Dr. KH: what changed
Two fiscal 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. KH
Largest movements
- Tangible fixed assets +€429,620
up €429,620 (+467.8%), from €91,832 to €521,453
of which Land and buildings: +€440,550
- Current investments -€330,000
down €330,000 (-71.0%), from €465,000 to €135,000
- Cash +€113,933
up €113,933 (+1242.3%), from €9,171 to €123,104
mainly Current investments (+€330,000) and Net result for the year (+€191,935)
- Receivables within one year +€9,509
up €9,509 (+13.7%), from €69,539 to €79,048
of which Trade receivables: +€10,000
- Reserves +€191,935
up €191,935 (+32.4%), from €593,278 to €785,213
- Other debts +€33,330
up €33,330 (+356.6%), from €9,347 to €42,676
- Gross operating margin +€63,483
up €63,483 (+22.8%), from €278,636 to €342,119
- Other operating charges +€53,542
up €53,542 (+8403.6%), from €637 to €54,180
- Taxes +€3,572
up €3,572 (+4.4%), from €81,334 to €84,906
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.
Cash bridge derived
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 | €637,543 | €862,435 | +€224,892 | +35.3% |
| Fixed assets | 21/28 | €93,832 | €523,453 | +€429,620 | +457.9% |
| Tangible fixed assets | 22/27 | €91,832 | €521,453 | +€429,620 | +467.8% |
| Land and buildings | 22 | - | €440,550 | +€440,550 | |
| Plant, machinery and equipment | 23 | €13,005 | €9,707 | -€3,298 | -25.4% |
| Furniture and vehicles | 24 | €24,805 | €23,019 | -€1,786 | -7.2% |
| Other tangible fixed assets | 26 | €54,023 | €48,176 | -€5,846 | -10.8% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €543,710 | €338,982 | -€204,728 | -37.7% |
| Amounts receivable within one year | 40/41 | €69,539 | €79,048 | +€9,509 | +13.7% |
| Trade receivables | 40 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Other amounts receivable | 41 | €19,539 | €19,048 | -€491 | -2.5% |
| Current investments | 50/53 | €465,000 | €135,000 | -€330,000 | -71.0% |
| Cash at bank and in hand | 54/58 | €9,171 | €123,104 | +€113,933 | +1242.3% |
| Deferred charges and accrued income | 490/1 | - | €1,830 | +€1,830 | |
| Total equity and liabilities | 10/49 | €637,543 | €862,435 | +€224,892 | +35.3% |
| Equity | 10/15 | €605,678 | €797,613 | +€191,935 | +31.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €593,278 | €785,213 | +€191,935 | +32.4% |
| Distributable reserves | 133 | €593,278 | €785,213 | +€191,935 | +32.4% |
| Amounts payable | 17/49 | €31,865 | €64,822 | +€32,957 | +103.4% |
| Amounts payable within one year | 42/48 | €31,865 | €64,822 | +€32,957 | +103.4% |
| Trade debts | 44 | €2,950 | €2,775 | -€175 | -5.9% |
| Suppliers | 440/4 | €2,950 | €2,775 | -€175 | -5.9% |
| Taxes, remuneration and social security | 45 | €19,569 | €19,371 | -€198 | -1.0% |
| Taxes | 450/3 | €19,569 | €19,371 | -€198 | -1.0% |
| Other amounts payable | 47/48 | €9,347 | €42,676 | +€33,330 | +356.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,465 | €16,947 | +€482 | +2.9% |
| Other operating charges | 640/8 | €637 | €54,180 | +€53,542 | +8403.6% |
| Gross operating margin | 9900 | €278,636 | €342,119 | +€63,483 | +22.8% |
| Operating profit (loss) | 9901 | €261,533 | €270,993 | +€9,459 | +3.6% |
| Financial income | 75/76B | €8,144 | €7,535 | -€609 | -7.5% |
| Recurring financial income | 75 | €8,144 | €7,535 | -€609 | -7.5% |
| Financial charges | 65/66B | €3,955 | €1,687 | -€2,268 | -57.3% |
| Recurring financial charges | 65 | €3,955 | €1,687 | -€2,268 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €265,723 | €276,841 | +€11,118 | +4.2% |
| Income taxes | 67/77 | €81,334 | €84,906 | +€3,572 | +4.4% |
| Profit (loss) for the period | 9904 | €184,389 | €191,935 | +€7,546 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €184,389 | €191,935 | +€7,546 | +4.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.