BERTEMES: 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.
What changed
BERTEMES
NACE 35.120, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.0m
2024 · €2.1m+€902,330
Equity
€3.7m
2024 · €608,466+€3.0m
Cash
€143,208
2024 · €54,255+€88,953
Balance sheet total
€53.5m
2024 · €54.4m-€856,618
Largest movements
Assets
- Tangible fixed assets -€2.7m
down €2.7m (-5.3%), from €50.7m to €48.0m
of which Leasing and similar rights: -€3.1m
- Receivables within one year +€1.3m
up €1.3m (+114%), from €1.2m to €2.5m
of which Trade receivables: +€1.3m
Equity and liabilities
- Debts after one year -€5.9m
down €5.9m (-16.0%), from €37.0m to €31.0m
- Profit (loss) carried forward +€2.6m
up €2.6m (+533%), from €480,727 to €3.0m
- Provisions +€1.4m
new in 2025: €1.4m
- Other debts +€550,000
up €550,000 (+5.7%), from €9.7m to €10.3m
Income statement
- Turnover +€1.9m
up €1.9m (+13.5%), from €14.4m to €16.3m
- Provisions +€1.4m
new in 2025: €1.4m
- Goods and materials -€1.1m
down €1.1m (-45.3%), from €2.5m to €1.3m
of which Purchases: -€1.1m
- Services and other goods +€982,569
up €982,569 (+25.3%), from €3.9m to €4.9m
- Financial charges -€532,954
down €532,954 (-22.0%), from €2.4m to €1.9m
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
€2.1m
Turnover
+€1.9m
Other operating income
+€31,155
Goods and materials
+€1.1m
Services and other goods
-€982,569
Depreciation
-€148,759
Provisions
-€1.4m
Other operating charges
+€12,868
Other operating items
-€29,257
Financial income
+€14,063
Financial charges
+€532,954
Taxes
-€155,780
Result 2025
€3.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.9m
Investment
-€981,190
Financing
-€5.8m
Cash 2024
€54,255
From operations (derived)
+€6.9m
Net result for the year
+€3.0m
Depreciation
+€3.7m
Stocks and contracts
-€363,125
Receivables within one year
-€1.3m
Deferred charges and accrued income
-€25,424
Provisions
+€1.4m
Trade debts
-€124,731
Tax, wage and social debts
+€40,780
Other debts
+€550,000
Accrued charges and deferred income
+€18,099
Investment (derived)
-€981,190
Investment in fixed assets (net)
-€981,190
Financing
-€5.8m
Debts after one year
-€5.9m
Current portion of long-term debt
+€106,224
Cash 2025
€143,208
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,357,729 | €53,501,111 | -€856,618 | -1.6% |
| Fixed assets | 21/28 | €50,703,478 | €48,022,424 | -€2.7m | -5.3% |
| Tangible fixed assets | 22/27 | €50,703,478 | €48,022,424 | -€2.7m | -5.3% |
| Land and buildings | 22 | €698,596 | €792,066 | +€93,470 | +13.4% |
| Plant, machinery and equipment | 23 | €6,686,932 | €7,015,363 | +€328,431 | +4.9% |
| Furniture and vehicles | 24 | €73,873 | €44,716 | -€29,158 | -39.5% |
| Leasing and similar rights | 25 | €43,244,077 | €40,170,279 | -€3.1m | -7.1% |
| Current assets | 29/58 | €3,654,250 | €5,478,687 | +€1.8m | +49.9% |
| Stocks and contracts in progress | 3 | €2,408,864 | €2,771,990 | +€363,125 | +15.1% |
| Stocks | 30/36 | €2,408,864 | €2,771,990 | +€363,125 | +15.1% |
| Raw materials and consumables | 30/31 | €606,308 | €990,165 | +€383,857 | +63.3% |
| Finished goods | 33 | €1,802,557 | €1,781,825 | -€20,732 | -1.2% |
| Amounts receivable within one year | 40/41 | €1,181,492 | €2,528,427 | +€1.3m | +114% |
| Trade receivables | 40 | €1,177,247 | €2,486,510 | +€1.3m | +111% |
| Other amounts receivable | 41 | €4,245 | €41,917 | +€37,672 | +887% |
| Cash at bank and in hand | 54/58 | €54,255 | €143,208 | +€88,953 | +164% |
| Deferred charges and accrued income | 490/1 | €9,638 | €35,062 | +€25,424 | +264% |
| Total equity and liabilities | 10/49 | €54,357,729 | €53,501,111 | -€856,618 | -1.6% |
| Equity | 10/15 | €608,466 | €3,654,203 | +€3.0m | +501% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €15,739 | €499,889 | +€484,150 | +3,076% |
