Dr. Marianne 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. Marianne Bertels
Largest movements
- Current investments +€65,000
new in 2025: €65,000
- Cash +€61,772
up €61,772 (+171%), from €36,046 to €97,818
mainly Net result for the year (+€109,325) and Tax, wage and social debts (+€24,423)
- Deferred charges and accrued income +€2,705
up €2,705 (+43.0%), from €6,294 to €8,999
- Profit (loss) carried forward +€109,325
up €109,325 (+454%), from €24,091 to €133,417
- Tax, wage and social debts +€24,423
up €24,423 (+397%), from €6,150 to €30,572
- Trade debts -€4,635
down €4,635 (-64.3%), from €7,212 to €2,578
- Gross operating margin +€111,063
up €111,063 (+360%), from €30,891 to €141,954
- Taxes +€24,444
up €24,444 (+397%), from €6,150 to €30,594
- Depreciation +€1,420
up €1,420 (+309%), from €459 to €1,879
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 | €50,297 | €179,382 | +€129,084 | +257% |
| Fixed assets | 21/28 | €7,957 | €7,564 | -€393 | -4.9% |
| Tangible fixed assets | 22/27 | €7,957 | €7,564 | -€393 | -4.9% |
| Plant, machinery and equipment | 23 | €6,878 | €6,173 | -€705 | -10.3% |
| Furniture and vehicles | 24 | €1,079 | €1,391 | +€312 | +28.9% |
| Current assets | 29/58 | €42,340 | €171,818 | +€129,478 | +306% |
| Current investments | 50/53 | - | €65,000 | +€65,000 | |
| Cash at bank and in hand | 54/58 | €36,046 | €97,818 | +€61,772 | +171% |
| Deferred charges and accrued income | 490/1 | €6,294 | €8,999 | +€2,705 | +43.0% |
| Total equity and liabilities | 10/49 | €50,297 | €179,382 | +€129,084 | +257% |
| Equity | 10/15 | €25,091 | €134,417 | +€109,325 | +436% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,091 | €133,417 | +€109,325 | +454% |
| Amounts payable | 17/49 | €25,206 | €44,965 | +€19,759 | +78.4% |
| Amounts payable within one year | 42/48 | €25,206 | €44,796 | +€19,590 | +77.7% |
| Trade debts | 44 | €7,212 | €2,578 | -€4,635 | -64.3% |
| Suppliers | 440/4 | €7,212 | €2,578 | -€4,635 | -64.3% |
| Taxes, remuneration and social security | 45 | €6,150 | €30,572 | +€24,423 | +397% |
| Taxes | 450/3 | €6,150 | €30,572 | +€24,423 | +397% |
| Other amounts payable | 47/48 | €11,844 | €11,647 | -€197 | -1.7% |
| Accrued charges and deferred income | 492/3 | - | €169 | +€169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €459 | €1,879 | +€1,420 | +309% |
| Other operating charges | 640/8 | - | €62 | +€62 | |
| Gross operating margin | 9900 | €30,891 | €141,954 | +€111,063 | +360% |
| Operating profit (loss) | 9901 | €30,432 | €140,013 | +€109,581 | +360% |
| Financial income | 75/76B | €0 | €391 | +€391 | +1,303,633% |
| Recurring financial income | 75 | €0 | €391 | +€391 | +1,303,633% |
| Financial charges | 65/66B | €192 | €485 | +€294 | +153% |
| Recurring financial charges | 65 | €192 | €485 | +€294 | +153% |
| Profit (loss) for the period before taxes | 9903 | €30,241 | €139,919 | +€109,678 | +363% |
| Income taxes | 67/77 | €6,150 | €30,594 | +€24,444 | +397% |
| Profit (loss) for the period | 9904 | €24,091 | €109,325 | +€85,234 | +354% |
| Profit (loss) for the period to be appropriated | 9905 | €24,091 | €109,325 | +€85,234 | +354% |
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 1 November 2026 via checked.be.