Galler 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.
Galler Bertrand
Largest movements
- Cash -€16,300
down €16,300 (-38.4%), from €42,470 to €26,170
mainly Contributions, distributions and other (-€60,000) and Current investments (-€9,500)
- Current investments +€9,500
new in 2025: €9,500
- Intangible fixed assets -€8,750
down €8,750 (-11.4%), from €76,497 to €67,747
- Tangible fixed assets -€1,818
down €1,818 (-7.0%), from €26,065 to €24,247
of which Plant, machinery and equipment: -€1,767
- Profit (loss) carried forward -€26,853
down €26,853 (-20.4%), from €131,637 to €104,784
- Tax, wage and social debts +€10,013
up €10,013 (+43.4%), from €23,098 to €33,112
- Current portion of long-term debt +€3,416
up €3,416 (+98.0%), from €3,485 to €6,901
- Debts after one year -€3,018
down €3,018 (-40.8%), from €7,391 to €4,373
- Gross operating margin -€7,883
down €7,883 (-11.2%), from €70,439 to €62,556
- Staff costs -€1,728
no longer reported in 2025 (was €1,728)
- Taxes +€1,449
up €1,449 (+11.7%), from €12,419 to €13,868
- Depreciation +€968
up €968 (+8.3%), from €11,675 to €12,642
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 | €170,131 | €153,837 | -€16,294 | -9.6% |
| Fixed assets | 21/28 | €102,605 | €91,994 | -€10,611 | -10.3% |
| Intangible fixed assets | 21 | €76,497 | €67,747 | -€8,750 | -11.4% |
| Tangible fixed assets | 22/27 | €26,065 | €24,247 | -€1,818 | -7.0% |
| Plant, machinery and equipment | 23 | €13,546 | €11,779 | -€1,767 | -13.0% |
| Furniture and vehicles | 24 | €12,519 | €12,468 | -€51 | -0.4% |
| Financial fixed assets | 28 | €43 | - | -€43 | |
| Current assets | 29/58 | €67,526 | €61,843 | -€5,683 | -8.4% |
| Amounts receivable within one year | 40/41 | €22,348 | €22,776 | +€428 | +1.9% |
| Trade receivables | 40 | €22,348 | €22,776 | +€428 | +1.9% |
| Current investments | 50/53 | - | €9,500 | +€9,500 | |
| Cash at bank and in hand | 54/58 | €42,470 | €26,170 | -€16,300 | -38.4% |
| Deferred charges and accrued income | 490/1 | €2,708 | €3,397 | +€690 | +25.5% |
| Total equity and liabilities | 10/49 | €170,131 | €153,837 | -€16,294 | -9.6% |
| Equity | 10/15 | €134,137 | €107,284 | -€26,853 | -20.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,637 | €104,784 | -€26,853 | -20.4% |
| Amounts payable | 17/49 | €35,994 | €46,553 | +€10,559 | +29.3% |
| Amounts payable after more than one year | 17 | €7,391 | €4,373 | -€3,018 | -40.8% |
| Financial debts | 170/4 | €7,391 | €4,373 | -€3,018 | -40.8% |
| Amounts payable within one year | 42/48 | €28,603 | €42,181 | +€13,578 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €3,485 | €6,901 | +€3,416 | +98.0% |
| Trade debts | 44 | €1,512 | €1,331 | -€181 | -12.0% |
| Suppliers | 440/4 | €1,512 | €1,331 | -€181 | -12.0% |
| Taxes, remuneration and social security | 45 | €23,098 | €33,112 | +€10,013 | +43.4% |
| Taxes | 450/3 | €23,098 | €33,112 | +€10,013 | +43.4% |
| Other amounts payable | 47/48 | €508 | €837 | +€329 | +64.8% |
| Remuneration, social security and pensions | 62 | €1,728 | - | -€1,728 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,675 | €12,642 | +€968 | +8.3% |
| Other operating charges | 640/8 | €581 | €970 | +€389 | +66.9% |
| Non-recurring operating charges | 66A | €499 | €63 | -€435 | -87.3% |
| Gross operating margin | 9900 | €70,439 | €62,556 | -€7,883 | -11.2% |
| Operating profit (loss) | 9901 | €55,956 | €48,880 | -€7,076 | -12.6% |
| Financial income | 75/76B | €30 | €1 | -€29 | -97.5% |
| Recurring financial income | 75 | €30 | €1 | -€29 | -97.5% |
| Financial charges | 65/66B | €1,229 | €1,867 | +€638 | +51.9% |
| Recurring financial charges | 65 | €1,229 | €1,236 | +€7 | +0.5% |
| Non-recurring financial charges | 66B | - | €631 | +€631 | |
| Profit (loss) for the period before taxes | 9903 | €54,758 | €47,015 | -€7,743 | -14.1% |
| Income taxes | 67/77 | €12,419 | €13,868 | +€1,449 | +11.7% |
| Profit (loss) for the period | 9904 | €42,338 | €33,147 | -€9,192 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,338 | €33,147 | -€9,192 | -21.7% |
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 22 October 2026 via checked.be.