François 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.
François BERTRAND
Largest movements
- Tangible fixed assets -€8,384
down €8,384 (-19.7%), from €42,459 to €34,074
of which Furniture and vehicles: -€8,198
- Cash +€7,536
up €7,536 (+91.9%), from €8,201 to €15,737
mainly Net result for the year (+€12,379) and Depreciation (+€9,169)
- Receivables within one year +€6,376
up €6,376 (+89.1%), from €7,156 to €13,532
- Profit (loss) carried forward +€12,379
up €12,379 (+19.0%), from -€65,012 to -€52,633
- Other debts -€6,809
down €6,809 (-86.4%), from €7,877 to €1,068
- Debts after one year -€6,749
down €6,749 (-22.5%), from €30,034 to €23,284
- Tax, wage and social debts +€3,779
up €3,779 (+38.8%), from €9,742 to €13,521
- Trade debts +€3,688
up €3,688 (+103%), from €3,563 to €7,251
- Gross operating margin +€13,945
up €13,945 (+94.9%), from €14,699 to €28,644
- Depreciation +€7,954
up €7,954 (+655%), from €1,215 to €9,169
- Taxes +€1,265
up €1,265 (+36.2%), from €3,494 to €4,759
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 | €57,816 | €63,344 | +€5,528 | +9.6% |
| Fixed assets | 21/28 | €42,459 | €34,074 | -€8,384 | -19.7% |
| Tangible fixed assets | 22/27 | €42,459 | €34,074 | -€8,384 | -19.7% |
| Plant, machinery and equipment | 23 | €1,748 | €1,562 | -€186 | -10.6% |
| Furniture and vehicles | 24 | €40,711 | €32,512 | -€8,198 | -20.1% |
| Current assets | 29/58 | €15,357 | €29,269 | +€13,912 | +90.6% |
| Amounts receivable within one year | 40/41 | €7,156 | €13,532 | +€6,376 | +89.1% |
| Trade receivables | 40 | €7,156 | €13,532 | +€6,376 | +89.1% |
| Cash at bank and in hand | 54/58 | €8,201 | €15,737 | +€7,536 | +91.9% |
| Total equity and liabilities | 10/49 | €57,816 | €63,344 | +€5,528 | +9.6% |
| Equity | 10/15 | -€3,146 | €9,233 | +€12,379 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,265 | €43,265 | = | 0.0% |
| Distributable reserves | 133 | €43,265 | €43,265 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,012 | -€52,633 | +€12,379 | +19.0% |
| Amounts payable | 17/49 | €60,962 | €54,111 | -€6,851 | -11.2% |
| Amounts payable after more than one year | 17 | €30,034 | €23,284 | -€6,749 | -22.5% |
| Financial debts | 170/4 | €30,034 | €23,284 | -€6,749 | -22.5% |
| Amounts payable within one year | 42/48 | €30,929 | €30,827 | -€102 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €7,508 | €6,749 | -€759 | -10.1% |
| Trade debts | 44 | €3,563 | €7,251 | +€3,688 | +103% |
| Suppliers | 440/4 | €3,563 | €7,251 | +€3,688 | +103% |
| Advances received on contracts in progress | 46 | €2,239 | €2,239 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,742 | €13,521 | +€3,779 | +38.8% |
| Taxes | 450/3 | €9,742 | €13,521 | +€3,779 | +38.8% |
| Other amounts payable | 47/48 | €7,877 | €1,068 | -€6,809 | -86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,215 | €9,169 | +€7,954 | +655% |
| Other operating charges | 640/8 | €584 | €797 | +€212 | +36.3% |
| Gross operating margin | 9900 | €14,699 | €28,644 | +€13,945 | +94.9% |
| Operating profit (loss) | 9901 | €12,900 | €18,679 | +€5,779 | +44.8% |
| Financial income | 75/76B | €114 | - | -€114 | |
| Recurring financial income | 75 | €114 | - | -€114 | |
| Financial charges | 65/66B | €1,524 | €1,541 | +€17 | +1.1% |
| Recurring financial charges | 65 | €1,524 | €1,541 | +€17 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €11,490 | €17,138 | +€5,648 | +49.2% |
| Income taxes | 67/77 | €3,494 | €4,759 | +€1,265 | +36.2% |
| Profit (loss) for the period | 9904 | €7,996 | €12,379 | +€4,383 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,996 | €12,379 | +€4,383 | +54.8% |
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 17 October 2026 via checked.be.