BERT BERTELS: 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.
BERT BERTELS
Largest movements
- Receivables within one year +€18,389
up €18,389 (+7.3%), from €253,267 to €271,657
of which Trade receivables: +€16,462
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€16,043
down €16,043 (-100.0%), from €16,043 to €0
- Gross operating margin -€11,579
down €11,579 (-40.9%), from €28,321 to €16,741
- Financial charges +€2,775
up €2,775 (+2614.6%), from €106 to €2,881
- Other operating charges +€1,218
up €1,218 (+64.6%), from €1,884 to €3,102
- Taxes +€999
up €999 (+23.0%), from €4,353 to €5,352
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,732,046 | €1,739,245 | +€7,199 | +0.4% |
| Fixed assets | 21/28 | €1,316,702 | €1,308,696 | -€8,006 | -0.6% |
| Tangible fixed assets | 22/27 | €8,006 | €0 | -€8,006 | -100.0% |
| Furniture and vehicles | 24 | €8,006 | €0 | -€8,006 | -100.0% |
| Financial fixed assets | 28 | €1,308,696 | €1,308,696 | = | 0.0% |
| Current assets | 29/58 | €415,344 | €430,549 | +€15,205 | +3.7% |
| Amounts receivable after more than one year | 29 | €14,059 | €9,036 | -€5,023 | -35.7% |
| Other amounts receivable | 291 | €14,059 | €9,036 | -€5,023 | -35.7% |
| Amounts receivable within one year | 40/41 | €253,267 | €271,657 | +€18,389 | +7.3% |
| Trade receivables | 40 | €95,512 | €111,973 | +€16,462 | +17.2% |
| Other amounts receivable | 41 | €157,755 | €159,683 | +€1,928 | +1.2% |
| Cash at bank and in hand | 54/58 | €148,018 | €145,033 | -€2,985 | -2.0% |
| Deferred charges and accrued income | 490/1 | - | €4,824 | +€4,824 | |
| Total equity and liabilities | 10/49 | €1,732,046 | €1,739,245 | +€7,199 | +0.4% |
| Equity | 10/15 | €1,716,898 | €1,722,824 | +€5,926 | +0.3% |
| Contributions | 10/11 | €1,321,096 | €1,321,096 | = | 0.0% |
| Reserves | 13 | €221,966 | €227,892 | +€5,926 | +2.7% |
| Non-distributable reserves | 130/1 | - | €8,231 | +€8,231 | |
| Reserves not available under the articles | 1311 | - | €8,231 | +€8,231 | |
| Distributable reserves | 133 | €221,966 | €219,661 | -€2,305 | -1.0% |
| Profit (loss) carried forward | 14 | €173,836 | €173,836 | = | 0.0% |
| Amounts payable | 17/49 | €15,149 | €16,421 | +€1,273 | +8.4% |
| Amounts payable within one year | 42/48 | €15,149 | €16,421 | +€1,273 | +8.4% |
| Trade debts | 44 | €1,642 | €6,146 | +€4,504 | +274.2% |
| Suppliers | 440/4 | €1,642 | €6,146 | +€4,504 | +274.2% |
| Taxes, remuneration and social security | 45 | €13,506 | €10,275 | -€3,231 | -23.9% |
| Taxes | 450/3 | €8,575 | €5,547 | -€3,028 | -35.3% |
| Remuneration and social security | 454/9 | €4,931 | €4,728 | -€203 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,043 | €0 | -€16,043 | -100.0% |
| Other operating charges | 640/8 | €1,884 | €3,102 | +€1,218 | +64.6% |
| Gross operating margin | 9900 | €28,321 | €16,741 | -€11,579 | -40.9% |
| Operating profit (loss) | 9901 | €10,394 | €13,639 | +€3,246 | +31.2% |
| Financial income | 75/76B | €666 | €519 | -€147 | -22.0% |
| Recurring financial income | 75 | €666 | €519 | -€147 | -22.0% |
| Financial charges | 65/66B | €106 | €2,881 | +€2,775 | +2614.6% |
| Recurring financial charges | 65 | €106 | €2,881 | +€2,775 | +2614.6% |
| Profit (loss) for the period before taxes | 9903 | €10,954 | €11,278 | +€324 | +3.0% |
| Income taxes | 67/77 | €4,353 | €5,352 | +€999 | +23.0% |
| Profit (loss) for the period | 9904 | €6,601 | €5,926 | -€675 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,601 | €5,926 | -€675 | -10.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.