Dr. David Thüer: 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. David Thüer
Largest movements
- Receivables within one year -€49,767
down €49,767 (-35.8%), from €139,038 to €89,271
of which Other amounts receivable: -€55,267
- Tangible fixed assets +€47,364
up €47,364 (+8.3%), from €571,505 to €618,869
of which Furniture and vehicles: +€72,607
- Cash +€20,214
up €20,214 (+58.2%), from €34,760 to €54,974
mainly Net result for the year (+€109,355) and Depreciation (+€65,184)
- Deferred charges and accrued income +€19,391
up €19,391 (+827%), from €2,345 to €21,735
- Short-term financial debts +€18,038
up €18,038 (+1,893%), from €953 to €18,991
- Current portion of long-term debt +€17,914
up €17,914 (+30.6%), from €58,539 to €76,453
- Profit (loss) carried forward -€17,488
down €17,488 (-15.3%), from €114,242 to €96,755
- Other debts +€10,895
up €10,895 (+113%), from €9,600 to €20,495
- Gross operating margin -€14,301
down €14,301 (-5.1%), from €281,346 to €267,045
- Depreciation +€12,755
up €12,755 (+24.3%), from €52,429 to €65,184
- Taxes -€11,338
down €11,338 (-22.7%), from €50,002 to €38,665
- Staff costs +€9,751
up €9,751 (+30.0%), from €32,547 to €42,299
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 | €753,593 | €789,325 | +€35,732 | +4.7% |
| Fixed assets | 21/28 | €577,450 | €623,344 | +€45,894 | +7.9% |
| Intangible fixed assets | 21 | €5,945 | €4,475 | -€1,470 | -24.7% |
| Tangible fixed assets | 22/27 | €571,505 | €618,869 | +€47,364 | +8.3% |
| Land and buildings | 22 | €504,795 | €480,126 | -€24,669 | -4.9% |
| Plant, machinery and equipment | 23 | €15,285 | €16,529 | +€1,243 | +8.1% |
| Furniture and vehicles | 24 | €20,146 | €92,753 | +€72,607 | +360% |
| Other tangible fixed assets | 26 | €31,278 | €29,461 | -€1,817 | -5.8% |
| Current assets | 29/58 | €176,143 | €165,980 | -€10,163 | -5.8% |
| Amounts receivable within one year | 40/41 | €139,038 | €89,271 | -€49,767 | -35.8% |
| Trade receivables | 40 | - | €5,500 | +€5,500 | |
| Other amounts receivable | 41 | €139,038 | €83,771 | -€55,267 | -39.7% |
| Cash at bank and in hand | 54/58 | €34,760 | €54,974 | +€20,214 | +58.2% |
| Deferred charges and accrued income | 490/1 | €2,345 | €21,735 | +€19,391 | +827% |
| Total equity and liabilities | 10/49 | €753,593 | €789,325 | +€35,732 | +4.7% |
| Equity | 10/15 | €134,702 | €117,215 | -€17,488 | -13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,242 | €96,755 | -€17,488 | -15.3% |
| Amounts payable | 17/49 | €618,891 | €672,110 | +€53,219 | +8.6% |
| Amounts payable after more than one year | 17 | €475,117 | €467,866 | -€7,251 | -1.5% |
| Financial debts | 170/4 | €475,117 | €467,866 | -€7,251 | -1.5% |
| Amounts payable within one year | 42/48 | €143,774 | €204,244 | +€60,470 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €58,539 | €76,453 | +€17,914 | +30.6% |
| Financial debts | 43 | €953 | €18,991 | +€18,038 | +1,893% |
| Credit institutions | 430/8 | €953 | €18,991 | +€18,038 | +1,893% |
| Trade debts | 44 | €3,719 | €11,155 | +€7,436 | +200% |
| Suppliers | 440/4 | €3,719 | €11,155 | +€7,436 | +200% |
| Taxes, remuneration and social security | 45 | €70,963 | €77,150 | +€6,187 | +8.7% |
| Taxes | 450/3 | €66,117 | €63,032 | -€3,085 | -4.7% |
| Remuneration and social security | 454/9 | €4,845 | €14,118 | +€9,273 | +191% |
| Other amounts payable | 47/48 | €9,600 | €20,495 | +€10,895 | +113% |
| Non-recurring operating income | 76A | - | €5,500 | +€5,500 | |
| Remuneration, social security and pensions | 62 | €32,547 | €42,299 | +€9,751 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,429 | €65,184 | +€12,755 | +24.3% |
| Other operating charges | 640/8 | €2,473 | €1,626 | -€846 | -34.2% |
| Gross operating margin | 9900 | €281,346 | €267,045 | -€14,301 | -5.1% |
| Operating profit (loss) | 9901 | €193,896 | €157,935 | -€35,961 | -18.5% |
| Financial income | 75/76B | €2,082 | €0 | -€2,082 | -100% |
| Recurring financial income | 75 | €2,082 | €0 | -€2,082 | -100% |
| Financial charges | 65/66B | €9,643 | €9,916 | +€273 | +2.8% |
| Recurring financial charges | 65 | €9,643 | €9,916 | +€273 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €186,335 | €148,020 | -€38,316 | -20.6% |
| Income taxes | 67/77 | €50,002 | €38,665 | -€11,338 | -22.7% |
| Profit (loss) for the period | 9904 | €136,333 | €109,355 | -€26,978 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €136,333 | €109,355 | -€26,978 | -19.8% |
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 19 October 2026 via checked.be.