DR. P. BERTELOOT: 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. P. BERTELOOT
Largest movements
- Cash -€47,739
down €47,739 (-16.1%), from €296,759 to €249,020
mainly Contributions, distributions and other (-€156,047) and Other debts (-€5,950)
- Tangible fixed assets -€24,075
down €24,075 (-29.8%), from €80,876 to €56,800
of which Furniture and vehicles: -€17,248
- Receivables within one year -€7,262
down €7,262 (-45.6%), from €15,917 to €8,655
of which Trade receivables: -€5,886
- Reserves -€64,906
down €64,906 (-15.4%), from €422,729 to €357,822
- Gross operating margin -€65,368
down €65,368 (-29.0%), from €225,082 to €159,714
- Taxes -€17,372
down €17,372 (-31.2%), from €55,693 to €38,322
- Financial income +€6,860
up €6,860 (+2,341%), from €293 to €7,153
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 | €636,970 | €560,972 | -€75,998 | -11.9% |
| Fixed assets | 21/28 | €80,876 | €56,800 | -€24,075 | -29.8% |
| Tangible fixed assets | 22/27 | €80,876 | €56,800 | -€24,075 | -29.8% |
| Land and buildings | 22 | €50,157 | €42,991 | -€7,165 | -14.3% |
| Plant, machinery and equipment | 23 | €2,083 | €2,421 | +€337 | +16.2% |
| Furniture and vehicles | 24 | €28,636 | €11,388 | -€17,248 | -60.2% |
| Current assets | 29/58 | €556,095 | €504,172 | -€51,923 | -9.3% |
| Amounts receivable within one year | 40/41 | €15,917 | €8,655 | -€7,262 | -45.6% |
| Trade receivables | 40 | €14,541 | €8,655 | -€5,886 | -40.5% |
| Other amounts receivable | 41 | €1,376 | - | -€1,376 | |
| Current investments | 50/53 | €243,419 | €243,419 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €296,759 | €249,020 | -€47,739 | -16.1% |
| Deferred charges and accrued income | 490/1 | - | €3,078 | +€3,078 | |
| Total equity and liabilities | 10/49 | €636,970 | €560,972 | -€75,998 | -11.9% |
| Equity | 10/15 | €428,929 | €364,022 | -€64,906 | -15.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €422,729 | €357,822 | -€64,906 | -15.4% |
| Distributable reserves | 133 | €422,729 | €357,822 | -€64,906 | -15.4% |
| Amounts payable | 17/49 | €208,041 | €196,950 | -€11,092 | -5.3% |
| Amounts payable after more than one year | 17 | €170,000 | €170,000 | = | 0.0% |
| Financial debts | 170/4 | €170,000 | €170,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,041 | €26,950 | -€11,092 | -29.2% |
| Trade debts | 44 | €1,643 | - | -€1,643 | |
| Suppliers | 440/4 | €1,643 | - | -€1,643 | |
| Taxes, remuneration and social security | 45 | €10,676 | €7,176 | -€3,499 | -32.8% |
| Taxes | 450/3 | €10,676 | €7,176 | -€3,499 | -32.8% |
| Other amounts payable | 47/48 | €25,723 | €19,774 | -€5,950 | -23.1% |
| Non-recurring operating income | 76A | €74,670 | - | -€74,670 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,687 | €26,359 | +€672 | +2.6% |
| Other operating charges | 640/8 | €3,807 | €2,883 | -€924 | -24.3% |
| Gross operating margin | 9900 | €225,082 | €159,714 | -€65,368 | -29.0% |
| Operating profit (loss) | 9901 | €195,589 | €130,472 | -€65,117 | -33.3% |
| Financial income | 75/76B | €293 | €7,153 | +€6,860 | +2,341% |
| Recurring financial income | 75 | €293 | €7,153 | +€6,860 | +2,341% |
| Financial charges | 65/66B | €10,051 | €8,163 | -€1,888 | -18.8% |
| Recurring financial charges | 65 | €10,051 | €8,163 | -€1,888 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €185,831 | €129,462 | -€56,369 | -30.3% |
| Income taxes | 67/77 | €55,693 | €38,322 | -€17,372 | -31.2% |
| Profit (loss) for the period | 9904 | €130,137 | €91,140 | -€38,997 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,137 | €91,140 | -€38,997 | -30.0% |
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.