DR. HEIKE LOERCHER: 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. HEIKE LOERCHER
Largest movements
- Current investments -€27,177
down €27,177 (-42.9%), from €63,368 to €36,191
- Receivables within one year +€10,565
up €10,565 (+3.7%), from €285,874 to €296,439
of which Other amounts receivable: +€9,712
- Tangible fixed assets -€5,306
down €5,306 (-53.3%), from €9,961 to €4,655
of which Furniture and vehicles: -€4,583
- Other debts -€16,935
down €16,935 (-100%), from €16,935 to €0
- Profit (loss) carried forward -€6,221
new in 2025: -€6,221
- Gross operating margin -€63,591
down €63,591, from €50,598 to -€12,994
- Taxes -€9,679
down €9,679 (-97.0%), from €9,973 to €295
- Write-downs -€4,016
down €4,016, from €2,008 to -€2,008
- Other operating charges +€3,150
up €3,150 (+434%), from €726 to €3,876
- Financial income -€701
down €701 (-4.6%), from €15,250 to €14,549
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 | €360,337 | €338,249 | -€22,088 | -6.1% |
| Fixed assets | 21/28 | €9,961 | €4,655 | -€5,306 | -53.3% |
| Tangible fixed assets | 22/27 | €9,961 | €4,655 | -€5,306 | -53.3% |
| Plant, machinery and equipment | 23 | €2,051 | €1,328 | -€723 | -35.3% |
| Furniture and vehicles | 24 | €7,910 | €3,327 | -€4,583 | -57.9% |
| Current assets | 29/58 | €350,376 | €333,594 | -€16,782 | -4.8% |
| Amounts receivable within one year | 40/41 | €285,874 | €296,439 | +€10,565 | +3.7% |
| Trade receivables | 40 | - | €853 | +€853 | |
| Other amounts receivable | 41 | €285,874 | €295,586 | +€9,712 | +3.4% |
| Current investments | 50/53 | €63,368 | €36,191 | -€27,177 | -42.9% |
| Cash at bank and in hand | 54/58 | €681 | €1 | -€681 | -99.9% |
| Deferred charges and accrued income | 490/1 | €453 | €963 | +€510 | +113% |
| Total equity and liabilities | 10/49 | €360,337 | €338,249 | -€22,088 | -6.1% |
| Equity | 10/15 | €339,995 | €333,774 | -€6,221 | -1.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €327,595 | €327,595 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €325,735 | €325,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,221 | -€6,221 | |
| Amounts payable | 17/49 | €20,342 | €4,475 | -€15,867 | -78.0% |
| Amounts payable within one year | 42/48 | €20,342 | €4,475 | -€15,867 | -78.0% |
| Trade debts | 44 | €2,191 | €4,181 | +€1,990 | +90.8% |
| Suppliers | 440/4 | €2,191 | €4,181 | +€1,990 | +90.8% |
| Taxes, remuneration and social security | 45 | €1,217 | €295 | -€922 | -75.8% |
| Taxes | 450/3 | €1,217 | €295 | -€922 | -75.8% |
| Other amounts payable | 47/48 | €16,935 | €0 | -€16,935 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,701 | €5,306 | +€605 | +12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,008 | -€2,008 | -€4,016 | |
| Other operating charges | 640/8 | €726 | €3,876 | +€3,150 | +434% |
| Gross operating margin | 9900 | €50,598 | -€12,994 | -€63,591 | |
| Operating profit (loss) | 9901 | €43,163 | -€20,168 | -€63,330 | |
| Financial income | 75/76B | €15,250 | €14,549 | -€701 | -4.6% |
| Recurring financial income | 75 | €15,250 | €14,549 | -€701 | -4.6% |
| Financial charges | 65/66B | €929 | €307 | -€621 | -66.9% |
| Recurring financial charges | 65 | €929 | €307 | -€621 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €57,484 | -€5,926 | -€63,410 | |
| Income taxes | 67/77 | €9,973 | €295 | -€9,679 | -97.0% |
| Profit (loss) for the period | 9904 | €47,511 | -€6,221 | -€53,732 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,511 | -€6,221 | -€53,732 |
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 31 October 2026 via checked.be.