Bert Callens: 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 Callens
Largest movements
- Receivables after one year -€92,500
down €92,500 (-41.9%), from €221,000 to €128,500
- Receivables within one year -€66,143
down €66,143 (-12.2%), from €541,994 to €475,852
of which Other amounts receivable: -€67,170
- Tangible fixed assets +€34,392
up €34,392 (+9.1%), from €377,673 to €412,065
of which Furniture and vehicles: +€66,843
- Cash +€14,894
up €14,894 (+44.9%), from €33,171 to €48,065
mainly Receivables after one year (+€92,500) and Receivables within one year (+€66,143)
- Reserves -€148,441
down €148,441 (-17.9%), from €828,443 to €680,001
- Debts after one year +€26,297
up €26,297 (+12.8%), from €206,147 to €232,444
- Gross operating margin -€40,592
down €40,592 (-41.6%), from €97,482 to €56,891
- Depreciation +€11,941
up €11,941 (+34.8%), from €34,333 to €46,273
- Taxes -€8,831
down €8,831 (-49.4%), from €17,871 to €9,040
- Financial income -€6,046
down €6,046 (-14.0%), from €43,234 to €37,188
- Financial charges +€1,036
up €1,036 (+13.4%), from €7,734 to €8,770
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 | €1,174,486 | €1,065,586 | -€108,900 | -9.3% |
| Fixed assets | 21/28 | €377,673 | €412,065 | +€34,392 | +9.1% |
| Tangible fixed assets | 22/27 | €377,673 | €412,065 | +€34,392 | +9.1% |
| Land and buildings | 22 | €347,500 | €321,312 | -€26,187 | -7.5% |
| Plant, machinery and equipment | 23 | €18,623 | €13,253 | -€5,370 | -28.8% |
| Furniture and vehicles | 24 | €4,922 | €71,765 | +€66,843 | +1,358% |
| Other tangible fixed assets | 26 | €6,629 | €5,736 | -€893 | -13.5% |
| Current assets | 29/58 | €796,813 | €653,521 | -€143,293 | -18.0% |
| Amounts receivable after more than one year | 29 | €221,000 | €128,500 | -€92,500 | -41.9% |
| Other amounts receivable | 291 | €221,000 | €128,500 | -€92,500 | -41.9% |
| Amounts receivable within one year | 40/41 | €541,994 | €475,852 | -€66,143 | -12.2% |
| Trade receivables | 40 | €13,552 | €14,579 | +€1,027 | +7.6% |
| Other amounts receivable | 41 | €528,442 | €461,272 | -€67,170 | -12.7% |
| Cash at bank and in hand | 54/58 | €33,171 | €48,065 | +€14,894 | +44.9% |
| Deferred charges and accrued income | 490/1 | €648 | €1,104 | +€456 | +70.3% |
| Total equity and liabilities | 10/49 | €1,174,486 | €1,065,586 | -€108,900 | -9.3% |
| Equity | 10/15 | €913,448 | €765,007 | -€148,441 | -16.3% |
| Contributions | 10/11 | €68,000 | €68,000 | = | 0.0% |
| Revaluation surpluses | 12 | €17,005 | €17,005 | = | 0.0% |
| Reserves | 13 | €828,443 | €680,001 | -€148,441 | -17.9% |
| Distributable reserves | 133 | €828,443 | €680,001 | -€148,441 | -17.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €261,038 | €300,579 | +€39,541 | +15.1% |
| Amounts payable after more than one year | 17 | €206,147 | €232,444 | +€26,297 | +12.8% |
| Financial debts | 170/4 | €206,147 | €232,444 | +€26,297 | +12.8% |
| Amounts payable within one year | 42/48 | €54,623 | €65,086 | +€10,462 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €37,984 | €41,601 | +€3,617 | +9.5% |
| Trade debts | 44 | €0 | €1,589 | +€1,589 | |
| Suppliers | 440/4 | €0 | €1,589 | +€1,589 | |
| Taxes, remuneration and social security | 45 | €12,213 | €17,147 | +€4,934 | +40.4% |
| Taxes | 450/3 | €9,513 | €14,247 | +€4,734 | +49.8% |
| Remuneration and social security | 454/9 | €2,700 | €2,900 | +€200 | +7.4% |
| Other amounts payable | 47/48 | €4,426 | €4,749 | +€323 | +7.3% |
| Accrued charges and deferred income | 492/3 | €268 | €3,049 | +€2,781 | +1,039% |
| Non-recurring operating income | 76A | €13,575 | €0 | -€13,575 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,333 | €46,273 | +€11,941 | +34.8% |
| Other operating charges | 640/8 | €3,295 | €3,383 | +€88 | +2.7% |
| Non-recurring operating charges | 66A | €6,131 | €0 | -€6,131 | -100% |
| Gross operating margin | 9900 | €97,482 | €56,891 | -€40,592 | -41.6% |
| Operating profit (loss) | 9901 | €53,724 | €7,234 | -€46,490 | -86.5% |
| Financial income | 75/76B | €43,234 | €37,188 | -€6,046 | -14.0% |
| Recurring financial income | 75 | €43,234 | €37,188 | -€6,046 | -14.0% |
| Financial charges | 65/66B | €7,734 | €8,770 | +€1,036 | +13.4% |
| Recurring financial charges | 65 | €7,734 | €8,770 | +€1,036 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €89,224 | €35,652 | -€53,572 | -60.0% |
| Income taxes | 67/77 | €17,871 | €9,040 | -€8,831 | -49.4% |
| Profit (loss) for the period | 9904 | €71,354 | €26,612 | -€44,741 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,354 | €26,612 | -€44,741 | -62.7% |
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 28 October 2026 via checked.be.