BERNARD PINCHART: 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 PINCHART
Largest movements
- Cash +€35,157
up €35,157 (+18.4%), from €191,515 to €226,672
mainly Net result for the year (+€72,076) and Depreciation (+€72,012)
- Receivables within one year -€35,095
down €35,095 (-54.9%), from €63,890 to €28,795
of which Trade receivables: -€20,539
- Tangible fixed assets -€13,716
down €13,716 (-3.8%), from €358,048 to €344,332
of which Other tangible fixed assets: -€19,228
- Intangible fixed assets -€11,719
down €11,719 (-27.9%), from €41,993 to €30,274
- Provisions -€32,529
down €32,529 (-41.3%), from €78,752 to €46,223
- Tax, wage and social debts -€15,949
down €15,949 (-25.1%), from €63,619 to €47,670
- Other debts +€14,948
up €14,948 (+24.3%), from €61,619 to €76,567
- Reserves +€11,913
up €11,913 (+4.2%), from €282,457 to €294,370
of which Distributable reserves: +€11,913
- Turnover +€295,440
new in 2025: €295,440
- Gross operating margin -€105,590
down €105,590 (-30.2%), from €349,488 to €243,898
- Provisions -€78,752
no longer reported in 2025 (was €78,752)
- Purchases and services +€72,286
new in 2025: €72,286
- Other operating charges +€13,504
up €13,504 (+71.8%), from €18,798 to €32,303
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 | €858,025 | €832,901 | -€25,125 | -2.9% |
| Fixed assets | 21/28 | €400,041 | €374,606 | -€25,435 | -6.4% |
| Intangible fixed assets | 21 | €41,993 | €30,274 | -€11,719 | -27.9% |
| Tangible fixed assets | 22/27 | €358,048 | €344,332 | -€13,716 | -3.8% |
| Land and buildings | 22 | €62,514 | €59,424 | -€3,090 | -4.9% |
| Plant, machinery and equipment | 23 | €8,040 | €3,137 | -€4,904 | -61.0% |
| Furniture and vehicles | 24 | €46,961 | €60,466 | +€13,505 | +28.8% |
| Other tangible fixed assets | 26 | €240,533 | €221,305 | -€19,228 | -8.0% |
| Current assets | 29/58 | €457,984 | €458,294 | +€311 | +0.1% |
| Amounts receivable within one year | 40/41 | €63,890 | €28,795 | -€35,095 | -54.9% |
| Trade receivables | 40 | €43,769 | €23,230 | -€20,539 | -46.9% |
| Other amounts receivable | 41 | €20,120 | €5,564 | -€14,556 | -72.3% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €191,515 | €226,672 | +€35,157 | +18.4% |
| Deferred charges and accrued income | 490/1 | €2,580 | €2,828 | +€248 | +9.6% |
| Total equity and liabilities | 10/49 | €858,025 | €832,901 | -€25,125 | -2.9% |
| Equity | 10/15 | €602,068 | €614,057 | +€11,989 | +2.0% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €282,457 | €294,370 | +€11,913 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,193 | €36,193 | = | 0.0% |
| Distributable reserves | 133 | €244,403 | €256,316 | +€11,913 | +4.9% |
| Profit (loss) carried forward | 14 | €313,404 | €313,480 | +€76 | 0.0% |
| Provisions and deferred taxes | 16 | €78,752 | €46,223 | -€32,529 | -41.3% |
| Provisions for liabilities and charges | 160/5 | €78,752 | €46,223 | -€32,529 | -41.3% |
| Major repairs and maintenance | 162 | €78,752 | €46,223 | -€32,529 | -41.3% |
| Amounts payable | 17/49 | €177,205 | €172,620 | -€4,585 | -2.6% |
| Amounts payable after more than one year | 17 | €29,864 | €21,578 | -€8,286 | -27.7% |
| Financial debts | 170/4 | €29,864 | €21,578 | -€8,286 | -27.7% |
| Amounts payable within one year | 42/48 | €145,052 | €143,823 | -€1,229 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €10,811 | €13,088 | +€2,277 | +21.1% |
| Trade debts | 44 | €9,004 | €6,498 | -€2,506 | -27.8% |
| Suppliers | 440/4 | €9,004 | €6,498 | -€2,506 | -27.8% |
| Taxes, remuneration and social security | 45 | €63,619 | €47,670 | -€15,949 | -25.1% |
| Taxes | 450/3 | €63,619 | €47,670 | -€15,949 | -25.1% |
| Other amounts payable | 47/48 | €61,619 | €76,567 | +€14,948 | +24.3% |
| Accrued charges and deferred income | 492/3 | €2,289 | €7,219 | +€4,930 | +215% |
| Turnover | 70 | - | €295,440 | +€295,440 | |
| Non-recurring operating income | 76A | - | €20,744 | +€20,744 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €72,286 | +€72,286 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,385 | €72,012 | -€9,374 | -11.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €78,752 | - | -€78,752 | |
| Other operating charges | 640/8 | €18,798 | €32,303 | +€13,504 | +71.8% |
| Non-recurring operating charges | 66A | €97 | €3,350 | +€3,253 | +3,361% |
| Gross operating margin | 9900 | €349,488 | €243,898 | -€105,590 | -30.2% |
| Operating profit (loss) | 9901 | €170,455 | €136,234 | -€34,222 | -20.1% |
| Financial income | 75/76B | - | €4,306 | +€4,306 | |
| Recurring financial income | 75 | - | €4,306 | +€4,306 | |
| Financial charges | 65/66B | €2,954 | €812 | -€2,142 | -72.5% |
| Recurring financial charges | 65 | €2,954 | €812 | -€2,142 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | €167,501 | €139,728 | -€27,774 | -16.6% |
| Income taxes | 67/77 | €58,205 | €67,651 | +€9,447 | +16.2% |
| Profit (loss) for the period | 9904 | €109,296 | €72,076 | -€37,220 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,296 | €72,076 | -€37,220 | -34.1% |
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 25 October 2026 via checked.be.