Hugo Bernard: 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.
Hugo Bernard
Largest movements
- Tangible fixed assets -€21,395
down €21,395 (-8.6%), from €248,007 to €226,612
of which Land and buildings: -€14,273
- Cash +€12,793
up €12,793 (+6.6%), from €192,882 to €205,675
mainly Depreciation (+€21,395) and Net result for the year (+€14,106)
- Profit (loss) carried forward +€14,106
up €14,106 (+6.8%), from -€208,348 to -€194,242
- Other debts -€12,357
down €12,357 (-2.5%), from €503,698 to €491,341
- Debts after one year -€6,600
down €6,600 (-44.4%), from €14,850 to €8,250
- Other operating charges -€5,846
down €5,846 (-44.1%), from €13,262 to €7,416
- Gross operating margin +€4,676
up €4,676 (+12.4%), from €37,750 to €42,426
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 | €457,561 | €448,259 | -€9,302 | -2.0% |
| Fixed assets | 21/28 | €248,205 | €226,810 | -€21,395 | -8.6% |
| Tangible fixed assets | 22/27 | €248,007 | €226,612 | -€21,395 | -8.6% |
| Land and buildings | 22 | €226,873 | €212,600 | -€14,273 | -6.3% |
| Plant, machinery and equipment | 23 | €784 | €571 | -€213 | -27.2% |
| Furniture and vehicles | 24 | €20,350 | €13,441 | -€6,909 | -34.0% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €209,356 | €221,449 | +€12,093 | +5.8% |
| Stocks and contracts in progress | 3 | €1,626 | €2,625 | +€999 | +61.4% |
| Stocks | 30/36 | €1,626 | €2,625 | +€999 | +61.4% |
| Amounts receivable within one year | 40/41 | €14,243 | €12,539 | -€1,704 | -12.0% |
| Trade receivables | 40 | €14,208 | €12,461 | -€1,747 | -12.3% |
| Other amounts receivable | 41 | €35 | €78 | +€43 | +123% |
| Cash at bank and in hand | 54/58 | €192,882 | €205,675 | +€12,793 | +6.6% |
| Deferred charges and accrued income | 490/1 | €605 | €610 | +€5 | +0.8% |
| Total equity and liabilities | 10/49 | €457,561 | €448,259 | -€9,302 | -2.0% |
| Equity | 10/15 | -€77,007 | -€62,901 | +€14,106 | +18.3% |
| Contributions | 10/11 | €131,000 | €131,000 | = | 0.0% |
| Capital | 10 | €131,000 | €131,000 | = | 0.0% |
| Issued capital | 100 | €131,000 | €131,000 | = | 0.0% |
| Reserves | 13 | €341 | €341 | = | 0.0% |
| Tax-exempt reserves | 132 | €341 | €341 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,348 | -€194,242 | +€14,106 | +6.8% |
| Amounts payable | 17/49 | €534,568 | €511,160 | -€23,408 | -4.4% |
| Amounts payable after more than one year | 17 | €14,850 | €8,250 | -€6,600 | -44.4% |
| Financial debts | 170/4 | €14,850 | €8,250 | -€6,600 | -44.4% |
| Amounts payable within one year | 42/48 | €519,718 | €502,910 | -€16,808 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €6,600 | €6,600 | = | 0.0% |
| Trade debts | 44 | €5,626 | €1,155 | -€4,471 | -79.5% |
| Suppliers | 440/4 | €5,626 | €1,155 | -€4,471 | -79.5% |
| Taxes, remuneration and social security | 45 | €3,794 | €3,814 | +€20 | +0.5% |
| Taxes | 450/3 | €3,794 | €3,814 | +€20 | +0.5% |
| Other amounts payable | 47/48 | €503,698 | €491,341 | -€12,357 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,082 | €21,395 | +€313 | +1.5% |
| Other operating charges | 640/8 | €13,262 | €7,416 | -€5,846 | -44.1% |
| Gross operating margin | 9900 | €37,750 | €42,426 | +€4,676 | +12.4% |
| Operating profit (loss) | 9901 | €3,406 | €13,615 | +€10,209 | +300% |
| Financial income | 75/76B | €695 | €696 | +€1 | +0.1% |
| Recurring financial income | 75 | €695 | €696 | +€1 | +0.1% |
| Financial charges | 65/66B | €41 | €40 | -€1 | -2.4% |
| Recurring financial charges | 65 | €41 | €40 | -€1 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €4,060 | €14,271 | +€10,211 | +252% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | €3,900 | €14,106 | +€10,206 | +262% |
| Profit (loss) for the period to be appropriated | 9905 | €3,900 | €14,106 | +€10,206 | +262% |
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 25 October 2026 via checked.be.