Bertrand Bizard: 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 Bizard
Largest movements
- Cash +€17,070
up €17,070 (+57.6%), from €29,617 to €46,687
mainly Other debts (+€27,174) and Depreciation (+€8,978)
- Tangible fixed assets -€8,978
down €8,978 (-62.4%), from €14,383 to €5,405
- Receivables within one year -€6,476
down €6,476 (-23.7%), from €27,272 to €20,796
of which Trade receivables: -€11,100
- Deferred charges and accrued income -€3,499
down €3,499 (-25.5%), from €13,703 to €10,204
- Other debts +€27,174
up €27,174 (+9.4%), from €290,051 to €317,224
- Profit (loss) carried forward -€26,969
down €26,969 (-11.4%), from -€237,548 to -€264,517
- Accrued charges and deferred income -€3,790
down €3,790 (-44.8%), from €8,456 to €4,666
- Trade debts +€1,703
up €1,703 (+23.0%), from €7,416 to €9,120
- Gross operating margin +€55,254
up €55,254 (+75.9%), from -€72,842 to -€17,589
- Depreciation +€1,034
up €1,034 (+13.0%), from €7,944 to €8,978
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 | €86,975 | €85,093 | -€1,882 | -2.2% |
| Fixed assets | 21/28 | €14,383 | €5,405 | -€8,978 | -62.4% |
| Tangible fixed assets | 22/27 | €14,383 | €5,405 | -€8,978 | -62.4% |
| Furniture and vehicles | 24 | €14,383 | €5,405 | -€8,978 | -62.4% |
| Current assets | 29/58 | €72,592 | €79,688 | +€7,095 | +9.8% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,272 | €20,796 | -€6,476 | -23.7% |
| Trade receivables | 40 | €13,415 | €2,315 | -€11,100 | -82.7% |
| Other amounts receivable | 41 | €13,856 | €18,481 | +€4,624 | +33.4% |
| Cash at bank and in hand | 54/58 | €29,617 | €46,687 | +€17,070 | +57.6% |
| Deferred charges and accrued income | 490/1 | €13,703 | €10,204 | -€3,499 | -25.5% |
| Total equity and liabilities | 10/49 | €86,975 | €85,093 | -€1,882 | -2.2% |
| Equity | 10/15 | -€218,948 | -€245,917 | -€26,969 | -12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€237,548 | -€264,517 | -€26,969 | -11.4% |
| Amounts payable | 17/49 | €305,923 | €331,010 | +€25,087 | +8.2% |
| Amounts payable within one year | 42/48 | €297,467 | €326,344 | +€28,877 | +9.7% |
| Trade debts | 44 | €7,416 | €9,120 | +€1,703 | +23.0% |
| Suppliers | 440/4 | €7,416 | €9,120 | +€1,703 | +23.0% |
| Other amounts payable | 47/48 | €290,051 | €317,224 | +€27,174 | +9.4% |
| Accrued charges and deferred income | 492/3 | €8,456 | €4,666 | -€3,790 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,944 | €8,978 | +€1,034 | +13.0% |
| Gross operating margin | 9900 | -€72,842 | -€17,589 | +€55,254 | +75.9% |
| Operating profit (loss) | 9901 | -€80,786 | -€26,566 | +€54,220 | +67.1% |
| Financial charges | 65/66B | €418 | €403 | -€15 | -3.5% |
| Recurring financial charges | 65 | €418 | €403 | -€15 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | -€81,204 | -€26,969 | +€54,234 | +66.8% |
| Profit (loss) for the period | 9904 | -€81,204 | -€26,969 | +€54,234 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,204 | -€26,969 | +€54,234 | +66.8% |
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 6 October 2026 via checked.be.