Dr. A. Bermyn: 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.
Dr. A. Bermyn
Largest movements
- Cash +€74,577
up €74,577 (+154%), from €48,475 to €123,052
mainly Net result for the year (+€68,952) and Depreciation (+€11,631)
- Tangible fixed assets -€10,803
down €10,803 (-21.5%), from €50,169 to €39,366
of which Leasing and similar rights: -€10,877
- Deferred charges and accrued income +€4,782
new in 2025: €4,782
- Reserves +€68,119
up €68,119 (+249%), from €27,362 to €95,481
- Tax, wage and social debts +€10,479
up €10,479 (+132%), from €7,913 to €18,392
- Debts after one year -€10,202
down €10,202 (-26.0%), from €39,233 to €29,030
- Trade debts +€2,477
up €2,477 (+398%), from €622 to €3,098
- Gross operating margin +€54,035
up €54,035 (+115%), from €46,844 to €100,879
- Taxes +€10,479
up €10,479 (+137%), from €7,663 to €18,142
- Depreciation +€4,918
up €4,918 (+73.3%), from €6,713 to €11,631
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 | €98,644 | €167,200 | +€68,556 | +69.5% |
| Fixed assets | 21/28 | €50,169 | €39,366 | -€10,803 | -21.5% |
| Tangible fixed assets | 22/27 | €50,169 | €39,366 | -€10,803 | -21.5% |
| Furniture and vehicles | 24 | €2,073 | €2,147 | +€74 | +3.6% |
| Leasing and similar rights | 25 | €48,095 | €37,219 | -€10,877 | -22.6% |
| Current assets | 29/58 | €48,475 | €127,834 | +€79,359 | +164% |
| Cash at bank and in hand | 54/58 | €48,475 | €123,052 | +€74,577 | +154% |
| Deferred charges and accrued income | 490/1 | - | €4,782 | +€4,782 | |
| Total equity and liabilities | 10/49 | €98,644 | €167,200 | +€68,556 | +69.5% |
| Equity | 10/15 | €30,862 | €98,981 | +€68,119 | +221% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €27,362 | €95,481 | +€68,119 | +249% |
| Distributable reserves | 133 | €27,362 | €95,481 | +€68,119 | +249% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,782 | €68,219 | +€437 | +0.6% |
| Amounts payable after more than one year | 17 | €39,233 | €29,030 | -€10,202 | -26.0% |
| Financial debts | 170/4 | €39,233 | €29,030 | -€10,202 | -26.0% |
| Amounts payable within one year | 42/48 | €19,979 | €32,211 | +€12,232 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | €9,707 | €9,371 | -€336 | -3.5% |
| Trade debts | 44 | €622 | €3,098 | +€2,477 | +398% |
| Suppliers | 440/4 | €622 | €3,098 | +€2,477 | +398% |
| Taxes, remuneration and social security | 45 | €7,913 | €18,392 | +€10,479 | +132% |
| Taxes | 450/3 | €7,913 | €18,392 | +€10,479 | +132% |
| Other amounts payable | 47/48 | €1,737 | €1,350 | -€388 | -22.3% |
| Accrued charges and deferred income | 492/3 | €8,570 | €6,977 | -€1,593 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,713 | €11,631 | +€4,918 | +73.3% |
| Other operating charges | 640/8 | €106 | €378 | +€273 | +259% |
| Non-recurring operating charges | 66A | €2,500 | €0 | -€2,500 | -100% |
| Gross operating margin | 9900 | €46,844 | €100,879 | +€54,035 | +115% |
| Operating profit (loss) | 9901 | €37,525 | €88,869 | +€51,345 | +137% |
| Financial income | 75/76B | - | €512 | +€512 | |
| Recurring financial income | 75 | - | €512 | +€512 | |
| Financial charges | 65/66B | €1,667 | €2,287 | +€621 | +37.2% |
| Recurring financial charges | 65 | €1,667 | €2,287 | +€621 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €35,858 | €87,094 | +€51,236 | +143% |
| Income taxes | 67/77 | €7,663 | €18,142 | +€10,479 | +137% |
| Profit (loss) for the period | 9904 | €28,195 | €68,952 | +€40,757 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €28,195 | €68,952 | +€40,757 | +145% |
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 30 October 2026 via checked.be.