BERTMAL: 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.
BERTMAL
Largest movements
- Receivables within one year +€144,992
up €144,992 (+56.5%), from €256,847 to €401,838
of which Other amounts receivable: +€143,656
- Cash -€142,846
down €142,846 (-27.8%), from €513,999 to €371,153
mainly Receivables within one year (-€144,992) and Current portion of long-term debt (-€86,638)
- Reserves +€192,959
up €192,959 (+13.6%), from €1.4m to €1.6m
of which Distributable reserves: +€192,959
- Current portion of long-term debt -€86,638
down €86,638 (-81.8%), from €105,918 to €19,280
- Other debts -€60,319
down €60,319 (-22.9%), from €263,902 to €203,583
- Financial income -€112,070
down €112,070 (-40.3%), from €278,252 to €166,182
- Taxes -€13,051
down €13,051 (-27.5%), from €47,459 to €34,408
- Financial charges +€4,807
up €4,807 (+164%), from €2,924 to €7,730
- Other operating charges +€1,963
up €1,963 (+84.6%), from €2,320 to €4,283
- Depreciation +€1,325
up €1,325 (+33.3%), from €3,975 to €5,299
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 | €2,190,048 | €2,202,310 | +€12,262 | +0.6% |
| Fixed assets | 21/28 | €1,419,202 | €1,413,903 | -€5,299 | -0.4% |
| Tangible fixed assets | 22/27 | €198,180 | €192,880 | -€5,299 | -2.7% |
| Land and buildings | 22 | €196,929 | €192,130 | -€4,800 | -2.4% |
| Furniture and vehicles | 24 | €1,250 | €751 | -€500 | -40.0% |
| Financial fixed assets | 28 | €1,221,022 | €1,221,022 | = | 0.0% |
| Current assets | 29/58 | €770,845 | €788,407 | +€17,562 | +2.3% |
| Amounts receivable within one year | 40/41 | €256,847 | €401,838 | +€144,992 | +56.5% |
| Trade receivables | 40 | - | €1,336 | +€1,336 | |
| Other amounts receivable | 41 | €256,847 | €400,503 | +€143,656 | +55.9% |
| Cash at bank and in hand | 54/58 | €513,999 | €371,153 | -€142,846 | -27.8% |
| Deferred charges and accrued income | 490/1 | - | €15,416 | +€15,416 | |
| Total equity and liabilities | 10/49 | €2,190,048 | €2,202,310 | +€12,262 | +0.6% |
| Equity | 10/15 | €1,720,756 | €1,913,715 | +€192,959 | +11.2% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Capital | 10 | €220,000 | €220,000 | = | 0.0% |
| Issued capital | 100 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €1,419,262 | €1,612,221 | +€192,959 | +13.6% |
| Non-distributable reserves | 130/1 | €22,000 | €22,000 | = | 0.0% |
| Legal reserve | 130 | €22,000 | €22,000 | = | 0.0% |
| Distributable reserves | 133 | €1,397,262 | €1,590,221 | +€192,959 | +13.8% |
| Profit (loss) carried forward | 14 | €81,494 | €81,494 | = | 0.0% |
| Amounts payable | 17/49 | €469,291 | €288,594 | -€180,697 | -38.5% |
| Amounts payable after more than one year | 17 | €64,017 | €44,737 | -€19,280 | -30.1% |
| Financial debts | 170/4 | €64,017 | €44,737 | -€19,280 | -30.1% |
| Amounts payable within one year | 42/48 | €405,274 | €243,857 | -€161,417 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €105,918 | €19,280 | -€86,638 | -81.8% |
| Trade debts | 44 | €1,249 | €1,039 | -€210 | -16.8% |
| Suppliers | 440/4 | €1,249 | €1,039 | -€210 | -16.8% |
| Taxes, remuneration and social security | 45 | €34,205 | €19,955 | -€14,250 | -41.7% |
| Taxes | 450/3 | €34,205 | €17,689 | -€16,516 | -48.3% |
| Remuneration and social security | 454/9 | - | €2,266 | +€2,266 | |
| Other amounts payable | 47/48 | €263,902 | €203,583 | -€60,319 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,975 | €5,299 | +€1,325 | +33.3% |
| Other operating charges | 640/8 | €2,320 | €4,283 | +€1,963 | +84.6% |
| Gross operating margin | 9900 | €79,420 | €78,498 | -€922 | -1.2% |
| Operating profit (loss) | 9901 | €73,126 | €68,916 | -€4,210 | -5.8% |
| Financial income | 75/76B | €278,252 | €166,182 | -€112,070 | -40.3% |
| Recurring financial income | 75 | €278,252 | €166,182 | -€112,070 | -40.3% |
| Financial charges | 65/66B | €2,924 | €7,730 | +€4,807 | +164% |
| Recurring financial charges | 65 | €2,924 | €7,730 | +€4,807 | +164% |
| Profit (loss) for the period before taxes | 9903 | €348,454 | €227,367 | -€121,087 | -34.7% |
| Income taxes | 67/77 | €47,459 | €34,408 | -€13,051 | -27.5% |
| Profit (loss) for the period | 9904 | €300,995 | €192,959 | -€108,036 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €300,995 | €192,959 | -€108,036 | -35.9% |
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 19 October 2026 via checked.be.