BERNARD & LOUISE: 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.
BERNARD & LOUISE
Largest movements
- Current investments +€50,000
up €50,000 (+167%), from €30,000 to €80,000
- Cash -€39,341
down €39,341 (-48.7%), from €80,784 to €41,443
mainly Current investments (-€50,000) and Debts after one year (-€29,300)
- Tangible fixed assets -€20,713
down €20,713 (-3.4%), from €609,165 to €588,451
of which Land and buildings: -€11,501
- Debts after one year -€29,300
down €29,300 (-6.9%), from €422,570 to €393,270
- Reserves +€18,561
up €18,561 (+8.3%), from €222,799 to €241,360
- Other debts -€9,238
down €9,238 (-14.9%), from €61,925 to €52,687
- Other operating charges +€22,106
up €22,106 (+865%), from €2,555 to €24,661
- Write-downs -€15,006
new in 2025: -€15,006
- Gross operating margin -€10,348
down €10,348 (-9.6%), from €107,417 to €97,069
- Depreciation +€5,742
up €5,742 (+21.5%), from €26,724 to €32,466
- Taxes -€5,715
down €5,715 (-40.5%), from €14,100 to €8,385
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 | €749,188 | €733,353 | -€15,835 | -2.1% |
| Fixed assets | 21/28 | €612,144 | €591,431 | -€20,713 | -3.4% |
| Tangible fixed assets | 22/27 | €609,165 | €588,451 | -€20,713 | -3.4% |
| Land and buildings | 22 | €581,461 | €569,960 | -€11,501 | -2.0% |
| Furniture and vehicles | 24 | €25,705 | €17,324 | -€8,381 | -32.6% |
| Other tangible fixed assets | 26 | €1,999 | €1,168 | -€831 | -41.6% |
| Financial fixed assets | 28 | €2,980 | €2,980 | = | 0.0% |
| Current assets | 29/58 | €137,043 | €141,922 | +€4,879 | +3.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €22,457 | €19,268 | -€3,189 | -14.2% |
| Trade receivables | 40 | €19,665 | €11,823 | -€7,842 | -39.9% |
| Other amounts receivable | 41 | €2,792 | €7,445 | +€4,652 | +167% |
| Current investments | 50/53 | €30,000 | €80,000 | +€50,000 | +167% |
| Cash at bank and in hand | 54/58 | €80,784 | €41,443 | -€39,341 | -48.7% |
| Deferred charges and accrued income | 490/1 | €3,802 | €1,212 | -€2,591 | -68.1% |
| Total equity and liabilities | 10/49 | €749,188 | €733,353 | -€15,835 | -2.1% |
| Equity | 10/15 | €223,399 | €241,960 | +€18,561 | +8.3% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €222,799 | €241,360 | +€18,561 | +8.3% |
| Distributable reserves | 133 | €222,799 | €241,360 | +€18,561 | +8.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €525,788 | €491,393 | -€34,395 | -6.5% |
| Amounts payable after more than one year | 17 | €422,570 | €393,270 | -€29,300 | -6.9% |
| Financial debts | 170/4 | €422,570 | €393,270 | -€29,300 | -6.9% |
| Amounts payable within one year | 42/48 | €100,534 | €93,822 | -€6,712 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €28,369 | €29,300 | +€931 | +3.3% |
| Financial debts | 43 | €2,196 | €613 | -€1,583 | -72.1% |
| Credit institutions | 430/8 | €2,196 | €613 | -€1,583 | -72.1% |
| Trade debts | 44 | €7,726 | €11,155 | +€3,429 | +44.4% |
| Suppliers | 440/4 | €7,726 | €11,155 | +€3,429 | +44.4% |
| Taxes, remuneration and social security | 45 | €318 | €66 | -€251 | -79.1% |
| Taxes | 450/3 | €308 | €57 | -€251 | -81.6% |
| Remuneration and social security | 454/9 | €10 | €10 | = | 0.0% |
| Other amounts payable | 47/48 | €61,925 | €52,687 | -€9,238 | -14.9% |
| Accrued charges and deferred income | 492/3 | €2,685 | €4,302 | +€1,617 | +60.2% |
| Remuneration, social security and pensions | 62 | €13,472 | €10,109 | -€3,362 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,724 | €32,466 | +€5,742 | +21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,006 | -€15,006 | |
| Other operating charges | 640/8 | €2,555 | €24,661 | +€22,106 | +865% |
| Gross operating margin | 9900 | €107,417 | €97,069 | -€10,348 | -9.6% |
| Operating profit (loss) | 9901 | €64,667 | €44,840 | -€19,827 | -30.7% |
| Financial income | 75/76B | €1,372 | €862 | -€510 | -37.2% |
| Recurring financial income | 75 | €1,372 | €862 | -€510 | -37.2% |
| Financial charges | 65/66B | €18,759 | €18,756 | -€3 | 0.0% |
| Recurring financial charges | 65 | €18,759 | €18,756 | -€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €47,280 | €26,946 | -€20,335 | -43.0% |
| Income taxes | 67/77 | €14,100 | €8,385 | -€5,715 | -40.5% |
| Profit (loss) for the period | 9904 | €33,181 | €18,561 | -€14,620 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,181 | €18,561 | -€14,620 | -44.1% |
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 23 October 2026 via checked.be.