DR HERMANN CATHY: 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 HERMANN CATHY
Largest movements
- Cash +€25,145
up €25,145 (+205%), from €12,261 to €37,406
mainly Net result for the year (+€21,393) and Depreciation (+€5,479)
- Tangible fixed assets -€4,833
down €4,833 (-37.4%), from €12,917 to €8,083
of which Furniture and vehicles: -€4,483
- Deferred charges and accrued income +€1,901
up €1,901 (+73.3%), from €2,594 to €4,495
- Receivables within one year -€828
no longer reported in 2025 (was €828)
- Formation expenses -€646
down €646 (-23.8%), from €2,711 to €2,065
- Profit (loss) carried forward +€20,534
up €20,534 (+57,165%), from €36 to €20,570
- Other debts -€1,916
down €1,916 (-13.4%), from €14,321 to €12,405
- Tax, wage and social debts +€1,789
up €1,789 (+62.6%), from €2,858 to €4,647
- Accrued charges and deferred income +€800
new in 2025: €800
- Gross operating margin +€13,453
up €13,453 (+62.1%), from €21,678 to €35,131
- Taxes +€1,499
up €1,499 (+29.9%), from €5,008 to €6,508
- Financial charges +€996
up €996 (+841%), from €118 to €1,114
- Other operating charges -€357
down €357 (-35.9%), from €995 to €638
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 | €31,310 | €52,049 | +€20,738 | +66.2% |
| Formation expenses | 20 | €2,711 | €2,065 | -€646 | -23.8% |
| Fixed assets | 21/28 | €12,917 | €8,083 | -€4,833 | -37.4% |
| Tangible fixed assets | 22/27 | €12,917 | €8,083 | -€4,833 | -37.4% |
| Plant, machinery and equipment | 23 | €350 | - | -€350 | |
| Furniture and vehicles | 24 | €12,567 | €8,083 | -€4,483 | -35.7% |
| Current assets | 29/58 | €15,683 | €41,901 | +€26,217 | +167% |
| Amounts receivable within one year | 40/41 | €828 | - | -€828 | |
| Other amounts receivable | 41 | €828 | - | -€828 | |
| Cash at bank and in hand | 54/58 | €12,261 | €37,406 | +€25,145 | +205% |
| Deferred charges and accrued income | 490/1 | €2,594 | €4,495 | +€1,901 | +73.3% |
| Total equity and liabilities | 10/49 | €31,310 | €52,049 | +€20,738 | +66.2% |
| Equity | 10/15 | €13,136 | €33,670 | +€20,534 | +156% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,100 | €10,100 | = | 0.0% |
| Distributable reserves | 133 | €10,100 | €10,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36 | €20,570 | +€20,534 | +57,165% |
| Amounts payable | 17/49 | €18,175 | €18,379 | +€205 | +1.1% |
| Amounts payable within one year | 42/48 | €18,175 | €17,579 | -€595 | -3.3% |
| Trade debts | 44 | €995 | €528 | -€468 | -47.0% |
| Suppliers | 440/4 | €995 | €528 | -€468 | -47.0% |
| Taxes, remuneration and social security | 45 | €2,858 | €4,647 | +€1,789 | +62.6% |
| Taxes | 450/3 | €2,858 | €4,647 | +€1,789 | +62.6% |
| Other amounts payable | 47/48 | €14,321 | €12,405 | -€1,916 | -13.4% |
| Accrued charges and deferred income | 492/3 | - | €800 | +€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,351 | €5,479 | +€128 | +2.4% |
| Other operating charges | 640/8 | €995 | €638 | -€357 | -35.9% |
| Non-recurring operating charges | 66A | €69 | - | -€69 | |
| Gross operating margin | 9900 | €21,678 | €35,131 | +€13,453 | +62.1% |
| Operating profit (loss) | 9901 | €15,263 | €29,015 | +€13,752 | +90.1% |
| Financial charges | 65/66B | €118 | €1,114 | +€996 | +841% |
| Recurring financial charges | 65 | €118 | €1,114 | +€996 | +841% |
| Profit (loss) for the period before taxes | 9903 | €15,144 | €27,900 | +€12,756 | +84.2% |
| Income taxes | 67/77 | €5,008 | €6,508 | +€1,499 | +29.9% |
| Profit (loss) for the period | 9904 | €10,136 | €21,393 | +€11,257 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €10,136 | €21,393 | +€11,257 | +111% |
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 16 October 2026 via checked.be.