IMMO HENDRICKX: 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.
What changed
IMMO HENDRICKX
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€25,392
2024 · €8,783-€34,175
Equity
€130,403
2024 · €151,160-€20,757
Cash
€29,080
2024 · €47,212-€18,132
Balance sheet total
€2.9m
2024 · €2.7m+€231,315
Largest movements
Assets
- Tangible fixed assets +€256,641
up €256,641 (+12.9%), from €2.0m to €2.2m
of which Land and buildings: +€257,544
Equity and liabilities
- Debts after one year +€275,000
up €275,000 (+28.4%), from €968,247 to €1.2m
of which Financial debts: +€275,000
- Other debts -€29,452
down €29,452 (-2.0%), from €1.5m to €1.5m
Income statement
- Other operating charges +€29,904
up €29,904 (+393%), from €7,618 to €37,521
- Financial income +€9,196
up €9,196 (+42.7%), from €21,547 to €30,743
- Taxes -€5,254
down €5,254, from €2,290 to -€2,964
- Financial charges +€4,250
up €4,250 (+38.3%), from €11,096 to €15,346
- Gross operating margin -€2,933
down €2,933 (-4.9%), from €60,392 to €57,459
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.
Result 2024
€8,783
Gross operating margin
-€2,933
Depreciation
-€928
Other operating charges
-€29,904
Other operating items
-€15,245
Financial income
+€9,196
Financial charges
-€4,250
Taxes
+€5,254
Deferred taxes and other
+€4,635
Result 2025
-€25,392
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€24,835
Investment
-€293,042
Financing
+€299,745
Cash 2024
€47,212
From operations (derived)
-€24,835
Net result for the year
-€25,392
Depreciation
+€53,081
Receivables within one year
-€8,063
Deferred charges and accrued income
-€1,422
Provisions
-€9,270
Trade debts
-€3,743
Tax, wage and social debts
-€573
Other debts
-€29,452
Investment (derived)
-€293,042
Investment in fixed assets (net)
-€309,722
Current investments
+€16,680
Financing
+€299,745
Debts after one year
+€275,000
Current portion of long-term debt
+€20,110
Contributions, distributions and other
+€4,635
Cash 2025
€29,080
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,700,644 | €2,931,959 | +€231,315 | +8.6% |
| Fixed assets | 21/28 | €1,992,520 | €2,249,161 | +€256,641 | +12.9% |
| Tangible fixed assets | 22/27 | €1,992,520 | €2,249,161 | +€256,641 | +12.9% |
| Land and buildings | 22 | €1,987,722 | €2,245,266 | +€257,544 | +13.0% |
| Plant, machinery and equipment | 23 | €4,798 | €3,895 | -€902 | -18.8% |
| Current assets | 29/58 | €708,124 | €682,798 | -€25,326 | -3.6% |
| Amounts receivable after more than one year | 29 | €28,206 | €28,206 | = | 0.0% |
| Trade receivables | 290 | €28,206 | €28,206 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €8,063 | +€8,063 | |
| Trade receivables | 40 | - | €730 | +€730 | |
| Other amounts receivable | 41 | - | €7,333 | +€7,333 | |
| Current investments | 50/53 | €629,537 | €612,858 | -€16,680 | -2.6% |
| Cash at bank and in hand | 54/58 | €47,212 | €29,080 | -€18,132 | -38.4% |
| Deferred charges and accrued income | 490/1 | €3,168 | €4,591 | +€1,422 | +44.9% |
| Total equity and liabilities | 10/49 | €2,700,644 | €2,931,959 | +€231,315 | +8.6% |
| Equity | 10/15 | €151,160 | €130,403 | -€20,757 | -13.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €197,002 | €178,999 | -€18,003 | -9.1% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €193,903 | €175,900 | -€18,003 | -9.3% |
| Profit (loss) carried forward | 14 | -€64,433 | -€67,188 | -€2,754 | -4.3% |
| Provisions and deferred taxes | 16 | €92,700 | €83,430 | -€9,270 | -10.0% |
| Deferred taxes | 168 | €92,700 | €83,430 | -€9,270 | -10.0% |
| Amounts payable | 17/49 | €2,456,783 | €2,718,126 | +€261,342 | +10.6% |
| Amounts payable after more than one year | 17 | €968,247 | €1,243,247 | +€275,000 | +28.4% |
| Financial debts | 170/4 | €965,000 | €1,240,000 | +€275,000 | +28.5% |
| Other amounts payable | 178/9 | €3,247 | €3,247 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,488,536 | €1,474,879 | -€13,658 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | - | €20,110 | +€20,110 | |
| Trade debts | 44 | €4,799 | €1,056 | -€3,743 | -78.0% |
| Suppliers | 440/4 | €4,799 | €1,056 | -€3,743 | -78.0% |
| Taxes, remuneration and social security | 45 | €573 | - | -€573 | |
| Taxes | 450/3 | €573 | - | -€573 | |
| Other amounts payable | 47/48 | €1,483,165 | €1,453,713 | -€29,452 | -2.0% |
| Non-recurring operating income | 76A | €3,702 | €19,724 | +€16,022 | +433% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,153 | €53,081 | +€928 | +1.8% |
| Other operating charges | 640/8 | €7,618 | €37,521 | +€29,904 | +393% |
| Non-recurring operating charges | 66A | - | €15,245 | +€15,245 | |
| Gross operating margin | 9900 | €60,392 | €57,459 | -€2,933 | -4.9% |
| Operating profit (loss) | 9901 | €622 | -€48,388 | -€49,009 | |
| Financial income | 75/76B | €21,547 | €30,743 | +€9,196 | +42.7% |
| Recurring financial income | 75 | €21,547 | €30,743 | +€9,196 | +42.7% |
| Financial charges | 65/66B | €11,096 | €15,346 | +€4,250 | +38.3% |
| Recurring financial charges | 65 | €11,096 | €15,346 | +€4,250 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €11,073 | -€32,991 | -€44,064 | |
| Transfer from deferred taxes | 780 | - | €4,635 | +€4,635 | |
| Income taxes | 67/77 | €2,290 | -€2,964 | -€5,254 | |
| Profit (loss) for the period | 9904 | €8,783 | -€25,392 | -€34,175 | |
| Transfer from tax-exempt reserves | 789 | - | €9,001 | +€9,001 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,783 | -€16,391 | -€25,174 |
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 20 October 2026 via checked.be.