| Non-distributable reserves | 130/1 | €15,739 | €15,739 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Other | 1319 | €4,539 | €4,539 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €484,150 | +€484,150 | |
| Profit (loss) carried forward | 14 | €480,727 | €3,042,314 | +€2.6m | +533% |
| Provisions and deferred taxes | 16 | - | €1,439,522 | +€1.4m | |
| Provisions for liabilities and charges | 160/5 | - | €1,439,522 | +€1.4m | |
| Other liabilities and charges | 164/5 | - | €1,439,522 | +€1.4m | |
| Amounts payable | 17/49 | €53,749,263 | €48,407,386 | -€5.3m | -9.9% |
| Amounts payable after more than one year | 17 | €36,968,059 | €31,035,810 | -€5.9m | -16.0% |
| Financial debts | 170/4 | €36,968,059 | €31,035,810 | -€5.9m | -16.0% |
| Leasing and similar obligations | 172 | €27,718,059 | €24,785,810 | -€2.9m | -10.6% |
| Credit institutions | 173 | €9,250,000 | €6,250,000 | -€3.0m | -32.4% |
| Amounts payable within one year | 42/48 | €16,778,499 | €17,350,772 | +€572,273 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €5,826,025 | €5,932,249 | +€106,224 | +1.8% |
| Trade debts | 44 | €1,252,474 | €1,127,743 | -€124,731 | -10.0% |
| Suppliers | 440/4 | €1,252,474 | €1,127,743 | -€124,731 | -10.0% |
| Taxes, remuneration and social security | 45 | - | €40,780 | +€40,780 | |
| Taxes | 450/3 | - | €40,780 | +€40,780 | |
| Other amounts payable | 47/48 | €9,700,000 | €10,250,000 | +€550,000 | +5.7% |
| Accrued charges and deferred income | 492/3 | €2,705 | €20,804 | +€18,099 | +669% |
| Operating income | 70/76A | €14,402,726 | €16,353,068 | +€2.0m | +13.5% |
| Turnover | 70 | €14,394,200 | €16,342,645 | +€1.9m | +13.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €8,525 | -€20,732 | -€29,257 | |
| Other operating income | 74 | - | €31,155 | +€31,155 | |
| Operating charges | 60/66A | €9,877,643 | €11,316,893 | +€1.4m | +14.6% |
| Goods for resale, raw materials and consumables | 60 | €2,468,558 | €1,349,825 | -€1.1m | -45.3% |
| Purchases | 600/8 | €2,415,707 | €1,345,121 | -€1.1m | -44.3% |
| Change in stocks: decrease (increase) | 609 | €52,851 | €4,704 | -€48,147 | -91.1% |
| Services and other goods | 61 | €3,882,476 | €4,865,046 | +€982,569 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,513,486 | €3,662,245 | +€148,759 | +4.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,439,522 | +€1.4m | |
| Other operating charges | 640/8 | €13,123 | €255 | -€12,868 | -98.1% |
| Operating profit (loss) | 9901 | €4,525,083 | €5,036,176 | +€511,093 | +11.3% |
| Financial income | 75/76B | €42,726 | €56,789 | +€14,063 | +32.9% |
| Recurring financial income | 75 | €42,726 | €56,789 | +€14,063 | +32.9% |
| Income from current assets | 751 | - | €4 | +€4 | |
| Other financial income | 752/9 | €42,726 | €56,785 | +€14,059 | +32.9% |
| Financial charges | 65/66B | €2,424,401 | €1,891,447 | -€532,954 | -22.0% |
| Recurring financial charges | 65 | €2,424,401 | €1,891,447 | -€532,954 | -22.0% |
| Debt charges | 650 | €2,415,123 | €1,888,291 | -€526,832 | -21.8% |
| Other financial charges | 652/9 | €9,278 | €3,156 | -€6,122 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €2,143,408 | €3,201,518 | +€1.1m | +49.4% |
| Income taxes | 67/77 | - | €155,780 | +€155,780 | |
| Taxes | 670/3 | - | €155,780 | +€155,780 | |
| Profit (loss) for the period | 9904 | €2,143,408 | €3,045,737 | +€902,330 | +42.1% |
| Transfer to tax-exempt reserves | 689 | - | €484,150 | +€484,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,143,408 | €2,561,587 | +€418,180 | +19.5% |
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 14 October 2026 via checked.be.