BERNARD POULET: 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 POULET
Largest movements
- Cash +€33,146
up €33,146 (+507%), from €6,539 to €39,685
mainly Stocks and contracts (+€26,370) and Net result for the year (+€6,632)
- Stocks and contracts -€26,370
down €26,370 (-56.8%), from €46,396 to €20,026
- Intangible fixed assets -€3,369
no longer reported in 2025 (was €3,369)
- Trade debts -€8,214
down €8,214 (-10.3%), from €79,523 to €71,309
- Profit (loss) carried forward +€6,632
up €6,632 (+8.6%), from -€76,949 to -€70,317
- Tax, wage and social debts +€6,378
up €6,378 (+21.7%), from €29,406 to €35,784
of which Taxes: +€8,271
- Gross operating margin +€11,830
up €11,830 (+9.6%), from €123,642 to €135,472
- Other operating charges +€6,171
up €6,171 (+2,092%), from €295 to €6,466
- Staff costs +€4,102
up €4,102 (+4.0%), from €102,051 to €106,153
- Write-downs -€1,708
down €1,708, from €1,408 to -€300
- Taxes +€1,657
up €1,657 (+336%), from €493 to €2,150
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 | €282,577 | €285,501 | +€2,924 | +1.0% |
| Fixed assets | 21/28 | €9,870 | €7,922 | -€1,948 | -19.7% |
| Intangible fixed assets | 21 | €3,369 | - | -€3,369 | |
| Tangible fixed assets | 22/27 | - | €1,264 | +€1,264 | |
| Furniture and vehicles | 24 | - | €1,264 | +€1,264 | |
| Financial fixed assets | 28 | €6,501 | €6,658 | +€157 | +2.4% |
| Current assets | 29/58 | €272,707 | €277,579 | +€4,872 | +1.8% |
| Stocks and contracts in progress | 3 | €46,396 | €20,026 | -€26,370 | -56.8% |
| Stocks | 30/36 | €46,396 | €20,026 | -€26,370 | -56.8% |
| Amounts receivable within one year | 40/41 | €218,998 | €217,003 | -€1,995 | -0.9% |
| Trade receivables | 40 | €204,340 | €202,039 | -€2,301 | -1.1% |
| Other amounts receivable | 41 | €14,658 | €14,965 | +€307 | +2.1% |
| Cash at bank and in hand | 54/58 | €6,539 | €39,685 | +€33,146 | +507% |
| Deferred charges and accrued income | 490/1 | €774 | €865 | +€91 | +11.7% |
| Total equity and liabilities | 10/49 | €282,577 | €285,501 | +€2,924 | +1.0% |
| Equity | 10/15 | €20,797 | €26,081 | +€5,284 | +25.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €21,398 | €21,398 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,473 | €6,473 | +€0 | 0.0% |
| Distributable reserves | 133 | €7,425 | €7,425 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€76,949 | -€70,317 | +€6,632 | +8.6% |
| Investment grants | 15 | €1,348 | - | -€1,348 | |
| Amounts payable | 17/49 | €261,780 | €259,420 | -€2,360 | -0.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €258,929 | €257,093 | -€1,836 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €79,523 | €71,309 | -€8,214 | -10.3% |
| Suppliers | 440/4 | €79,523 | €71,309 | -€8,214 | -10.3% |
| Taxes, remuneration and social security | 45 | €29,406 | €35,784 | +€6,378 | +21.7% |
| Taxes | 450/3 | €14,683 | €22,954 | +€8,271 | +56.3% |
| Remuneration and social security | 454/9 | €14,723 | €12,830 | -€1,893 | -12.9% |
| Accrued charges and deferred income | 492/3 | €2,851 | €2,326 | -€525 | -18.4% |
| Remuneration, social security and pensions | 62 | €102,051 | €106,153 | +€4,102 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,842 | €3,419 | -€1,423 | -29.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,408 | -€300 | -€1,708 | |
| Other operating charges | 640/8 | €295 | €6,466 | +€6,171 | +2,092% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €123,642 | €135,472 | +€11,830 | +9.6% |
| Operating profit (loss) | 9901 | €15,046 | €19,735 | +€4,689 | +31.2% |
| Financial income | 75/76B | €2,978 | €2,356 | -€622 | -20.9% |
| Recurring financial income | 75 | €2,978 | €2,356 | -€622 | -20.9% |
| Financial charges | 65/66B | €12,622 | €13,309 | +€687 | +5.4% |
| Recurring financial charges | 65 | €12,622 | €13,309 | +€687 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €5,402 | €8,782 | +€3,380 | +62.6% |
| Income taxes | 67/77 | €493 | €2,150 | +€1,657 | +336% |
| Profit (loss) for the period | 9904 | €4,909 | €6,632 | +€1,723 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,909 | €6,632 | +€1,723 | +35.1% |
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 16 October 2026 via checked.be.