BERTULD: 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.
BERTULD
Largest movements
- Financial fixed assets +€39.7m
up €39.7m (+369%), from €10.8m to €50.5m
- Receivables within one year +€2.3m
up €2.3m (+435%), from €525,729 to €2.8m
- Revaluation surpluses +€39.5m
new in 2025: €39.5m
- Reserves +€3.0m
up €3.0m (+55.4%), from €5.5m to €8.5m
of which Distributable reserves: +€3.0m
- Debts after one year -€806,788
down €806,788 (-20.5%), from €3.9m to €3.1m
- Financial income +€722,011
up €722,011 (+28.9%), from €2.5m to €3.2m
- Financial charges +€130,980
up €130,980 (+231%), from €56,786 to €187,767
- Gross operating margin +€161
up €161 (+1.0%), from -€15,534 to -€15,374
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 | €13,976,175 | €55,990,367 | +€42.0m | +301% |
| Fixed assets | 21/28 | €10,769,000 | €50,474,450 | +€39.7m | +369% |
| Financial fixed assets | 28 | €10,769,000 | €50,474,450 | +€39.7m | +369% |
| Current assets | 29/58 | €3,207,175 | €5,515,917 | +€2.3m | +72.0% |
| Amounts receivable after more than one year | 29 | €2,617,936 | €2,674,854 | +€56,917 | +2.2% |
| Trade receivables | 290 | €2,617,936 | €2,674,854 | +€56,917 | +2.2% |
| Amounts receivable within one year | 40/41 | €525,729 | €2,812,426 | +€2.3m | +435% |
| Other amounts receivable | 41 | €525,729 | €2,812,426 | +€2.3m | +435% |
| Cash at bank and in hand | 54/58 | €63,509 | €28,638 | -€34,872 | -54.9% |
| Total equity and liabilities | 10/49 | €13,976,175 | €55,990,367 | +€42.0m | +301% |
| Equity | 10/15 | €8,259,369 | €50,799,564 | +€42.5m | +515% |
| Contributions | 10/11 | €2,808,137 | €2,808,137 | = | 0.0% |
| Capital | 10 | €2,808,137 | €2,808,137 | = | 0.0% |
| Issued capital | 100 | €2,808,137 | €2,808,137 | = | 0.0% |
| Revaluation surpluses | 12 | - | €39,522,509 | +€39.5m | |
| Reserves | 13 | €5,451,233 | €8,468,918 | +€3.0m | +55.4% |
| Non-distributable reserves | 130/1 | €280,814 | €280,814 | = | 0.0% |
| Legal reserve | 130 | €280,814 | €280,814 | = | 0.0% |
| Distributable reserves | 133 | €5,170,419 | €8,188,105 | +€3.0m | +58.4% |
| Amounts payable | 17/49 | €5,716,805 | €5,190,803 | -€526,002 | -9.2% |
| Amounts payable after more than one year | 17 | €3,937,878 | €3,131,091 | -€806,788 | -20.5% |
| Financial debts | 170/4 | €3,937,878 | €3,131,091 | -€806,788 | -20.5% |
| Amounts payable within one year | 42/48 | €1,778,927 | €2,059,713 | +€280,786 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €805,109 | €806,788 | +€1,679 | +0.2% |
| Taxes, remuneration and social security | 45 | €750,000 | €750,000 | = | 0.0% |
| Taxes | 450/3 | €750,000 | €750,000 | = | 0.0% |
| Other amounts payable | 47/48 | €223,818 | €502,925 | +€279,107 | +125% |
| Gross operating margin | 9900 | -€15,534 | -€15,374 | +€161 | +1.0% |
| Operating profit (loss) | 9901 | -€15,534 | -€15,374 | +€161 | +1.0% |
| Financial income | 75/76B | €2,498,816 | €3,220,826 | +€722,011 | +28.9% |
| Recurring financial income | 75 | €2,498,816 | €3,220,826 | +€722,011 | +28.9% |
| Financial charges | 65/66B | €56,786 | €187,767 | +€130,980 | +231% |
| Recurring financial charges | 65 | €56,786 | €187,767 | +€130,980 | +231% |
| Profit (loss) for the period before taxes | 9903 | €2,426,495 | €3,017,686 | +€591,191 | +24.4% |
| Profit (loss) for the period | 9904 | €2,426,495 | €3,017,686 | +€591,191 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,426,495 | €3,017,686 | +€591,191 | +24.4% |
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 13 October 2026 via checked.be.