E. BERNAERDTS: 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.
E. BERNAERDTS
Largest movements
- Receivables within one year +€14,771
up €14,771 (+8.3%), from €178,220 to €192,991
of which Trade receivables: +€8,216
- Deferred charges and accrued income -€8,672
down €8,672 (-19.8%), from €43,844 to €35,172
- Cash +€8,102
up €8,102 (+155.1%), from €5,223 to €13,325
mainly Deferred charges and accrued income (+€8,672) and Trade debts (+€8,021)
- Trade debts +€8,021
up €8,021 (+372.6%), from €2,153 to €10,173
- Reserves +€4,118
up €4,118 (+2.1%), from €193,172 to €197,290
- Gross operating margin -€9,934
down €9,934 (-48.4%), from €20,530 to €10,596
- Taxes -€2,610
down €2,610 (-27.7%), from €9,421 to €6,810
- Financial charges +€1,882
up €1,882 (+59.7%), from €3,152 to €5,034
- Financial income -€1,419
down €1,419 (-12.4%), from €11,439 to €10,020
- Other operating charges -€311
down €311 (-14.1%), from €2,202 to €1,890
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.
Cash bridge derived
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 | €229,260 | €242,698 | +€13,438 | +5.9% |
| Fixed assets | 21/28 | €1,973 | €1,210 | -€763 | -38.7% |
| Tangible fixed assets | 22/27 | €1,973 | €1,210 | -€763 | -38.7% |
| Plant, machinery and equipment | 23 | €1,973 | €1,210 | -€763 | -38.7% |
| Current assets | 29/58 | €227,287 | €241,488 | +€14,201 | +6.2% |
| Amounts receivable within one year | 40/41 | €178,220 | €192,991 | +€14,771 | +8.3% |
| Trade receivables | 40 | €4,123 | €12,339 | +€8,216 | +199.3% |
| Other amounts receivable | 41 | €174,097 | €180,652 | +€6,555 | +3.8% |
| Cash at bank and in hand | 54/58 | €5,223 | €13,325 | +€8,102 | +155.1% |
| Deferred charges and accrued income | 490/1 | €43,844 | €35,172 | -€8,672 | -19.8% |
| Total equity and liabilities | 10/49 | €229,260 | €242,698 | +€13,438 | +5.9% |
| Equity | 10/15 | €205,869 | €209,987 | +€4,118 | +2.0% |
| Contributions | 10/11 | €12,697 | €12,697 | = | 0.0% |
| Reserves | 13 | €193,172 | €197,290 | +€4,118 | +2.1% |
| Distributable reserves | 133 | €193,172 | €197,290 | +€4,118 | +2.1% |
| Amounts payable | 17/49 | €23,391 | €32,711 | +€9,320 | +39.8% |
| Amounts payable within one year | 42/48 | €23,278 | €32,451 | +€9,172 | +39.4% |
| Trade debts | 44 | €2,153 | €10,173 | +€8,021 | +372.6% |
| Suppliers | 440/4 | €2,153 | €10,173 | +€8,021 | +372.6% |
| Taxes, remuneration and social security | 45 | €19,726 | €20,878 | +€1,152 | +5.8% |
| Taxes | 450/3 | €19,726 | €20,878 | +€1,152 | +5.8% |
| Other amounts payable | 47/48 | €1,400 | €1,400 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €112 | €260 | +€147 | +131.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €889 | €763 | -€125 | -14.1% |
| Other operating charges | 640/8 | €2,202 | €1,890 | -€311 | -14.1% |
| Gross operating margin | 9900 | €20,530 | €10,596 | -€9,934 | -48.4% |
| Operating profit (loss) | 9901 | €17,440 | €7,942 | -€9,498 | -54.5% |
| Financial income | 75/76B | €11,439 | €10,020 | -€1,419 | -12.4% |
| Recurring financial income | 75 | €11,439 | €10,020 | -€1,419 | -12.4% |
| Financial charges | 65/66B | €3,152 | €5,034 | +€1,882 | +59.7% |
| Recurring financial charges | 65 | €3,152 | €5,034 | +€1,882 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €25,727 | €12,928 | -€12,798 | -49.7% |
| Income taxes | 67/77 | €9,421 | €6,810 | -€2,610 | -27.7% |
| Profit (loss) for the period | 9904 | €16,306 | €6,118 | -€10,188 | -62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,306 | €6,118 | -€10,188 | -62.5% |
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 11 October 2026 via checked.be.