Dr. Ph.Bertrand: 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. Ph.Bertrand
Largest movements
- Cash -€162,947
down €162,947 (-72.2%), from €225,802 to €62,855
mainly Contributions, distributions and other (-€722,689) and Receivables within one year (-€103,634)
- Receivables within one year +€103,634
up €103,634 (+308%), from €33,621 to €137,255
of which Other amounts receivable: +€130,853
- Tangible fixed assets +€37,673
up €37,673 (+158%), from €23,814 to €61,486
of which Furniture and vehicles: +€36,423
- Deferred charges and accrued income +€31,369
up €31,369 (+15.1%), from €208,287 to €239,656
- Reserves -€308,747
down €308,747 (-94.5%), from €326,747 to €18,000
- Other debts +€277,533
up €277,533 (+232%), from €119,407 to €396,941
- Tax, wage and social debts +€48,384
up €48,384 (+118%), from €40,934 to €89,317
of which Taxes: +€48,408
- Gross operating margin +€122,390
up €122,390 (+28.2%), from €433,934 to €556,325
- Taxes +€28,724
up €28,724 (+27.1%), from €106,068 to €134,792
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 | €497,954 | €511,282 | +€13,329 | +2.7% |
| Fixed assets | 21/28 | €25,744 | €63,416 | +€37,673 | +146% |
| Tangible fixed assets | 22/27 | €23,814 | €61,486 | +€37,673 | +158% |
| Plant, machinery and equipment | 23 | - | €1,250 | +€1,250 | |
| Furniture and vehicles | 24 | €23,814 | €60,237 | +€36,423 | +153% |
| Financial fixed assets | 28 | €1,930 | €1,930 | = | 0.0% |
| Current assets | 29/58 | €472,210 | €447,866 | -€24,344 | -5.2% |
| Amounts receivable within one year | 40/41 | €33,621 | €137,255 | +€103,634 | +308% |
| Trade receivables | 40 | €27,219 | - | -€27,219 | |
| Other amounts receivable | 41 | €6,402 | €137,255 | +€130,853 | +2,044% |
| Current investments | 50/53 | €4,500 | €8,100 | +€3,600 | +80.0% |
| Cash at bank and in hand | 54/58 | €225,802 | €62,855 | -€162,947 | -72.2% |
| Deferred charges and accrued income | 490/1 | €208,287 | €239,656 | +€31,369 | +15.1% |
| Total equity and liabilities | 10/49 | €497,954 | €511,282 | +€13,329 | +2.7% |
| Equity | 10/15 | €329,747 | €21,000 | -€308,747 | -93.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €326,747 | €18,000 | -€308,747 | -94.5% |
| Distributable reserves | 133 | €326,747 | €18,000 | -€308,747 | -94.5% |
| Amounts payable | 17/49 | €168,207 | €490,282 | +€322,076 | +191% |
| Amounts payable within one year | 42/48 | €168,207 | €489,951 | +€321,744 | +191% |
| Trade debts | 44 | €7,866 | €3,693 | -€4,172 | -53.0% |
| Suppliers | 440/4 | €7,866 | €3,693 | -€4,172 | -53.0% |
| Taxes, remuneration and social security | 45 | €40,934 | €89,317 | +€48,384 | +118% |
| Taxes | 450/3 | €38,014 | €86,422 | +€48,408 | +127% |
| Remuneration and social security | 454/9 | €2,920 | €2,895 | -€24 | -0.8% |
| Other amounts payable | 47/48 | €119,407 | €396,941 | +€277,533 | +232% |
| Accrued charges and deferred income | 492/3 | - | €331 | +€331 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,492 | €8,734 | +€1,242 | +16.6% |
| Other operating charges | 640/8 | €1,752 | €2,456 | +€703 | +40.1% |
| Gross operating margin | 9900 | €433,934 | €556,325 | +€122,390 | +28.2% |
| Operating profit (loss) | 9901 | €424,690 | €545,134 | +€120,444 | +28.4% |
| Financial income | 75/76B | €8,234 | €3,746 | -€4,488 | -54.5% |
| Recurring financial income | 75 | €8,234 | €3,746 | -€4,488 | -54.5% |
| Financial charges | 65/66B | €110 | €147 | +€37 | +33.8% |
| Recurring financial charges | 65 | €110 | €147 | +€37 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €432,815 | €548,734 | +€115,919 | +26.8% |
| Income taxes | 67/77 | €106,068 | €134,792 | +€28,724 | +27.1% |
| Profit (loss) for the period | 9904 | €326,747 | €413,942 | +€87,195 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €326,747 | €413,942 | +€87,195 | +26.7% |
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 14 October 2026 via checked.be.