Mathieu Henderikx: 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.
Mathieu Henderikx
Largest movements
- Cash -€24,322
down €24,322 (-66.2%), from €36,738 to €12,416
mainly Contributions, distributions and other (-€37,500) and Tax, wage and social debts (-€20,594)
- Receivables within one year +€2,474
new in 2025: €2,474
- Tangible fixed assets +€622
up €622 (+43.1%), from €1,443 to €2,065
- Tax, wage and social debts -€20,594
down €20,594 (-70.9%), from €29,046 to €8,452
- Other debts -€5,143
down €5,143 (-82.1%), from €6,265 to €1,122
- Reserves +€4,229
new in 2025: €4,229
- Gross operating margin -€50,721
down €50,721 (-48.1%), from €105,481 to €54,761
- Taxes -€10,335
down €10,335 (-47.8%), from €21,611 to €11,276
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 | €38,181 | €16,956 | -€21,225 | -55.6% |
| Fixed assets | 21/28 | €1,443 | €2,065 | +€622 | +43.1% |
| Tangible fixed assets | 22/27 | €1,443 | €2,065 | +€622 | +43.1% |
| Plant, machinery and equipment | 23 | €1,443 | €2,065 | +€622 | +43.1% |
| Current assets | 29/58 | €36,738 | €14,890 | -€21,848 | -59.5% |
| Amounts receivable within one year | 40/41 | - | €2,474 | +€2,474 | |
| Other amounts receivable | 41 | - | €2,474 | +€2,474 | |
| Cash at bank and in hand | 54/58 | €36,738 | €12,416 | -€24,322 | -66.2% |
| Total equity and liabilities | 10/49 | €38,181 | €16,956 | -€21,225 | -55.6% |
| Equity | 10/15 | €1,000 | €5,229 | +€4,229 | +423% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €4,229 | +€4,229 | |
| Distributable reserves | 133 | - | €4,229 | +€4,229 | |
| Amounts payable | 17/49 | €37,181 | €11,727 | -€25,455 | -68.5% |
| Amounts payable within one year | 42/48 | €37,181 | €11,727 | -€25,455 | -68.5% |
| Trade debts | 44 | €1,870 | €2,153 | +€283 | +15.1% |
| Suppliers | 440/4 | €1,870 | €2,153 | +€283 | +15.1% |
| Taxes, remuneration and social security | 45 | €29,046 | €8,452 | -€20,594 | -70.9% |
| Taxes | 450/3 | €29,046 | €8,452 | -€20,594 | -70.9% |
| Other amounts payable | 47/48 | €6,265 | €1,122 | -€5,143 | -82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,626 | €1,028 | -€598 | -36.8% |
| Other operating charges | 640/8 | €635 | €655 | +€20 | +3.1% |
| Gross operating margin | 9900 | €105,481 | €54,761 | -€50,721 | -48.1% |
| Operating profit (loss) | 9901 | €103,220 | €53,077 | -€50,143 | -48.6% |
| Financial charges | 65/66B | €58 | €72 | +€14 | +23.2% |
| Recurring financial charges | 65 | €58 | €72 | +€14 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €103,162 | €53,005 | -€50,156 | -48.6% |
| Income taxes | 67/77 | €21,611 | €11,276 | -€10,335 | -47.8% |
| Profit (loss) for the period | 9904 | €81,550 | €41,729 | -€39,821 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,550 | €41,729 | -€39,821 | -48.8% |
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 29 October 2026 via checked.be.