@echo off
call :Rekursiv
goto :eof

:Rekursiv
    set str=teh cat in teh hat
    echo "Outside"
    echo %str%
    set str=%str:teh=the%
    echo %str%
    echo "Outside end"

    for /D %%d in (*) do (
            cd %%~fd

            set str=teh cat in teh hat
            echo %str%
            set str=%str:teh=the%
            echo %str%

            call :Rekursiv

            cd..
    )

    exit /b

teh cat in teh hat
the cat in the hat

"Outside"
teh cat in teh hat
the cat in the hat
"Outside end"
the cat in the hat
the cat in the hat
"Outside"
teh cat in teh hat
the cat in the hat
"Outside end"
the cat in the hat
the cat in the hat
"Outside"
teh cat in teh hat
the cat in the hat
"Outside end"
the cat in the hat
the cat in the hat
"Outside"
teh cat in teh hat
the cat in the hat
"Outside end"