DR. BERTELS JOKE: 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. BERTELS JOKE
Largest movements
- Tangible fixed assets +€33,389
up €33,389 (+1277.8%), from €2,613 to €36,002
of which Furniture and vehicles: +€26,964
- Cash -€14,745
down €14,745 (-15.7%), from €93,637 to €78,892
mainly Contributions, distributions and other (-€58,824) and Investment in fixed assets (net) (-€45,388)
- Deferred charges and accrued income +€8,430
up €8,430 (+212.8%), from €3,961 to €12,391
- Other debts +€29,148
up €29,148 (+93.8%), from €31,065 to €60,213
- Accrued charges and deferred income -€4,206
down €4,206 (-75.8%), from €5,548 to €1,343
- Trade debts +€1,361
up €1,361 (+1101.3%), from €124 to €1,484
- Gross operating margin +€22,184
up €22,184 (+34.3%), from €64,606 to €86,790
- Depreciation +€11,657
up €11,657 (+3400.1%), from €343 to €11,999
- Taxes +€1,870
up €1,870 (+14.0%), from €13,400 to €15,270
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.
Cash bridge derived
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 | €100,404 | €127,285 | +€26,881 | +26.8% |
| Fixed assets | 21/28 | €2,613 | €36,002 | +€33,389 | +1277.8% |
| Tangible fixed assets | 22/27 | €2,613 | €36,002 | +€33,389 | +1277.8% |
| Plant, machinery and equipment | 23 | - | €2,040 | +€2,040 | |
| Furniture and vehicles | 24 | - | €26,964 | +€26,964 | |
| Other tangible fixed assets | 26 | €2,613 | €6,998 | +€4,384 | +167.8% |
| Current assets | 29/58 | €97,791 | €91,283 | -€6,508 | -6.7% |
| Amounts receivable within one year | 40/41 | €192 | - | -€192 | |
| Trade receivables | 40 | €192 | - | -€192 | |
| Cash at bank and in hand | 54/58 | €93,637 | €78,892 | -€14,745 | -15.7% |
| Deferred charges and accrued income | 490/1 | €3,961 | €12,391 | +€8,430 | +212.8% |
| Total equity and liabilities | 10/49 | €100,404 | €127,285 | +€26,881 | +26.8% |
| Equity | 10/15 | €61,279 | €61,739 | +€460 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €42,679 | €43,139 | +€460 | +1.1% |
| Distributable reserves | 133 | €42,679 | €43,139 | +€460 | +1.1% |
| Amounts payable | 17/49 | €39,125 | €65,546 | +€26,421 | +67.5% |
| Amounts payable within one year | 42/48 | €33,576 | €64,203 | +€30,627 | +91.2% |
| Trade debts | 44 | €124 | €1,484 | +€1,361 | +1101.3% |
| Suppliers | 440/4 | €124 | €1,484 | +€1,361 | +1101.3% |
| Taxes, remuneration and social security | 45 | €2,388 | €2,506 | +€118 | +4.9% |
| Taxes | 450/3 | €2,388 | €2,506 | +€118 | +4.9% |
| Other amounts payable | 47/48 | €31,065 | €60,213 | +€29,148 | +93.8% |
| Accrued charges and deferred income | 492/3 | €5,548 | €1,343 | -€4,206 | -75.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €343 | €11,999 | +€11,657 | +3400.1% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €64,606 | €86,790 | +€22,184 | +34.3% |
| Operating profit (loss) | 9901 | €64,201 | €74,728 | +€10,527 | +16.4% |
| Financial income | 75/76B | €214 | €487 | +€273 | +127.4% |
| Recurring financial income | 75 | €214 | €487 | +€273 | +127.4% |
| Financial charges | 65/66B | €617 | €662 | +€45 | +7.3% |
| Recurring financial charges | 65 | €617 | €662 | +€45 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €63,798 | €74,553 | +€10,755 | +16.9% |
| Income taxes | 67/77 | €13,400 | €15,270 | +€1,870 | +14.0% |
| Profit (loss) for the period | 9904 | €50,398 | €59,283 | +€8,885 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,398 | €59,283 | +€8,885 | +17.6% |
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 12 October 2026 via checked.be.