BERTINE: 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.
BERTINE
Largest movements
- Current investments +€9.6m
up €9.6m (+58.7%), from €16.3m to €25.8m
- Cash -€1.9m
down €1.9m (-61.0%), from €3.1m to €1.2m
mainly Current investments (-€9.6m) and Deferred charges and accrued income (-€55,670)
- Other debts +€3.4m
up €3.4m (+4.5%), from €76.0m to €79.4m
- Profit (loss) carried forward +€2.9m
up €2.9m (+5.4%), from €54.0m to €57.0m
- Financial income -€9.1m
down €9.1m (-69.7%), from €13.0m to €4.0m
of which Financial income: -€8.9m
- Financial charges +€662,242
up €662,242 (+896.1%), from €73,899 to €736,141
- Gross operating margin +€478,975
up €478,975, from -€339,802 to €139,173
- Other operating charges -€463,410
down €463,410 (-92.6%), from €500,564 to €37,155
- Taxes +€256,558
new in 2025: €256,558
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 | €179,294,705 | €185,611,951 | +€6.3m | +3.5% |
| Fixed assets | 21/28 | €159,380,943 | €158,047,717 | -€1.3m | -0.8% |
| Tangible fixed assets | 22/27 | €3,162,017 | €3,006,592 | -€155,425 | -4.9% |
| Land and buildings | 22 | €3,162,017 | €3,006,592 | -€155,425 | -4.9% |
| Financial fixed assets | 28 | €156,218,927 | €155,041,125 | -€1.2m | -0.8% |
| Current assets | 29/58 | €19,913,761 | €27,564,233 | +€7.7m | +38.4% |
| Amounts receivable within one year | 40/41 | €539,194 | €471,718 | -€67,476 | -12.5% |
| Trade receivables | 40 | €110,905 | €213,405 | +€102,500 | +92.4% |
| Other amounts receivable | 41 | €428,289 | €258,312 | -€169,976 | -39.7% |
| Current investments | 50/53 | €16,274,494 | €25,827,669 | +€9.6m | +58.7% |
| Cash at bank and in hand | 54/58 | €3,099,694 | €1,208,797 | -€1.9m | -61.0% |
| Deferred charges and accrued income | 490/1 | €380 | €56,050 | +€55,670 | +14645.0% |
| Total equity and liabilities | 10/49 | €179,294,705 | €185,611,951 | +€6.3m | +3.5% |
| Equity | 10/15 | €103,336,182 | €106,240,296 | +€2.9m | +2.8% |
| Contributions | 10/11 | €272,683 | €272,683 | = | 0.0% |
| Capital | 10 | €272,683 | €272,683 | = | 0.0% |
| Issued capital | 100 | €272,683 | €272,683 | = | 0.0% |
| Reserves | 13 | €49,016,268 | €49,016,268 | = | 0.0% |
| Non-distributable reserves | 130/1 | €27,268 | €27,268 | = | 0.0% |
| Legal reserve | 130 | €27,268 | €27,268 | = | 0.0% |
| Distributable reserves | 133 | €48,989,000 | €48,989,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,047,231 | €56,951,345 | +€2.9m | +5.4% |
| Amounts payable | 17/49 | €75,958,523 | €79,371,655 | +€3.4m | +4.5% |
| Amounts payable within one year | 42/48 | €75,958,523 | €79,371,655 | +€3.4m | +4.5% |
| Trade debts | 44 | €358 | - | -€358 | |
| Suppliers | 440/4 | €358 | - | -€358 | |
| Other amounts payable | 47/48 | €75,958,164 | €79,371,655 | +€3.4m | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,567 | €155,425 | +€857 | +0.6% |
| Other operating charges | 640/8 | €500,564 | €37,155 | -€463,410 | -92.6% |
| Gross operating margin | 9900 | -€339,802 | €139,173 | +€478,975 | |
| Operating profit (loss) | 9901 | -€994,933 | -€53,406 | +€941,528 | +94.6% |
| Financial income | 75/76B | €13,034,137 | €3,950,219 | -€9.1m | -69.7% |
| Recurring financial income | 75 | €12,834,762 | €3,950,219 | -€8.9m | -69.2% |
| Non-recurring financial income | 76B | €199,375 | - | -€199,375 | |
| Financial charges | 65/66B | €73,899 | €736,141 | +€662,242 | +896.1% |
| Recurring financial charges | 65 | €73,899 | €736,141 | +€662,242 | +896.1% |
| Profit (loss) for the period before taxes | 9903 | €11,965,305 | €3,160,672 | -€8.8m | -73.6% |
| Income taxes | 67/77 | - | €256,558 | +€256,558 | |
| Profit (loss) for the period | 9904 | €11,965,305 | €2,904,114 | -€9.1m | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,965,305 | €2,904,114 | -€9.1m | -75.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.