BERTELS-BOUW: 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.
BERTELS-BOUW
Largest movements
- Cash +€102,635
up €102,635 (+51.9%), from €197,926 to €300,562
mainly Net result for the year (+€92,924) and Trade debts (+€46,088)
- Receivables within one year +€25,518
up €25,518 (+24.6%), from €103,865 to €129,384
of which Other amounts receivable: +€80,818
- Tangible fixed assets -€10,638
down €10,638 (-5.8%), from €182,327 to €171,690
of which Furniture and vehicles: -€9,273
- Reserves +€89,576
up €89,576 (+34.0%), from €263,458 to €353,034
of which Distributable reserves: +€89,576
- Trade debts +€46,088
up €46,088 (+53.1%), from €86,794 to €132,882
- Debts after one year -€17,530
down €17,530 (-38.2%), from €45,870 to €28,340
- Financial income +€5,562
up €5,562 (+213%), from €2,607 to €8,169
- Taxes +€3,612
up €3,612 (+9.8%), from €36,689 to €40,301
- Gross operating margin +€3,372
up €3,372 (+2.3%), from €144,743 to €148,115
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 | €488,708 | €605,579 | +€116,872 | +23.9% |
| Fixed assets | 21/28 | €182,327 | €171,690 | -€10,638 | -5.8% |
| Tangible fixed assets | 22/27 | €182,327 | €171,690 | -€10,638 | -5.8% |
| Plant, machinery and equipment | 23 | €4,998 | €3,633 | -€1,365 | -27.3% |
| Furniture and vehicles | 24 | €23,329 | €14,057 | -€9,273 | -39.7% |
| Other tangible fixed assets | 26 | €154,000 | €154,000 | = | 0.0% |
| Current assets | 29/58 | €306,381 | €433,890 | +€127,509 | +41.6% |
| Amounts receivable within one year | 40/41 | €103,865 | €129,384 | +€25,518 | +24.6% |
| Trade receivables | 40 | €55,300 | - | -€55,300 | |
| Other amounts receivable | 41 | €48,565 | €129,384 | +€80,818 | +166% |
| Cash at bank and in hand | 54/58 | €197,926 | €300,562 | +€102,635 | +51.9% |
| Deferred charges and accrued income | 490/1 | €4,589 | €3,945 | -€645 | -14.0% |
| Total equity and liabilities | 10/49 | €488,708 | €605,579 | +€116,872 | +23.9% |
| Equity | 10/15 | €282,058 | €371,634 | +€89,576 | +31.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €263,458 | €353,034 | +€89,576 | +34.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €261,598 | €351,174 | +€89,576 | +34.2% |
| Amounts payable | 17/49 | €206,649 | €233,945 | +€27,296 | +13.2% |
| Amounts payable after more than one year | 17 | €45,870 | €28,340 | -€17,530 | -38.2% |
| Financial debts | 170/4 | €45,870 | €28,340 | -€17,530 | -38.2% |
| Amounts payable within one year | 42/48 | €160,780 | €205,606 | +€44,826 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €17,249 | €17,530 | +€280 | +1.6% |
| Financial debts | 43 | €2,500 | €2,500 | = | 0.0% |
| Credit institutions | 430/8 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €86,794 | €132,882 | +€46,088 | +53.1% |
| Suppliers | 440/4 | €86,794 | €132,882 | +€46,088 | +53.1% |
| Taxes, remuneration and social security | 45 | €51,837 | €49,346 | -€2,490 | -4.8% |
| Taxes | 450/3 | €51,837 | €49,346 | -€2,490 | -4.8% |
| Other amounts payable | 47/48 | €2,400 | €3,348 | +€948 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,737 | €12,460 | -€276 | -2.2% |
| Other operating charges | 640/8 | €4,038 | €3,380 | -€657 | -16.3% |
| Non-recurring operating charges | 66A | - | €2,699 | +€2,699 | |
| Gross operating margin | 9900 | €144,743 | €148,115 | +€3,372 | +2.3% |
| Operating profit (loss) | 9901 | €127,969 | €129,576 | +€1,607 | +1.3% |
| Financial income | 75/76B | €2,607 | €8,169 | +€5,562 | +213% |
| Recurring financial income | 75 | €2,607 | €8,169 | +€5,562 | +213% |
| Financial charges | 65/66B | €5,693 | €4,519 | -€1,174 | -20.6% |
| Recurring financial charges | 65 | €5,693 | €4,519 | -€1,174 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €124,883 | €133,225 | +€8,343 | +6.7% |
| Income taxes | 67/77 | €36,689 | €40,301 | +€3,612 | +9.8% |
| Profit (loss) for the period | 9904 | €88,194 | €92,924 | +€4,730 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,194 | €92,924 | +€4,730 | +5.4% |
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 17 October 2026 via checked.be.