Bertelli: 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.
Bertelli
Largest movements
- Cash -€4,627
down €4,627 (-19.6%), from €23,651 to €19,024
mainly Contributions, distributions and other (-€80,000) and Receivables within one year (-€2,044)
- Tangible fixed assets -€2,907
down €2,907 (-32.6%), from €8,921 to €6,014
of which Furniture and vehicles: -€2,573
- Receivables within one year +€2,044
up €2,044 (+7.8%), from €26,279 to €28,323
of which Trade receivables: +€2,536
- Profit (loss) carried forward -€52,024
down €52,024 (-95.2%), from €54,631 to €2,607
- Other debts +€45,000
new in 2025: €45,000
- Tax, wage and social debts +€2,197
up €2,197 (+202.2%), from €1,087 to €3,284
- Gross operating margin +€6,306
up €6,306 (+15.4%), from €41,005 to €47,311
- Depreciation -€2,980
down €2,980 (-50.6%), from €5,887 to €2,907
- Financial charges +€684
up €684 (+182.5%), from €375 to €1,060
- Taxes +€623
up €623 (+8.5%), from €7,350 to €7,973
- Financial income +€543
up €543 (+3244.6%), from €17 to €560
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 | €59,482 | €54,457 | -€5,024 | -8.4% |
| Fixed assets | 21/28 | €9,121 | €6,214 | -€2,907 | -31.9% |
| Tangible fixed assets | 22/27 | €8,921 | €6,014 | -€2,907 | -32.6% |
| Plant, machinery and equipment | 23 | €5,942 | €5,608 | -€334 | -5.6% |
| Furniture and vehicles | 24 | €2,978 | €405 | -€2,573 | -86.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €50,361 | €48,244 | -€2,117 | -4.2% |
| Amounts receivable within one year | 40/41 | €26,279 | €28,323 | +€2,044 | +7.8% |
| Trade receivables | 40 | €10,913 | €13,449 | +€2,536 | +23.2% |
| Other amounts receivable | 41 | €15,365 | €14,874 | -€492 | -3.2% |
| Cash at bank and in hand | 54/58 | €23,651 | €19,024 | -€4,627 | -19.6% |
| Deferred charges and accrued income | 490/1 | €431 | €897 | +€466 | +108.0% |
| Total equity and liabilities | 10/49 | €59,482 | €54,457 | -€5,024 | -8.4% |
| Equity | 10/15 | €56,631 | €4,607 | -€52,024 | -91.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,631 | €2,607 | -€52,024 | -95.2% |
| Amounts payable | 17/49 | €2,851 | €49,851 | +€46,999 | +1648.4% |
| Amounts payable within one year | 42/48 | €2,851 | €49,851 | +€46,999 | +1648.4% |
| Trade debts | 44 | €1,764 | €1,567 | -€198 | -11.2% |
| Suppliers | 440/4 | €1,764 | €1,567 | -€198 | -11.2% |
| Taxes, remuneration and social security | 45 | €1,087 | €3,284 | +€2,197 | +202.2% |
| Taxes | 450/3 | €1,087 | €3,284 | +€2,197 | +202.2% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,887 | €2,907 | -€2,980 | -50.6% |
| Other operating charges | 640/8 | €416 | €917 | +€501 | +120.3% |
| Non-recurring operating charges | 66A | €3,608 | €7,037 | +€3,429 | +95.0% |
| Gross operating margin | 9900 | €41,005 | €47,311 | +€6,306 | +15.4% |
| Operating profit (loss) | 9901 | €31,094 | €36,449 | +€5,356 | +17.2% |
| Financial income | 75/76B | €17 | €560 | +€543 | +3244.6% |
| Recurring financial income | 75 | €17 | €560 | +€543 | +3244.6% |
| Financial charges | 65/66B | €375 | €1,060 | +€684 | +182.5% |
| Recurring financial charges | 65 | €375 | €1,060 | +€684 | +182.5% |
| Profit (loss) for the period before taxes | 9903 | €30,735 | €35,949 | +€5,214 | +17.0% |
| Income taxes | 67/77 | €7,350 | €7,973 | +€623 | +8.5% |
| Profit (loss) for the period | 9904 | €23,385 | €27,976 | +€4,591 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,385 | €27,976 | +€4,591 | +19.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.