BERMUDA: 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.
BERMUDA
Largest movements
- Tangible fixed assets -€29,276
down €29,276 (-5.6%), from €527,115 to €497,839
of which Land and buildings: -€33,263
- Other debts -€35,185
down €35,185 (-17.6%), from €200,000 to €164,815
- Profit (loss) carried forward +€29,300
up €29,300 (+20.7%), from -€141,843 to -€112,542
- Debts after one year -€20,845
down €20,845 (-38.3%), from €54,474 to €33,629
- Other operating charges +€1,871
up €1,871 (+18.1%), from €10,323 to €12,194
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 | €533,177 | €506,950 | -€26,227 | -4.9% |
| Formation expenses | 20 | €382 | - | -€382 | |
| Fixed assets | 21/28 | €527,115 | €497,839 | -€29,276 | -5.6% |
| Tangible fixed assets | 22/27 | €527,115 | €497,839 | -€29,276 | -5.6% |
| Land and buildings | 22 | €470,255 | €436,992 | -€33,263 | -7.1% |
| Other tangible fixed assets | 26 | €56,859 | €60,847 | +€3,987 | +7.0% |
| Current assets | 29/58 | €5,680 | €9,111 | +€3,432 | +60.4% |
| Cash at bank and in hand | 54/58 | €3,062 | €5,256 | +€2,194 | +71.6% |
| Deferred charges and accrued income | 490/1 | €2,617 | €3,855 | +€1,238 | +47.3% |
| Total equity and liabilities | 10/49 | €533,177 | €506,950 | -€26,227 | -4.9% |
| Equity | 10/15 | €258,157 | €287,458 | +€29,300 | +11.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,843 | -€112,542 | +€29,300 | +20.7% |
| Amounts payable | 17/49 | €275,020 | €219,492 | -€55,527 | -20.2% |
| Amounts payable after more than one year | 17 | €54,474 | €33,629 | -€20,845 | -38.3% |
| Financial debts | 170/4 | €54,474 | €33,629 | -€20,845 | -38.3% |
| Amounts payable within one year | 42/48 | €220,545 | €185,838 | -€34,708 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €20,545 | €20,845 | +€300 | +1.5% |
| Trade debts | 44 | - | €177 | +€177 | |
| Suppliers | 440/4 | - | €177 | +€177 | |
| Other amounts payable | 47/48 | €200,000 | €164,815 | -€35,185 | -17.6% |
| Accrued charges and deferred income | 492/3 | - | €26 | +€26 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,793 | €43,654 | +€860 | +2.0% |
| Other operating charges | 640/8 | €10,323 | €12,194 | +€1,871 | +18.1% |
| Gross operating margin | 9900 | €85,862 | €86,419 | +€558 | +0.6% |
| Operating profit (loss) | 9901 | €32,746 | €30,572 | -€2,173 | -6.6% |
| Financial income | 75/76B | €279 | €3 | -€276 | -98.9% |
| Recurring financial income | 75 | €279 | €3 | -€276 | -98.9% |
| Financial charges | 65/66B | €1,580 | €1,275 | -€305 | -19.3% |
| Recurring financial charges | 65 | €1,580 | €1,275 | -€305 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €31,444 | €29,300 | -€2,144 | -6.8% |
| Profit (loss) for the period | 9904 | €31,444 | €29,300 | -€2,144 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,444 | €29,300 | -€2,144 | -6.8% |
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 29 September 2026 via checked.be.