BERTRAND: 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.
BERTRAND
Largest movements
- Tangible fixed assets -€14,344
down €14,344 (-7.6%), from €187,888 to €173,544
of which Land and buildings: -€12,532
- Cash +€9,749
up €9,749 (+239.0%), from €4,078 to €13,827
mainly Net result for the year (+€32,677) and Depreciation (+€14,344)
- Receivables within one year +€2,871
up €2,871 (+58.7%), from €4,893 to €7,764
of which Trade receivables: +€3,325
- Debts after one year -€38,364
down €38,364 (-74.3%), from €51,650 to €13,286
- Profit (loss) carried forward +€32,677
up €32,677 (+61.1%), from -€53,483 to -€20,806
- Trade debts +€7,327
up €7,327 (+137.4%), from €5,331 to €12,658
- Other debts -€6,521
down €6,521 (-5.5%), from €118,332 to €111,812
- Current portion of long-term debt +€2,142
up €2,142 (+5.9%), from €36,223 to €38,364
- Taxes +€5,094
up €5,094 (+1849.7%), from €275 to €5,369
- Gross operating margin +€3,022
up €3,022 (+5.0%), from €60,055 to €63,077
- Financial charges -€2,089
down €2,089 (-32.4%), from €6,451 to €4,363
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 | €208,810 | €207,819 | -€991 | -0.5% |
| Fixed assets | 21/28 | €187,888 | €173,544 | -€14,344 | -7.6% |
| Tangible fixed assets | 22/27 | €187,888 | €173,544 | -€14,344 | -7.6% |
| Land and buildings | 22 | €180,640 | €168,109 | -€12,532 | -6.9% |
| Plant, machinery and equipment | 23 | €7,248 | €5,436 | -€1,812 | -25.0% |
| Current assets | 29/58 | €20,922 | €34,274 | +€13,352 | +63.8% |
| Stocks and contracts in progress | 3 | €9,589 | €10,348 | +€759 | +7.9% |
| Stocks | 30/36 | €9,589 | €10,348 | +€759 | +7.9% |
| Amounts receivable within one year | 40/41 | €4,893 | €7,764 | +€2,871 | +58.7% |
| Trade receivables | 40 | €3,853 | €7,178 | +€3,325 | +86.3% |
| Other amounts receivable | 41 | €1,040 | €586 | -€454 | -43.7% |
| Cash at bank and in hand | 54/58 | €4,078 | €13,827 | +€9,749 | +239.0% |
| Deferred charges and accrued income | 490/1 | €2,362 | €2,334 | -€27 | -1.2% |
| Total equity and liabilities | 10/49 | €208,810 | €207,819 | -€991 | -0.5% |
| Equity | 10/15 | -€3,483 | €29,194 | +€32,677 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,483 | -€20,806 | +€32,677 | +61.1% |
| Amounts payable | 17/49 | €212,293 | €178,625 | -€33,668 | -15.9% |
| Amounts payable after more than one year | 17 | €51,650 | €13,286 | -€38,364 | -74.3% |
| Financial debts | 170/4 | €51,650 | €13,286 | -€38,364 | -74.3% |
| Amounts payable within one year | 42/48 | €160,643 | €165,339 | +€4,696 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €36,223 | €38,364 | +€2,142 | +5.9% |
| Trade debts | 44 | €5,331 | €12,658 | +€7,327 | +137.4% |
| Suppliers | 440/4 | €5,331 | €12,658 | +€7,327 | +137.4% |
| Taxes, remuneration and social security | 45 | €757 | €2,505 | +€1,748 | +230.9% |
| Taxes | 450/3 | €757 | €2,505 | +€1,748 | +230.9% |
| Other amounts payable | 47/48 | €118,332 | €111,812 | -€6,521 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,344 | €14,344 | = | 0.0% |
| Other operating charges | 640/8 | €6,055 | €6,325 | +€270 | +4.5% |
| Gross operating margin | 9900 | €60,055 | €63,077 | +€3,022 | +5.0% |
| Operating profit (loss) | 9901 | €39,657 | €42,409 | +€2,752 | +6.9% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €6,451 | €4,363 | -€2,089 | -32.4% |
| Recurring financial charges | 65 | €6,451 | €4,363 | -€2,089 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €33,217 | €38,046 | +€4,829 | +14.5% |
| Income taxes | 67/77 | €275 | €5,369 | +€5,094 | +1849.7% |
| Profit (loss) for the period | 9904 | €32,941 | €32,677 | -€265 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,941 | €32,677 | -€265 | -0.8% |
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 9 October 2026 via checked.be.