BERTRAND LUC: 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 LUC
Largest movements
- Receivables within one year -€33,481
down €33,481 (-13.4%), from €249,055 to €215,574
of which Trade receivables: -€31,951
- Tangible fixed assets +€22,586
up €22,586 (+8.4%), from €267,424 to €290,010
of which Plant, machinery and equipment: +€50,767
- Stocks and contracts -€21,526
down €21,526 (-44.0%), from €48,868 to €27,342
- Short-term financial debts -€45,331
down €45,331 (-99.8%), from €45,438 to €106
of which Credit institutions: -€45,438
- Debts after one year +€38,046
up €38,046 (+24.0%), from €158,536 to €196,582
- Accrued charges and deferred income +€27,931
up €27,931 (+150%), from €18,619 to €46,550
- Profit (loss) carried forward -€19,315
down €19,315 (-24.8%), from €77,984 to €58,669
- Other debts -€12,500
down €12,500 (-47.2%), from €26,459 to €13,959
- Gross operating margin -€9,088
down €9,088 (-8.3%), from €109,842 to €100,754
- Depreciation +€9,023
up €9,023 (+19.5%), from €46,291 to €55,314
- Taxes +€5,661
up €5,661 (+791%), from €715 to €6,376
- Other operating charges +€2,888
up €2,888 (+96.3%), from €2,999 to €5,887
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 | €566,571 | €539,762 | -€26,809 | -4.7% |
| Fixed assets | 21/28 | €267,448 | €290,035 | +€22,586 | +8.4% |
| Tangible fixed assets | 22/27 | €267,424 | €290,010 | +€22,586 | +8.4% |
| Land and buildings | 22 | €216,417 | €183,903 | -€32,515 | -15.0% |
| Plant, machinery and equipment | 23 | €46,059 | €96,827 | +€50,767 | +110% |
| Furniture and vehicles | 24 | - | €4,334 | +€4,334 | |
| Assets under construction and advance payments | 27 | €4,947 | €4,947 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €299,122 | €249,727 | -€49,395 | -16.5% |
| Stocks and contracts in progress | 3 | €48,868 | €27,342 | -€21,526 | -44.0% |
| Stocks | 30/36 | €48,868 | €27,342 | -€21,526 | -44.0% |
| Amounts receivable within one year | 40/41 | €249,055 | €215,574 | -€33,481 | -13.4% |
| Trade receivables | 40 | €111,202 | €79,251 | -€31,951 | -28.7% |
| Other amounts receivable | 41 | €137,853 | €136,323 | -€1,530 | -1.1% |
| Cash at bank and in hand | 54/58 | - | €4,934 | +€4,934 | |
| Deferred charges and accrued income | 490/1 | €1,199 | €1,876 | +€677 | +56.5% |
| Total equity and liabilities | 10/49 | €566,571 | €539,762 | -€26,809 | -4.7% |
| Equity | 10/15 | €175,319 | €150,862 | -€24,457 | -13.9% |
| Reserves | 13 | €25,355 | €25,355 | = | 0.0% |
| Distributable reserves | 133 | €25,355 | €25,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,984 | €58,669 | -€19,315 | -24.8% |
| Investment grants | 15 | €71,980 | €66,839 | -€5,141 | -7.1% |
| Amounts payable | 17/49 | €391,252 | €388,899 | -€2,353 | -0.6% |
| Amounts payable after more than one year | 17 | €158,536 | €196,582 | +€38,046 | +24.0% |
| Financial debts | 170/4 | €158,536 | €196,582 | +€38,046 | +24.0% |
| Amounts payable within one year | 42/48 | €214,097 | €145,767 | -€68,330 | -31.9% |
| Current portion of amounts payable after more than one year | 42 | €72,826 | €67,044 | -€5,782 | -7.9% |
| Financial debts | 43 | €45,438 | €106 | -€45,331 | -99.8% |
| Credit institutions | 430/8 | €45,438 | - | -€45,438 | |
| Other loans | 439 | - | €106 | +€106 | |
| Trade debts | 44 | €63,827 | €54,438 | -€9,389 | -14.7% |
| Suppliers | 440/4 | €63,827 | €54,438 | -€9,389 | -14.7% |
| Taxes, remuneration and social security | 45 | €5,547 | €10,220 | +€4,673 | +84.2% |
| Taxes | 450/3 | €5,547 | €10,220 | +€4,673 | +84.2% |
| Other amounts payable | 47/48 | €26,459 | €13,959 | -€12,500 | -47.2% |
| Accrued charges and deferred income | 492/3 | €18,619 | €46,550 | +€27,931 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,291 | €55,314 | +€9,023 | +19.5% |
| Other operating charges | 640/8 | €2,999 | €5,887 | +€2,888 | +96.3% |
| Gross operating margin | 9900 | €109,842 | €100,754 | -€9,088 | -8.3% |
| Operating profit (loss) | 9901 | €60,553 | €39,553 | -€21,000 | -34.7% |
| Financial income | 75/76B | €5,505 | €5,148 | -€357 | -6.5% |
| Recurring financial income | 75 | €5,505 | €5,148 | -€357 | -6.5% |
| Financial charges | 65/66B | €15,027 | €14,382 | -€646 | -4.3% |
| Recurring financial charges | 65 | €15,027 | €14,382 | -€646 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €51,030 | €30,319 | -€20,711 | -40.6% |
| Income taxes | 67/77 | €715 | €6,376 | +€5,661 | +791% |
| Profit (loss) for the period | 9904 | €50,314 | €23,943 | -€26,371 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,314 | €23,943 | -€26,371 | -52.4% |
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 25 October 2026 via checked.be.