Dr. Biglari: 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.
Dr. Biglari
Largest movements
- Cash +€110,169
up €110,169 (+202%), from €54,566 to €164,735
mainly Net result for the year (+€193,698) and Depreciation (+€42,979)
- Tangible fixed assets -€42,978
down €42,978 (-25.8%), from €166,439 to €123,461
of which Land and buildings: -€40,404
- Receivables within one year +€36,128
up €36,128 (+149%), from €24,245 to €60,373
- Deferred charges and accrued income +€21,222
up €21,222 (+10.8%), from €197,254 to €218,476
- Current investments +€20,043
up €20,043 (+12.3%), from €163,182 to €183,225
- Reserves +€193,697
up €193,697 (+47.4%), from €408,932 to €602,629
- Debts after one year -€72,174
down €72,174 (-31.6%), from €228,551 to €156,377
- Tax, wage and social debts +€39,053
up €39,053 (+82.8%), from €47,174 to €86,227
- Short-term financial debts -€22,167
down €22,167 (-70.0%), from €31,667 to €9,500
- Gross operating margin +€50,691
up €50,691 (+17.7%), from €286,298 to €336,989
- Taxes +€16,930
up €16,930 (+23.3%), from €72,648 to €89,578
- Financial income +€6,396
up €6,396 (+349%), from €1,831 to €8,227
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 | €805,686 | €950,270 | +€144,584 | +17.9% |
| Fixed assets | 21/28 | €166,439 | €123,461 | -€42,978 | -25.8% |
| Tangible fixed assets | 22/27 | €166,439 | €123,461 | -€42,978 | -25.8% |
| Land and buildings | 22 | €157,586 | €117,182 | -€40,404 | -25.6% |
| Plant, machinery and equipment | 23 | €4,218 | €3,330 | -€888 | -21.1% |
| Furniture and vehicles | 24 | €4,635 | €2,949 | -€1,686 | -36.4% |
| Current assets | 29/58 | €639,247 | €826,809 | +€187,562 | +29.3% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,245 | €60,373 | +€36,128 | +149% |
| Other amounts receivable | 41 | €24,245 | €60,373 | +€36,128 | +149% |
| Current investments | 50/53 | €163,182 | €183,225 | +€20,043 | +12.3% |
| Cash at bank and in hand | 54/58 | €54,566 | €164,735 | +€110,169 | +202% |
| Deferred charges and accrued income | 490/1 | €197,254 | €218,476 | +€21,222 | +10.8% |
| Total equity and liabilities | 10/49 | €805,686 | €950,270 | +€144,584 | +17.9% |
| Equity | 10/15 | €428,032 | €621,730 | +€193,698 | +45.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €408,932 | €602,629 | +€193,697 | +47.4% |
| Distributable reserves | 133 | €408,932 | €602,629 | +€193,697 | +47.4% |
| Profit (loss) carried forward | 14 | €500 | €500 | +€0 | +0.1% |
| Amounts payable | 17/49 | €377,654 | €328,540 | -€49,114 | -13.0% |
| Amounts payable after more than one year | 17 | €228,551 | €156,377 | -€72,174 | -31.6% |
| Financial debts | 170/4 | €228,551 | €156,377 | -€72,174 | -31.6% |
| Amounts payable within one year | 42/48 | €148,700 | €172,163 | +€23,463 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €69,432 | €72,174 | +€2,742 | +3.9% |
| Financial debts | 43 | €31,667 | €9,500 | -€22,167 | -70.0% |
| Credit institutions | 430/8 | €31,667 | €9,500 | -€22,167 | -70.0% |
| Trade debts | 44 | €427 | €4,263 | +€3,836 | +898% |
| Suppliers | 440/4 | €427 | €4,263 | +€3,836 | +898% |
| Taxes, remuneration and social security | 45 | €47,174 | €86,227 | +€39,053 | +82.8% |
| Taxes | 450/3 | €47,174 | €86,227 | +€39,053 | +82.8% |
| Accrued charges and deferred income | 492/3 | €403 | - | -€403 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,651 | €42,979 | -€672 | -1.5% |
| Other operating charges | 640/8 | €3,914 | €3,765 | -€149 | -3.8% |
| Gross operating margin | 9900 | €286,298 | €336,989 | +€50,691 | +17.7% |
| Operating profit (loss) | 9901 | €238,733 | €290,245 | +€51,512 | +21.6% |
| Financial income | 75/76B | €1,831 | €8,227 | +€6,396 | +349% |
| Recurring financial income | 75 | €1,831 | €8,227 | +€6,396 | +349% |
| Financial charges | 65/66B | €17,465 | €15,196 | -€2,269 | -13.0% |
| Recurring financial charges | 65 | €17,465 | €15,196 | -€2,269 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €223,099 | €283,276 | +€60,177 | +27.0% |
| Income taxes | 67/77 | €72,648 | €89,578 | +€16,930 | +23.3% |
| Profit (loss) for the period | 9904 | €150,451 | €193,698 | +€43,247 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €150,451 | €193,698 | +€43,247 | +28.7% |
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 15 October 2026 via checked.be.