DR.T.HERMAN: 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.T.HERMAN
Largest movements
- Receivables within one year -€104,767
down €104,767 (-87.1%), from €120,302 to €15,535
- Current investments -€90,657
down €90,657 (-65.4%), from €138,605 to €47,948
- Cash +€51,299
up €51,299 (+9.5%), from €537,642 to €588,941
mainly Net result for the year (+€181,180) and Receivables within one year (+€104,767)
- Reserves -€199,259
down €199,259 (-25.3%), from €786,420 to €587,161
of which Distributable reserves: -€199,259
- Other debts +€52,341
up €52,341, from €0 to €52,341
- Financial income +€88,453
up €88,453 (+967%), from €9,148 to €97,602
- Taxes +€23,507
up €23,507 (+36.6%), from €64,153 to €87,659
- Financial charges +€7,809
up €7,809 (+1,419%), from €550 to €8,359
- Staff costs +€6,046
up €6,046 (+25.8%), from €23,463 to €29,509
- Gross operating margin -€2,349
down €2,349 (-1.1%), from €215,954 to €213,604
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 | €809,927 | €658,643 | -€151,284 | -18.7% |
| Fixed assets | 21/28 | €6,504 | €4,233 | -€2,271 | -34.9% |
| Tangible fixed assets | 22/27 | €6,504 | €4,233 | -€2,271 | -34.9% |
| Plant, machinery and equipment | 23 | €1,190 | €416 | -€775 | -65.1% |
| Furniture and vehicles | 24 | €1,270 | €610 | -€660 | -52.0% |
| Other tangible fixed assets | 26 | €4,044 | €3,208 | -€836 | -20.7% |
| Current assets | 29/58 | €803,423 | €654,410 | -€149,013 | -18.5% |
| Amounts receivable within one year | 40/41 | €120,302 | €15,535 | -€104,767 | -87.1% |
| Other amounts receivable | 41 | €120,302 | €15,535 | -€104,767 | -87.1% |
| Current investments | 50/53 | €138,605 | €47,948 | -€90,657 | -65.4% |
| Cash at bank and in hand | 54/58 | €537,642 | €588,941 | +€51,299 | +9.5% |
| Deferred charges and accrued income | 490/1 | €6,873 | €1,986 | -€4,888 | -71.1% |
| Total equity and liabilities | 10/49 | €809,927 | €658,643 | -€151,284 | -18.7% |
| Equity | 10/15 | €805,020 | €605,761 | -€199,259 | -24.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €786,420 | €587,161 | -€199,259 | -25.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €786,420 | €587,161 | -€199,259 | -25.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,907 | €52,882 | +€47,975 | +978% |
| Amounts payable within one year | 42/48 | €4,907 | €52,882 | +€47,975 | +978% |
| Financial debts | 43 | €18 | €0 | -€18 | -100% |
| Credit institutions | 430/8 | €18 | €0 | -€18 | -100% |
| Trade debts | 44 | €273 | €0 | -€273 | -100% |
| Suppliers | 440/4 | €273 | €0 | -€273 | -100% |
| Taxes, remuneration and social security | 45 | €4,616 | €541 | -€4,075 | -88.3% |
| Taxes | 450/3 | €4 | €0 | -€4 | -100% |
| Remuneration and social security | 454/9 | €4,612 | €541 | -€4,071 | -88.3% |
| Other amounts payable | 47/48 | €0 | €52,341 | +€52,341 | |
| Remuneration, social security and pensions | 62 | €23,463 | €29,509 | +€6,046 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,571 | €2,271 | +€700 | +44.5% |
| Other operating charges | 640/8 | €1,099 | €2,228 | +€1,129 | +103% |
| Gross operating margin | 9900 | €215,954 | €213,604 | -€2,349 | -1.1% |
| Operating profit (loss) | 9901 | €189,820 | €179,597 | -€10,223 | -5.4% |
| Financial income | 75/76B | €9,148 | €97,602 | +€88,453 | +967% |
| Recurring financial income | 75 | €9,148 | €97,602 | +€88,453 | +967% |
| Financial charges | 65/66B | €550 | €8,359 | +€7,809 | +1,419% |
| Recurring financial charges | 65 | €550 | €8,359 | +€7,809 | +1,419% |
| Profit (loss) for the period before taxes | 9903 | €198,418 | €268,840 | +€70,421 | +35.5% |
| Income taxes | 67/77 | €64,153 | €87,659 | +€23,507 | +36.6% |
| Profit (loss) for the period | 9904 | €134,266 | €181,180 | +€46,914 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,266 | €181,180 | +€46,914 | +34.9% |
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 23 October 2026 via checked.be.