Hendriks-Pawelek Partners: 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.
Hendriks-Pawelek Partners
Largest movements
- Tangible fixed assets +€36,513
up €36,513 (+23.8%), from €153,545 to €190,058
of which Furniture and vehicles: +€21,004
- Cash -€35,331
down €35,331 (-24.6%), from €143,340 to €108,008
mainly Investment in fixed assets (net) (-€51,426) and Tax, wage and social debts (-€26,016)
- Receivables within one year -€15,642
down €15,642 (-39.1%), from €40,014 to €24,373
of which Trade receivables: -€16,645
- Tax, wage and social debts -€26,016
down €26,016 (-75.9%), from €34,285 to €8,269
of which Taxes: -€15,881
- Current portion of long-term debt +€8,388
up €8,388 (+126%), from €6,651 to €15,039
- Debts after one year +€5,957
up €5,957 (+5.2%), from €115,349 to €121,307
- Gross operating margin -€51,442
down €51,442 (-66.4%), from €77,520 to €26,078
- Other operating charges -€27,278
down €27,278 (-86.9%), from €31,389 to €4,111
- Taxes -€7,105
down €7,105 (-72.6%), from €9,792 to €2,687
- Depreciation +€5,761
up €5,761 (+70.2%), from €8,202 to €13,963
- Financial charges +€3,703
up €3,703 (+523%), from €708 to €4,411
of which Financial charges: +€3,394
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 | €339,813 | €327,062 | -€12,752 | -3.8% |
| Fixed assets | 21/28 | €153,545 | €191,008 | +€37,463 | +24.4% |
| Tangible fixed assets | 22/27 | €153,545 | €190,058 | +€36,513 | +23.8% |
| Land and buildings | 22 | €138,591 | €154,848 | +€16,257 | +11.7% |
| Plant, machinery and equipment | 23 | €1,308 | €560 | -€748 | -57.2% |
| Furniture and vehicles | 24 | €13,646 | €34,650 | +€21,004 | +154% |
| Financial fixed assets | 28 | - | €950 | +€950 | |
| Current assets | 29/58 | €186,269 | €136,054 | -€50,215 | -27.0% |
| Amounts receivable within one year | 40/41 | €40,014 | €24,373 | -€15,642 | -39.1% |
| Trade receivables | 40 | €40,014 | €23,369 | -€16,645 | -41.6% |
| Other amounts receivable | 41 | €0 | €1,004 | +€1,004 | |
| Cash at bank and in hand | 54/58 | €143,340 | €108,008 | -€35,331 | -24.6% |
| Deferred charges and accrued income | 490/1 | €2,914 | €3,672 | +€758 | +26.0% |
| Total equity and liabilities | 10/49 | €339,813 | €327,062 | -€12,752 | -3.8% |
| Equity | 10/15 | €177,142 | €178,048 | +€906 | +0.5% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €17,100 | €17,100 | = | 0.0% |
| Distributable reserves | 133 | €17,100 | €17,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42 | €948 | +€906 | +2,164% |
| Amounts payable | 17/49 | €162,671 | €149,014 | -€13,657 | -8.4% |
| Amounts payable after more than one year | 17 | €115,349 | €121,307 | +€5,957 | +5.2% |
| Financial debts | 170/4 | €115,349 | €121,307 | +€5,957 | +5.2% |
| Amounts payable within one year | 42/48 | €47,173 | €27,678 | -€19,495 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €6,651 | €15,039 | +€8,388 | +126% |
| Trade debts | 44 | €2,231 | €1,196 | -€1,035 | -46.4% |
| Suppliers | 440/4 | €2,231 | €1,196 | -€1,035 | -46.4% |
| Taxes, remuneration and social security | 45 | €34,285 | €8,269 | -€26,016 | -75.9% |
| Taxes | 450/3 | €23,207 | €7,325 | -€15,881 | -68.4% |
| Remuneration and social security | 454/9 | €11,078 | €944 | -€10,134 | -91.5% |
| Other amounts payable | 47/48 | €4,007 | €3,175 | -€832 | -20.8% |
| Accrued charges and deferred income | 492/3 | €149 | €29 | -€119 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,202 | €13,963 | +€5,761 | +70.2% |
| Other operating charges | 640/8 | €31,389 | €4,111 | -€27,278 | -86.9% |
| Non-recurring operating charges | 66A | €8,587 | - | -€8,587 | |
| Gross operating margin | 9900 | €77,520 | €26,078 | -€51,442 | -66.4% |
| Operating profit (loss) | 9901 | €29,342 | €8,004 | -€21,338 | -72.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -86.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -86.4% |
| Financial charges | 65/66B | €708 | €4,411 | +€3,703 | +523% |
| Recurring financial charges | 65 | €708 | €4,102 | +€3,394 | +479% |
| Non-recurring financial charges | 66B | - | €309 | +€309 | |
| Profit (loss) for the period before taxes | 9903 | €28,633 | €3,593 | -€25,041 | -87.5% |
| Income taxes | 67/77 | €9,792 | €2,687 | -€7,105 | -72.6% |
| Profit (loss) for the period | 9904 | €18,842 | €906 | -€17,936 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,842 | €906 | -€17,936 | -95.2% |
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 1 November 2026 via checked.be.