HINDERYCKX: 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.
HINDERYCKX
Largest movements
- Cash +€252,660
up €252,660 (+27.7%), from €911,867 to €1.2m
mainly Receivables within one year (+€220,060) and Net result for the year (+€161,649)
- Receivables within one year -€220,060
down €220,060 (-25.0%), from €880,445 to €660,385
of which Trade receivables: -€218,177
- Tangible fixed assets +€52,014
up €52,014 (+7.7%), from €673,341 to €725,354
of which Furniture and vehicles: +€44,493
- Receivables after one year +€50,109
up €50,109 (+33.4%), from €150,000 to €200,109
- Trade debts +€132,626
up €132,626 (+37.4%), from €354,718 to €487,343
- Reserves +€66,649
up €66,649 (+2.7%), from €2.5m to €2.6m
of which Tax-exempt reserves: +€40,000
- Other debts -€50,000
down €50,000 (-34.5%), from €145,000 to €95,000
- Write-downs -€83,176
no longer reported in 2025 (was €83,176)
- Gross operating margin -€59,575
down €59,575 (-11.6%), from €512,904 to €453,329
- Staff costs +€43,949
up €43,949 (+37.2%), from €118,109 to €162,057
- Depreciation +€14,361
up €14,361 (+14.5%), from €99,039 to €113,400
- Taxes -€8,539
down €8,539 (-43.7%), from €19,537 to €10,998
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 | €3,023,656 | €3,169,184 | +€145,528 | +4.8% |
| Fixed assets | 21/28 | €676,196 | €728,209 | +€52,014 | +7.7% |
| Tangible fixed assets | 22/27 | €673,341 | €725,354 | +€52,014 | +7.7% |
| Land and buildings | 22 | €392,943 | €386,010 | -€6,933 | -1.8% |
| Plant, machinery and equipment | 23 | €4,457 | €18,911 | +€14,454 | +324% |
| Furniture and vehicles | 24 | €275,940 | €320,433 | +€44,493 | +16.1% |
| Financial fixed assets | 28 | €2,855 | €2,855 | = | 0.0% |
| Current assets | 29/58 | €2,347,461 | €2,440,975 | +€93,514 | +4.0% |
| Amounts receivable after more than one year | 29 | €150,000 | €200,109 | +€50,109 | +33.4% |
| Other amounts receivable | 291 | €150,000 | €200,109 | +€50,109 | +33.4% |
| Amounts receivable within one year | 40/41 | €880,445 | €660,385 | -€220,060 | -25.0% |
| Trade receivables | 40 | €875,948 | €657,771 | -€218,177 | -24.9% |
| Other amounts receivable | 41 | €4,497 | €2,614 | -€1,883 | -41.9% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €911,867 | €1,164,526 | +€252,660 | +27.7% |
| Deferred charges and accrued income | 490/1 | €5,149 | €15,955 | +€10,806 | +210% |
| Total equity and liabilities | 10/49 | €3,023,656 | €3,169,184 | +€145,528 | +4.8% |
| Equity | 10/15 | €2,509,230 | €2,575,879 | +€66,649 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,490,630 | €2,557,279 | +€66,649 | +2.7% |
| Tax-exempt reserves | 132 | €571,096 | €611,096 | +€40,000 | +7.0% |
| Distributable reserves | 133 | €1,919,534 | €1,946,183 | +€26,649 | +1.4% |
| Amounts payable | 17/49 | €514,426 | €593,305 | +€78,879 | +15.3% |
| Amounts payable after more than one year | 17 | €870 | - | -€870 | |
| Other amounts payable | 178/9 | €870 | - | -€870 | |
| Amounts payable within one year | 42/48 | €513,026 | €590,057 | +€77,031 | +15.0% |
| Trade debts | 44 | €354,718 | €487,343 | +€132,626 | +37.4% |
| Suppliers | 440/4 | €354,718 | €487,343 | +€132,626 | +37.4% |
| Taxes, remuneration and social security | 45 | €13,309 | €7,714 | -€5,595 | -42.0% |
| Taxes | 450/3 | €7,900 | €4,906 | -€2,994 | -37.9% |
| Remuneration and social security | 454/9 | €5,409 | €2,808 | -€2,601 | -48.1% |
| Other amounts payable | 47/48 | €145,000 | €95,000 | -€50,000 | -34.5% |
| Accrued charges and deferred income | 492/3 | €530 | €3,247 | +€2,717 | +513% |
| Non-recurring operating income | 76A | - | €40,000 | +€40,000 | |
| Remuneration, social security and pensions | 62 | €118,109 | €162,057 | +€43,949 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,039 | €113,400 | +€14,361 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €83,176 | - | -€83,176 | |
| Other operating charges | 640/8 | €8,140 | €7,156 | -€984 | -12.1% |
| Non-recurring operating charges | 66A | - | €6,366 | +€6,366 | |
| Gross operating margin | 9900 | €512,904 | €453,329 | -€59,575 | -11.6% |
| Operating profit (loss) | 9901 | €204,440 | €164,350 | -€40,090 | -19.6% |
| Financial income | 75/76B | €11,108 | €9,351 | -€1,757 | -15.8% |
| Recurring financial income | 75 | €11,108 | €9,351 | -€1,757 | -15.8% |
| Financial charges | 65/66B | €838 | €1,054 | +€216 | +25.8% |
| Recurring financial charges | 65 | €838 | €1,054 | +€216 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €214,711 | €172,647 | -€42,063 | -19.6% |
| Income taxes | 67/77 | €19,537 | €10,998 | -€8,539 | -43.7% |
| Profit (loss) for the period | 9904 | €195,173 | €161,649 | -€33,524 | -17.2% |
| Transfer to tax-exempt reserves | 689 | - | €40,000 | +€40,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €195,173 | €121,649 | -€73,524 | -37.7% |
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 22 October 2026 via checked.be.