BERTHELS: 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.
BERTHELS
Largest movements
- Stocks and contracts +€55,588
up €55,588 (+36.7%), from €151,410 to €206,998
- Receivables within one year -€9,203
down €9,203 (-4.2%), from €219,954 to €210,751
of which Trade receivables: -€5,251
- Cash +€6,798
up €6,798 (+16.3%), from €41,831 to €48,629
mainly Trade debts (+€60,388) and Net result for the year (+€21,116)
- Trade debts +€60,388
new in 2025: €60,388
- Other debts -€32,006
down €32,006 (-34.6%), from €92,436 to €60,429
- Reserves +€21,116
up €21,116 (+8.2%), from €257,357 to €278,473
of which Distributable reserves: +€21,116
- Gross operating margin +€9,285
up €9,285 (+23.4%), from €39,748 to €49,033
- Depreciation -€3,219
down €3,219 (-21.8%), from €14,775 to €11,557
- Financial income -€3,068
down €3,068 (-20.4%), from €15,018 to €11,949
- Taxes +€2,819
up €2,819 (+35.8%), from €7,873 to €10,692
- Other operating charges +€1,820
up €1,820 (+28.5%), from €6,390 to €8,211
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 | €466,978 | €518,494 | +€51,516 | +11.0% |
| Fixed assets | 21/28 | €47,967 | €51,071 | +€3,104 | +6.5% |
| Tangible fixed assets | 22/27 | €47,967 | €51,071 | +€3,104 | +6.5% |
| Land and buildings | 22 | €45,291 | €47,111 | +€1,821 | +4.0% |
| Plant, machinery and equipment | 23 | €1,980 | €1,089 | -€891 | -45.0% |
| Furniture and vehicles | 24 | €696 | €2,871 | +€2,175 | +312.4% |
| Current assets | 29/58 | €419,011 | €467,423 | +€48,412 | +11.6% |
| Stocks and contracts in progress | 3 | €151,410 | €206,998 | +€55,588 | +36.7% |
| Stocks | 30/36 | €151,410 | €206,998 | +€55,588 | +36.7% |
| Amounts receivable within one year | 40/41 | €219,954 | €210,751 | -€9,203 | -4.2% |
| Trade receivables | 40 | €48,826 | €43,575 | -€5,251 | -10.8% |
| Other amounts receivable | 41 | €171,129 | €167,177 | -€3,952 | -2.3% |
| Cash at bank and in hand | 54/58 | €41,831 | €48,629 | +€6,798 | +16.3% |
| Deferred charges and accrued income | 490/1 | €5,816 | €1,044 | -€4,771 | -82.0% |
| Total equity and liabilities | 10/49 | €466,978 | €518,494 | +€51,516 | +11.0% |
| Equity | 10/15 | €359,248 | €380,364 | +€21,116 | +5.9% |
| Contributions | 10/11 | €101,890 | €101,890 | = | 0.0% |
| Reserves | 13 | €257,357 | €278,473 | +€21,116 | +8.2% |
| Tax-exempt reserves | 132 | €6,545 | €6,545 | = | 0.0% |
| Distributable reserves | 133 | €250,812 | €271,928 | +€21,116 | +8.4% |
| Amounts payable | 17/49 | €107,730 | €138,131 | +€30,400 | +28.2% |
| Amounts payable within one year | 42/48 | €100,454 | €132,425 | +€31,971 | +31.8% |
| Trade debts | 44 | - | €60,388 | +€60,388 | |
| Suppliers | 440/4 | - | €60,388 | +€60,388 | |
| Taxes, remuneration and social security | 45 | €8,018 | €11,608 | +€3,590 | +44.8% |
| Taxes | 450/3 | €8,018 | €11,608 | +€3,590 | +44.8% |
| Other amounts payable | 47/48 | €92,436 | €60,429 | -€32,006 | -34.6% |
| Accrued charges and deferred income | 492/3 | €7,276 | €5,706 | -€1,571 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,775 | €11,557 | -€3,219 | -21.8% |
| Other operating charges | 640/8 | €6,390 | €8,211 | +€1,820 | +28.5% |
| Gross operating margin | 9900 | €39,748 | €49,033 | +€9,285 | +23.4% |
| Operating profit (loss) | 9901 | €18,583 | €29,266 | +€10,683 | +57.5% |
| Financial income | 75/76B | €15,018 | €11,949 | -€3,068 | -20.4% |
| Recurring financial income | 75 | €15,018 | €11,949 | -€3,068 | -20.4% |
| Financial charges | 65/66B | €10,296 | €9,407 | -€888 | -8.6% |
| Recurring financial charges | 65 | €10,296 | €9,407 | -€888 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €23,305 | €31,808 | +€8,503 | +36.5% |
| Income taxes | 67/77 | €7,873 | €10,692 | +€2,819 | +35.8% |
| Profit (loss) for the period | 9904 | €15,432 | €21,116 | +€5,684 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,432 | €21,116 | +€5,684 | +36.8% |
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.