Joris 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.
Joris Hendrickx
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Cash -€33,026
down €33,026 (-75.5%), from €43,742 to €10,716
mainly Current investments (-€75,000) and Investment in fixed assets (net) (-€46,443)
- Tangible fixed assets +€32,961
up €32,961 (+188%), from €17,546 to €50,507
of which Furniture and vehicles: +€32,036
- Receivables within one year +€9,580
up €9,580 (+88.7%), from €10,803 to €20,382
of which Other amounts receivable: +€7,806
- Reserves +€56,596
up €56,596 (+227%), from €24,879 to €81,475
- Debts after one year +€17,902
up €17,902 (+725%), from €2,471 to €20,373
- Tax, wage and social debts +€11,277
up €11,277 (+101%), from €11,180 to €22,457
- Current portion of long-term debt -€2,436
down €2,436 (-25.5%), from €9,533 to €7,098
- Gross operating margin +€44,362
up €44,362 (+102%), from €43,560 to €87,922
- Taxes +€8,149
up €8,149 (+116%), from €7,029 to €15,179
- Depreciation +€4,495
up €4,495 (+50.0%), from €8,988 to €13,483
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 | €72,173 | €157,658 | +€85,486 | +118% |
| Fixed assets | 21/28 | €17,546 | €50,507 | +€32,961 | +188% |
| Tangible fixed assets | 22/27 | €17,546 | €50,507 | +€32,961 | +188% |
| Plant, machinery and equipment | 23 | - | €914 | +€914 | |
| Furniture and vehicles | 24 | €15,430 | €47,465 | +€32,036 | +208% |
| Other tangible fixed assets | 26 | €2,117 | €2,127 | +€11 | +0.5% |
| Current assets | 29/58 | €54,627 | €107,151 | +€52,525 | +96.2% |
| Amounts receivable within one year | 40/41 | €10,803 | €20,382 | +€9,580 | +88.7% |
| Trade receivables | 40 | €10,803 | €12,576 | +€1,774 | +16.4% |
| Other amounts receivable | 41 | - | €7,806 | +€7,806 | |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €43,742 | €10,716 | -€33,026 | -75.5% |
| Deferred charges and accrued income | 490/1 | €82 | €1,053 | +€972 | +1,187% |
| Total equity and liabilities | 10/49 | €72,173 | €157,658 | +€85,486 | +118% |
| Equity | 10/15 | €34,879 | €91,475 | +€56,596 | +162% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €24,879 | €81,475 | +€56,596 | +227% |
| Distributable reserves | 133 | €24,879 | €81,475 | +€56,596 | +227% |
| Amounts payable | 17/49 | €37,294 | €66,184 | +€28,889 | +77.5% |
| Amounts payable after more than one year | 17 | €2,471 | €20,373 | +€17,902 | +725% |
| Financial debts | 170/4 | €2,471 | €20,373 | +€17,902 | +725% |
| Amounts payable within one year | 42/48 | €34,823 | €45,810 | +€10,987 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €9,533 | €7,098 | -€2,436 | -25.5% |
| Trade debts | 44 | €1,697 | €2,672 | +€975 | +57.5% |
| Suppliers | 440/4 | €1,697 | €2,672 | +€975 | +57.5% |
| Taxes, remuneration and social security | 45 | €11,180 | €22,457 | +€11,277 | +101% |
| Taxes | 450/3 | €11,180 | €22,457 | +€11,277 | +101% |
| Other amounts payable | 47/48 | €12,413 | €13,584 | +€1,170 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,988 | €13,483 | +€4,495 | +50.0% |
| Other operating charges | 640/8 | €533 | €400 | -€133 | -24.9% |
| Gross operating margin | 9900 | €43,560 | €87,922 | +€44,362 | +102% |
| Operating profit (loss) | 9901 | €34,039 | €74,039 | +€40,000 | +118% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,272 | €1,431 | +€159 | +12.5% |
| Recurring financial charges | 65 | €1,272 | €1,431 | +€159 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €32,767 | €72,608 | +€39,841 | +122% |
| Income taxes | 67/77 | €7,029 | €15,179 | +€8,149 | +116% |
| Profit (loss) for the period | 9904 | €25,738 | €57,429 | +€31,692 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €25,738 | €57,429 | +€31,692 | +123% |
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 24 October 2026 via checked.be.