Alexandra Bertels: 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.
Alexandra Bertels
Largest movements
- Cash +€2,340
up €2,340 (+29.5%), from €7,939 to €10,279
mainly Net result for the year (+€9,083) and Other debts (+€7,556)
- Receivables within one year +€1,373
up €1,373 (+4.1%), from €33,562 to €34,935
of which Other amounts receivable: +€3,011
- Tangible fixed assets -€719
down €719 (-9.6%), from €7,514 to €6,795
of which Leasing and similar rights: -€1,333
- Tax, wage and social debts -€9,702
down €9,702 (-81.7%), from €11,881 to €2,179
of which Taxes: -€9,493
- Reserves +€9,083
up €9,083 (+55.6%), from €16,325 to €25,407
- Other debts +€7,556
up €7,556 (+332%), from €2,276 to €9,833
- Trade debts -€5,281
down €5,281 (-35.6%), from €14,840 to €9,559
- Current portion of long-term debt +€1,276
new in 2025: €1,276
- Staff costs +€14,724
up €14,724 (+1,486%), from €991 to €15,714
- Gross operating margin +€8,123
up €8,123 (+35.4%), from €22,951 to €31,074
- Taxes -€2,669
down €2,669 (-49.0%), from €5,445 to €2,776
- Depreciation +€2,503
up €2,503 (+1,392%), from €180 to €2,683
- Other operating charges +€601
new in 2025: €601
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 | €49,322 | €52,253 | +€2,932 | +5.9% |
| Fixed assets | 21/28 | €7,820 | €7,039 | -€781 | -10.0% |
| Intangible fixed assets | 21 | €306 | €244 | -€62 | -20.3% |
| Tangible fixed assets | 22/27 | €7,514 | €6,795 | -€719 | -9.6% |
| Plant, machinery and equipment | 23 | €3,606 | €4,220 | +€614 | +17.0% |
| Leasing and similar rights | 25 | €3,909 | €2,575 | -€1,333 | -34.1% |
| Current assets | 29/58 | €41,502 | €45,214 | +€3,713 | +8.9% |
| Amounts receivable within one year | 40/41 | €33,562 | €34,935 | +€1,373 | +4.1% |
| Trade receivables | 40 | €33,562 | €31,924 | -€1,638 | -4.9% |
| Other amounts receivable | 41 | - | €3,011 | +€3,011 | |
| Cash at bank and in hand | 54/58 | €7,939 | €10,279 | +€2,340 | +29.5% |
| Total equity and liabilities | 10/49 | €49,322 | €52,253 | +€2,932 | +5.9% |
| Equity | 10/15 | €20,325 | €29,407 | +€9,083 | +44.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €16,325 | €25,407 | +€9,083 | +55.6% |
| Distributable reserves | 133 | €16,325 | €25,407 | +€9,083 | +55.6% |
| Amounts payable | 17/49 | €28,997 | €22,846 | -€6,151 | -21.2% |
| Amounts payable within one year | 42/48 | €28,997 | €22,846 | -€6,151 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | - | €1,276 | +€1,276 | |
| Trade debts | 44 | €14,840 | €9,559 | -€5,281 | -35.6% |
| Suppliers | 440/4 | €14,840 | €9,559 | -€5,281 | -35.6% |
| Taxes, remuneration and social security | 45 | €11,881 | €2,179 | -€9,702 | -81.7% |
| Taxes | 450/3 | €11,137 | €1,644 | -€9,493 | -85.2% |
| Remuneration and social security | 454/9 | €744 | €535 | -€209 | -28.1% |
| Other amounts payable | 47/48 | €2,276 | €9,833 | +€7,556 | +332% |
| Remuneration, social security and pensions | 62 | €991 | €15,714 | +€14,724 | +1,486% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180 | €2,683 | +€2,503 | +1,392% |
| Other operating charges | 640/8 | - | €601 | +€601 | |
| Gross operating margin | 9900 | €22,951 | €31,074 | +€8,123 | +35.4% |
| Operating profit (loss) | 9901 | €21,781 | €12,076 | -€9,705 | -44.6% |
| Financial income | 75/76B | - | €156 | +€156 | |
| Recurring financial income | 75 | - | €156 | +€156 | |
| Financial charges | 65/66B | €11 | €373 | +€362 | +3,374% |
| Recurring financial charges | 65 | €11 | €373 | +€362 | +3,374% |
| Profit (loss) for the period before taxes | 9903 | €21,770 | €11,858 | -€9,911 | -45.5% |
| Income taxes | 67/77 | €5,445 | €2,776 | -€2,669 | -49.0% |
| Profit (loss) for the period | 9904 | €16,325 | €9,083 | -€7,242 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,325 | €9,083 | -€7,242 | -44.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.