Bertinus: 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.
Bertinus
Largest movements
- Receivables within one year +€33,521
up €33,521 (+26.2%), from €127,851 to €161,372
of which Trade receivables: +€34,511
- Intangible fixed assets -€19,000
down €19,000 (-16.7%), from €114,000 to €95,000
- Tangible fixed assets -€16,466
down €16,466 (-23.7%), from €69,519 to €53,053
of which Furniture and vehicles: -€14,643
- Cash +€14,268
up €14,268 (+17.5%), from €81,523 to €95,792
mainly Net result for the year (+€269,765) and Depreciation (+€38,802)
- Reserves +€49,765
up €49,765 (+19.6%), from €253,682 to €303,448
of which Distributable reserves: +€49,765
- Debts after one year -€23,949
down €23,949 (-27.6%), from €86,864 to €62,915
- Tax, wage and social debts -€13,361
down €13,361 (-70.7%), from €18,911 to €5,550
- Other debts -€6,153
no longer reported in 2025 (was €6,153)
- Accrued charges and deferred income +€4,165
up €4,165 (+232.1%), from €1,794 to €5,960
- Gross operating margin +€26,920
up €26,920 (+7.3%), from €370,277 to €397,197
- Taxes +€6,639
up €6,639 (+8.4%), from €78,911 to €85,550
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 | €400,231 | €409,782 | +€9,551 | +2.4% |
| Fixed assets | 21/28 | €183,519 | €148,053 | -€35,466 | -19.3% |
| Intangible fixed assets | 21 | €114,000 | €95,000 | -€19,000 | -16.7% |
| Tangible fixed assets | 22/27 | €69,519 | €53,053 | -€16,466 | -23.7% |
| Plant, machinery and equipment | 23 | €3,266 | €3,068 | -€198 | -6.1% |
| Furniture and vehicles | 24 | €54,232 | €39,589 | -€14,643 | -27.0% |
| Other tangible fixed assets | 26 | €12,021 | €10,396 | -€1,625 | -13.5% |
| Current assets | 29/58 | €216,712 | €261,729 | +€45,017 | +20.8% |
| Amounts receivable within one year | 40/41 | €127,851 | €161,372 | +€33,521 | +26.2% |
| Trade receivables | 40 | €122,851 | €157,362 | +€34,511 | +28.1% |
| Other amounts receivable | 41 | €5,000 | €4,010 | -€990 | -19.8% |
| Current investments | 50/53 | €2,900 | €2,900 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €81,523 | €95,792 | +€14,268 | +17.5% |
| Deferred charges and accrued income | 490/1 | €4,438 | €1,666 | -€2,773 | -62.5% |
| Total equity and liabilities | 10/49 | €400,231 | €409,782 | +€9,551 | +2.4% |
| Equity | 10/15 | €258,682 | €308,448 | +€49,765 | +19.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €253,682 | €303,448 | +€49,765 | +19.6% |
| Tax-exempt reserves | 132 | €52 | €52 | = | 0.0% |
| Distributable reserves | 133 | €253,631 | €303,396 | +€49,765 | +19.6% |
| Amounts payable | 17/49 | €141,549 | €101,334 | -€40,214 | -28.4% |
| Amounts payable after more than one year | 17 | €86,864 | €62,915 | -€23,949 | -27.6% |
| Financial debts | 170/4 | €86,864 | €62,915 | -€23,949 | -27.6% |
| Amounts payable within one year | 42/48 | €52,890 | €32,460 | -€20,431 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €23,726 | €23,949 | +€223 | +0.9% |
| Trade debts | 44 | €4,099 | €2,961 | -€1,139 | -27.8% |
| Suppliers | 440/4 | €4,099 | €2,961 | -€1,139 | -27.8% |
| Taxes, remuneration and social security | 45 | €18,911 | €5,550 | -€13,361 | -70.7% |
| Taxes | 450/3 | €18,911 | €5,550 | -€13,361 | -70.7% |
| Other amounts payable | 47/48 | €6,153 | - | -€6,153 | |
| Accrued charges and deferred income | 492/3 | €1,794 | €5,960 | +€4,165 | +232.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,025 | €38,802 | -€1,223 | -3.1% |
| Other operating charges | 640/8 | €756 | €779 | +€23 | +3.0% |
| Non-recurring operating charges | 66A | - | €800 | +€800 | |
| Gross operating margin | 9900 | €370,277 | €397,197 | +€26,920 | +7.3% |
| Operating profit (loss) | 9901 | €329,495 | €356,816 | +€27,321 | +8.3% |
| Financial income | 75/76B | €1,619 | €12 | -€1,607 | -99.3% |
| Recurring financial income | 75 | €1,619 | €12 | -€1,607 | -99.3% |
| Financial charges | 65/66B | €1,642 | €1,513 | -€129 | -7.9% |
| Recurring financial charges | 65 | €1,642 | €1,513 | -€129 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €329,473 | €355,315 | +€25,842 | +7.8% |
| Income taxes | 67/77 | €78,911 | €85,550 | +€6,639 | +8.4% |
| Profit (loss) for the period | 9904 | €250,561 | €269,765 | +€19,204 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €250,561 | €269,765 | +€19,204 | +7.7% |
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 30 September 2026 via checked.be.