INGE 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.
INGE HENDRICKX
Largest movements
- Cash +€56,015
up €56,015 (+15.8%), from €354,616 to €410,631
mainly Net result for the year (+€61,567) and Debts after one year (+€16,897)
- Tangible fixed assets -€8,014
down €8,014 (-30.7%), from €26,114 to €18,100
of which Plant, machinery and equipment: -€6,056
- Reserves +€39,557
up €39,557 (+16.0%), from €246,693 to €286,250
- Debts after one year +€16,897
up €16,897 (+21.0%), from €80,554 to €97,451
- Current portion of long-term debt -€6,336
no longer reported in 2025 (was €6,336)
- Gross operating margin +€33,772
up €33,772 (+44.8%), from €75,325 to €109,097
- Taxes +€8,534
up €8,534 (+52.3%), from €16,326 to €24,860
- Depreciation -€2,330
down €2,330 (-14.9%), from €15,622 to €13,292
- Financial charges +€1,365
up €1,365 (+18.3%), from €7,471 to €8,836
of which Non-recurring financial charges: +€938
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 | €397,782 | €441,788 | +€44,006 | +11.1% |
| Fixed assets | 21/28 | €27,701 | €19,686 | -€8,014 | -28.9% |
| Tangible fixed assets | 22/27 | €26,114 | €18,100 | -€8,014 | -30.7% |
| Plant, machinery and equipment | 23 | €19,764 | €13,708 | -€6,056 | -30.6% |
| Furniture and vehicles | 24 | €256 | €301 | +€45 | +17.4% |
| Other tangible fixed assets | 26 | €6,094 | €4,091 | -€2,003 | -32.9% |
| Financial fixed assets | 28 | €1,586 | €1,586 | = | 0.0% |
| Current assets | 29/58 | €370,081 | €422,102 | +€52,021 | +14.1% |
| Stocks and contracts in progress | 3 | €2,557 | €2,297 | -€260 | -10.2% |
| Stocks | 30/36 | €2,557 | €2,297 | -€260 | -10.2% |
| Amounts receivable within one year | 40/41 | €4,821 | €4,924 | +€103 | +2.1% |
| Trade receivables | 40 | €4,074 | €4,178 | +€103 | +2.5% |
| Other amounts receivable | 41 | €746 | €746 | = | 0.0% |
| Current investments | 50/53 | €2,773 | €2,323 | -€450 | -16.2% |
| Cash at bank and in hand | 54/58 | €354,616 | €410,631 | +€56,015 | +15.8% |
| Deferred charges and accrued income | 490/1 | €5,314 | €1,928 | -€3,387 | -63.7% |
| Total equity and liabilities | 10/49 | €397,782 | €441,788 | +€44,006 | +11.1% |
| Equity | 10/15 | €265,289 | €304,847 | +€39,557 | +14.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €246,693 | €286,250 | +€39,557 | +16.0% |
| Distributable reserves | 133 | €246,693 | €286,250 | +€39,557 | +16.0% |
| Profit (loss) carried forward | 14 | €5 | €5 | = | 0.0% |
| Amounts payable | 17/49 | €132,492 | €136,941 | +€4,449 | +3.4% |
| Amounts payable after more than one year | 17 | €80,554 | €97,451 | +€16,897 | +21.0% |
| Financial debts | 170/4 | €80,554 | €97,451 | +€16,897 | +21.0% |
| Amounts payable within one year | 42/48 | €51,938 | €39,490 | -€12,448 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €6,336 | - | -€6,336 | |
| Trade debts | 44 | €6,522 | €2,462 | -€4,061 | -62.3% |
| Suppliers | 440/4 | €6,522 | €2,462 | -€4,061 | -62.3% |
| Advances received on contracts in progress | 46 | €1,000 | €2,257 | +€1,257 | +126% |
| Taxes, remuneration and social security | 45 | €15,640 | €13,863 | -€1,777 | -11.4% |
| Taxes | 450/3 | €15,640 | €13,863 | -€1,777 | -11.4% |
| Other amounts payable | 47/48 | €22,440 | €20,909 | -€1,531 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,622 | €13,292 | -€2,330 | -14.9% |
| Other operating charges | 640/8 | €796 | €668 | -€127 | -16.0% |
| Gross operating margin | 9900 | €75,325 | €109,097 | +€33,772 | +44.8% |
| Operating profit (loss) | 9901 | €58,908 | €95,136 | +€36,229 | +61.5% |
| Financial income | 75/76B | €123 | €127 | +€3 | +2.7% |
| Recurring financial income | 75 | €118 | €126 | +€8 | +7.1% |
| Non-recurring financial income | 76B | €6 | €1 | -€5 | -90.6% |
| Financial charges | 65/66B | €7,471 | €8,836 | +€1,365 | +18.3% |
| Recurring financial charges | 65 | €5,345 | €5,772 | +€427 | +8.0% |
| Non-recurring financial charges | 66B | €2,126 | €3,064 | +€938 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €51,560 | €86,427 | +€34,866 | +67.6% |
| Income taxes | 67/77 | €16,326 | €24,860 | +€8,534 | +52.3% |
| Profit (loss) for the period | 9904 | €35,234 | €61,567 | +€26,333 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,234 | €61,567 | +€26,333 | +74.7% |
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 18 October 2026 via checked.be.