Thom 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.
Thom Hendrickx
Largest movements
- Deferred charges and accrued income -€83,401
no longer reported in 2025 (was €83,401)
- Receivables within one year +€27,288
up €27,288 (+266%), from €10,276 to €37,564
of which Trade receivables: +€27,323
- Tangible fixed assets -€20,619
down €20,619 (-17.3%), from €119,506 to €98,887
of which Land and buildings: -€15,626
- Cash +€3,466
up €3,466, from €0 to €3,466
mainly Deferred charges and accrued income (+€83,401) and Short-term financial debts (+€35,000)
- Profit (loss) carried forward -€56,108
no longer reported in 2025 (was €56,108)
- Trade debts -€40,722
down €40,722 (-99.1%), from €41,103 to €381
- Short-term financial debts +€35,000
new in 2025: €35,000
- Current portion of long-term debt -€10,989
no longer reported in 2025 (was €10,989)
- Reserves -€4,531
down €4,531 (-12.8%), from €35,264 to €30,734
of which Distributable reserves: -€4,531
- Taxes +€42,407
new in 2025: €42,407
- Gross operating margin +€28,918
up €28,918 (+55.0%), from €52,603 to €81,521
- Other operating charges +€9,513
up €9,513 (+138%), from €6,874 to €16,387
- Financial charges -€1,540
down €1,540 (-31.1%), from €4,960 to €3,420
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 | €215,464 | €142,199 | -€73,265 | -34.0% |
| Fixed assets | 21/28 | €121,788 | €101,169 | -€20,619 | -16.9% |
| Tangible fixed assets | 22/27 | €119,506 | €98,887 | -€20,619 | -17.3% |
| Land and buildings | 22 | €114,513 | €98,887 | -€15,626 | -13.6% |
| Plant, machinery and equipment | 23 | €4,993 | - | -€4,993 | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,282 | €2,282 | = | 0.0% |
| Current assets | 29/58 | €93,677 | €41,030 | -€52,647 | -56.2% |
| Amounts receivable within one year | 40/41 | €10,276 | €37,564 | +€27,288 | +266% |
| Trade receivables | 40 | €5,618 | €32,942 | +€27,323 | +486% |
| Other amounts receivable | 41 | €4,658 | €4,622 | -€36 | -0.8% |
| Cash at bank and in hand | 54/58 | €0 | €3,466 | +€3,466 | |
| Deferred charges and accrued income | 490/1 | €83,401 | - | -€83,401 | |
| Total equity and liabilities | 10/49 | €215,464 | €142,199 | -€73,265 | -34.0% |
| Equity | 10/15 | €153,372 | €92,734 | -€60,638 | -39.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €35,264 | €30,734 | -€4,531 | -12.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €29,064 | €24,534 | -€4,531 | -15.6% |
| Profit (loss) carried forward | 14 | €56,108 | - | -€56,108 | |
| Amounts payable | 17/49 | €62,092 | €49,465 | -€12,627 | -20.3% |
| Amounts payable within one year | 42/48 | €62,092 | €49,465 | -€12,627 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €10,989 | - | -€10,989 | |
| Financial debts | 43 | - | €35,000 | +€35,000 | |
| Credit institutions | 430/8 | - | €35,000 | +€35,000 | |
| Trade debts | 44 | €41,103 | €381 | -€40,722 | -99.1% |
| Suppliers | 440/4 | €41,103 | €381 | -€40,722 | -99.1% |
| Taxes, remuneration and social security | 45 | €10,000 | €14,084 | +€4,084 | +40.8% |
| Taxes | 450/3 | €10,000 | €14,084 | +€4,084 | +40.8% |
| Non-recurring operating income | 76A | - | €21,762 | +€21,762 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,120 | €14,880 | +€760 | +5.4% |
| Other operating charges | 640/8 | €6,874 | €16,387 | +€9,513 | +138% |
| Gross operating margin | 9900 | €52,603 | €81,521 | +€28,918 | +55.0% |
| Operating profit (loss) | 9901 | €31,609 | €50,254 | +€18,645 | +59.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €4,960 | €3,420 | -€1,540 | -31.1% |
| Recurring financial charges | 65 | €4,960 | €3,420 | -€1,540 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €26,649 | €46,835 | +€20,186 | +75.7% |
| Income taxes | 67/77 | - | €42,407 | +€42,407 | |
| Profit (loss) for the period | 9904 | €26,649 | €4,427 | -€22,221 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,649 | €4,427 | -€22,221 | -83.4% |
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 19 October 2026 via checked.be.