Bertrand & BG: 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.
Bertrand & BG
Largest movements
- Tangible fixed assets +€125,648
up €125,648 (+34.7%), from €362,209 to €487,857
of which Furniture and vehicles: +€108,794
- Receivables within one year +€47,866
up €47,866 (+8,615%), from €556 to €48,422
of which Trade receivables: +€47,866
- Cash +€43,709
up €43,709 (+15.8%), from €277,175 to €320,884
mainly Contributions, distributions and other (+€150,001) and Net result for the year (+€132,136)
- Stocks and contracts +€21,715
up €21,715 (+167%), from €13,035 to €34,750
- Contributions +€150,001
up €150,001 (+214%), from €70,000 to €220,001
- Reserves +€132,136
up €132,136 (+40.4%), from €327,407 to €459,543
of which Distributable reserves: +€132,136
- Tax, wage and social debts -€12,927
down €12,927 (-23.4%), from €55,130 to €42,203
of which Taxes: -€18,025
- Debts after one year -€12,856
down €12,856 (-34.4%), from €37,337 to €24,481
- Gross operating margin +€100,500
up €100,500 (+53.4%), from €188,252 to €288,752
- Taxes +€28,723
up €28,723 (+86.3%), from €33,276 to €61,999
- Staff costs +€11,446
up €11,446 (+30.0%), from €38,189 to €49,635
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 | €673,334 | €923,064 | +€249,729 | +37.1% |
| Fixed assets | 21/28 | €362,209 | €487,859 | +€125,649 | +34.7% |
| Intangible fixed assets | 21 | €1 | €2 | +€1 | +138% |
| Tangible fixed assets | 22/27 | €362,209 | €487,857 | +€125,648 | +34.7% |
| Land and buildings | 22 | €271,663 | €260,050 | -€11,613 | -4.3% |
| Plant, machinery and equipment | 23 | €28,301 | €56,768 | +€28,467 | +101% |
| Furniture and vehicles | 24 | €62,245 | €171,039 | +€108,794 | +175% |
| Current assets | 29/58 | €311,125 | €435,205 | +€124,080 | +39.9% |
| Stocks and contracts in progress | 3 | €13,035 | €34,750 | +€21,715 | +167% |
| Stocks | 30/36 | €13,035 | €34,750 | +€21,715 | +167% |
| Amounts receivable within one year | 40/41 | €556 | €48,422 | +€47,866 | +8,615% |
| Trade receivables | 40 | €556 | €48,422 | +€47,866 | +8,615% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €15,300 | €22,900 | +€7,600 | +49.7% |
| Cash at bank and in hand | 54/58 | €277,175 | €320,884 | +€43,709 | +15.8% |
| Deferred charges and accrued income | 490/1 | €5,059 | €8,249 | +€3,190 | +63.1% |
| Total equity and liabilities | 10/49 | €673,334 | €923,064 | +€249,729 | +37.1% |
| Equity | 10/15 | €397,407 | €679,544 | +€282,137 | +71.0% |
| Contributions | 10/11 | €70,000 | €220,001 | +€150,001 | +214% |
| Reserves | 13 | €327,407 | €459,543 | +€132,136 | +40.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €327,407 | €459,543 | +€132,136 | +40.4% |
| Amounts payable | 17/49 | €275,928 | €243,520 | -€32,408 | -11.7% |
| Amounts payable after more than one year | 17 | €37,337 | €24,481 | -€12,856 | -34.4% |
| Financial debts | 170/4 | €37,337 | €24,481 | -€12,856 | -34.4% |
| Amounts payable within one year | 42/48 | €238,091 | €216,911 | -€21,180 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €17,134 | €12,856 | -€4,277 | -25.0% |
| Trade debts | 44 | €9,179 | €10,953 | +€1,774 | +19.3% |
| Suppliers | 440/4 | €9,179 | €10,953 | +€1,774 | +19.3% |
| Taxes, remuneration and social security | 45 | €55,130 | €42,203 | -€12,927 | -23.4% |
| Taxes | 450/3 | €48,966 | €30,941 | -€18,025 | -36.8% |
| Remuneration and social security | 454/9 | €6,164 | €11,262 | +€5,098 | +82.7% |
| Other amounts payable | 47/48 | €156,649 | €150,899 | -€5,750 | -3.7% |
| Accrued charges and deferred income | 492/3 | €499 | €2,127 | +€1,628 | +326% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €38,189 | €49,635 | +€11,446 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,176 | €39,614 | +€2,438 | +6.6% |
| Other operating charges | 640/8 | €3,226 | €2,211 | -€1,014 | -31.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €188,252 | €288,752 | +€100,500 | +53.4% |
| Operating profit (loss) | 9901 | €109,661 | €197,291 | +€87,630 | +79.9% |
| Financial income | 75/76B | €87 | €1,037 | +€950 | +1,091% |
| Recurring financial income | 75 | €87 | €1,037 | +€950 | +1,091% |
| Financial charges | 65/66B | €5,264 | €4,193 | -€1,071 | -20.4% |
| Recurring financial charges | 65 | €5,264 | €4,193 | -€1,071 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €104,484 | €194,135 | +€89,652 | +85.8% |
| Income taxes | 67/77 | €33,276 | €61,999 | +€28,723 | +86.3% |
| Profit (loss) for the period | 9904 | €71,207 | €132,136 | +€60,929 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,207 | €132,136 | +€60,929 | +85.6% |
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 24 October 2026 via checked.be.