BERNAUW: 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.
BERNAUW
Largest movements
- Financial fixed assets -€282,770
no longer reported in 2025 (was €282,770)
- Cash +€230,687
up €230,687 (+59.5%), from €387,798 to €618,486
mainly Investment in fixed assets (net) (+€274,304) and Net result for the year (+€159,033)
- Current investments +€223,501
up €223,501 (+19.8%), from €1.1m to €1.3m
- Reserves +€159,033
up €159,033 (+9.8%), from €1.6m to €1.8m
of which Distributable reserves: +€159,033
- Gross operating margin +€66,391
up €66,391 (+117%), from €56,870 to €123,261
- Financial income +€61,424
up €61,424 (+116%), from €52,746 to €114,171
- Taxes +€11,545
up €11,545 (+80.1%), from €14,418 to €25,963
- Other operating charges +€3,914
up €3,914 (+139%), from €2,807 to €6,721
- Staff costs +€1,682
up €1,682 (+15.8%), from €10,632 to €12,314
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 | €1,983,145 | €2,156,613 | +€173,468 | +8.7% |
| Fixed assets | 21/28 | €287,458 | €9,419 | -€278,039 | -96.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €4,688 | €9,419 | +€4,731 | +101% |
| Land and buildings | 22 | - | €7,269 | +€7,269 | |
| Plant, machinery and equipment | 23 | €848 | €925 | +€77 | +9.1% |
| Furniture and vehicles | 24 | €3,840 | €1,224 | -€2,616 | -68.1% |
| Financial fixed assets | 28 | €282,770 | - | -€282,770 | |
| Current assets | 29/58 | €1,695,687 | €2,147,194 | +€451,507 | +26.6% |
| Stocks and contracts in progress | 3 | €124,618 | €103,860 | -€20,758 | -16.7% |
| Stocks | 30/36 | €124,618 | €103,860 | -€20,758 | -16.7% |
| Amounts receivable within one year | 40/41 | €50,944 | €66,582 | +€15,637 | +30.7% |
| Trade receivables | 40 | €39,314 | €66,301 | +€26,987 | +68.6% |
| Other amounts receivable | 41 | €11,630 | €281 | -€11,349 | -97.6% |
| Current investments | 50/53 | €1,126,485 | €1,349,987 | +€223,501 | +19.8% |
| Cash at bank and in hand | 54/58 | €387,798 | €618,486 | +€230,687 | +59.5% |
| Deferred charges and accrued income | 490/1 | €5,841 | €8,281 | +€2,440 | +41.8% |
| Total equity and liabilities | 10/49 | €1,983,145 | €2,156,613 | +€173,468 | +8.7% |
| Equity | 10/15 | €1,690,249 | €1,849,282 | +€159,033 | +9.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €1,615,881 | €1,774,914 | +€159,033 | +9.8% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €1,608,444 | €1,767,477 | +€159,033 | +9.9% |
| Amounts payable | 17/49 | €292,897 | €307,332 | +€14,435 | +4.9% |
| Amounts payable within one year | 42/48 | €269,937 | €287,593 | +€17,656 | +6.5% |
| Trade debts | 44 | €9,063 | €10,863 | +€1,800 | +19.9% |
| Suppliers | 440/4 | €9,063 | €10,863 | +€1,800 | +19.9% |
| Taxes, remuneration and social security | 45 | €2,700 | €5,129 | +€2,429 | +89.9% |
| Taxes | 450/3 | €1,479 | €4,732 | +€3,254 | +220% |
| Remuneration and social security | 454/9 | €1,222 | €397 | -€825 | -67.5% |
| Other amounts payable | 47/48 | €258,174 | €271,601 | +€13,427 | +5.2% |
| Accrued charges and deferred income | 492/3 | €22,959 | €19,739 | -€3,220 | -14.0% |
| Non-recurring operating income | 76A | €748 | €79 | -€669 | -89.5% |
| Remuneration, social security and pensions | 62 | €10,632 | €12,314 | +€1,682 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,024 | €3,735 | +€711 | +23.5% |
| Other operating charges | 640/8 | €2,807 | €6,721 | +€3,914 | +139% |
| Non-recurring operating charges | 66A | €114 | €27 | -€87 | -76.6% |
| Gross operating margin | 9900 | €56,870 | €123,261 | +€66,391 | +117% |
| Operating profit (loss) | 9901 | €40,293 | €100,464 | +€60,172 | +149% |
| Financial income | 75/76B | €52,746 | €114,171 | +€61,424 | +116% |
| Recurring financial income | 75 | €52,746 | €114,171 | +€61,424 | +116% |
| Financial charges | 65/66B | €30,765 | €29,639 | -€1,126 | -3.7% |
| Recurring financial charges | 65 | €30,765 | €29,639 | -€1,126 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €62,274 | €184,996 | +€122,722 | +197% |
| Income taxes | 67/77 | €14,418 | €25,963 | +€11,545 | +80.1% |
| Profit (loss) for the period | 9904 | €47,856 | €159,033 | +€111,177 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €47,856 | €159,033 | +€111,177 | +232% |
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 18 October 2026 via checked.be.