BERT TRUYMAN: 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 TRUYMAN
Largest movements
- Current investments +€139,970
up €139,970 (+125%), from €111,590 to €251,560
- Receivables after one year +€102,000
up €102,000 (+20.0%), from €510,000 to €612,000
- Receivables within one year +€51,891
up €51,891 (+21.5%), from €240,931 to €292,822
of which Trade receivables: +€58,467
- Cash -€27,241
down €27,241 (-31.2%), from €87,234 to €59,994
mainly Contributions, distributions and other (-€329,000) and Current investments (-€139,970)
- Other debts +€108,680
up €108,680, from €0 to €108,680
- Short-term financial debts +€72,108
up €72,108 (+22.4%), from €322,042 to €394,150
- Reserves +€53,703
up €53,703 (+10.5%), from €511,490 to €565,193
- Tax, wage and social debts +€26,698
up €26,698 (+27.7%), from €96,294 to €122,992
- Gross operating margin +€136,501
up €136,501 (+36.4%), from €374,977 to €511,478
- Financial income -€101,260
down €101,260 (-79.9%), from €126,710 to €25,449
- Taxes +€28,770
up €28,770 (+31.9%), from €90,218 to €118,988
- Other operating charges +€11,853
up €11,853 (+23,064%), from €51 to €11,904
- Financial charges +€5,736
up €5,736 (+37.6%), from €15,252 to €20,988
of which Financial charges: +€4,731
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 | €965,078 | €1,230,666 | +€265,588 | +27.5% |
| Fixed assets | 21/28 | €7,993 | €6,222 | -€1,771 | -22.2% |
| Tangible fixed assets | 22/27 | €7,993 | €6,222 | -€1,771 | -22.2% |
| Furniture and vehicles | 24 | €7,993 | €6,222 | -€1,771 | -22.2% |
| Current assets | 29/58 | €957,085 | €1,224,444 | +€267,359 | +27.9% |
| Amounts receivable after more than one year | 29 | €510,000 | €612,000 | +€102,000 | +20.0% |
| Other amounts receivable | 291 | €510,000 | €612,000 | +€102,000 | +20.0% |
| Amounts receivable within one year | 40/41 | €240,931 | €292,822 | +€51,891 | +21.5% |
| Trade receivables | 40 | €223,121 | €281,589 | +€58,467 | +26.2% |
| Other amounts receivable | 41 | €17,810 | €11,234 | -€6,576 | -36.9% |
| Current investments | 50/53 | €111,590 | €251,560 | +€139,970 | +125% |
| Cash at bank and in hand | 54/58 | €87,234 | €59,994 | -€27,241 | -31.2% |
| Deferred charges and accrued income | 490/1 | €7,330 | €8,068 | +€738 | +10.1% |
| Total equity and liabilities | 10/49 | €965,078 | €1,230,666 | +€265,588 | +27.5% |
| Equity | 10/15 | €530,040 | €583,743 | +€53,703 | +10.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €511,490 | €565,193 | +€53,703 | +10.5% |
| Distributable reserves | 133 | €511,490 | €565,193 | +€53,703 | +10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €435,039 | €646,923 | +€211,885 | +48.7% |
| Amounts payable within one year | 42/48 | €421,931 | €628,441 | +€206,510 | +48.9% |
| Financial debts | 43 | €322,042 | €394,150 | +€72,108 | +22.4% |
| Other loans | 439 | €322,042 | €394,150 | +€72,108 | +22.4% |
| Trade debts | 44 | €3,595 | €2,619 | -€977 | -27.2% |
| Suppliers | 440/4 | €3,595 | €2,619 | -€977 | -27.2% |
| Taxes, remuneration and social security | 45 | €96,294 | €122,992 | +€26,698 | +27.7% |
| Taxes | 450/3 | €96,294 | €122,992 | +€26,698 | +27.7% |
| Other amounts payable | 47/48 | €0 | €108,680 | +€108,680 | |
| Accrued charges and deferred income | 492/3 | €13,107 | €18,483 | +€5,375 | +41.0% |
| Non-recurring operating income | 76A | €1,934 | €0 | -€1,934 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,623 | €2,344 | +€721 | +44.4% |
| Other operating charges | 640/8 | €51 | €11,904 | +€11,853 | +23,064% |
| Non-recurring operating charges | 66A | €1,502 | €0 | -€1,502 | -100% |
| Gross operating margin | 9900 | €374,977 | €511,478 | +€136,501 | +36.4% |
| Operating profit (loss) | 9901 | €371,800 | €497,230 | +€125,430 | +33.7% |
| Financial income | 75/76B | €126,710 | €25,449 | -€101,260 | -79.9% |
| Recurring financial income | 75 | €126,710 | €25,449 | -€101,260 | -79.9% |
| Financial charges | 65/66B | €15,252 | €20,988 | +€5,736 | +37.6% |
| Recurring financial charges | 65 | €15,252 | €19,983 | +€4,731 | +31.0% |
| Non-recurring financial charges | 66B | - | €1,005 | +€1,005 | |
| Profit (loss) for the period before taxes | 9903 | €483,257 | €501,691 | +€18,434 | +3.8% |
| Income taxes | 67/77 | €90,218 | €118,988 | +€28,770 | +31.9% |
| Profit (loss) for the period | 9904 | €393,040 | €382,703 | -€10,336 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €393,040 | €382,703 | -€10,336 | -2.6% |
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.