BERSAL: 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.
BERSAL
Largest movements
- Receivables within one year +€1.2m
new in 2025: €1.2m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets -€654,007
down €654,007 (-73.0%), from €895,694 to €241,687
of which Land and buildings: -€516,364
- Profit (loss) carried forward +€1.3m
up €1.3m, from -€455,886 to €820,036
- Debts after one year -€752,873
no longer reported in 2025 (was €752,873)
- Other debts -€63,980
down €63,980 (-83.6%), from €76,530 to €12,550
- Reserves +€43,160
up €43,160 (+664%), from €6,498 to €49,658
of which Non-distributable reserves: +€43,160
- Financial income +€1.7m
up €1.7m (+17,174,502%), from €10 to €1.7m
of which Non-recurring financial income: +€1.7m
- Taxes +€278,250
new in 2025: €278,250
- Gross operating margin -€191,573
down €191,573, from €122,003 to -€69,571
- Depreciation -€48,445
down €48,445 (-67.2%), from €72,093 to €23,648
- Financial charges -€33,836
down €33,836 (-74.7%), from €45,316 to €11,480
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 | €908,877 | €1,415,437 | +€506,560 | +55.7% |
| Fixed assets | 21/28 | €895,694 | €241,687 | -€654,007 | -73.0% |
| Tangible fixed assets | 22/27 | €895,694 | €241,687 | -€654,007 | -73.0% |
| Land and buildings | 22 | €516,364 | €0 | -€516,364 | -100% |
| Leasing and similar rights | 25 | €73,648 | - | -€73,648 | |
| Other tangible fixed assets | 26 | €305,682 | €241,687 | -€63,994 | -20.9% |
| Current assets | 29/58 | €13,183 | €1,173,750 | +€1.2m | +8,804% |
| Amounts receivable within one year | 40/41 | - | €1,170,487 | +€1.2m | |
| Trade receivables | 40 | - | €10,497 | +€10,497 | |
| Other amounts receivable | 41 | - | €1,159,990 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €13,183 | €3,263 | -€9,920 | -75.3% |
| Total equity and liabilities | 10/49 | €908,877 | €1,415,437 | +€506,560 | +55.7% |
| Equity | 10/15 | €19,613 | €1,338,695 | +€1.3m | +6,726% |
| Contributions | 10/11 | €469,000 | €469,000 | = | 0.0% |
| Capital | 10 | €469,000 | €469,000 | = | 0.0% |
| Issued capital | 100 | €469,000 | €469,000 | = | 0.0% |
| Reserves | 13 | €6,498 | €49,658 | +€43,160 | +664% |
| Non-distributable reserves | 130/1 | €380 | €43,540 | +€43,160 | +11,372% |
| Legal reserve | 130 | €380 | €43,540 | +€43,160 | +11,372% |
| Distributable reserves | 133 | €6,119 | €6,119 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€455,886 | €820,036 | +€1.3m | |
| Amounts payable | 17/49 | €889,265 | €76,742 | -€812,522 | -91.4% |
| Amounts payable after more than one year | 17 | €752,873 | - | -€752,873 | |
| Financial debts | 170/4 | €752,873 | - | -€752,873 | |
| Amounts payable within one year | 42/48 | €126,422 | €67,113 | -€59,308 | -46.9% |
| Current portion of amounts payable after more than one year | 42 | €11,359 | €2,873 | -€8,486 | -74.7% |
| Trade debts | 44 | €37,627 | €43,857 | +€6,230 | +16.6% |
| Suppliers | 440/4 | €37,627 | €43,857 | +€6,230 | +16.6% |
| Taxes, remuneration and social security | 45 | €905 | €7,834 | +€6,928 | +765% |
| Taxes | 450/3 | €905 | €7,834 | +€6,928 | +765% |
| Other amounts payable | 47/48 | €76,530 | €12,550 | -€63,980 | -83.6% |
| Accrued charges and deferred income | 492/3 | €9,970 | €9,629 | -€341 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,093 | €23,648 | -€48,445 | -67.2% |
| Other operating charges | 640/8 | €25,889 | €15,430 | -€10,459 | -40.4% |
| Gross operating margin | 9900 | €122,003 | -€69,571 | -€191,573 | |
| Operating profit (loss) | 9901 | €24,021 | -€108,648 | -€132,669 | |
| Financial income | 75/76B | €10 | €1,717,460 | +€1.7m | +17,174,502% |
| Recurring financial income | 75 | €10 | €34,990 | +€34,980 | +349,804% |
| Non-recurring financial income | 76B | - | €1,682,470 | +€1.7m | |
| Financial charges | 65/66B | €45,316 | €11,480 | -€33,836 | -74.7% |
| Recurring financial charges | 65 | €45,316 | €11,480 | -€33,836 | -74.7% |
| Profit (loss) for the period before taxes | 9903 | -€21,284 | €1,597,332 | +€1.6m | |
| Income taxes | 67/77 | - | €278,250 | +€278,250 | |
| Profit (loss) for the period | 9904 | -€21,284 | €1,319,082 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,284 | €1,319,082 | +€1.3m |
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 21 October 2026 via checked.be.