BERDO: what changed
Two fiscal 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.
BERDO
Largest movements
- Stocks and contracts +€159,155
up €159,155 (+23.1%), from €688,622 to €847,777
- Tangible fixed assets -€63,141
down €63,141 (-10.9%), from €581,545 to €518,404
of which Furniture and vehicles: -€34,212
- Receivables within one year +€40,824
up €40,824 (+27.9%), from €146,353 to €187,177
of which Other amounts receivable: +€23,850
- Cash -€19,334
down €19,334 (-23.7%), from €81,546 to €62,212
mainly Stocks and contracts (-€159,155) and Debts after one year (-€55,586)
- Profit (loss) carried forward +€114,198
up €114,198 (+54.1%), from €210,980 to €325,177
- Debts after one year -€55,586
down €55,586 (-14.0%), from €398,431 to €342,845
- Short-term financial debts +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
of which Credit institutions: +€200,000
- Reserves +€41,306
up €41,306 (+13.9%), from €296,792 to €338,098
of which Distributable reserves: +€43,500
- Tax, wage and social debts -€30,087
down €30,087 (-26.5%), from €113,437 to €83,350
of which Taxes: -€26,131
- Gross operating margin +€51,331
up €51,331 (+7.8%), from €658,106 to €709,437
- Staff costs +€27,957
up €27,957 (+10.0%), from €278,405 to €306,362
- Other operating charges -€25,850
down €25,850 (-59.5%), from €43,478 to €17,628
- Depreciation +€16,198
up €16,198 (+34.5%), from €46,942 to €63,141
- Financial charges -€14,773
down €14,773 (-19.7%), from €75,172 to €60,399
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 | €1,505,985 | €1,626,234 | +€120,248 | +8.0% |
| Fixed assets | 21/28 | €581,599 | €518,458 | -€63,141 | -10.9% |
| Tangible fixed assets | 22/27 | €581,545 | €518,404 | -€63,141 | -10.9% |
| Land and buildings | 22 | €432,560 | €418,940 | -€13,620 | -3.1% |
| Plant, machinery and equipment | 23 | €47,641 | €37,477 | -€10,164 | -21.3% |
| Furniture and vehicles | 24 | €93,803 | €59,590 | -€34,212 | -36.5% |
| Other tangible fixed assets | 26 | €7,541 | €2,397 | -€5,144 | -68.2% |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €924,387 | €1,107,776 | +€183,389 | +19.8% |
| Stocks and contracts in progress | 3 | €688,622 | €847,777 | +€159,155 | +23.1% |
| Stocks | 30/36 | €688,622 | €847,777 | +€159,155 | +23.1% |
| Amounts receivable within one year | 40/41 | €146,353 | €187,177 | +€40,824 | +27.9% |
| Trade receivables | 40 | €142,248 | €159,222 | +€16,974 | +11.9% |
| Other amounts receivable | 41 | €4,104 | €27,955 | +€23,850 | +581.1% |
| Cash at bank and in hand | 54/58 | €81,546 | €62,212 | -€19,334 | -23.7% |
| Deferred charges and accrued income | 490/1 | €7,866 | €10,610 | +€2,744 | +34.9% |
| Total equity and liabilities | 10/49 | €1,505,985 | €1,626,234 | +€120,248 | +8.0% |
| Equity | 10/15 | €582,772 | €738,275 | +€155,503 | +26.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €296,792 | €338,098 | +€41,306 | +13.9% |
| Tax-exempt reserves | 132 | €21,007 | €18,813 | -€2,194 | -10.4% |
| Distributable reserves | 133 | €275,785 | €319,285 | +€43,500 | +15.8% |
| Profit (loss) carried forward | 14 | €210,980 | €325,177 | +€114,198 | +54.1% |
| Provisions and deferred taxes | 16 | €5,252 | €4,703 | -€549 | -10.4% |
| Deferred taxes | 168 | €5,252 | €4,703 | -€549 | -10.4% |
| Amounts payable | 17/49 | €917,961 | €883,255 | -€34,706 | -3.8% |
| Amounts payable after more than one year | 17 | €398,431 | €342,845 | -€55,586 | -14.0% |
| Financial debts | 170/4 | €398,431 | €342,845 | -€55,586 | -14.0% |
| Amounts payable within one year | 42/48 | €519,530 | €540,410 | +€20,880 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €78,622 | €69,048 | -€9,575 | -12.2% |
| Financial debts | 43 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Other loans | 439 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €177,471 | €188,012 | +€10,541 | +5.9% |
| Suppliers | 440/4 | €177,471 | €188,012 | +€10,541 | +5.9% |
| Taxes, remuneration and social security | 45 | €113,437 | €83,350 | -€30,087 | -26.5% |
| Taxes | 450/3 | €83,813 | €57,682 | -€26,131 | -31.2% |
| Remuneration and social security | 454/9 | €29,624 | €25,668 | -€3,956 | -13.4% |
| Non-recurring operating income | 76A | - | €45,234 | +€45,234 | |
| Remuneration, social security and pensions | 62 | €278,405 | €306,362 | +€27,957 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,942 | €63,141 | +€16,198 | +34.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €43,478 | €17,628 | -€25,850 | -59.5% |
| Non-recurring operating charges | 66A | - | €1,897 | +€1,897 | |
| Gross operating margin | 9900 | €658,106 | €709,437 | +€51,331 | +7.8% |
| Operating profit (loss) | 9901 | €289,281 | €320,410 | +€31,129 | +10.8% |
| Financial income | 75/76B | €1,473 | €30 | -€1,443 | -97.9% |
| Recurring financial income | 75 | €1,473 | €30 | -€1,443 | -97.9% |
| Financial charges | 65/66B | €75,172 | €60,399 | -€14,773 | -19.7% |
| Recurring financial charges | 65 | €75,172 | €60,399 | -€14,773 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €215,581 | €260,041 | +€44,459 | +20.6% |
| Transfer from deferred taxes | 780 | €549 | €549 | = | 0.0% |
| Income taxes | 67/77 | €61,503 | €73,586 | +€12,083 | +19.6% |
| Profit (loss) for the period | 9904 | €154,627 | €187,003 | +€32,376 | +20.9% |
| Transfer from tax-exempt reserves | 789 | €2,194 | €2,194 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €156,821 | €189,198 | +€32,376 | +20.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.