,257 | €402,381 | +€57,124 | +16.5% |
| Land and buildings | 22 | €343,078 | €338,529 | -€4,549 | -1.3% |
| Furniture and vehicles | 24 | €931 | €4,561 | +€3,629 | +390% |
| Leasing and similar rights | 25 | - | €58,178 | +€58,178 | |
| Other tangible fixed assets | 26 | €1,247 | €1,114 | -€134 | -10.7% |
| Financial fixed assets | 28 | €538,884 | €538,884 | = | 0.0% |
| Current assets | 29/58 | €149,581 | €89,202 | -€60,379 | -40.4% |
| Amounts receivable within one year | 40/41 | €87,241 | €4,605 | -€82,637 | -94.7% |
| Trade receivables | 40 | €37,604 | €3,630 | -€33,974 | -90.3% |
| Other amounts receivable | 41 | €49,637 | €974 | -€48,662 | -98.0% |
| Cash at bank and in hand | 54/58 | €62,339 | €84,597 | +€22,258 | +35.7% |
| Total equity and liabilities | 10/49 | €1,272,014 | €1,237,336 | -€34,678 | -2.7% |
| Equity | 10/15 | €554,215 | €568,836 | +€14,621 | +2.6% |
| Contributions | 10/11 | €48,918 | €48,918 | = | 0.0% |
| Reserves | 13 | €505,297 | €519,918 | +€14,621 | +2.9% |
| Tax-exempt reserves | 132 | €263,426 | €185,581 | -€77,844 | -29.6% |
| Distributable reserves | 133 | €241,871 | €334,336 | +€92,465 | +38.2% |
| Provisions and deferred taxes | 16 | €110,652 | €77,954 | -€32,699 | -29.6% |
| Deferred taxes | 168 | €110,652 | €77,954 | -€32,699 | -29.6% |
| Amounts payable | 17/49 | €607,147 | €590,546 | -€16,601 | -2.7% |
| Amounts payable after more than one year | 17 | €289,310 | €280,052 | -€9,258 | -3.2% |
| Financial debts | 170/4 | €289,310 | €280,052 | -€9,258 | -3.2% |
| Amounts payable within one year | 42/48 | €317,112 | €309,770 | -€7,343 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €50,494 | €66,816 | +€16,321 | +32.3% |
| Trade debts | 44 | €2,231 | €4,798 | +€2,567 | +115% |
| Suppliers | 440/4 | €2,231 | €4,798 | +€2,567 | +115% |
| Taxes, remuneration and social security | 45 | €89,777 | €97,309 | +€7,532 | +8.4% |
| Taxes | 450/3 | €89,777 | €97,309 | +€7,532 | +8.4% |
| Other amounts payable | 47/48 | €174,610 | €140,846 | -€33,763 | -19.3% |
| Accrued charges and deferred income | 492/3 | €725 | €725 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,808 | €45,173 | +€2,365 | +5.5% |
| Other operating charges | 640/8 | €2,161 | €2,547 | +€386 | +17.9% |
| Gross operating margin | 9900 | €147,108 | €37,266 | -€109,843 | -74.7% |
| Operating profit (loss) | 9901 | €102,139 | -€10,455 | -€112,594 | |
| Financial income | 75/76B | €151,588 | €51,877 | -€99,710 | -65.8% |
| Recurring financial income | 75 | €151,588 | €51,877 | -€99,710 | -65.8% |
| Financial charges | 65/66B | €21,037 | €16,781 | -€4,256 | -20.2% |
| Recurring financial charges | 65 | €21,037 | €16,781 | -€4,256 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €232,690 | €24,642 | -€208,048 | -89.4% |
| Transfer from deferred taxes | 780 | €2,784 | €32,699 | +€29,915 | +1,074% |
| Income taxes | 67/77 | €53,837 | €42,719 | -€11,118 | -20.7% |
| Profit (loss) for the period | 9904 | €181,637 | €14,621 | -€167,016 | -92.0% |
| Transfer from tax-exempt reserves | 789 | €6,628 | €77,844 | +€71,216 | +1,074% |
| Profit (loss) for the period to be appropriated | 9905 | €188,265 | €92,465 | -€95,800 | -50.9% |
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 17 October 2026 via checked.be.