LUC 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.
LUC HENDRICKX
Largest movements
- Receivables within one year -€74,853
down €74,853 (-87.0%), from €86,051 to €11,199
of which Other amounts receivable: -€61,644
- Deferred charges and accrued income +€20,048
up €20,048 (+264%), from €7,589 to €27,637
- Cash +€19,130
up €19,130 (+173%), from €11,029 to €30,159
mainly Receivables within one year (+€74,853) and Current investments (+€15,327)
- Current investments -€15,327
down €15,327 (-100%), from €15,327 to €0
- Receivables after one year -€11,199
down €11,199 (-43.8%), from €25,592 to €14,393
of which Trade receivables: -€25,592
- Other debts -€58,519
down €58,519 (-77.0%), from €76,000 to €17,481
- Debts after one year -€31,546
down €31,546 (-19.8%), from €158,991 to €127,446
- Reserves +€11,700
up €11,700 (+10.0%), from €117,135 to €128,835
- Current portion of long-term debt +€10,043
up €10,043 (+81.1%), from €12,383 to €22,426
- Trade debts -€4,776
down €4,776 (-21.1%), from €22,606 to €17,830
- Gross operating margin +€18,506
up €18,506 (+96.9%), from €19,091 to €37,597
- Taxes +€3,980
up €3,980 (+132%), from €3,011 to €6,991
- Financial income -€3,306
down €3,306 (-80.9%), from €4,086 to €780
- Depreciation +€1,134
up €1,134 (+15.0%), from €7,573 to €8,706
- Financial charges +€999
up €999 (+13.7%), from €7,312 to €8,311
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 | €405,835 | €334,927 | -€70,907 | -17.5% |
| Fixed assets | 21/28 | €260,246 | €251,540 | -€8,706 | -3.3% |
| Tangible fixed assets | 22/27 | €260,246 | €251,540 | -€8,706 | -3.3% |
| Land and buildings | 22 | €253,277 | €246,694 | -€6,583 | -2.6% |
| Furniture and vehicles | 24 | €6,970 | €4,846 | -€2,123 | -30.5% |
| Current assets | 29/58 | €145,588 | €83,388 | -€62,201 | -42.7% |
| Amounts receivable after more than one year | 29 | €25,592 | €14,393 | -€11,199 | -43.8% |
| Trade receivables | 290 | €25,592 | €0 | -€25,592 | -100% |
| Other amounts receivable | 291 | - | €14,393 | +€14,393 | |
| Amounts receivable within one year | 40/41 | €86,051 | €11,199 | -€74,853 | -87.0% |
| Trade receivables | 40 | €13,209 | €0 | -€13,209 | -100% |
| Other amounts receivable | 41 | €72,843 | €11,199 | -€61,644 | -84.6% |
| Current investments | 50/53 | €15,327 | €0 | -€15,327 | -100% |
| Cash at bank and in hand | 54/58 | €11,029 | €30,159 | +€19,130 | +173% |
| Deferred charges and accrued income | 490/1 | €7,589 | €27,637 | +€20,048 | +264% |
| Total equity and liabilities | 10/49 | €405,835 | €334,927 | -€70,907 | -17.5% |
| Equity | 10/15 | €123,511 | €135,251 | +€11,741 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,135 | €128,835 | +€11,700 | +10.0% |
| Distributable reserves | 133 | €117,135 | €128,835 | +€11,700 | +10.0% |
| Profit (loss) carried forward | 14 | €176 | €216 | +€41 | +23.2% |
| Amounts payable | 17/49 | €282,324 | €199,676 | -€82,648 | -29.3% |
| Amounts payable after more than one year | 17 | €158,991 | €127,446 | -€31,546 | -19.8% |
| Financial debts | 170/4 | €158,991 | €127,446 | -€31,546 | -19.8% |
| Amounts payable within one year | 42/48 | €120,570 | €69,801 | -€50,770 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €12,383 | €22,426 | +€10,043 | +81.1% |
| Trade debts | 44 | €22,606 | €17,830 | -€4,776 | -21.1% |
| Suppliers | 440/4 | €22,606 | €17,830 | -€4,776 | -21.1% |
| Taxes, remuneration and social security | 45 | €9,581 | €12,064 | +€2,482 | +25.9% |
| Taxes | 450/3 | €9,581 | €12,064 | +€2,482 | +25.9% |
| Other amounts payable | 47/48 | €76,000 | €17,481 | -€58,519 | -77.0% |
| Accrued charges and deferred income | 492/3 | €2,762 | €2,430 | -€332 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,573 | €8,706 | +€1,134 | +15.0% |
| Other operating charges | 640/8 | €2,150 | €2,628 | +€479 | +22.3% |
| Gross operating margin | 9900 | €19,091 | €37,597 | +€18,506 | +96.9% |
| Operating profit (loss) | 9901 | €9,369 | €26,262 | +€16,893 | +180% |
| Financial income | 75/76B | €4,086 | €780 | -€3,306 | -80.9% |
| Recurring financial income | 75 | €4,086 | €780 | -€3,306 | -80.9% |
| Financial charges | 65/66B | €7,312 | €8,311 | +€999 | +13.7% |
| Recurring financial charges | 65 | €7,312 | €8,311 | +€999 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €6,143 | €18,732 | +€12,588 | +205% |
| Income taxes | 67/77 | €3,011 | €6,991 | +€3,980 | +132% |
| Profit (loss) for the period | 9904 | €3,133 | €11,741 | +€8,608 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €3,133 | €11,741 | +€8,608 | +275% |
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 27 October 2026 via checked.be.