DR. GIETLER: 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. GIETLER
Largest movements
- Receivables within one year -€117,484
down €117,484 (-64.2%), from €182,904 to €65,419
of which Other amounts receivable: -€105,712
- Cash -€40,257
down €40,257 (-54.4%), from €74,011 to €33,754
mainly Contributions, distributions and other (-€235,294) and Investment in fixed assets (net) (-€29,139)
- Reserves -€115,071
down €115,071 (-42.7%), from €269,386 to €154,315
- Tax, wage and social debts -€18,235
down €18,235 (-49.8%), from €36,628 to €18,393
- Debts after one year -€11,917
down €11,917 (-15.1%), from €78,987 to €67,070
- Trade debts -€10,391
down €10,391 (-66.1%), from €15,732 to €5,341
- Gross operating margin +€9,050
up €9,050 (+5.0%), from €180,012 to €189,063
- Depreciation +€7,008
up €7,008 (+37.0%), from €18,960 to €25,968
- Financial income -€2,361
down €2,361 (-36.9%), from €6,402 to €4,041
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 | €416,417 | €261,807 | -€154,610 | -37.1% |
| Formation expenses | 20 | €293 | €43 | -€250 | -85.2% |
| Fixed assets | 21/28 | €146,605 | €150,026 | +€3,421 | +2.3% |
| Tangible fixed assets | 22/27 | €146,105 | €149,526 | +€3,421 | +2.3% |
| Land and buildings | 22 | €137,120 | €137,349 | +€229 | +0.2% |
| Furniture and vehicles | 24 | €8,985 | €12,177 | +€3,192 | +35.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €269,520 | €111,738 | -€157,782 | -58.5% |
| Amounts receivable within one year | 40/41 | €182,904 | €65,419 | -€117,484 | -64.2% |
| Trade receivables | 40 | €14,272 | €2,500 | -€11,772 | -82.5% |
| Other amounts receivable | 41 | €168,631 | €62,919 | -€105,712 | -62.7% |
| Cash at bank and in hand | 54/58 | €74,011 | €33,754 | -€40,257 | -54.4% |
| Deferred charges and accrued income | 490/1 | €12,605 | €12,565 | -€40 | -0.3% |
| Total equity and liabilities | 10/49 | €416,417 | €261,807 | -€154,610 | -37.1% |
| Equity | 10/15 | €272,386 | €157,315 | -€115,071 | -42.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €269,386 | €154,315 | -€115,071 | -42.7% |
| Distributable reserves | 133 | €269,386 | €154,315 | -€115,071 | -42.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €144,031 | €104,492 | -€39,540 | -27.5% |
| Amounts payable after more than one year | 17 | €78,987 | €67,070 | -€11,917 | -15.1% |
| Financial debts | 170/4 | €78,987 | €67,070 | -€11,917 | -15.1% |
| Amounts payable within one year | 42/48 | €65,044 | €37,421 | -€27,623 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €12,685 | €12,901 | +€216 | +1.7% |
| Trade debts | 44 | €15,732 | €5,341 | -€10,391 | -66.1% |
| Suppliers | 440/4 | €15,732 | €5,341 | -€10,391 | -66.1% |
| Taxes, remuneration and social security | 45 | €36,628 | €18,393 | -€18,235 | -49.8% |
| Taxes | 450/3 | €36,628 | €18,393 | -€18,235 | -49.8% |
| Other amounts payable | 47/48 | - | €787 | +€787 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,960 | €25,968 | +€7,008 | +37.0% |
| Other operating charges | 640/8 | €7,157 | €7,317 | +€160 | +2.2% |
| Non-recurring operating charges | 66A | €0 | €2,045 | +€2,045 | |
| Gross operating margin | 9900 | €180,012 | €189,063 | +€9,050 | +5.0% |
| Operating profit (loss) | 9901 | €153,895 | €153,733 | -€162 | -0.1% |
| Financial income | 75/76B | €6,402 | €4,041 | -€2,361 | -36.9% |
| Recurring financial income | 75 | €6,402 | €4,041 | -€2,361 | -36.9% |
| Financial charges | 65/66B | €2,059 | €1,628 | -€431 | -20.9% |
| Recurring financial charges | 65 | €2,059 | €1,628 | -€431 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €158,238 | €156,146 | -€2,092 | -1.3% |
| Income taxes | 67/77 | €36,628 | €35,923 | -€705 | -1.9% |
| Profit (loss) for the period | 9904 | €121,611 | €120,223 | -€1,388 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €121,611 | €120,223 | -€1,388 | -1.1% |
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 29 October 2026 via checked.be.