Bert Vandebergh: 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 Vandebergh
Largest movements
- Receivables after one year +€250,000
new in 2025: €250,000
- Current investments +€19,050
up €19,050 (+95.2%), from €20,020 to €39,070
- Receivables within one year -€10,856
down €10,856 (-98.4%), from €11,029 to €174
of which Other amounts receivable: -€11,029
- Deferred charges and accrued income -€8,081
down €8,081 (-98.9%), from €8,171 to €90
- Debts after one year +€160,000
new in 2025: €160,000
- Other debts +€48,074
up €48,074 (+1,407%), from €3,417 to €51,490
- Current portion of long-term debt +€40,000
new in 2025: €40,000
- Tax, wage and social debts +€10,572
up €10,572 (+110%), from €9,588 to €20,159
- Trade debts -€4,206
down €4,206 (-73.0%), from €5,762 to €1,556
- Gross operating margin +€13,845
up €13,845 (+20.0%), from €69,313 to €83,159
- Taxes -€3,377
down €3,377 (-13.2%), from €25,630 to €22,253
- Financial charges +€1,842
up €1,842 (+2,506%), from €74 to €1,916
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 | €93,177 | €349,461 | +€256,285 | +275% |
| Fixed assets | 21/28 | €1,281 | €4,735 | +€3,455 | +270% |
| Tangible fixed assets | 22/27 | €1,281 | €3,735 | +€2,455 | +192% |
| Plant, machinery and equipment | 23 | €1,281 | €3,735 | +€2,455 | +192% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €91,896 | €344,726 | +€252,830 | +275% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Amounts receivable within one year | 40/41 | €11,029 | €174 | -€10,856 | -98.4% |
| Trade receivables | 40 | - | €174 | +€174 | |
| Other amounts receivable | 41 | €11,029 | - | -€11,029 | |
| Current investments | 50/53 | €20,020 | €39,070 | +€19,050 | +95.2% |
| Cash at bank and in hand | 54/58 | €52,676 | €55,392 | +€2,717 | +5.2% |
| Deferred charges and accrued income | 490/1 | €8,171 | €90 | -€8,081 | -98.9% |
| Total equity and liabilities | 10/49 | €93,177 | €349,461 | +€256,285 | +275% |
| Equity | 10/15 | €74,410 | €76,255 | +€1,845 | +2.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €64,000 | €64,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,000 | - | -€64,000 | |
| Other | 1319 | €64,000 | - | -€64,000 | |
| Distributable reserves | 133 | - | €64,000 | +€64,000 | |
| Profit (loss) carried forward | 14 | €5,410 | €7,255 | +€1,845 | +34.1% |
| Amounts payable | 17/49 | €18,767 | €273,206 | +€254,439 | +1,356% |
| Amounts payable after more than one year | 17 | - | €160,000 | +€160,000 | |
| Financial debts | 170/4 | - | €160,000 | +€160,000 | |
| Amounts payable within one year | 42/48 | €18,767 | €113,206 | +€94,439 | +503% |
| Current portion of amounts payable after more than one year | 42 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | €5,762 | €1,556 | -€4,206 | -73.0% |
| Suppliers | 440/4 | €5,762 | €1,556 | -€4,206 | -73.0% |
| Taxes, remuneration and social security | 45 | €9,588 | €20,159 | +€10,572 | +110% |
| Taxes | 450/3 | €9,588 | €20,159 | +€10,572 | +110% |
| Other amounts payable | 47/48 | €3,417 | €51,490 | +€48,074 | +1,407% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380 | €589 | +€209 | +55.1% |
| Other operating charges | 640/8 | €1,062 | €1,562 | +€500 | +47.1% |
| Gross operating margin | 9900 | €69,313 | €83,159 | +€13,845 | +20.0% |
| Operating profit (loss) | 9901 | €67,871 | €81,008 | +€13,136 | +19.4% |
| Financial income | 75/76B | €172 | €6 | -€166 | -96.5% |
| Recurring financial income | 75 | €172 | €6 | -€166 | -96.5% |
| Financial charges | 65/66B | €74 | €1,916 | +€1,842 | +2,506% |
| Recurring financial charges | 65 | €74 | €1,916 | +€1,842 | +2,506% |
| Profit (loss) for the period before taxes | 9903 | €67,970 | €79,098 | +€11,128 | +16.4% |
| Income taxes | 67/77 | €25,630 | €22,253 | -€3,377 | -13.2% |
| Profit (loss) for the period | 9904 | €42,340 | €56,845 | +€14,506 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,340 | €56,845 | +€14,506 | +34.3% |
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 13 October 2026 via checked.be.