Bertrand De Vos: 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 De Vos
Largest movements
- Tangible fixed assets +€49,184
up €49,184 (+42.7%), from €115,096 to €164,280
of which Furniture and vehicles: +€32,362
- Cash +€29,143
up €29,143 (+1,269%), from €2,297 to €31,440
mainly Debts after one year (+€47,744) and Depreciation (+€34,811)
- Receivables within one year -€21,270
down €21,270 (-44.0%), from €48,329 to €27,059
- Stocks and contracts -€7,164
down €7,164 (-29.5%), from €24,297 to €17,133
- Debts after one year +€47,744
up €47,744 (+85.4%), from €55,903 to €103,647
- Profit (loss) carried forward -€11,230
down €11,230 (-25.1%), from €44,759 to €33,529
- Tax, wage and social debts +€7,919
up €7,919 (+139%), from €5,707 to €13,627
of which Remuneration and social security: +€8,627
- Trade debts +€7,215
up €7,215 (+26.0%), from €27,728 to €34,943
- Gross operating margin -€20,330
down €20,330 (-39.4%), from €51,581 to €31,251
- Taxes -€1,555
down €1,555 (-86.5%), from €1,799 to €243
- Other operating charges -€949
down €949 (-34.8%), from €2,730 to €1,781
- Depreciation +€760
up €760 (+2.2%), from €34,051 to €34,811
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 | €199,416 | €248,614 | +€49,198 | +24.7% |
| Fixed assets | 21/28 | €123,582 | €172,766 | +€49,184 | +39.8% |
| Tangible fixed assets | 22/27 | €115,096 | €164,280 | +€49,184 | +42.7% |
| Plant, machinery and equipment | 23 | €38,352 | €61,833 | +€23,481 | +61.2% |
| Furniture and vehicles | 24 | €21,153 | €53,515 | +€32,362 | +153% |
| Other tangible fixed assets | 26 | €55,591 | €48,931 | -€6,659 | -12.0% |
| Financial fixed assets | 28 | €8,486 | €8,486 | = | 0.0% |
| Current assets | 29/58 | €75,834 | €75,848 | +€14 | 0.0% |
| Stocks and contracts in progress | 3 | €24,297 | €17,133 | -€7,164 | -29.5% |
| Stocks | 30/36 | €24,297 | €17,133 | -€7,164 | -29.5% |
| Amounts receivable within one year | 40/41 | €48,329 | €27,059 | -€21,270 | -44.0% |
| Trade receivables | 40 | €48,329 | €27,059 | -€21,270 | -44.0% |
| Cash at bank and in hand | 54/58 | €2,297 | €31,440 | +€29,143 | +1,269% |
| Deferred charges and accrued income | 490/1 | €911 | €216 | -€695 | -76.3% |
| Total equity and liabilities | 10/49 | €199,416 | €248,614 | +€49,198 | +24.7% |
| Equity | 10/15 | €46,759 | €35,529 | -€11,230 | -24.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,759 | €33,529 | -€11,230 | -25.1% |
| Amounts payable | 17/49 | €152,657 | €213,085 | +€60,428 | +39.6% |
| Amounts payable after more than one year | 17 | €55,903 | €103,647 | +€47,744 | +85.4% |
| Financial debts | 170/4 | €55,903 | €103,647 | +€47,744 | +85.4% |
| Amounts payable within one year | 42/48 | €96,754 | €109,438 | +€12,684 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €33,077 | €32,343 | -€735 | -2.2% |
| Trade debts | 44 | €27,728 | €34,943 | +€7,215 | +26.0% |
| Suppliers | 440/4 | €27,728 | €34,943 | +€7,215 | +26.0% |
| Taxes, remuneration and social security | 45 | €5,707 | €13,627 | +€7,919 | +139% |
| Taxes | 450/3 | €5,707 | €5,000 | -€708 | -12.4% |
| Remuneration and social security | 454/9 | - | €8,627 | +€8,627 | |
| Other amounts payable | 47/48 | €30,241 | €28,526 | -€1,715 | -5.7% |
| Non-recurring operating income | 76A | €101 | €10,588 | +€10,487 | +10,430% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,051 | €34,811 | +€760 | +2.2% |
| Other operating charges | 640/8 | €2,730 | €1,781 | -€949 | -34.8% |
| Gross operating margin | 9900 | €51,581 | €31,251 | -€20,330 | -39.4% |
| Operating profit (loss) | 9901 | €14,800 | -€5,341 | -€20,141 | |
| Financial income | 75/76B | €634 | €813 | +€179 | +28.2% |
| Recurring financial income | 75 | €634 | €813 | +€179 | +28.2% |
| Financial charges | 65/66B | €6,396 | €6,458 | +€62 | +1.0% |
| Recurring financial charges | 65 | €6,396 | €6,458 | +€62 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €9,038 | -€10,987 | -€20,024 | |
| Income taxes | 67/77 | €1,799 | €243 | -€1,555 | -86.5% |
| Profit (loss) for the period | 9904 | €7,239 | -€11,230 | -€18,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,239 | -€11,230 | -€18,469 |
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 1 November 2026 via checked.be.