Dr. Andrea Bertels: 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. Andrea Bertels
Largest movements
- Cash +€39,145
up €39,145 (+333%), from €11,739 to €50,884
mainly Net result for the year (+€64,996) and Tax, wage and social debts (+€13,654)
- Receivables within one year +€30,503
new in 2025: €30,503
- Deferred charges and accrued income +€10,178
up €10,178 (+171%), from €5,947 to €16,126
- Profit (loss) carried forward +€64,996
up €64,996 (+515%), from €12,614 to €77,610
- Tax, wage and social debts +€13,654
up €13,654 (+429%), from €3,182 to €16,836
- Trade debts +€2,168
up €2,168 (+271%), from €799 to €2,967
- Other debts -€992
down €992 (-100%), from €992 to €0
- Gross operating margin +€65,379
up €65,379 (+413%), from €15,846 to €81,225
- Taxes +€13,654
up €13,654 (+429%), from €3,182 to €16,836
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 | €17,686 | €97,513 | +€79,827 | +451% |
| Current assets | 29/58 | €17,686 | €97,513 | +€79,827 | +451% |
| Amounts receivable within one year | 40/41 | - | €30,503 | +€30,503 | |
| Other amounts receivable | 41 | - | €30,503 | +€30,503 | |
| Cash at bank and in hand | 54/58 | €11,739 | €50,884 | +€39,145 | +333% |
| Deferred charges and accrued income | 490/1 | €5,947 | €16,126 | +€10,178 | +171% |
| Total equity and liabilities | 10/49 | €17,686 | €97,513 | +€79,827 | +451% |
| Equity | 10/15 | €12,714 | €77,710 | +€64,996 | +511% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,614 | €77,610 | +€64,996 | +515% |
| Amounts payable | 17/49 | €4,973 | €19,803 | +€14,830 | +298% |
| Amounts payable within one year | 42/48 | €4,973 | €19,803 | +€14,830 | +298% |
| Trade debts | 44 | €799 | €2,967 | +€2,168 | +271% |
| Suppliers | 440/4 | €799 | €2,967 | +€2,168 | +271% |
| Taxes, remuneration and social security | 45 | €3,182 | €16,836 | +€13,654 | +429% |
| Taxes | 450/3 | €3,182 | €16,836 | +€13,654 | +429% |
| Other amounts payable | 47/48 | €992 | €0 | -€992 | -100% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €15,846 | €81,225 | +€65,379 | +413% |
| Operating profit (loss) | 9901 | €15,846 | €81,105 | +€65,259 | +412% |
| Financial income | 75/76B | - | €786 | +€786 | |
| Recurring financial income | 75 | - | €786 | +€786 | |
| Financial charges | 65/66B | €50 | €59 | +€9 | +18.5% |
| Recurring financial charges | 65 | €50 | €59 | +€9 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €15,796 | €81,832 | +€66,036 | +418% |
| Income taxes | 67/77 | €3,182 | €16,836 | +€13,654 | +429% |
| Profit (loss) for the period | 9904 | €12,614 | €64,996 | +€52,382 | +415% |
| Profit (loss) for the period to be appropriated | 9905 | €12,614 | €64,996 | +€52,382 | +415% |
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 20 October 2026 via checked.be.