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
- Tangible fixed assets -€178,384
down €178,384 (-11.8%), from €1.5m to €1.3m
of which Plant, machinery and equipment: -€140,002
- Deferred charges and accrued income +€56,960
up €56,960 (+130.4%), from €43,673 to €100,633
- Cash -€51,863
down €51,863 (-7.7%), from €677,828 to €625,965
mainly Debts after one year (-€240,118) and Investment in fixed assets (net) (-€88,122)
- Debts after one year -€240,118
down €240,118 (-21.3%), from €1.1m to €885,157
- Reserves +€76,665
up €76,665 (+9.7%), from €788,650 to €865,316
of which Distributable reserves: +€76,665
- Trade debts +€45,808
up €45,808 (+20.8%), from €219,841 to €265,649
- Gross operating margin -€363,422
down €363,422 (-24.8%), from €1.5m to €1.1m
- Staff costs +€84,828
up €84,828 (+13.6%), from €622,202 to €707,031
- Depreciation -€52,634
down €52,634 (-16.5%), from €319,139 to €266,505
- Taxes -€23,931
down €23,931 (-48.6%), from €49,213 to €25,282
- Financial income -€17,358
down €17,358 (-97.7%), from €17,772 to €414
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 | €2,653,703 | €2,506,563 | -€147,140 | -5.5% |
| Fixed assets | 21/28 | €1,513,730 | €1,335,346 | -€178,384 | -11.8% |
| Tangible fixed assets | 22/27 | €1,512,355 | €1,333,971 | -€178,384 | -11.8% |
| Land and buildings | 22 | €497,183 | €463,324 | -€33,860 | -6.8% |
| Plant, machinery and equipment | 23 | €991,777 | €851,775 | -€140,002 | -14.1% |
| Furniture and vehicles | 24 | €17,784 | €14,184 | -€3,600 | -20.2% |
| Other tangible fixed assets | 26 | €5,611 | €4,689 | -€922 | -16.4% |
| Financial fixed assets | 28 | €1,375 | €1,375 | = | 0.0% |
| Current assets | 29/58 | €1,139,973 | €1,171,216 | +€31,244 | +2.7% |
| Amounts receivable after more than one year | 29 | €5,069 | €15,207 | +€10,138 | +200.0% |
| Other amounts receivable | 291 | €5,069 | €15,207 | +€10,138 | +200.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €413,403 | €429,411 | +€16,009 | +3.9% |
| Trade receivables | 40 | €260,863 | €283,381 | +€22,518 | +8.6% |
| Other amounts receivable | 41 | €152,540 | €146,030 | -€6,510 | -4.3% |
| Cash at bank and in hand | 54/58 | €677,828 | €625,965 | -€51,863 | -7.7% |
| Deferred charges and accrued income | 490/1 | €43,673 | €100,633 | +€56,960 | +130.4% |
| Total equity and liabilities | 10/49 | €2,653,703 | €2,506,563 | -€147,140 | -5.5% |
| Equity | 10/15 | €974,850 | €1,051,516 | +€76,665 | +7.9% |
| Contributions | 10/11 | €186,200 | €186,200 | = | 0.0% |
| Reserves | 13 | €788,650 | €865,316 | +€76,665 | +9.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €788,650 | €865,316 | +€76,665 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,678,852 | €1,455,047 | -€223,805 | -13.3% |
| Amounts payable after more than one year | 17 | €1,125,275 | €885,157 | -€240,118 | -21.3% |
| Financial debts | 170/4 | €1,125,275 | €885,157 | -€240,118 | -21.3% |
| Amounts payable within one year | 42/48 | €553,277 | €569,890 | +€16,613 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €246,481 | €240,118 | -€6,363 | -2.6% |
| Trade debts | 44 | €219,841 | €265,649 | +€45,808 | +20.8% |
| Suppliers | 440/4 | €219,841 | €265,649 | +€45,808 | +20.8% |
| Advances received on contracts in progress | 46 | €1,764 | €8 | -€1,755 | -99.5% |
| Taxes, remuneration and social security | 45 | €83,511 | €62,879 | -€20,631 | -24.7% |
| Taxes | 450/3 | €47,354 | €21,510 | -€25,843 | -54.6% |
| Remuneration and social security | 454/9 | €36,157 | €41,369 | +€5,212 | +14.4% |
| Other amounts payable | 47/48 | €1,682 | €1,236 | -€446 | -26.5% |
| Accrued charges and deferred income | 492/3 | €300 | €0 | -€300 | -100.0% |
| Non-recurring operating income | 76A | €9,979 | €0 | -€9,979 | -100.0% |
| Remuneration, social security and pensions | 62 | €622,202 | €707,031 | +€84,828 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,139 | €266,505 | -€52,634 | -16.5% |
| Other operating charges | 640/8 | €6,176 | €4,688 | -€1,488 | -24.1% |
| Gross operating margin | 9900 | €1,464,028 | €1,100,605 | -€363,422 | -24.8% |
| Operating profit (loss) | 9901 | €516,510 | €122,381 | -€394,129 | -76.3% |
| Financial income | 75/76B | €17,772 | €414 | -€17,358 | -97.7% |
| Recurring financial income | 75 | €17,772 | €414 | -€17,358 | -97.7% |
| Financial charges | 65/66B | €24,233 | €20,848 | -€3,385 | -14.0% |
| Recurring financial charges | 65 | €24,233 | €20,848 | -€3,385 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €510,050 | €101,948 | -€408,102 | -80.0% |
| Income taxes | 67/77 | €49,213 | €25,282 | -€23,931 | -48.6% |
| Profit (loss) for the period | 9904 | €460,837 | €76,665 | -€384,172 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €460,837 | €76,665 | -€384,172 | -83.4% |
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 30 September 2026 via checked.be.