KOEN 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.
KOEN HENDRIX
Largest movements
- Current investments -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Receivables within one year +€85,079
up €85,079 (+41.5%), from €205,221 to €290,301
of which Other amounts receivable: +€73,879
- Cash +€37,618
up €37,618 (+26.0%), from €144,598 to €182,215
mainly Current investments (+€300,000) and Net result for the year (+€100,775)
- Tangible fixed assets -€26,817
down €26,817 (-21.9%), from €122,614 to €95,797
of which Leasing and similar rights: -€19,525
- Reserves -€179,353
down €179,353 (-28.8%), from €622,680 to €443,327
- Debts after one year -€19,395
down €19,395 (-28.6%), from €67,768 to €48,373
- Financial income -€9,359
down €9,359 (-50.2%), from €18,659 to €9,300
- Gross operating margin +€8,404
up €8,404 (+5.1%), from €165,858 to €174,262
- Other operating charges +€4,654
up €4,654 (+253.8%), from €1,833 to €6,487
- Depreciation +€2,670
up €2,670 (+11.1%), from €24,147 to €26,817
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.
Cash bridge derived
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 | €773,809 | €568,735 | -€205,075 | -26.5% |
| Fixed assets | 21/28 | €122,614 | €95,797 | -€26,817 | -21.9% |
| Tangible fixed assets | 22/27 | €122,614 | €95,797 | -€26,817 | -21.9% |
| Plant, machinery and equipment | 23 | €7,382 | €5,920 | -€1,462 | -19.8% |
| Furniture and vehicles | 24 | €5,071 | €3,134 | -€1,936 | -38.2% |
| Leasing and similar rights | 25 | €85,633 | €66,109 | -€19,525 | -22.8% |
| Other tangible fixed assets | 26 | €24,529 | €20,634 | -€3,895 | -15.9% |
| Current assets | 29/58 | €651,195 | €472,938 | -€178,257 | -27.4% |
| Amounts receivable within one year | 40/41 | €205,221 | €290,301 | +€85,079 | +41.5% |
| Trade receivables | 40 | €100,473 | €111,673 | +€11,200 | +11.1% |
| Other amounts receivable | 41 | €104,748 | €178,628 | +€73,879 | +70.5% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €144,598 | €182,215 | +€37,618 | +26.0% |
| Deferred charges and accrued income | 490/1 | €1,376 | €422 | -€954 | -69.3% |
| Total equity and liabilities | 10/49 | €773,809 | €568,735 | -€205,075 | -26.5% |
| Equity | 10/15 | €635,080 | €455,727 | -€179,353 | -28.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €622,680 | €443,327 | -€179,353 | -28.8% |
| Distributable reserves | 133 | €622,680 | €443,327 | -€179,353 | -28.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €138,729 | €113,008 | -€25,721 | -18.5% |
| Amounts payable after more than one year | 17 | €67,768 | €48,373 | -€19,395 | -28.6% |
| Financial debts | 170/4 | €67,768 | €48,373 | -€19,395 | -28.6% |
| Amounts payable within one year | 42/48 | €70,961 | €64,634 | -€6,327 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €18,759 | €19,395 | +€635 | +3.4% |
| Financial debts | 43 | €13,524 | €13,460 | -€63 | -0.5% |
| Credit institutions | 430/8 | €13,524 | €13,460 | -€63 | -0.5% |
| Trade debts | 44 | €10,663 | €8,568 | -€2,095 | -19.6% |
| Suppliers | 440/4 | €10,663 | €8,568 | -€2,095 | -19.6% |
| Taxes, remuneration and social security | 45 | €24,525 | €21,029 | -€3,496 | -14.3% |
| Taxes | 450/3 | €24,525 | €21,029 | -€3,496 | -14.3% |
| Other amounts payable | 47/48 | €3,490 | €2,182 | -€1,308 | -37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,147 | €26,817 | +€2,670 | +11.1% |
| Other operating charges | 640/8 | €1,833 | €6,487 | +€4,654 | +253.8% |
| Gross operating margin | 9900 | €165,858 | €174,262 | +€8,404 | +5.1% |
| Operating profit (loss) | 9901 | €139,877 | €140,957 | +€1,080 | +0.8% |
| Financial income | 75/76B | €18,659 | €9,300 | -€9,359 | -50.2% |
| Recurring financial income | 75 | €18,659 | €9,300 | -€9,359 | -50.2% |
| Financial charges | 65/66B | €3,733 | €4,162 | +€429 | +11.5% |
| Recurring financial charges | 65 | €3,733 | €4,162 | +€429 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €154,803 | €146,095 | -€8,707 | -5.6% |
| Income taxes | 67/77 | €44,604 | €45,321 | +€716 | +1.6% |
| Profit (loss) for the period | 9904 | €110,198 | €100,775 | -€9,424 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €110,198 | €100,775 | -€9,424 | -8.6% |
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 10 October 2026 via checked.be.