Dr ROBERT FISCHER: 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 ROBERT FISCHER
Largest movements
- Cash -€71,106
down €71,106 (-32.6%), from €217,968 to €146,862
mainly Contributions, distributions and other (-€109,000) and Investment in fixed assets (net) (-€60,000)
- Tangible fixed assets +€47,014
up €47,014 (+1,044%), from €4,502 to €51,517
of which Furniture and vehicles: +€47,213
- Intangible fixed assets -€20,000
down €20,000 (-33.3%), from €60,000 to €40,000
- Receivables within one year +€13,636
up €13,636 (+13.9%), from €98,129 to €111,766
- Other debts -€26,582
down €26,582 (-30.3%), from €87,806 to €61,225
- Tax, wage and social debts -€5,091
down €5,091 (-29.9%), from €17,018 to €11,927
- Gross operating margin +€21,814
up €21,814 (+14.0%), from €155,733 to €177,547
- Depreciation +€10,339
up €10,339 (+45.7%), from €22,646 to €32,986
- Taxes +€3,409
up €3,409 (+12.0%), from €28,368 to €31,777
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 | €382,324 | €352,220 | -€30,104 | -7.9% |
| Fixed assets | 21/28 | €64,502 | €91,517 | +€27,014 | +41.9% |
| Intangible fixed assets | 21 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Tangible fixed assets | 22/27 | €4,502 | €51,517 | +€47,014 | +1,044% |
| Plant, machinery and equipment | 23 | €1,077 | €879 | -€198 | -18.4% |
| Furniture and vehicles | 24 | €3,425 | €50,638 | +€47,213 | +1,378% |
| Current assets | 29/58 | €317,821 | €260,703 | -€57,118 | -18.0% |
| Amounts receivable within one year | 40/41 | €98,129 | €111,766 | +€13,636 | +13.9% |
| Trade receivables | 40 | €98,129 | €111,766 | +€13,636 | +13.9% |
| Cash at bank and in hand | 54/58 | €217,968 | €146,862 | -€71,106 | -32.6% |
| Deferred charges and accrued income | 490/1 | €1,724 | €2,075 | +€351 | +20.4% |
| Total equity and liabilities | 10/49 | €382,324 | €352,220 | -€30,104 | -7.9% |
| Equity | 10/15 | €275,660 | €279,068 | +€3,408 | +1.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,660 | €277,068 | +€3,408 | +1.2% |
| Amounts payable | 17/49 | €106,663 | €73,152 | -€33,511 | -31.4% |
| Amounts payable within one year | 42/48 | €106,663 | €73,152 | -€33,511 | -31.4% |
| Trade debts | 44 | €1,839 | - | -€1,839 | |
| Suppliers | 440/4 | €1,839 | - | -€1,839 | |
| Taxes, remuneration and social security | 45 | €17,018 | €11,927 | -€5,091 | -29.9% |
| Taxes | 450/3 | €17,018 | €11,927 | -€5,091 | -29.9% |
| Other amounts payable | 47/48 | €87,806 | €61,225 | -€26,582 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,646 | €32,986 | +€10,339 | +45.7% |
| Other operating charges | 640/8 | €282 | €292 | +€11 | +3.7% |
| Non-recurring operating charges | 66A | €2,984 | - | -€2,984 | |
| Gross operating margin | 9900 | €155,733 | €177,547 | +€21,814 | +14.0% |
| Operating profit (loss) | 9901 | €129,821 | €144,269 | +€14,448 | +11.1% |
| Financial charges | 65/66B | €88 | €84 | -€4 | -5.0% |
| Recurring financial charges | 65 | €88 | €84 | -€4 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €129,733 | €144,185 | +€14,452 | +11.1% |
| Income taxes | 67/77 | €28,368 | €31,777 | +€3,409 | +12.0% |
| Profit (loss) for the period | 9904 | €101,365 | €112,408 | +€11,043 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €101,365 | €112,408 | +€11,043 | +10.9% |
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.