BERTH IMMO: 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.
BERTH IMMO
Largest movements
- Stocks and contracts -€500,089
down €500,089 (-35.3%), from €1.4m to €915,337
- Receivables within one year +€79,647
up €79,647 (+292.2%), from €27,257 to €106,904
of which Other amounts receivable: +€68,463
- Cash -€35,086
down €35,086 (-13.7%), from €257,012 to €221,926
mainly Debts after one year (-€338,464) and Other debts (-€100,399)
- Tangible fixed assets -€28,065
down €28,065 (-6.5%), from €435,107 to €407,042
of which Land and buildings: -€17,741
- Debts after one year -€338,464
down €338,464 (-27.0%), from €1.3m to €914,648
- Other debts -€100,399
down €100,399 (-58.2%), from €172,555 to €72,156
- Trade debts -€42,470
down €42,470 (-72.2%), from €58,786 to €16,317
- Reserves +€28,500
up €28,500 (+4.8%), from €593,200 to €621,700
- Gross operating margin -€91,115
down €91,115 (-33.5%), from €271,961 to €180,846
- Staff costs -€46,946
down €46,946 (-55.1%), from €85,131 to €38,185
- Financial charges -€15,087
down €15,087 (-25.0%), from €60,354 to €45,267
- Taxes -€9,840
down €9,840 (-37.0%), from €26,562 to €16,722
- Other operating charges +€5,948
up €5,948 (+58.3%), from €10,207 to €16,154
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 | €2,192,811 | €1,723,378 | -€469,433 | -21.4% |
| Fixed assets | 21/28 | €487,037 | €456,473 | -€30,565 | -6.3% |
| Intangible fixed assets | 21 | €14,541 | €12,041 | -€2,500 | -17.2% |
| Tangible fixed assets | 22/27 | €435,107 | €407,042 | -€28,065 | -6.5% |
| Land and buildings | 22 | €381,040 | €363,299 | -€17,741 | -4.7% |
| Furniture and vehicles | 24 | €49,241 | €43,743 | -€5,498 | -11.2% |
| Leasing and similar rights | 25 | €4,825 | - | -€4,825 | |
| Financial fixed assets | 28 | €37,390 | €37,390 | = | 0.0% |
| Current assets | 29/58 | €1,705,773 | €1,266,905 | -€438,868 | -25.7% |
| Stocks and contracts in progress | 3 | €1,415,425 | €915,337 | -€500,089 | -35.3% |
| Stocks | 30/36 | €1,415,425 | €915,337 | -€500,089 | -35.3% |
| Amounts receivable within one year | 40/41 | €27,257 | €106,904 | +€79,647 | +292.2% |
| Trade receivables | 40 | €18,397 | €29,580 | +€11,183 | +60.8% |
| Other amounts receivable | 41 | €8,860 | €77,323 | +€68,463 | +772.7% |
| Cash at bank and in hand | 54/58 | €257,012 | €221,926 | -€35,086 | -13.7% |
| Deferred charges and accrued income | 490/1 | €6,080 | €22,739 | +€16,660 | +274.0% |
| Total equity and liabilities | 10/49 | €2,192,811 | €1,723,378 | -€469,433 | -21.4% |
| Equity | 10/15 | €626,337 | €654,996 | +€28,658 | +4.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €593,200 | €621,700 | +€28,500 | +4.8% |
| Distributable reserves | 133 | €593,200 | €621,700 | +€28,500 | +4.8% |
| Profit (loss) carried forward | 14 | €26,837 | €26,996 | +€158 | +0.6% |
| Amounts payable | 17/49 | €1,566,473 | €1,068,382 | -€498,092 | -31.8% |
| Amounts payable after more than one year | 17 | €1,253,112 | €914,648 | -€338,464 | -27.0% |
| Financial debts | 170/4 | €1,253,112 | €914,648 | -€338,464 | -27.0% |
| Amounts payable within one year | 42/48 | €310,587 | €152,623 | -€157,965 | -50.9% |
| Current portion of amounts payable after more than one year | 42 | €27,442 | €26,047 | -€1,395 | -5.1% |
| Trade debts | 44 | €58,786 | €16,317 | -€42,470 | -72.2% |
| Suppliers | 440/4 | €58,786 | €16,317 | -€42,470 | -72.2% |
| Taxes, remuneration and social security | 45 | €51,803 | €38,103 | -€13,701 | -26.4% |
| Taxes | 450/3 | €44,471 | €37,484 | -€6,986 | -15.7% |
| Remuneration and social security | 454/9 | €7,333 | €618 | -€6,714 | -91.6% |
| Other amounts payable | 47/48 | €172,555 | €72,156 | -€100,399 | -58.2% |
| Accrued charges and deferred income | 492/3 | €2,774 | €1,111 | -€1,663 | -59.9% |
| Remuneration, social security and pensions | 62 | €85,131 | €38,185 | -€46,946 | -55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,456 | €37,431 | -€1,025 | -2.7% |
| Other operating charges | 640/8 | €10,207 | €16,154 | +€5,948 | +58.3% |
| Gross operating margin | 9900 | €271,961 | €180,846 | -€91,115 | -33.5% |
| Operating profit (loss) | 9901 | €138,167 | €89,075 | -€49,091 | -35.5% |
| Financial income | 75/76B | €89 | €1,572 | +€1,483 | +1671.8% |
| Recurring financial income | 75 | €89 | €1,572 | +€1,483 | +1671.8% |
| Financial charges | 65/66B | €60,354 | €45,267 | -€15,087 | -25.0% |
| Recurring financial charges | 65 | €60,354 | €45,267 | -€15,087 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €77,901 | €45,380 | -€32,521 | -41.7% |
| Income taxes | 67/77 | €26,562 | €16,722 | -€9,840 | -37.0% |
| Profit (loss) for the period | 9904 | €51,339 | €28,658 | -€22,681 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,339 | €28,658 | -€22,681 | -44.2% |
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 10 October 2026 via checked.be.