S. 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.
S. Hendrickx
Largest movements
- Cash -€29,683
down €29,683 (-74.8%), from €39,693 to €10,010
mainly Trade debts (-€39,396) and Receivables within one year (-€24,315)
- Receivables within one year +€24,315
up €24,315 (+654%), from €3,716 to €28,031
of which Other amounts receivable: +€20,648
- Tangible fixed assets -€8,577
down €8,577 (-17.4%), from €49,383 to €40,806
of which Furniture and vehicles: -€10,000
- Trade debts -€39,396
down €39,396 (-77.8%), from €50,629 to €11,234
- Reserves +€21,348
up €21,348 (+76.6%), from €27,871 to €49,219
- Tax, wage and social debts +€4,103
up €4,103 (+44.2%), from €9,290 to €13,393
- Depreciation +€9,497
up €9,497 (+1,538%), from €617 to €10,115
- Gross operating margin +€2,821
up €2,821 (+7.4%), from €37,914 to €40,735
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 | €92,791 | €78,846 | -€13,945 | -15.0% |
| Fixed assets | 21/28 | €49,383 | €40,806 | -€8,577 | -17.4% |
| Tangible fixed assets | 22/27 | €49,383 | €40,806 | -€8,577 | -17.4% |
| Furniture and vehicles | 24 | €49,383 | €39,383 | -€10,000 | -20.3% |
| Other tangible fixed assets | 26 | - | €1,423 | +€1,423 | |
| Current assets | 29/58 | €43,408 | €38,041 | -€5,368 | -12.4% |
| Amounts receivable within one year | 40/41 | €3,716 | €28,031 | +€24,315 | +654% |
| Trade receivables | 40 | €2,500 | €6,167 | +€3,667 | +147% |
| Other amounts receivable | 41 | €1,216 | €21,863 | +€20,648 | +1,698% |
| Cash at bank and in hand | 54/58 | €39,693 | €10,010 | -€29,683 | -74.8% |
| Total equity and liabilities | 10/49 | €92,791 | €78,846 | -€13,945 | -15.0% |
| Equity | 10/15 | €32,871 | €54,219 | +€21,348 | +64.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,871 | €49,219 | +€21,348 | +76.6% |
| Distributable reserves | 133 | €27,871 | €49,219 | +€21,348 | +76.6% |
| Amounts payable | 17/49 | €59,920 | €24,627 | -€35,293 | -58.9% |
| Amounts payable within one year | 42/48 | €59,920 | €24,627 | -€35,293 | -58.9% |
| Trade debts | 44 | €50,629 | €11,234 | -€39,396 | -77.8% |
| Suppliers | 440/4 | €50,629 | €11,234 | -€39,396 | -77.8% |
| Taxes, remuneration and social security | 45 | €9,290 | €13,393 | +€4,103 | +44.2% |
| Taxes | 450/3 | €9,290 | €13,393 | +€4,103 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €617 | €10,115 | +€9,497 | +1,538% |
| Gross operating margin | 9900 | €37,914 | €40,735 | +€2,821 | +7.4% |
| Operating profit (loss) | 9901 | €37,296 | €30,621 | -€6,676 | -17.9% |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €135 | €198 | +€63 | +46.7% |
| Recurring financial charges | 65 | €135 | €198 | +€63 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €37,161 | €30,451 | -€6,710 | -18.1% |
| Income taxes | 67/77 | €9,290 | €9,103 | -€187 | -2.0% |
| Profit (loss) for the period | 9904 | €27,871 | €21,348 | -€6,523 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,871 | €21,348 | -€6,523 | -23.4% |
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 18 October 2026 via checked.be.