Bert Vrebos: 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 Vrebos
Largest movements
- Tangible fixed assets +€97,804
up €97,804 (+53.9%), from €181,474 to €279,278
of which Furniture and vehicles: +€97,260
- Cash -€13,659
down €13,659 (-26.7%), from €51,221 to €37,562
mainly Investment in fixed assets (net) (-€146,779) and Current portion of long-term debt (-€15,150)
- Deferred charges and accrued income +€4,542
up €4,542 (+168.1%), from €2,702 to €7,244
- Receivables within one year +€4,189
up €4,189 (+12.1%), from €34,625 to €38,814
of which Trade receivables: +€3,717
- Debts after one year +€73,070
up €73,070 (+341.1%), from €21,419 to €94,490
- Trade debts +€18,013
up €18,013 (+227.7%), from €7,912 to €25,925
- Current portion of long-term debt -€15,150
down €15,150 (-39.9%), from €37,928 to €22,778
- Reserves +€12,228
up €12,228 (+11.6%), from €105,861 to €118,089
- Tax, wage and social debts +€3,727
up €3,727 (+210.8%), from €1,768 to €5,496
- Depreciation +€17,205
up €17,205 (+54.2%), from €31,770 to €48,975
- Gross operating margin +€15,355
up €15,355 (+25.3%), from €60,584 to €75,938
- Taxes -€3,774
down €3,774 (-96.8%), from €3,900 to €126
- Staff costs +€2,426
up €2,426, from €0 to €2,426
- Other operating charges +€1,830
up €1,830 (+201.5%), from €908 to €2,738
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 | €270,022 | €362,898 | +€92,875 | +34.4% |
| Fixed assets | 21/28 | €181,474 | €279,278 | +€97,804 | +53.9% |
| Tangible fixed assets | 22/27 | €181,474 | €279,278 | +€97,804 | +53.9% |
| Land and buildings | 22 | €41,048 | €51,347 | +€10,299 | +25.1% |
| Plant, machinery and equipment | 23 | €82,590 | €72,835 | -€9,755 | -11.8% |
| Furniture and vehicles | 24 | €57,836 | €155,096 | +€97,260 | +168.2% |
| Current assets | 29/58 | €88,548 | €83,619 | -€4,929 | -5.6% |
| Amounts receivable within one year | 40/41 | €34,625 | €38,814 | +€4,189 | +12.1% |
| Trade receivables | 40 | €26,817 | €30,534 | +€3,717 | +13.9% |
| Other amounts receivable | 41 | €7,808 | €8,280 | +€472 | +6.0% |
| Cash at bank and in hand | 54/58 | €51,221 | €37,562 | -€13,659 | -26.7% |
| Deferred charges and accrued income | 490/1 | €2,702 | €7,244 | +€4,542 | +168.1% |
| Total equity and liabilities | 10/49 | €270,022 | €362,898 | +€92,875 | +34.4% |
| Equity | 10/15 | €124,461 | €136,689 | +€12,228 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,861 | €118,089 | +€12,228 | +11.6% |
| Distributable reserves | 133 | €105,861 | €118,089 | +€12,228 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €145,561 | €226,209 | +€80,648 | +55.4% |
| Amounts payable after more than one year | 17 | €21,419 | €94,490 | +€73,070 | +341.1% |
| Financial debts | 170/4 | €21,419 | €94,490 | +€73,070 | +341.1% |
| Amounts payable within one year | 42/48 | €124,142 | €131,719 | +€7,577 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €37,928 | €22,778 | -€15,150 | -39.9% |
| Trade debts | 44 | €7,912 | €25,925 | +€18,013 | +227.7% |
| Suppliers | 440/4 | €7,912 | €25,925 | +€18,013 | +227.7% |
| Taxes, remuneration and social security | 45 | €1,768 | €5,496 | +€3,727 | +210.8% |
| Taxes | 450/3 | €1,768 | €5,496 | +€3,727 | +210.8% |
| Other amounts payable | 47/48 | €76,534 | €77,521 | +€987 | +1.3% |
| Non-recurring operating income | 76A | €0 | €4,545 | +€4,545 | |
| Remuneration, social security and pensions | 62 | €0 | €2,426 | +€2,426 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,770 | €48,975 | +€17,205 | +54.2% |
| Other operating charges | 640/8 | €908 | €2,738 | +€1,830 | +201.5% |
| Gross operating margin | 9900 | €60,584 | €75,938 | +€15,355 | +25.3% |
| Operating profit (loss) | 9901 | €27,905 | €21,798 | -€6,107 | -21.9% |
| Financial income | 75/76B | €58 | €0 | -€58 | -100.0% |
| Recurring financial income | 75 | €58 | €0 | -€58 | -100.0% |
| Financial charges | 65/66B | €8,360 | €9,445 | +€1,085 | +13.0% |
| Recurring financial charges | 65 | €8,360 | €9,445 | +€1,085 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €19,603 | €12,354 | -€7,249 | -37.0% |
| Income taxes | 67/77 | €3,900 | €126 | -€3,774 | -96.8% |
| Profit (loss) for the period | 9904 | €15,703 | €12,228 | -€3,475 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,703 | €12,228 | -€3,475 | -22.1% |
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 12 October 2026 via checked.be.