Dokter M. Hebbrecht: 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.
What changed
Dokter M. Hebbrecht
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€63,132
2024 · €60,565+€2,566
Equity
€1.3m
2024 · €1.2m+€63,132
Cash
€5,036
2024 · €6,595-€1,558
Balance sheet total
€1.3m
2024 · €1.2m+€84,992
Largest movements
Assets
- Tangible fixed assets +€47,614
up €47,614 (+306%), from €15,536 to €63,149
of which Furniture and vehicles: +€46,430
- Current investments +€43,865
up €43,865 (+3.7%), from €1.2m to €1.2m
Equity and liabilities
- Reserves +€63,132
up €63,132 (+5.2%), from €1.2m to €1.3m
- Debts after one year +€19,509
new in 2025: €19,509
Income statement
- Gross operating margin +€11,649
up €11,649 (+16.8%), from €69,189 to €80,838
- Financial charges +€9,824
up €9,824, from -€7,628 to €2,196
- Financial income +€7,784
up €7,784 (+48.3%), from €16,108 to €23,892
- Taxes +€3,516
up €3,516 (+12.4%), from €28,418 to €31,933
- Depreciation +€2,289
up €2,289 (+128%), from €1,792 to €4,081
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.
Result 2024
€60,565
Gross operating margin
+€11,649
Depreciation
-€2,289
Other operating charges
-€59
Other operating items
-€1,179
Financial income
+€7,784
Financial charges
-€9,824
Taxes
-€3,516
Result 2025
€63,132
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€69,773
Investment
-€95,559
Financing
+€24,228
Cash 2024
€6,595
From operations (derived)
+€69,773
Net result for the year
+€63,132
Depreciation
+€4,081
Stocks and contracts
+€474
Receivables within one year
+€289
Deferred charges and accrued income
+€4,166
Trade debts
-€2,002
Tax, wage and social debts
+€600
Accrued charges and deferred income
-€966
Investment (derived)
-€95,559
Investment in fixed assets (net)
-€51,695
Current investments
-€43,865
Financing
+€24,228
Debts after one year
+€19,509
Current portion of long-term debt
+€4,718
Cash 2025
€5,036
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,232,418 | €1,317,410 | +€84,992 | +6.9% |
| Fixed assets | 21/28 | €15,536 | €63,149 | +€47,614 | +306% |
| Tangible fixed assets | 22/27 | €15,536 | €63,149 | +€47,614 | +306% |
| Plant, machinery and equipment | 23 | €1,111 | €2,966 | +€1,856 | +167% |
| Furniture and vehicles | 24 | €12,078 | €58,508 | +€46,430 | +384% |
| Other tangible fixed assets | 26 | €2,346 | €1,675 | -€672 | -28.6% |
| Current assets | 29/58 | €1,216,883 | €1,254,261 | +€37,378 | +3.1% |
| Stocks and contracts in progress | 3 | €1,172 | €698 | -€474 | -40.5% |
| Stocks | 30/36 | €1,172 | €698 | -€474 | -40.5% |
| Amounts receivable within one year | 40/41 | €26,061 | €25,773 | -€289 | -1.1% |
| Trade receivables | 40 | €1,426 | €200 | -€1,226 | -86.0% |
| Other amounts receivable | 41 | €24,635 | €25,573 | +€938 | +3.8% |
| Current investments | 50/53 | €1,177,449 | €1,221,314 | +€43,865 | +3.7% |
| Cash at bank and in hand | 54/58 | €6,595 | €5,036 | -€1,558 | -23.6% |
| Deferred charges and accrued income | 490/1 | €5,605 | €1,440 | -€4,166 | -74.3% |
| Total equity and liabilities | 10/49 | €1,232,418 | €1,317,410 | +€84,992 | +6.9% |
| Equity | 10/15 | €1,228,335 | €1,291,467 | +€63,132 | +5.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,215,935 | €1,279,067 | +€63,132 | +5.2% |
| Distributable reserves | 133 | €1,215,935 | €1,279,067 | +€63,132 | +5.2% |
| Amounts payable | 17/49 | €4,084 | €25,943 | +€21,860 | +535% |
| Amounts payable after more than one year | 17 | - | €19,509 | +€19,509 | |
| Financial debts | 170/4 | - | €19,509 | +€19,509 | |
| Amounts payable within one year | 42/48 | €3,050 | €6,367 | +€3,317 | +109% |
| Current portion of amounts payable after more than one year | 42 | - | €4,718 | +€4,718 | |
| Trade debts | 44 | €2,450 | €449 | -€2,002 | -81.7% |
| Suppliers | 440/4 | €2,450 | €449 | -€2,002 | -81.7% |
| Taxes, remuneration and social security | 45 | €600 | €1,200 | +€600 | +100% |
| Taxes | 450/3 | €600 | €1,200 | +€600 | +100% |
| Accrued charges and deferred income | 492/3 | €1,033 | €67 | -€966 | -93.5% |
| Non-recurring operating income | 76A | - | €6,215 | +€6,215 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,792 | €4,081 | +€2,289 | +128% |
| Other operating charges | 640/8 | €2,150 | €2,209 | +€59 | +2.7% |
| Non-recurring operating charges | 66A | - | €1,179 | +€1,179 | |
| Gross operating margin | 9900 | €69,189 | €80,838 | +€11,649 | +16.8% |
| Operating profit (loss) | 9901 | €65,247 | €73,369 | +€8,122 | +12.4% |
| Financial income | 75/76B | €16,108 | €23,892 | +€7,784 | +48.3% |
| Recurring financial income | 75 | €16,108 | €23,892 | +€7,784 | +48.3% |
| Financial charges | 65/66B | -€7,628 | €2,196 | +€9,824 | |
| Recurring financial charges | 65 | -€7,628 | €2,196 | +€9,824 | |
| Profit (loss) for the period before taxes | 9903 | €88,983 | €95,065 | +€6,082 | +6.8% |
| Income taxes | 67/77 | €28,418 | €31,933 | +€3,516 | +12.4% |
| Profit (loss) for the period | 9904 | €60,565 | €63,132 | +€2,566 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,565 | €63,132 | +€2,566 | +4.2% |
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 24 October 2026 via checked.be.