BERMAL: 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.
BERMAL
Largest movements
- Tangible fixed assets -€107,001
down €107,001 (-6.1%), from €1.8m to €1.7m
of which Land and buildings: -€97,397
- Cash +€85,203
up €85,203 (+122.4%), from €69,608 to €154,811
mainly Depreciation (+€101,670) and Debts after one year (+€46,097)
- Profit (loss) carried forward +€101,456
up €101,456, from -€100,651 to €805
- Reserves -€60,244
down €60,244 (-8.8%), from €685,744 to €625,500
of which Tax-exempt reserves: -€130,244
- Other debts -€59,937
down €59,937 (-75.6%), from €79,278 to €19,341
- Debts after one year +€46,097
up €46,097 (+4.6%), from €1.0m to €1.0m
- Provisions -€42,942
no longer reported in 2025 (was €42,942)
- Gross operating margin +€42,489
up €42,489 (+28.1%), from €151,243 to €193,731
- Depreciation -€19,740
down €19,740 (-16.3%), from €121,409 to €101,670
- Financial charges -€13,660
down €13,660 (-29.3%), from €46,648 to €32,988
- Taxes +€7,000
up €7,000 (+1218.1%), from €575 to €7,574
- Other operating charges -€3,721
down €3,721 (-16.8%), from €22,117 to €18,396
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 | €1,833,330 | €1,812,358 | -€20,972 | -1.1% |
| Fixed assets | 21/28 | €1,758,365 | €1,651,365 | -€107,001 | -6.1% |
| Tangible fixed assets | 22/27 | €1,758,365 | €1,651,365 | -€107,001 | -6.1% |
| Land and buildings | 22 | €1,747,628 | €1,650,231 | -€97,397 | -5.6% |
| Plant, machinery and equipment | 23 | €1,958 | €924 | -€1,033 | -52.8% |
| Furniture and vehicles | 24 | €8,780 | €209 | -€8,571 | -97.6% |
| Current assets | 29/58 | €74,965 | €160,993 | +€86,029 | +114.8% |
| Amounts receivable within one year | 40/41 | €5,089 | €5,902 | +€813 | +16.0% |
| Trade receivables | 40 | €4,652 | €5,726 | +€1,075 | +23.1% |
| Other amounts receivable | 41 | €437 | €175 | -€261 | -59.9% |
| Cash at bank and in hand | 54/58 | €69,608 | €154,811 | +€85,203 | +122.4% |
| Deferred charges and accrued income | 490/1 | €268 | €280 | +€12 | +4.6% |
| Total equity and liabilities | 10/49 | €1,833,330 | €1,812,358 | -€20,972 | -1.1% |
| Equity | 10/15 | €647,093 | €688,305 | +€41,212 | +6.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €685,744 | €625,500 | -€60,244 | -8.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €130,244 | - | -€130,244 | |
| Distributable reserves | 133 | €549,300 | €619,300 | +€70,000 | +12.7% |
| Profit (loss) carried forward | 14 | -€100,651 | €805 | +€101,456 | |
| Provisions and deferred taxes | 16 | €42,942 | - | -€42,942 | |
| Deferred taxes | 168 | €42,942 | - | -€42,942 | |
| Amounts payable | 17/49 | €1,143,295 | €1,124,053 | -€19,242 | -1.7% |
| Amounts payable after more than one year | 17 | €1,001,371 | €1,047,469 | +€46,097 | +4.6% |
| Financial debts | 170/4 | €1,001,371 | €1,047,469 | +€46,097 | +4.6% |
| Amounts payable within one year | 42/48 | €94,810 | €43,587 | -€51,223 | -54.0% |
| Trade debts | 44 | €11,056 | €12,403 | +€1,347 | +12.2% |
| Suppliers | 440/4 | €11,056 | €12,403 | +€1,347 | +12.2% |
| Taxes, remuneration and social security | 45 | €4,475 | €11,842 | +€7,367 | +164.6% |
| Taxes | 450/3 | €4,084 | €11,842 | +€7,758 | +190.0% |
| Remuneration and social security | 454/9 | €391 | - | -€391 | |
| Other amounts payable | 47/48 | €79,278 | €19,341 | -€59,937 | -75.6% |
| Accrued charges and deferred income | 492/3 | €47,114 | €32,998 | -€14,117 | -30.0% |
| Remuneration, social security and pensions | 62 | €31,861 | €34,833 | +€2,972 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,409 | €101,670 | -€19,740 | -16.3% |
| Other operating charges | 640/8 | €22,117 | €18,396 | -€3,721 | -16.8% |
| Gross operating margin | 9900 | €151,243 | €193,731 | +€42,489 | +28.1% |
| Operating profit (loss) | 9901 | -€24,145 | €38,832 | +€62,977 | |
| Financial charges | 65/66B | €46,648 | €32,988 | -€13,660 | -29.3% |
| Recurring financial charges | 65 | €46,648 | €32,988 | -€13,660 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€70,792 | €5,844 | +€76,637 | |
| Transfer from deferred taxes | 780 | €632 | €42,942 | +€42,310 | +6692.7% |
| Income taxes | 67/77 | €575 | €7,574 | +€7,000 | +1218.1% |
| Profit (loss) for the period | 9904 | -€70,735 | €41,212 | +€111,947 | |
| Transfer from tax-exempt reserves | 789 | €942 | €130,244 | +€129,302 | +13732.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,793 | €171,456 | +€241,249 |
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.