BERTHOUT: 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.
BERTHOUT
Largest movements
- Receivables within one year -€779,821
down €779,821 (-94.9%), from €821,730 to €41,908
of which Other amounts receivable: -€772,535
- Cash +€468,267
up €468,267 (+76.9%), from €609,130 to €1.1m
mainly Receivables within one year (+€779,821) and Other debts (+€457,157)
- Stocks and contracts -€229,288
down €229,288 (-2.6%), from €8.9m to €8.7m
of which Contracts in progress: -€8.9m
- Current portion of long-term debt -€1.4m
down €1.4m (-80.1%), from €1.8m to €352,010
- Other debts +€457,157
up €457,157 (+470%), from €97,250 to €554,407
- Debts after one year +€379,742
up €379,742 (+5.2%), from €7.3m to €7.7m
of which Financial debts: +€4.6m
- Gross operating margin -€412,298
down €412,298 (-48.0%), from €859,841 to €447,543
- Financial charges -€151,548
down €151,548 (-22.7%), from €667,789 to €516,241
- Taxes -€30,074
down €30,074 (-100%), from €30,074 to €0
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 | €10,311,776 | €9,770,934 | -€540,842 | -5.2% |
| Fixed assets | 21/28 | €750 | €750 | = | 0.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €10,311,026 | €9,770,184 | -€540,842 | -5.2% |
| Stocks and contracts in progress | 3 | €8,880,167 | €8,650,879 | -€229,288 | -2.6% |
| Stocks | 30/36 | - | €8,650,879 | +€8.7m | |
| Contracts in progress | 37 | €8,880,167 | - | -€8.9m | |
| Amounts receivable within one year | 40/41 | €821,730 | €41,908 | -€779,821 | -94.9% |
| Trade receivables | 40 | €19,185 | €11,899 | -€7,286 | -38.0% |
| Other amounts receivable | 41 | €802,545 | €30,010 | -€772,535 | -96.3% |
| Cash at bank and in hand | 54/58 | €609,130 | €1,077,397 | +€468,267 | +76.9% |
| Total equity and liabilities | 10/49 | €10,311,776 | €9,770,934 | -€540,842 | -5.2% |
| Equity | 10/15 | €306,084 | €236,309 | -€69,776 | -22.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,084 | €136,309 | -€69,776 | -33.9% |
| Amounts payable | 17/49 | €10,005,692 | €9,534,626 | -€471,066 | -4.7% |
| Amounts payable after more than one year | 17 | €7,293,464 | €7,673,206 | +€379,742 | +5.2% |
| Financial debts | 170/4 | €3,086,964 | €7,673,206 | +€4.6m | +149% |
| Other amounts payable | 178/9 | €4,206,500 | - | -€4.2m | |
| Amounts payable within one year | 42/48 | €2,653,726 | €1,793,091 | -€860,635 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €1,769,585 | €352,010 | -€1.4m | -80.1% |
| Trade debts | 44 | €756,915 | €757,445 | +€530 | +0.1% |
| Suppliers | 440/4 | €756,915 | €757,445 | +€530 | +0.1% |
| Taxes, remuneration and social security | 45 | €29,976 | €129,228 | +€99,253 | +331% |
| Taxes | 450/3 | €29,976 | €129,228 | +€99,253 | +331% |
| Other amounts payable | 47/48 | €97,250 | €554,407 | +€457,157 | +470% |
| Accrued charges and deferred income | 492/3 | €58,502 | €68,329 | +€9,827 | +16.8% |
| Non-recurring operating income | 76A | - | €3,730 | +€3,730 | |
| Other operating charges | 640/8 | €1,132 | €1,118 | -€14 | -1.2% |
| Gross operating margin | 9900 | €859,841 | €447,543 | -€412,298 | -48.0% |
| Operating profit (loss) | 9901 | €858,708 | €446,424 | -€412,284 | -48.0% |
| Financial income | 75/76B | €328 | €42 | -€287 | -87.3% |
| Recurring financial income | 75 | €328 | €42 | -€287 | -87.3% |
| Financial charges | 65/66B | €667,789 | €516,241 | -€151,548 | -22.7% |
| Recurring financial charges | 65 | €667,789 | €516,241 | -€151,548 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €191,247 | -€69,776 | -€261,023 | |
| Income taxes | 67/77 | €30,074 | €0 | -€30,074 | -100% |
| Profit (loss) for the period | 9904 | €161,173 | -€69,776 | -€230,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €161,173 | -€69,776 | -€230,948 |
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.