Bert Verthé: what changed
Two fiscal 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 Verthé
Largest movements
- Tangible fixed assets +€61,093
up €61,093 (+4210.1%), from €1,451 to €62,544
- Receivables within one year -€42,353
down €42,353 (-74.6%), from €56,810 to €14,457
of which Other amounts receivable: -€42,353
- Cash -€10,497
down €10,497 (-79.2%), from €13,250 to €2,753
mainly Other debts (-€78,000) and Investment in fixed assets (net) (-€76,300)
- Other debts -€78,000
down €78,000 (-100.0%), from €78,000 to €0
- Debts after one year +€47,791
new in 2025: €47,791
- Reserves +€40,024
up €40,024 (+73.1%), from €54,740 to €94,765
- Tax, wage and social debts -€21,389
down €21,389 (-73.5%), from €29,111 to €7,721
- Current portion of long-term debt +€19,364
new in 2025: €19,364
- Financial income -€100,460
down €100,460 (-98.0%), from €102,480 to €2,021
of which Non-recurring financial income: -€100,000
- Taxes -€28,974
down €28,974 (-63.3%), from €45,803 to €16,829
- Depreciation +€14,166
up €14,166 (+1360.8%), from €1,041 to €15,207
- Gross operating margin +€7,058
up €7,058 (+10.6%), from €66,603 to €73,661
- Financial charges +€2,906
up €2,906 (+2853.6%), from €102 to €3,008
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.
Cash bridge derived
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 | €163,511 | €172,799 | +€9,288 | +5.7% |
| Fixed assets | 21/28 | €81,451 | €142,544 | +€61,093 | +75.0% |
| Tangible fixed assets | 22/27 | €1,451 | €62,544 | +€61,093 | +4210.1% |
| Furniture and vehicles | 24 | €1,451 | €62,544 | +€61,093 | +4210.1% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €82,060 | €30,255 | -€51,805 | -63.1% |
| Amounts receivable within one year | 40/41 | €56,810 | €14,457 | -€42,353 | -74.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €56,810 | €14,457 | -€42,353 | -74.6% |
| Cash at bank and in hand | 54/58 | €13,250 | €2,753 | -€10,497 | -79.2% |
| Deferred charges and accrued income | 490/1 | €12,000 | €13,045 | +€1,045 | +8.7% |
| Total equity and liabilities | 10/49 | €163,511 | €172,799 | +€9,288 | +5.7% |
| Equity | 10/15 | €55,740 | €95,765 | +€40,024 | +71.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €54,740 | €94,765 | +€40,024 | +73.1% |
| Distributable reserves | 133 | €54,740 | €94,765 | +€40,024 | +73.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €107,771 | €77,034 | -€30,736 | -28.5% |
| Amounts payable after more than one year | 17 | - | €47,791 | +€47,791 | |
| Financial debts | 170/4 | - | €47,791 | +€47,791 | |
| Amounts payable within one year | 42/48 | €107,771 | €28,074 | -€79,696 | -74.0% |
| Current portion of amounts payable after more than one year | 42 | - | €19,364 | +€19,364 | |
| Trade debts | 44 | €660 | €988 | +€328 | +49.7% |
| Suppliers | 440/4 | €660 | €988 | +€328 | +49.7% |
| Taxes, remuneration and social security | 45 | €29,111 | €7,721 | -€21,389 | -73.5% |
| Taxes | 450/3 | €29,111 | €7,721 | -€21,389 | -73.5% |
| Other amounts payable | 47/48 | €78,000 | €0 | -€78,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €1,169 | +€1,169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,041 | €15,207 | +€14,166 | +1360.8% |
| Other operating charges | 640/8 | €115 | €613 | +€498 | +433.2% |
| Gross operating margin | 9900 | €66,603 | €73,661 | +€7,058 | +10.6% |
| Operating profit (loss) | 9901 | €65,447 | €57,841 | -€7,606 | -11.6% |
| Financial income | 75/76B | €102,480 | €2,021 | -€100,460 | -98.0% |
| Recurring financial income | 75 | €2,480 | €2,021 | -€460 | -18.5% |
| Non-recurring financial income | 76B | €100,000 | €0 | -€100,000 | -100.0% |
| Financial charges | 65/66B | €102 | €3,008 | +€2,906 | +2853.6% |
| Recurring financial charges | 65 | €102 | €3,008 | +€2,906 | +2853.6% |
| Profit (loss) for the period before taxes | 9903 | €167,825 | €56,854 | -€110,971 | -66.1% |
| Income taxes | 67/77 | €45,803 | €16,829 | -€28,974 | -63.3% |
| Profit (loss) for the period | 9904 | €122,022 | €40,024 | -€81,998 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €122,022 | €40,024 | -€81,998 | -67.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.