BERTELS: 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.
BERTELS
Largest movements
- Cash +€15,417
up €15,417 (+60.8%), from €25,356 to €40,773
mainly Net result for the year (+€13,071) and Depreciation (+€3,161)
- Tangible fixed assets -€3,161
down €3,161 (-5.5%), from €57,043 to €53,882
of which Land and buildings: -€2,453
- Reserves +€13,071
up €13,071 (+35.1%), from €37,220 to €50,291
of which Distributable reserves: +€13,071
- Other debts -€1,594
down €1,594 (-4.8%), from €33,163 to €31,569
- Other operating charges +€346
up €346 (+13.4%), from €2,589 to €2,935
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 | €88,995 | €100,570 | +€11,575 | +13.0% |
| Fixed assets | 21/28 | €57,043 | €53,882 | -€3,161 | -5.5% |
| Tangible fixed assets | 22/27 | €57,043 | €53,882 | -€3,161 | -5.5% |
| Land and buildings | 22 | €54,294 | €51,841 | -€2,453 | -4.5% |
| Plant, machinery and equipment | 23 | €2,749 | €2,041 | -€708 | -25.7% |
| Current assets | 29/58 | €31,952 | €46,688 | +€14,736 | +46.1% |
| Amounts receivable within one year | 40/41 | €5,521 | €5,342 | -€179 | -3.2% |
| Trade receivables | 40 | €4,453 | €4,403 | -€50 | -1.1% |
| Other amounts receivable | 41 | €1,068 | €939 | -€129 | -12.1% |
| Cash at bank and in hand | 54/58 | €25,356 | €40,773 | +€15,417 | +60.8% |
| Deferred charges and accrued income | 490/1 | €1,075 | €573 | -€502 | -46.7% |
| Total equity and liabilities | 10/49 | €88,995 | €100,570 | +€11,575 | +13.0% |
| Equity | 10/15 | €55,820 | €68,891 | +€13,071 | +23.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,220 | €50,291 | +€13,071 | +35.1% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €34,121 | €47,192 | +€13,071 | +38.3% |
| Amounts payable | 17/49 | €33,176 | €31,679 | -€1,497 | -4.5% |
| Amounts payable within one year | 42/48 | €33,176 | €31,679 | -€1,497 | -4.5% |
| Trade debts | 44 | €13 | €110 | +€97 | +761.4% |
| Suppliers | 440/4 | €13 | €110 | +€97 | +761.4% |
| Other amounts payable | 47/48 | €33,163 | €31,569 | -€1,594 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,090 | €3,161 | +€71 | +2.3% |
| Other operating charges | 640/8 | €2,589 | €2,935 | +€346 | +13.4% |
| Gross operating margin | 9900 | €19,268 | €19,300 | +€32 | +0.2% |
| Operating profit (loss) | 9901 | €13,589 | €13,204 | -€385 | -2.8% |
| Financial income | 75/76B | €13 | €30 | +€17 | +134.6% |
| Recurring financial income | 75 | €13 | €30 | +€17 | +134.6% |
| Financial charges | 65/66B | - | €0 | +€0 | |
| Recurring financial charges | 65 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | €13,602 | €13,234 | -€368 | -2.7% |
| Income taxes | 67/77 | €160 | €162 | +€2 | +1.5% |
| Profit (loss) for the period | 9904 | €13,442 | €13,071 | -€370 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,442 | €13,071 | -€370 | -2.8% |
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 5 October 2026 via checked.be.