Dr. TH: 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. TH
Largest movements
- Cash -€65,471
down €65,471 (-54.6%), from €119,841 to €54,370
mainly Contributions, distributions and other (-€111,081) and Investment in fixed assets (net) (-€49,407)
- Current investments -€44,000
down €44,000 (-83.0%), from €53,000 to €9,000
- Tangible fixed assets +€42,130
new in 2025: €42,130
of which Furniture and vehicles: +€39,992
- Deferred charges and accrued income -€10,027
down €10,027 (-37.9%), from €26,463 to €16,435
- Receivables within one year +€5,000
new in 2025: €5,000
- Tax, wage and social debts -€35,340
down €35,340 (-82.3%), from €42,939 to €7,600
- Other debts -€27,007
down €27,007 (-18.5%), from €146,165 to €119,157
- Reserves -€10,000
no longer reported in 2025 (was €10,000)
- Gross operating margin -€45,529
down €45,529 (-24.3%), from €187,122 to €141,593
- Taxes -€10,770
down €10,770 (-23.8%), from €45,254 to €34,484
- Financial income -€9,720
down €9,720 (-83.5%), from €11,634 to €1,915
- Depreciation +€6,935
up €6,935 (+2028.0%), from €342 to €7,277
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 | €199,304 | €126,936 | -€72,368 | -36.3% |
| Fixed assets | 21/28 | - | €42,130 | +€42,130 | |
| Tangible fixed assets | 22/27 | - | €42,130 | +€42,130 | |
| Plant, machinery and equipment | 23 | - | €2,138 | +€2,138 | |
| Furniture and vehicles | 24 | - | €39,992 | +€39,992 | |
| Current assets | 29/58 | €199,304 | €84,806 | -€114,498 | -57.4% |
| Amounts receivable within one year | 40/41 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Current investments | 50/53 | €53,000 | €9,000 | -€44,000 | -83.0% |
| Cash at bank and in hand | 54/58 | €119,841 | €54,370 | -€65,471 | -54.6% |
| Deferred charges and accrued income | 490/1 | €26,463 | €16,435 | -€10,027 | -37.9% |
| Total equity and liabilities | 10/49 | €199,304 | €126,936 | -€72,368 | -36.3% |
| Equity | 10/15 | €10,100 | €100 | -€10,000 | -99.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | €10,000 | - | -€10,000 | |
| Amounts payable | 17/49 | €189,204 | €126,836 | -€62,368 | -33.0% |
| Amounts payable within one year | 42/48 | €189,204 | €126,836 | -€62,368 | -33.0% |
| Trade debts | 44 | €99 | €79 | -€21 | -20.8% |
| Suppliers | 440/4 | €99 | €79 | -€21 | -20.8% |
| Taxes, remuneration and social security | 45 | €42,939 | €7,600 | -€35,340 | -82.3% |
| Taxes | 450/3 | €42,939 | €7,600 | -€35,340 | -82.3% |
| Other amounts payable | 47/48 | €146,165 | €119,157 | -€27,007 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342 | €7,277 | +€6,935 | +2028.0% |
| Other operating charges | 640/8 | €606 | €621 | +€14 | +2.4% |
| Gross operating margin | 9900 | €187,122 | €141,593 | -€45,529 | -24.3% |
| Operating profit (loss) | 9901 | €186,173 | €133,695 | -€52,478 | -28.2% |
| Financial income | 75/76B | €11,634 | €1,915 | -€9,720 | -83.5% |
| Recurring financial income | 75 | €11,634 | €1,915 | -€9,720 | -83.5% |
| Financial charges | 65/66B | €49 | €45 | -€4 | -7.2% |
| Recurring financial charges | 65 | €49 | €45 | -€4 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €197,759 | €135,565 | -€62,194 | -31.4% |
| Income taxes | 67/77 | €45,254 | €34,484 | -€10,770 | -23.8% |
| Profit (loss) for the period | 9904 | €152,505 | €101,081 | -€51,424 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €152,505 | €101,081 | -€51,424 | -33.7% |
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 10 October 2026 via checked.be.