M & S HENDRICK: 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.
M & S HENDRICK
Largest movements
- Tangible fixed assets +€21,294
up €21,294 (+11.9%), from €178,504 to €199,798
of which Furniture and vehicles: +€41,707
- Debts after one year +€18,219
up €18,219 (+21.8%), from €83,437 to €101,657
- Reserves +€16,477
up €16,477 (+16.1%), from €102,644 to €119,121
- Other debts -€16,294
no longer reported in 2025 (was €16,294)
- Trade debts +€15,181
up €15,181 (+34.5%), from €43,976 to €59,157
- Tax, wage and social debts -€13,079
down €13,079 (-87.4%), from €14,966 to €1,887
of which Taxes: -€13,070
- Gross operating margin +€13,071
up €13,071 (+18.3%), from €71,623 to €84,694
- Taxes +€5,530
up €5,530 (+341%), from €1,620 to €7,150
- Depreciation -€2,994
down €2,994 (-5.2%), from €58,080 to €55,086
- Staff costs -€2,623
down €2,623 (-85.3%), from €3,076 to €453
- Financial charges -€895
down €895 (-21.7%), from €4,115 to €3,221
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 | €316,670 | €332,643 | +€15,973 | +5.0% |
| Formation expenses | 20 | €17 | - | -€17 | |
| Fixed assets | 21/28 | €178,504 | €199,798 | +€21,294 | +11.9% |
| Tangible fixed assets | 22/27 | €178,504 | €199,798 | +€21,294 | +11.9% |
| Land and buildings | 22 | €1,533 | €1,263 | -€270 | -17.6% |
| Plant, machinery and equipment | 23 | €118,283 | €98,140 | -€20,143 | -17.0% |
| Furniture and vehicles | 24 | €58,688 | €100,395 | +€41,707 | +71.1% |
| Current assets | 29/58 | €138,149 | €132,845 | -€5,304 | -3.8% |
| Stocks and contracts in progress | 3 | €21,796 | €19,914 | -€1,882 | -8.6% |
| Stocks | 30/36 | €21,796 | €19,914 | -€1,882 | -8.6% |
| Amounts receivable within one year | 40/41 | €102,430 | €101,634 | -€796 | -0.8% |
| Trade receivables | 40 | €73,610 | €57,560 | -€16,050 | -21.8% |
| Other amounts receivable | 41 | €28,820 | €44,075 | +€15,254 | +52.9% |
| Cash at bank and in hand | 54/58 | €12,632 | €10,368 | -€2,265 | -17.9% |
| Deferred charges and accrued income | 490/1 | €1,291 | €929 | -€362 | -28.1% |
| Total equity and liabilities | 10/49 | €316,670 | €332,643 | +€15,973 | +5.0% |
| Equity | 10/15 | €112,644 | €129,121 | +€16,477 | +14.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €102,644 | €119,121 | +€16,477 | +16.1% |
| Distributable reserves | 133 | €102,644 | €119,121 | +€16,477 | +16.1% |
| Amounts payable | 17/49 | €204,026 | €203,522 | -€504 | -0.2% |
| Amounts payable after more than one year | 17 | €83,437 | €101,657 | +€18,219 | +21.8% |
| Financial debts | 170/4 | €83,437 | €101,657 | +€18,219 | +21.8% |
| Amounts payable within one year | 42/48 | €120,589 | €101,865 | -€18,724 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €44,419 | €40,759 | -€3,660 | -8.2% |
| Trade debts | 44 | €43,976 | €59,157 | +€15,181 | +34.5% |
| Suppliers | 440/4 | €43,976 | €59,157 | +€15,181 | +34.5% |
| Advances received on contracts in progress | 46 | €935 | €62 | -€873 | -93.3% |
| Taxes, remuneration and social security | 45 | €14,966 | €1,887 | -€13,079 | -87.4% |
| Taxes | 450/3 | €14,957 | €1,887 | -€13,070 | -87.4% |
| Remuneration and social security | 454/9 | €9 | - | -€9 | |
| Other amounts payable | 47/48 | €16,294 | - | -€16,294 | |
| Remuneration, social security and pensions | 62 | €3,076 | €453 | -€2,623 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,080 | €55,086 | -€2,994 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €586 | €41 | -€545 | -93.1% |
| Other operating charges | 640/8 | €2,295 | €2,353 | +€57 | +2.5% |
| Gross operating margin | 9900 | €71,623 | €84,694 | +€13,071 | +18.3% |
| Operating profit (loss) | 9901 | €7,586 | €26,762 | +€19,177 | +253% |
| Financial income | 75/76B | €27 | €85 | +€58 | +214% |
| Recurring financial income | 75 | €27 | €85 | +€58 | +214% |
| Financial charges | 65/66B | €4,115 | €3,221 | -€895 | -21.7% |
| Recurring financial charges | 65 | €4,115 | €3,221 | -€895 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €3,497 | €23,627 | +€20,130 | +576% |
| Income taxes | 67/77 | €1,620 | €7,150 | +€5,530 | +341% |
| Profit (loss) for the period | 9904 | €1,877 | €16,477 | +€14,600 | +778% |
| Profit (loss) for the period to be appropriated | 9905 | €1,877 | €16,477 | +€14,600 | +778% |
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 21 October 2026 via checked.be.