DR. PAULINE BEDERT: 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. PAULINE BEDERT
Largest movements
- Cash +€16,928
new in 2025: €16,928
mainly Net result for the year (+€32,412) and Current portion of long-term debt (+€6,871)
- Tangible fixed assets -€6,188
down €6,188 (-10.4%), from €59,237 to €53,049
of which Plant, machinery and equipment: -€5,868
- Receivables within one year +€5,670
new in 2025: €5,670
- Deferred charges and accrued income +€1,015
up €1,015 (+18.8%), from €5,393 to €6,408
- Profit (loss) carried forward +€32,412
up €32,412, from -€13,055 to €19,357
- Debts after one year -€13,579
down €13,579 (-24.3%), from €55,771 to €42,192
- Other debts -€6,961
no longer reported in 2025 (was €6,961)
- Current portion of long-term debt +€6,871
up €6,871 (+102%), from €6,708 to €13,579
- Trade debts -€1,318
down €1,318 (-40.6%), from €3,245 to €1,927
- Gross operating margin +€61,595
up €61,595, from -€11,964 to €49,631
- Taxes +€6,226
new in 2025: €6,226
- Depreciation +€5,962
up €5,962 (+2,640%), from €226 to €6,188
- Financial charges +€3,395
up €3,395 (+393%), from €865 to €4,260
- Other operating charges +€544
new in 2025: €544
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 | €64,630 | €82,055 | +€17,425 | +27.0% |
| Fixed assets | 21/28 | €59,237 | €53,049 | -€6,188 | -10.4% |
| Tangible fixed assets | 22/27 | €59,237 | €53,049 | -€6,188 | -10.4% |
| Plant, machinery and equipment | 23 | €57,652 | €51,784 | -€5,868 | -10.2% |
| Furniture and vehicles | 24 | €1,585 | €1,265 | -€320 | -20.2% |
| Current assets | 29/58 | €5,393 | €29,006 | +€23,613 | +438% |
| Amounts receivable within one year | 40/41 | - | €5,670 | +€5,670 | |
| Other amounts receivable | 41 | - | €5,670 | +€5,670 | |
| Cash at bank and in hand | 54/58 | - | €16,928 | +€16,928 | |
| Deferred charges and accrued income | 490/1 | €5,393 | €6,408 | +€1,015 | +18.8% |
| Total equity and liabilities | 10/49 | €64,630 | €82,055 | +€17,425 | +27.0% |
| Equity | 10/15 | -€8,055 | €24,357 | +€32,412 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,055 | €19,357 | +€32,412 | |
| Amounts payable | 17/49 | €72,685 | €57,698 | -€14,988 | -20.6% |
| Amounts payable after more than one year | 17 | €55,771 | €42,192 | -€13,579 | -24.3% |
| Financial debts | 170/4 | €55,771 | €42,192 | -€13,579 | -24.3% |
| Amounts payable within one year | 42/48 | €16,914 | €15,506 | -€1,408 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,708 | €13,579 | +€6,871 | +102% |
| Trade debts | 44 | €3,245 | €1,927 | -€1,318 | -40.6% |
| Suppliers | 440/4 | €3,245 | €1,927 | -€1,318 | -40.6% |
| Other amounts payable | 47/48 | €6,961 | - | -€6,961 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €226 | €6,188 | +€5,962 | +2,640% |
| Other operating charges | 640/8 | - | €544 | +€544 | |
| Gross operating margin | 9900 | -€11,964 | €49,631 | +€61,595 | |
| Operating profit (loss) | 9901 | -€12,190 | €42,898 | +€55,089 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +500% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +500% |
| Financial charges | 65/66B | €865 | €4,260 | +€3,395 | +393% |
| Recurring financial charges | 65 | €865 | €4,260 | +€3,395 | +393% |
| Profit (loss) for the period before taxes | 9903 | -€13,055 | €38,638 | +€51,693 | |
| Income taxes | 67/77 | - | €6,226 | +€6,226 | |
| Profit (loss) for the period | 9904 | -€13,055 | €32,412 | +€45,467 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,055 | €32,412 | +€45,467 |
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 23 October 2026 via checked.be.