HENDRIK CLEMENT: 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.
HENDRIK CLEMENT
Largest movements
- Cash +€24,037
up €24,037 (+28.2%), from €85,317 to €109,354
mainly Net result for the year (+€46,239) and Depreciation (+€9,641)
- Receivables within one year +€12,349
up €12,349 (+167.2%), from €7,384 to €19,733
of which Trade receivables: +€17,100
- Reserves +€22,500
up €22,500 (+3.0%), from €738,800 to €761,300
- Gross operating margin -€24,017
down €24,017 (-22.8%), from €105,290 to €81,273
- Taxes -€2,004
down €2,004 (-7.7%), from €25,984 to €23,980
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 | €774,736 | €807,598 | +€32,863 | +4.2% |
| Fixed assets | 21/28 | €675,594 | €675,446 | -€147 | 0.0% |
| Tangible fixed assets | 22/27 | €33,282 | €33,135 | -€147 | -0.4% |
| Plant, machinery and equipment | 23 | - | €1,076 | +€1,076 | |
| Furniture and vehicles | 24 | €32,661 | €31,592 | -€1,068 | -3.3% |
| Other tangible fixed assets | 26 | €622 | €466 | -€155 | -25.0% |
| Financial fixed assets | 28 | €642,312 | €642,312 | = | 0.0% |
| Current assets | 29/58 | €99,142 | €132,152 | +€33,010 | +33.3% |
| Amounts receivable within one year | 40/41 | €7,384 | €19,733 | +€12,349 | +167.2% |
| Trade receivables | 40 | - | €17,100 | +€17,100 | |
| Other amounts receivable | 41 | €7,384 | €2,633 | -€4,751 | -64.3% |
| Cash at bank and in hand | 54/58 | €85,317 | €109,354 | +€24,037 | +28.2% |
| Deferred charges and accrued income | 490/1 | €6,441 | €3,065 | -€3,376 | -52.4% |
| Total equity and liabilities | 10/49 | €774,736 | €807,598 | +€32,863 | +4.2% |
| Equity | 10/15 | €760,818 | €787,057 | +€26,239 | +3.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €738,800 | €761,300 | +€22,500 | +3.0% |
| Distributable reserves | 133 | €738,800 | €761,300 | +€22,500 | +3.0% |
| Profit (loss) carried forward | 14 | €3,018 | €6,757 | +€3,739 | +123.9% |
| Amounts payable | 17/49 | €13,917 | €20,541 | +€6,624 | +47.6% |
| Amounts payable within one year | 42/48 | €10,996 | €17,965 | +€6,969 | +63.4% |
| Trade debts | 44 | €2,955 | €10,375 | +€7,420 | +251.1% |
| Suppliers | 440/4 | €2,955 | €10,375 | +€7,420 | +251.1% |
| Taxes, remuneration and social security | 45 | €8,041 | €7,590 | -€451 | -5.6% |
| Taxes | 450/3 | €8,041 | €7,590 | -€451 | -5.6% |
| Accrued charges and deferred income | 492/3 | €2,921 | €2,576 | -€345 | -11.8% |
| Non-recurring operating income | 76A | €1,225 | - | -€1,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,899 | €9,641 | +€742 | +8.3% |
| Other operating charges | 640/8 | €911 | €1,155 | +€244 | +26.8% |
| Gross operating margin | 9900 | €105,290 | €81,273 | -€24,017 | -22.8% |
| Operating profit (loss) | 9901 | €95,480 | €70,477 | -€25,003 | -26.2% |
| Financial income | 75/76B | €246 | €111 | -€135 | -55.0% |
| Recurring financial income | 75 | €246 | €111 | -€135 | -55.0% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €310 | €369 | +€59 | +19.1% |
| Recurring financial charges | 65 | €310 | €369 | +€59 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €95,416 | €70,218 | -€25,197 | -26.4% |
| Income taxes | 67/77 | €25,984 | €23,980 | -€2,004 | -7.7% |
| Profit (loss) for the period | 9904 | €69,432 | €46,239 | -€23,193 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,432 | €46,239 | -€23,193 | -33.4% |
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 7 October 2026 via checked.be.