Bertjens: 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.
Bertjens
Largest movements
- Cash +€315,914
up €315,914 (+164.4%), from €192,134 to €508,048
mainly Net result for the year (+€212,488) and Stocks and contracts (+€93,126)
- Stocks and contracts -€93,126
down €93,126 (-4.6%), from €2.0m to €1.9m
- Reserves +€112,488
up €112,488 (+8.2%), from €1.4m to €1.5m
- Tax, wage and social debts +€91,212
up €91,212 (+203.2%), from €44,886 to €136,098
of which Taxes: +€89,426
- Advances received -€80,000
down €80,000 (-100.0%), from €80,000 to €0
- Trade debts +€65,495
up €65,495 (+518.2%), from €12,639 to €78,134
- Other debts +€43,846
up €43,846 (+84.6%), from €51,814 to €95,659
- Gross operating margin +€216,312
up €216,312 (+84.5%), from €256,036 to €472,348
- Taxes +€68,002
up €68,002 (+259.7%), from €26,184 to €94,186
- Financial charges -€25,958
down €25,958 (-39.5%), from €65,764 to €39,805
- Depreciation +€6,119
up €6,119 (+21.4%), from €28,615 to €34,735
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 | €2,825,984 | €3,026,536 | +€200,553 | +7.1% |
| Fixed assets | 21/28 | €397,234 | €375,353 | -€21,881 | -5.5% |
| Tangible fixed assets | 22/27 | €396,734 | €374,853 | -€21,881 | -5.5% |
| Land and buildings | 22 | €390,921 | €363,250 | -€27,671 | -7.1% |
| Plant, machinery and equipment | 23 | €2,386 | €9,989 | +€7,603 | +318.6% |
| Furniture and vehicles | 24 | €3,427 | €1,613 | -€1,813 | -52.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €2,428,750 | €2,651,184 | +€222,434 | +9.2% |
| Stocks and contracts in progress | 3 | €2,041,641 | €1,948,515 | -€93,126 | -4.6% |
| Stocks | 30/36 | €2,041,641 | €1,948,515 | -€93,126 | -4.6% |
| Amounts receivable within one year | 40/41 | €168,891 | €180,440 | +€11,549 | +6.8% |
| Trade receivables | 40 | €165,075 | €176,525 | +€11,449 | +6.9% |
| Other amounts receivable | 41 | €3,816 | €3,915 | +€100 | +2.6% |
| Cash at bank and in hand | 54/58 | €192,134 | €508,048 | +€315,914 | +164.4% |
| Deferred charges and accrued income | 490/1 | €26,084 | €14,181 | -€11,903 | -45.6% |
| Total equity and liabilities | 10/49 | €2,825,984 | €3,026,536 | +€200,553 | +7.1% |
| Equity | 10/15 | €1,392,854 | €1,505,343 | +€112,488 | +8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,374,254 | €1,486,743 | +€112,488 | +8.2% |
| Distributable reserves | 133 | €1,374,254 | €1,486,743 | +€112,488 | +8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,433,129 | €1,521,194 | +€88,064 | +6.1% |
| Amounts payable after more than one year | 17 | €286,104 | €252,923 | -€33,181 | -11.6% |
| Financial debts | 170/4 | €286,104 | €252,923 | -€33,181 | -11.6% |
| Amounts payable within one year | 42/48 | €1,147,026 | €1,268,072 | +€121,046 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €32,687 | €33,181 | +€494 | +1.5% |
| Financial debts | 43 | €925,000 | €925,000 | = | 0.0% |
| Credit institutions | 430/8 | €925,000 | €925,000 | = | 0.0% |
| Trade debts | 44 | €12,639 | €78,134 | +€65,495 | +518.2% |
| Suppliers | 440/4 | €12,639 | €78,134 | +€65,495 | +518.2% |
| Advances received on contracts in progress | 46 | €80,000 | €0 | -€80,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €44,886 | €136,098 | +€91,212 | +203.2% |
| Taxes | 450/3 | €32,927 | €122,354 | +€89,426 | +271.6% |
| Remuneration and social security | 454/9 | €11,959 | €13,744 | +€1,785 | +14.9% |
| Other amounts payable | 47/48 | €51,814 | €95,659 | +€43,846 | +84.6% |
| Accrued charges and deferred income | 492/3 | €0 | €199 | +€199 | |
| Remuneration, social security and pensions | 62 | €65,496 | €64,266 | -€1,230 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,615 | €34,735 | +€6,119 | +21.4% |
| Other operating charges | 640/8 | €6,558 | €6,603 | +€46 | +0.7% |
| Non-recurring operating charges | 66A | - | €20,373 | +€20,373 | |
| Gross operating margin | 9900 | €256,036 | €472,348 | +€216,312 | +84.5% |
| Operating profit (loss) | 9901 | €155,367 | €346,371 | +€191,004 | +122.9% |
| Financial income | 75/76B | €2,786 | €108 | -€2,678 | -96.1% |
| Recurring financial income | 75 | €2,786 | €108 | -€2,678 | -96.1% |
| Financial charges | 65/66B | €65,764 | €39,805 | -€25,958 | -39.5% |
| Recurring financial charges | 65 | €65,764 | €39,805 | -€25,958 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €92,390 | €306,674 | +€214,284 | +231.9% |
| Income taxes | 67/77 | €26,184 | €94,186 | +€68,002 | +259.7% |
| Profit (loss) for the period | 9904 | €66,206 | €212,488 | +€146,282 | +221.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,206 | €212,488 | +€146,282 | +221.0% |
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 12 October 2026 via checked.be.