HENDRIK: 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.
HENDRIK
Largest movements
- Receivables within one year +€39,518
up €39,518 (+390.6%), from €10,116 to €49,634
of which Trade receivables: +€43,074
- Stocks and contracts +€23,519
up €23,519 (+232.2%), from €10,130 to €33,649
- Tangible fixed assets -€15,032
down €15,032 (-8.3%), from €182,109 to €167,077
of which Leasing and similar rights: -€20,639
- Reserves +€117,345
up €117,345 (+648.7%), from €18,089 to €135,434
of which Distributable reserves: +€117,345
- Short-term financial debts -€65,000
down €65,000 (-72.2%), from €90,000 to €25,000
- Debts after one year -€20,908
down €20,908 (-17.6%), from €118,794 to €97,886
- Tax, wage and social debts +€13,438
up €13,438 (+231.2%), from €5,813 to €19,251
- Other debts -€4,702
no longer reported in 2025 (was €4,702)
- Gross operating margin +€108,071
up €108,071 (+98.7%), from €109,523 to €217,594
- Taxes +€33,438
up €33,438 (+323.5%), from €10,336 to €43,774
- Depreciation -€6,023
down €6,023 (-13.0%), from €46,318 to €40,295
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 | €274,256 | €322,221 | +€47,965 | +17.5% |
| Fixed assets | 21/28 | €182,109 | €167,077 | -€15,032 | -8.3% |
| Tangible fixed assets | 22/27 | €182,109 | €167,077 | -€15,032 | -8.3% |
| Land and buildings | 22 | €81,749 | €72,666 | -€9,083 | -11.1% |
| Plant, machinery and equipment | 23 | €33,937 | €30,339 | -€3,597 | -10.6% |
| Furniture and vehicles | 24 | €2,403 | €11,712 | +€9,309 | +387.4% |
| Leasing and similar rights | 25 | €61,436 | €40,798 | -€20,639 | -33.6% |
| Other tangible fixed assets | 26 | €2,584 | €11,562 | +€8,978 | +347.5% |
| Current assets | 29/58 | €92,147 | €155,145 | +€62,997 | +68.4% |
| Stocks and contracts in progress | 3 | €10,130 | €33,649 | +€23,519 | +232.2% |
| Stocks | 30/36 | €10,130 | €33,649 | +€23,519 | +232.2% |
| Amounts receivable within one year | 40/41 | €10,116 | €49,634 | +€39,518 | +390.6% |
| Trade receivables | 40 | €2,400 | €45,474 | +€43,074 | +1794.7% |
| Other amounts receivable | 41 | €7,716 | €4,160 | -€3,556 | -46.1% |
| Cash at bank and in hand | 54/58 | €71,702 | €71,862 | +€160 | +0.2% |
| Deferred charges and accrued income | 490/1 | €200 | - | -€200 | |
| Total equity and liabilities | 10/49 | €274,256 | €322,221 | +€47,965 | +17.5% |
| Equity | 10/15 | €24,289 | €141,634 | +€117,345 | +483.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,089 | €135,434 | +€117,345 | +648.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €16,229 | €133,574 | +€117,345 | +723.1% |
| Amounts payable | 17/49 | €249,968 | €180,588 | -€69,380 | -27.8% |
| Amounts payable after more than one year | 17 | €118,794 | €97,886 | -€20,908 | -17.6% |
| Financial debts | 170/4 | €118,794 | €97,886 | -€20,908 | -17.6% |
| Amounts payable within one year | 42/48 | €131,174 | €82,702 | -€48,472 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €24,606 | €28,166 | +€3,561 | +14.5% |
| Financial debts | 43 | €90,000 | €25,000 | -€65,000 | -72.2% |
| Credit institutions | 430/8 | €90,000 | €25,000 | -€65,000 | -72.2% |
| Trade debts | 44 | €6,053 | €10,285 | +€4,232 | +69.9% |
| Suppliers | 440/4 | €6,053 | €10,285 | +€4,232 | +69.9% |
| Taxes, remuneration and social security | 45 | €5,813 | €19,251 | +€13,438 | +231.2% |
| Taxes | 450/3 | €5,813 | €19,251 | +€13,438 | +231.2% |
| Other amounts payable | 47/48 | €4,702 | - | -€4,702 | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,318 | €40,295 | -€6,023 | -13.0% |
| Other operating charges | 640/8 | €3,578 | €2,444 | -€1,135 | -31.7% |
| Gross operating margin | 9900 | €109,523 | €217,594 | +€108,071 | +98.7% |
| Operating profit (loss) | 9901 | €59,627 | €174,855 | +€115,229 | +193.3% |
| Financial income | 75/76B | €3 | €9 | +€6 | +169.4% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +169.4% |
| Financial charges | 65/66B | €15,147 | €13,745 | -€1,402 | -9.3% |
| Recurring financial charges | 65 | €15,147 | €13,745 | -€1,402 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €44,483 | €161,119 | +€116,637 | +262.2% |
| Income taxes | 67/77 | €10,336 | €43,774 | +€33,438 | +323.5% |
| Profit (loss) for the period | 9904 | €34,146 | €117,345 | +€83,199 | +243.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,146 | €117,345 | +€83,199 | +243.7% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.