Jeroen Hendrix: 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.
Jeroen Hendrix
Largest movements
- Cash +€221,963
up €221,963 (+149%), from €149,303 to €371,266
mainly Other debts (+€330,971) and Net result for the year (+€323,240)
- Current investments +€100,000
new in 2025: €100,000
- Other debts +€330,971
up €330,971 (+930%), from €35,606 to €366,577
- Reserves -€98,139
no longer reported in 2025 (was €98,139)
of which Distributable reserves: -€96,279
- Tax, wage and social debts +€83,735
up €83,735 (+1,372%), from €6,102 to €89,837
- Gross operating margin +€398,420
up €398,420 (+1,097%), from €36,320 to €434,740
- Taxes +€105,013
up €105,013 (+1,443%), from €7,276 to €112,289
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 | €163,090 | €482,155 | +€319,065 | +196% |
| Fixed assets | 21/28 | €1,649 | €1,133 | -€517 | -31.3% |
| Tangible fixed assets | 22/27 | €1,649 | €1,133 | -€517 | -31.3% |
| Plant, machinery and equipment | 23 | €1,556 | €1,125 | -€432 | -27.7% |
| Furniture and vehicles | 24 | €93 | €8 | -€85 | -91.2% |
| Current assets | 29/58 | €161,441 | €481,023 | +€319,582 | +198% |
| Amounts receivable within one year | 40/41 | €7,870 | €4,078 | -€3,792 | -48.2% |
| Trade receivables | 40 | €3,146 | €4,078 | +€932 | +29.6% |
| Other amounts receivable | 41 | €4,724 | - | -€4,724 | |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €149,303 | €371,266 | +€221,963 | +149% |
| Deferred charges and accrued income | 490/1 | €4,268 | €5,678 | +€1,410 | +33.0% |
| Total equity and liabilities | 10/49 | €163,090 | €482,155 | +€319,065 | +196% |
| Equity | 10/15 | €116,739 | €20,460 | -€96,279 | -82.5% |
| Contributions | 10/11 | €18,600 | €20,460 | +€1,860 | +10.0% |
| Reserves | 13 | €98,139 | - | -€98,139 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €96,279 | - | -€96,279 | |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €46,351 | €461,695 | +€415,344 | +896% |
| Amounts payable within one year | 42/48 | €46,351 | €461,695 | +€415,344 | +896% |
| Financial debts | 43 | €249 | - | -€249 | |
| Credit institutions | 430/8 | €249 | - | -€249 | |
| Trade debts | 44 | €4,394 | €5,281 | +€887 | +20.2% |
| Suppliers | 440/4 | €4,394 | €5,281 | +€887 | +20.2% |
| Taxes, remuneration and social security | 45 | €6,102 | €89,837 | +€83,735 | +1,372% |
| Taxes | 450/3 | €6,102 | €89,837 | +€83,735 | +1,372% |
| Other amounts payable | 47/48 | €35,606 | €366,577 | +€330,971 | +930% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517 | €517 | = | 0.0% |
| Other operating charges | 640/8 | €430 | €433 | +€3 | +0.7% |
| Gross operating margin | 9900 | €36,320 | €434,740 | +€398,420 | +1,097% |
| Operating profit (loss) | 9901 | €35,373 | €433,790 | +€398,417 | +1,126% |
| Financial income | 75/76B | €135 | €2,429 | +€2,294 | +1,705% |
| Recurring financial income | 75 | €135 | €2,429 | +€2,294 | +1,705% |
| Financial charges | 65/66B | €3,194 | €689 | -€2,505 | -78.4% |
| Recurring financial charges | 65 | €3,194 | €689 | -€2,505 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | €32,313 | €435,529 | +€403,216 | +1,248% |
| Income taxes | 67/77 | €7,276 | €112,289 | +€105,013 | +1,443% |
| Profit (loss) for the period | 9904 | €25,037 | €323,240 | +€298,203 | +1,191% |
| Profit (loss) for the period to be appropriated | 9905 | €25,037 | €323,240 | +€298,203 | +1,191% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.