Berthels Management: 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.
Berthels Management
Largest movements
- Financial fixed assets +€2.4m
new in 2025: €2.4m
- Cash -€40,975
down €40,975 (-90.1%), from €45,455 to €4,480
mainly Investment in fixed assets (net) (-€2.4m) and Receivables within one year (-€9,185)
- Debts after one year +€1.8m
new in 2025: €1.8m
- Current portion of long-term debt +€312,621
new in 2025: €312,621
- Other debts +€213,125
new in 2025: €213,125
- Financial charges +€72,272
new in 2025: €72,272
- Gross operating margin +€29,977
up €29,977 (+54.9%), from €54,589 to €84,566
- Taxes -€8,267
down €8,267 (-76.2%), from €10,842 to €2,575
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 | €57,804 | €2,409,764 | +€2.4m | +4,069% |
| Fixed assets | 21/28 | - | €2,383,750 | +€2.4m | |
| Financial fixed assets | 28 | - | €2,383,750 | +€2.4m | |
| Current assets | 29/58 | €57,804 | €26,014 | -€31,790 | -55.0% |
| Amounts receivable within one year | 40/41 | €12,349 | €21,533 | +€9,185 | +74.4% |
| Trade receivables | 40 | €12,100 | €18,150 | +€6,050 | +50.0% |
| Other amounts receivable | 41 | €249 | €3,383 | +€3,135 | +1,261% |
| Cash at bank and in hand | 54/58 | €45,455 | €4,480 | -€40,975 | -90.1% |
| Total equity and liabilities | 10/49 | €57,804 | €2,409,764 | +€2.4m | +4,069% |
| Equity | 10/15 | €43,368 | €53,008 | +€9,640 | +22.2% |
| Reserves | 13 | €43,368 | €53,008 | +€9,640 | +22.2% |
| Distributable reserves | 133 | €43,368 | €53,008 | +€9,640 | +22.2% |
| Amounts payable | 17/49 | €14,436 | €2,356,755 | +€2.3m | +16,226% |
| Amounts payable after more than one year | 17 | - | €1,815,658 | +€1.8m | |
| Financial debts | 170/4 | - | €1,815,658 | +€1.8m | |
| Amounts payable within one year | 42/48 | €14,436 | €541,097 | +€526,662 | +3,648% |
| Current portion of amounts payable after more than one year | 42 | - | €312,621 | +€312,621 | |
| Trade debts | 44 | €1,514 | €278 | -€1,236 | -81.7% |
| Suppliers | 440/4 | €1,514 | €278 | -€1,236 | -81.7% |
| Taxes, remuneration and social security | 45 | €12,921 | €15,073 | +€2,152 | +16.7% |
| Taxes | 450/3 | €12,921 | €15,073 | +€2,152 | +16.7% |
| Other amounts payable | 47/48 | - | €213,125 | +€213,125 | |
| Other operating charges | 640/8 | €379 | €128 | -€252 | -66.3% |
| Gross operating margin | 9900 | €54,589 | €84,566 | +€29,977 | +54.9% |
| Operating profit (loss) | 9901 | €54,210 | €84,439 | +€30,229 | +55.8% |
| Financial income | 75/76B | - | €49 | +€49 | |
| Recurring financial income | 75 | - | €49 | +€49 | |
| Financial charges | 65/66B | - | €72,272 | +€72,272 | |
| Recurring financial charges | 65 | - | €72,272 | +€72,272 | |
| Profit (loss) for the period before taxes | 9903 | €54,210 | €12,216 | -€41,994 | -77.5% |
| Income taxes | 67/77 | €10,842 | €2,575 | -€8,267 | -76.2% |
| Profit (loss) for the period | 9904 | €43,368 | €9,640 | -€33,728 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,368 | €9,640 | -€33,728 | -77.8% |
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 15 October 2026 via checked.be.