Bertels - Voets: 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.
What changed
Bertels - Voets
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9,554
2024 · €8,711+€843
Equity
€1.3m
2024 · €1.3m+€9,554
Cash
€8,114
2024 · €5,672+€2,442
Balance sheet total
€2.5m
2024 · €2.6m-€91,090
Largest movements
Assets
- Tangible fixed assets -€94,749
down €94,749 (-3.8%), from €2.5m to €2.4m
of which Land and buildings: -€83,789
Equity and liabilities
- Debts after one year -€110,672
down €110,672 (-14.3%), from €774,284 to €663,611
Income statement
- Financial charges -€1,647
down €1,647 (-6.6%), from €25,048 to €23,401
- Taxes +€1,592
up €1,592 (+61.1%), from €2,606 to €4,198
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.
Result 2024
€8,711
Gross operating margin
+€1,265
Other operating charges
-€477
Financial income
+€0
Financial charges
+€1,647
Taxes
-€1,592
Result 2025
€9,554
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.
From operations
+€111,570
Investment
€0
Financing
-€109,128
Cash 2024
€5,672
From operations (derived)
+€111,570
Net result for the year
+€9,554
Depreciation
+€94,749
Receivables within one year
-€1,570
Deferred charges and accrued income
+€353
Trade debts
-€12,152
Other debts
+€10,338
Accrued charges and deferred income
+€10,297
Financing
-€109,128
Debts after one year
-€110,672
Current portion of long-term debt
+€1,545
Cash 2025
€8,114
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,557,471 | €2,466,381 | -€91,090 | -3.6% |
| Fixed assets | 21/28 | €2,494,037 | €2,399,288 | -€94,749 | -3.8% |
| Tangible fixed assets | 22/27 | €2,493,537 | €2,398,788 | -€94,749 | -3.8% |
| Land and buildings | 22 | €2,466,512 | €2,382,724 | -€83,789 | -3.4% |
| Furniture and vehicles | 24 | €27,025 | €16,065 | -€10,960 | -40.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €63,434 | €67,092 | +€3,659 | +5.8% |
| Amounts receivable within one year | 40/41 | €53,464 | €55,034 | +€1,570 | +2.9% |
| Trade receivables | 40 | €14,999 | €14,999 | = | 0.0% |
| Other amounts receivable | 41 | €38,465 | €40,035 | +€1,570 | +4.1% |
| Cash at bank and in hand | 54/58 | €5,672 | €8,114 | +€2,442 | +43.1% |
| Deferred charges and accrued income | 490/1 | €4,298 | €3,944 | -€353 | -8.2% |
| Total equity and liabilities | 10/49 | €2,557,471 | €2,466,381 | -€91,090 | -3.6% |
| Equity | 10/15 | €1,324,883 | €1,334,437 | +€9,554 | +0.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,089,363 | €1,089,363 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €1,080,687 | €1,080,687 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,546 | €183,101 | +€9,554 | +5.5% |
| Amounts payable | 17/49 | €1,232,588 | €1,131,943 | -€100,645 | -8.2% |
| Amounts payable after more than one year | 17 | €774,284 | €663,611 | -€110,672 | -14.3% |
| Financial debts | 170/4 | €774,284 | €663,611 | -€110,672 | -14.3% |
| Amounts payable within one year | 42/48 | €404,595 | €404,325 | -€270 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €109,128 | €110,672 | +€1,545 | +1.4% |
| Trade debts | 44 | €18,013 | €5,862 | -€12,152 | -67.5% |
| Suppliers | 440/4 | €18,013 | €5,862 | -€12,152 | -67.5% |
| Taxes, remuneration and social security | 45 | €2,410 | €2,410 | = | 0.0% |
| Taxes | 450/3 | €2,410 | €2,410 | = | 0.0% |
| Other amounts payable | 47/48 | €275,044 | €285,382 | +€10,338 | +3.8% |
| Accrued charges and deferred income | 492/3 | €53,710 | €64,007 | +€10,297 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,749 | €94,749 | = | 0.0% |
| Other operating charges | 640/8 | €15,255 | €15,732 | +€477 | +3.1% |
| Gross operating margin | 9900 | €146,369 | €147,635 | +€1,265 | +0.9% |
| Operating profit (loss) | 9901 | €36,365 | €37,153 | +€788 | +2.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +2.7% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2.7% |
| Financial charges | 65/66B | €25,048 | €23,401 | -€1,647 | -6.6% |
| Recurring financial charges | 65 | €25,048 | €23,401 | -€1,647 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €11,317 | €13,753 | +€2,435 | +21.5% |
| Income taxes | 67/77 | €2,606 | €4,198 | +€1,592 | +61.1% |
| Profit (loss) for the period | 9904 | €8,711 | €9,554 | +€843 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,711 | €9,554 | +€843 | +9.7% |
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 6 October 2026 via checked.be.