DR. LISBETH RATHE: 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. LISBETH RATHE
Largest movements
- Deferred charges and accrued income -€58,476
down €58,476 (-82.2%), from €71,174 to €12,698
- Cash +€57,732
up €57,732 (+51.4%), from €112,303 to €170,035
mainly Deferred charges and accrued income (+€58,476) and Net result for the year (+€39,200)
- Receivables within one year -€9,155
down €9,155 (-38.7%), from €23,675 to €14,519
- Tangible fixed assets -€6,290
down €6,290 (-14.0%), from €44,960 to €38,670
of which Furniture and vehicles: -€5,841
- Reserves -€46,418
down €46,418 (-54.2%), from €85,617 to €39,200
- Other debts +€31,976
up €31,976 (+22.0%), from €145,039 to €177,016
- Trade debts -€10,654
down €10,654 (-75.3%), from €14,151 to €3,497
- Tax, wage and social debts +€8,906
up €8,906 (+207%), from €4,303 to €13,209
of which Taxes: +€9,118
- Gross operating margin -€50,639
down €50,639 (-41.2%), from €122,884 to €72,245
- Taxes -€12,883
down €12,883 (-54.3%), from €23,724 to €10,841
- Financial income -€4,394
down €4,394 (-100.0%), from €4,395 to €1
- Depreciation +€2,526
up €2,526 (+28.2%), from €8,960 to €11,486
- Financial charges -€1,717
down €1,717 (-81.1%), from €2,118 to €401
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 | €252,111 | €235,921 | -€16,190 | -6.4% |
| Fixed assets | 21/28 | €44,960 | €38,670 | -€6,290 | -14.0% |
| Tangible fixed assets | 22/27 | €44,960 | €38,670 | -€6,290 | -14.0% |
| Plant, machinery and equipment | 23 | €1,182 | €733 | -€449 | -38.0% |
| Furniture and vehicles | 24 | €43,778 | €37,936 | -€5,841 | -13.3% |
| Current assets | 29/58 | €207,151 | €197,251 | -€9,900 | -4.8% |
| Amounts receivable within one year | 40/41 | €23,675 | €14,519 | -€9,155 | -38.7% |
| Other amounts receivable | 41 | €23,675 | €14,519 | -€9,155 | -38.7% |
| Cash at bank and in hand | 54/58 | €112,303 | €170,035 | +€57,732 | +51.4% |
| Deferred charges and accrued income | 490/1 | €71,174 | €12,698 | -€58,476 | -82.2% |
| Total equity and liabilities | 10/49 | €252,111 | €235,921 | -€16,190 | -6.4% |
| Equity | 10/15 | €88,617 | €42,200 | -€46,418 | -52.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €85,617 | €39,200 | -€46,418 | -54.2% |
| Distributable reserves | 133 | €85,617 | €39,200 | -€46,418 | -54.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €163,493 | €193,722 | +€30,228 | +18.5% |
| Amounts payable within one year | 42/48 | €163,493 | €193,722 | +€30,228 | +18.5% |
| Trade debts | 44 | €14,151 | €3,497 | -€10,654 | -75.3% |
| Suppliers | 440/4 | €14,151 | €3,497 | -€10,654 | -75.3% |
| Taxes, remuneration and social security | 45 | €4,303 | €13,209 | +€8,906 | +207% |
| Taxes | 450/3 | €3,724 | €12,843 | +€9,118 | +245% |
| Remuneration and social security | 454/9 | €579 | €366 | -€213 | -36.7% |
| Other amounts payable | 47/48 | €145,039 | €177,016 | +€31,976 | +22.0% |
| Remuneration, social security and pensions | 62 | €3,874 | €2,738 | -€1,136 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,960 | €11,486 | +€2,526 | +28.2% |
| Other operating charges | 640/8 | €2,986 | €2,294 | -€692 | -23.2% |
| Non-recurring operating charges | 66A | €0 | €5,287 | +€5,287 | |
| Gross operating margin | 9900 | €122,884 | €72,245 | -€50,639 | -41.2% |
| Operating profit (loss) | 9901 | €107,065 | €50,441 | -€56,624 | -52.9% |
| Financial income | 75/76B | €4,395 | €1 | -€4,394 | -100.0% |
| Recurring financial income | 75 | €4,395 | €1 | -€4,394 | -100.0% |
| Financial charges | 65/66B | €2,118 | €401 | -€1,717 | -81.1% |
| Recurring financial charges | 65 | €2,118 | €401 | -€1,717 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €109,341 | €50,041 | -€59,301 | -54.2% |
| Income taxes | 67/77 | €23,724 | €10,841 | -€12,883 | -54.3% |
| Profit (loss) for the period | 9904 | €85,617 | €39,200 | -€46,418 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,617 | €39,200 | -€46,418 | -54.2% |
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 24 October 2026 via checked.be.