Hendrickx Davy: 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 Davy
Largest movements
- Tangible fixed assets -€11,540
down €11,540 (-26.9%), from €42,897 to €31,356
of which Furniture and vehicles: -€11,143
- Receivables within one year -€3,634
down €3,634 (-31.0%), from €11,740 to €8,106
of which Trade receivables: -€4,161
- Stocks and contracts +€3,106
up €3,106 (+58.6%), from €5,297 to €8,404
- Cash -€1,024
down €1,024 (-4.6%), from €22,359 to €21,334
mainly Debts after one year (-€6,056) and Trade debts (-€3,950)
- Debts after one year -€6,056
down €6,056 (-34.9%), from €17,330 to €11,275
- Trade debts -€3,950
down €3,950 (-87.1%), from €4,533 to €584
- Other debts -€2,288
down €2,288 (-9.9%), from €23,218 to €20,930
- Gross operating margin -€5,459
down €5,459 (-28.3%), from €19,324 to €13,865
- Taxes -€1,543
down €1,543 (-87.9%), from €1,756 to €213
- Depreciation +€559
up €559 (+4.9%), from €11,296 to €11,855
- Other operating charges -€403
down €403 (-32.3%), from €1,245 to €842
- Financial income -€311
down €311 (-84.4%), from €369 to €57
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 | €86,337 | €73,481 | -€12,855 | -14.9% |
| Fixed assets | 21/28 | €42,897 | €31,356 | -€11,540 | -26.9% |
| Tangible fixed assets | 22/27 | €42,897 | €31,356 | -€11,540 | -26.9% |
| Plant, machinery and equipment | 23 | €1,415 | €1,018 | -€397 | -28.1% |
| Furniture and vehicles | 24 | €41,481 | €30,338 | -€11,143 | -26.9% |
| Current assets | 29/58 | €43,440 | €42,125 | -€1,315 | -3.0% |
| Stocks and contracts in progress | 3 | €5,297 | €8,404 | +€3,106 | +58.6% |
| Stocks | 30/36 | €5,297 | €8,404 | +€3,106 | +58.6% |
| Amounts receivable within one year | 40/41 | €11,740 | €8,106 | -€3,634 | -31.0% |
| Trade receivables | 40 | €9,445 | €5,283 | -€4,161 | -44.1% |
| Other amounts receivable | 41 | €2,296 | €2,823 | +€528 | +23.0% |
| Cash at bank and in hand | 54/58 | €22,359 | €21,334 | -€1,024 | -4.6% |
| Deferred charges and accrued income | 490/1 | €4,044 | €4,281 | +€237 | +5.9% |
| Total equity and liabilities | 10/49 | €86,337 | €73,481 | -€12,855 | -14.9% |
| Equity | 10/15 | €32,668 | €32,501 | -€167 | -0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €19,360 | €19,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €13,860 | €13,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €908 | €741 | -€167 | -18.4% |
| Amounts payable | 17/49 | €53,669 | €40,981 | -€12,688 | -23.6% |
| Amounts payable after more than one year | 17 | €17,330 | €11,275 | -€6,056 | -34.9% |
| Financial debts | 170/4 | €17,330 | €11,275 | -€6,056 | -34.9% |
| Amounts payable within one year | 42/48 | €36,339 | €29,706 | -€6,633 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €5,789 | €6,056 | +€266 | +4.6% |
| Financial debts | 43 | €1,298 | €436 | -€862 | -66.4% |
| Credit institutions | 430/8 | €1,298 | €436 | -€862 | -66.4% |
| Trade debts | 44 | €4,533 | €584 | -€3,950 | -87.1% |
| Suppliers | 440/4 | €4,533 | €584 | -€3,950 | -87.1% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,701 | +€201 | +13.4% |
| Taxes | 450/3 | €1,500 | €1,701 | +€201 | +13.4% |
| Other amounts payable | 47/48 | €23,218 | €20,930 | -€2,288 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,296 | €11,855 | +€559 | +4.9% |
| Other operating charges | 640/8 | €1,245 | €842 | -€403 | -32.3% |
| Non-recurring operating charges | 66A | - | €60 | +€60 | |
| Gross operating margin | 9900 | €19,324 | €13,865 | -€5,459 | -28.3% |
| Operating profit (loss) | 9901 | €6,783 | €1,108 | -€5,675 | -83.7% |
| Financial income | 75/76B | €369 | €57 | -€311 | -84.4% |
| Recurring financial income | 75 | €369 | €57 | -€311 | -84.4% |
| Financial charges | 65/66B | €1,363 | €1,119 | -€244 | -17.9% |
| Recurring financial charges | 65 | €1,363 | €1,119 | -€244 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €5,789 | €46 | -€5,743 | -99.2% |
| Income taxes | 67/77 | €1,756 | €213 | -€1,543 | -87.9% |
| Profit (loss) for the period | 9904 | €4,032 | -€167 | -€4,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,032 | -€167 | -€4,200 |
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.