Dries 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.
Dries BERTRAND
Largest movements
- Receivables after one year +€365,835
new in 2025: €365,835
- Cash -€94,171
down €94,171 (-83.6%), from €112,706 to €18,535
mainly Receivables after one year (-€365,835) and Current investments (-€74,000)
- Current investments +€74,000
up €74,000 (+74.0%), from €100,000 to €174,000
- Receivables within one year +€16,991
up €16,991 (+76.7%), from €22,158 to €39,148
of which Other amounts receivable: +€26,456
- Tangible fixed assets -€7,106
down €7,106 (-13.9%), from €50,985 to €43,879
of which Land and buildings: -€6,912
- Short-term financial debts +€227,067
up €227,067 (+311%), from €73,000 to €300,067
- Debts after one year +€178,345
new in 2025: €178,345
- Reserves -€125,558
down €125,558 (-66.1%), from €189,817 to €64,258
- Other debts +€47,059
up €47,059, from €0 to €47,059
- Current portion of long-term debt +€31,608
new in 2025: €31,608
- Gross operating margin -€147,048
down €147,048, from €109,564 to -€37,484
- Taxes -€23,894
down €23,894 (-99.2%), from €24,088 to €194
- Financial charges +€15,150
up €15,150 (+1,024%), from €1,479 to €16,629
- Financial income +€9,988
up €9,988 (+969,685%), from €1 to €9,989
- Depreciation +€8,051
up €8,051 (+149%), from €5,387 to €13,438
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 | €288,998 | €651,368 | +€362,370 | +125% |
| Fixed assets | 21/28 | €50,985 | €43,879 | -€7,106 | -13.9% |
| Tangible fixed assets | 22/27 | €50,985 | €43,879 | -€7,106 | -13.9% |
| Land and buildings | 22 | €37,111 | €30,199 | -€6,912 | -18.6% |
| Furniture and vehicles | 24 | €13,874 | €13,680 | -€194 | -1.4% |
| Current assets | 29/58 | €238,013 | €607,489 | +€369,476 | +155% |
| Amounts receivable after more than one year | 29 | - | €365,835 | +€365,835 | |
| Other amounts receivable | 291 | - | €365,835 | +€365,835 | |
| Amounts receivable within one year | 40/41 | €22,158 | €39,148 | +€16,991 | +76.7% |
| Trade receivables | 40 | €9,465 | €0 | -€9,465 | -100% |
| Other amounts receivable | 41 | €12,692 | €39,148 | +€26,456 | +208% |
| Current investments | 50/53 | €100,000 | €174,000 | +€74,000 | +74.0% |
| Cash at bank and in hand | 54/58 | €112,706 | €18,535 | -€94,171 | -83.6% |
| Deferred charges and accrued income | 490/1 | €3,149 | €9,970 | +€6,821 | +217% |
| Total equity and liabilities | 10/49 | €288,998 | €651,368 | +€362,370 | +125% |
| Equity | 10/15 | €204,817 | €79,258 | -€125,558 | -61.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €189,817 | €64,258 | -€125,558 | -66.1% |
| Distributable reserves | 133 | €189,817 | €64,258 | -€125,558 | -66.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,182 | €572,110 | +€487,928 | +580% |
| Amounts payable after more than one year | 17 | - | €178,345 | +€178,345 | |
| Financial debts | 170/4 | - | €178,345 | +€178,345 | |
| Amounts payable within one year | 42/48 | €83,724 | €385,032 | +€301,308 | +360% |
| Current portion of amounts payable after more than one year | 42 | - | €31,608 | +€31,608 | |
| Financial debts | 43 | €73,000 | €300,067 | +€227,067 | +311% |
| Other loans | 439 | €73,000 | €300,067 | +€227,067 | +311% |
| Trade debts | 44 | €10,030 | €3,939 | -€6,092 | -60.7% |
| Suppliers | 440/4 | €10,030 | €3,939 | -€6,092 | -60.7% |
| Advances received on contracts in progress | 46 | €694 | €0 | -€694 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €2,360 | +€2,360 | |
| Taxes | 450/3 | €0 | €2,360 | +€2,360 | |
| Other amounts payable | 47/48 | €0 | €47,059 | +€47,059 | |
| Accrued charges and deferred income | 492/3 | €458 | €8,733 | +€8,275 | +1,809% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,387 | €13,438 | +€8,051 | +149% |
| Other operating charges | 640/8 | €1,223 | €1,920 | +€697 | +57.0% |
| Gross operating margin | 9900 | €109,564 | -€37,484 | -€147,048 | |
| Operating profit (loss) | 9901 | €102,954 | -€52,842 | -€155,796 | |
| Financial income | 75/76B | €1 | €9,989 | +€9,988 | +969,685% |
| Recurring financial income | 75 | €1 | €9,989 | +€9,988 | +969,685% |
| Financial charges | 65/66B | €1,479 | €16,629 | +€15,150 | +1,024% |
| Recurring financial charges | 65 | €1,479 | €16,629 | +€15,150 | +1,024% |
| Profit (loss) for the period before taxes | 9903 | €101,476 | -€59,482 | -€160,958 | |
| Income taxes | 67/77 | €24,088 | €194 | -€23,894 | -99.2% |
| Profit (loss) for the period | 9904 | €77,388 | -€59,676 | -€137,064 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,388 | -€59,676 | -€137,064 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.