BERTEC: 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.
BERTEC
Largest movements
- Stocks and contracts -€239,741
down €239,741 (-24.6%), from €973,294 to €733,553
- Tangible fixed assets -€168,511
down €168,511 (-31.6%), from €532,911 to €364,400
of which Furniture and vehicles: -€142,670
- Receivables within one year +€153,419
up €153,419 (+9.0%), from €1.7m to €1.9m
of which Other amounts receivable: +€170,017
- Cash -€56,782
down €56,782 (-67.2%), from €84,504 to €27,722
mainly Trade debts (-€211,916) and Receivables within one year (-€153,419)
- Trade debts -€211,916
down €211,916 (-29.0%), from €730,854 to €518,938
- Reserves +€144,871
up €144,871 (+9.6%), from €1.5m to €1.7m
of which Distributable reserves: +€144,871
- Other debts -€109,414
down €109,414 (-32.3%), from €339,227 to €229,814
- Debts after one year -€105,624
down €105,624 (-58.4%), from €180,895 to €75,271
- Tax, wage and social debts -€58,177
down €58,177 (-49.4%), from €117,794 to €59,617
of which Taxes: -€35,566
- Gross operating margin -€234,946
down €234,946 (-24.3%), from €967,570 to €732,624
- Taxes -€53,242
down €53,242 (-41.0%), from €129,942 to €76,700
- Write-downs +€50,796
new in 2025: €50,796
- Staff costs -€26,678
down €26,678 (-9.8%), from €271,888 to €245,210
- Financial charges +€22,926
up €22,926 (+50.0%), from €45,840 to €68,766
of which Non-recurring financial charges: +€33,019
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 | €3,330,944 | €3,028,361 | -€302,584 | -9.1% |
| Fixed assets | 21/28 | €549,099 | €387,395 | -€161,704 | -29.4% |
| Intangible fixed assets | 21 | - | €6,807 | +€6,807 | |
| Tangible fixed assets | 22/27 | €532,911 | €364,400 | -€168,511 | -31.6% |
| Land and buildings | 22 | €193,251 | €190,107 | -€3,144 | -1.6% |
| Plant, machinery and equipment | 23 | €78,663 | €59,995 | -€18,668 | -23.7% |
| Furniture and vehicles | 24 | €244,883 | €102,213 | -€142,670 | -58.3% |
| Other tangible fixed assets | 26 | €16,113 | €12,085 | -€4,028 | -25.0% |
| Financial fixed assets | 28 | €16,188 | €16,188 | = | 0.0% |
| Current assets | 29/58 | €2,781,845 | €2,640,966 | -€140,880 | -5.1% |
| Stocks and contracts in progress | 3 | €973,294 | €733,553 | -€239,741 | -24.6% |
| Stocks | 30/36 | €973,294 | €733,553 | -€239,741 | -24.6% |
| Amounts receivable within one year | 40/41 | €1,712,899 | €1,866,318 | +€153,419 | +9.0% |
| Trade receivables | 40 | €511,568 | €494,970 | -€16,598 | -3.2% |
| Other amounts receivable | 41 | €1,201,331 | €1,371,348 | +€170,017 | +14.2% |
| Cash at bank and in hand | 54/58 | €84,504 | €27,722 | -€56,782 | -67.2% |
| Deferred charges and accrued income | 490/1 | €11,149 | €13,373 | +€2,224 | +20.0% |
| Total equity and liabilities | 10/49 | €3,330,944 | €3,028,361 | -€302,584 | -9.1% |
| Equity | 10/15 | €1,535,306 | €1,680,177 | +€144,871 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,516,706 | €1,661,577 | +€144,871 | +9.6% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €1,511,706 | €1,656,577 | +€144,871 | +9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,795,638 | €1,348,183 | -€447,455 | -24.9% |
| Amounts payable after more than one year | 17 | €180,895 | €75,271 | -€105,624 | -58.4% |
| Financial debts | 170/4 | €180,895 | €75,271 | -€105,624 | -58.4% |
| Amounts payable within one year | 42/48 | €1,609,827 | €1,258,536 | -€351,291 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €107,453 | €135,667 | +€28,215 | +26.3% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €730,854 | €518,938 | -€211,916 | -29.0% |
| Suppliers | 440/4 | €730,854 | €518,938 | -€211,916 | -29.0% |
| Advances received on contracts in progress | 46 | €14,500 | €14,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €117,794 | €59,617 | -€58,177 | -49.4% |
| Taxes | 450/3 | €81,961 | €46,395 | -€35,566 | -43.4% |
| Remuneration and social security | 454/9 | €35,832 | €13,222 | -€22,611 | -63.1% |
| Other amounts payable | 47/48 | €339,227 | €229,814 | -€109,414 | -32.3% |
| Accrued charges and deferred income | 492/3 | €4,916 | €14,376 | +€9,460 | +192% |
| Remuneration, social security and pensions | 62 | €271,888 | €245,210 | -€26,678 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,999 | €61,965 | -€8,034 | -11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,796 | +€50,796 | |
| Other operating charges | 640/8 | €4,556 | €9,879 | +€5,323 | +117% |
| Gross operating margin | 9900 | €967,570 | €732,624 | -€234,946 | -24.3% |
| Operating profit (loss) | 9901 | €621,127 | €364,774 | -€256,353 | -41.3% |
| Financial income | 75/76B | €18,797 | €25,563 | +€6,766 | +36.0% |
| Recurring financial income | 75 | €18,797 | €25,563 | +€6,766 | +36.0% |
| Financial charges | 65/66B | €45,840 | €68,766 | +€22,926 | +50.0% |
| Recurring financial charges | 65 | €45,840 | €35,747 | -€10,093 | -22.0% |
| Non-recurring financial charges | 66B | - | €33,019 | +€33,019 | |
| Profit (loss) for the period before taxes | 9903 | €594,084 | €321,571 | -€272,513 | -45.9% |
| Income taxes | 67/77 | €129,942 | €76,700 | -€53,242 | -41.0% |
| Profit (loss) for the period | 9904 | €464,142 | €244,871 | -€219,271 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €464,142 | €244,871 | -€219,271 | -47.2% |
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 25 October 2026 via checked.be.