Dr. Herbert Gutermann: 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. Herbert Gutermann
Largest movements
- Current investments +€274,222
up €274,222 (+196%), from €139,695 to €413,917
- Cash +€183,354
up €183,354 (+630%), from €29,101 to €212,455
mainly Net result for the year (+€407,508) and Tax, wage and social debts (+€82,716)
- Deferred charges and accrued income -€66,710
down €66,710 (-27.7%), from €241,233 to €174,523
- Receivables within one year +€16,224
up €16,224 (+27.3%), from €59,441 to €75,665
- Reserves +€341,307
up €341,307 (+58.7%), from €581,212 to €922,519
- Tax, wage and social debts +€82,716
up €82,716 (+110%), from €75,123 to €157,839
of which Taxes: +€79,216
- Debts after one year -€34,720
down €34,720 (-16.4%), from €212,298 to €177,578
- Gross operating margin +€254,575
up €254,575 (+69.7%), from €365,301 to €619,876
- Taxes +€81,249
up €81,249 (+75.4%), from €107,769 to €189,018
- Financial income +€9,738
up €9,738 (+624%), from €1,561 to €11,299
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 | €967,303 | €1,367,412 | +€400,109 | +41.4% |
| Fixed assets | 21/28 | €497,833 | €490,852 | -€6,981 | -1.4% |
| Tangible fixed assets | 22/27 | €497,833 | €490,852 | -€6,981 | -1.4% |
| Land and buildings | 22 | €435,061 | €422,439 | -€12,621 | -2.9% |
| Plant, machinery and equipment | 23 | €8,197 | €10,335 | +€2,138 | +26.1% |
| Furniture and vehicles | 24 | - | €7,348 | +€7,348 | |
| Other tangible fixed assets | 26 | €54,575 | €32,080 | -€22,495 | -41.2% |
| Assets under construction and advance payments | 27 | - | €18,650 | +€18,650 | |
| Current assets | 29/58 | €469,470 | €876,560 | +€407,090 | +86.7% |
| Amounts receivable within one year | 40/41 | €59,441 | €75,665 | +€16,224 | +27.3% |
| Other amounts receivable | 41 | €59,441 | €75,665 | +€16,224 | +27.3% |
| Current investments | 50/53 | €139,695 | €413,917 | +€274,222 | +196% |
| Cash at bank and in hand | 54/58 | €29,101 | €212,455 | +€183,354 | +630% |
| Deferred charges and accrued income | 490/1 | €241,233 | €174,523 | -€66,710 | -27.7% |
| Total equity and liabilities | 10/49 | €967,303 | €1,367,412 | +€400,109 | +41.4% |
| Equity | 10/15 | €593,612 | €934,919 | +€341,307 | +57.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €581,212 | €922,519 | +€341,307 | +58.7% |
| Distributable reserves | 133 | €581,212 | €922,519 | +€341,307 | +58.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €373,691 | €432,493 | +€58,803 | +15.7% |
| Amounts payable after more than one year | 17 | €212,298 | €177,578 | -€34,720 | -16.4% |
| Financial debts | 170/4 | €212,298 | €177,578 | -€34,720 | -16.4% |
| Amounts payable within one year | 42/48 | €149,660 | €240,250 | +€90,590 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €33,356 | €34,720 | +€1,364 | +4.1% |
| Financial debts | 43 | - | €2,133 | +€2,133 | |
| Other loans | 439 | - | €2,133 | +€2,133 | |
| Trade debts | 44 | €1,468 | €6,348 | +€4,880 | +333% |
| Suppliers | 440/4 | €1,468 | €6,348 | +€4,880 | +333% |
| Taxes, remuneration and social security | 45 | €75,123 | €157,839 | +€82,716 | +110% |
| Taxes | 450/3 | €75,123 | €154,339 | +€79,216 | +105% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €39,713 | €39,210 | -€503 | -1.3% |
| Accrued charges and deferred income | 492/3 | €11,732 | €14,665 | +€2,933 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,489 | €21,884 | +€1,395 | +6.8% |
| Other operating charges | 640/8 | €1,122 | €1,016 | -€106 | -9.5% |
| Non-recurring operating charges | 66A | - | €2,100 | +€2,100 | |
| Gross operating margin | 9900 | €365,301 | €619,876 | +€254,575 | +69.7% |
| Operating profit (loss) | 9901 | €343,690 | €594,876 | +€251,186 | +73.1% |
| Financial income | 75/76B | €1,561 | €11,299 | +€9,738 | +624% |
| Recurring financial income | 75 | €1,561 | €11,299 | +€9,738 | +624% |
| Financial charges | 65/66B | €9,363 | €9,649 | +€287 | +3.1% |
| Recurring financial charges | 65 | €9,363 | €9,649 | +€287 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €335,888 | €596,526 | +€260,638 | +77.6% |
| Income taxes | 67/77 | €107,769 | €189,018 | +€81,249 | +75.4% |
| Profit (loss) for the period | 9904 | €228,120 | €407,508 | +€179,388 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €228,120 | €407,508 | +€179,388 | +78.6% |
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 27 October 2026 via checked.be.