EXPERT 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.
EXPERT BERTRAND
Largest movements
- Receivables within one year -€11,019
down €11,019 (-31.3%), from €35,190 to €24,171
of which Other amounts receivable: -€12,256
- Cash +€3,562
up €3,562 (+206.2%), from €1,728 to €5,289
mainly Receivables within one year (+€11,019) and Net result for the year (+€818)
- Tax, wage and social debts -€7,179
down €7,179 (-51.2%), from €14,015 to €6,836
- Profit (loss) carried forward +€818
up €818 (+4.9%), from €16,584 to €17,402
- Trade debts -€514
down €514 (-61.1%), from €841 to €327
- Other debts -€478
no longer reported in 2025 (was €478)
- Gross operating margin -€19,103
down €19,103 (-89.3%), from €21,395 to €2,292
- Taxes -€3,996
down €3,996 (-94.8%), from €4,214 to €218
- Financial charges +€360
up €360 (+1655.8%), from €22 to €382
- Other operating charges +€299
up €299 (+51.9%), from €576 to €875
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 | €36,918 | €29,565 | -€7,353 | -19.9% |
| Current assets | 29/58 | €36,918 | €29,565 | -€7,353 | -19.9% |
| Amounts receivable within one year | 40/41 | €35,190 | €24,171 | -€11,019 | -31.3% |
| Trade receivables | 40 | - | €1,237 | +€1,237 | |
| Other amounts receivable | 41 | €35,190 | €22,934 | -€12,256 | -34.8% |
| Cash at bank and in hand | 54/58 | €1,728 | €5,289 | +€3,562 | +206.2% |
| Deferred charges and accrued income | 490/1 | - | €105 | +€105 | |
| Total equity and liabilities | 10/49 | €36,918 | €29,565 | -€7,353 | -19.9% |
| Equity | 10/15 | €21,584 | €22,402 | +€818 | +3.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,584 | €17,402 | +€818 | +4.9% |
| Amounts payable | 17/49 | €15,334 | €7,163 | -€8,171 | -53.3% |
| Amounts payable within one year | 42/48 | €15,334 | €7,163 | -€8,171 | -53.3% |
| Trade debts | 44 | €841 | €327 | -€514 | -61.1% |
| Suppliers | 440/4 | €841 | €327 | -€514 | -61.1% |
| Taxes, remuneration and social security | 45 | €14,015 | €6,836 | -€7,179 | -51.2% |
| Taxes | 450/3 | €14,015 | €6,836 | -€7,179 | -51.2% |
| Other amounts payable | 47/48 | €478 | - | -€478 | |
| Other operating charges | 640/8 | €576 | €875 | +€299 | +51.9% |
| Gross operating margin | 9900 | €21,395 | €2,292 | -€19,103 | -89.3% |
| Operating profit (loss) | 9901 | €20,820 | €1,418 | -€19,402 | -93.2% |
| Financial charges | 65/66B | €22 | €382 | +€360 | +1655.8% |
| Recurring financial charges | 65 | €22 | €382 | +€360 | +1655.8% |
| Profit (loss) for the period before taxes | 9903 | €20,798 | €1,035 | -€19,762 | -95.0% |
| Income taxes | 67/77 | €4,214 | €218 | -€3,996 | -94.8% |
| Profit (loss) for the period | 9904 | €16,584 | €818 | -€15,767 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,584 | €818 | -€15,767 | -95.1% |
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 10 October 2026 via checked.be.