Michel 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.
Michel BERNARD
Largest movements
- Receivables within one year -€176,367
down €176,367 (-60.0%), from €293,991 to €117,624
of which Trade receivables: -€163,032
- Tangible fixed assets -€143,312
down €143,312 (-17.0%), from €842,039 to €698,727
of which Plant, machinery and equipment: -€80,607
- Cash +€110,247
up €110,247 (+130%), from €84,761 to €195,008
mainly Receivables within one year (+€176,367) and Other debts (+€174,467)
- Reserves -€242,050
down €242,050 (-98.2%), from €246,413 to €4,363
of which Distributable reserves: -€240,400
- Other debts +€174,467
up €174,467 (+167%), from €104,500 to €278,967
- Debts after one year -€117,263
down €117,263 (-25.7%), from €456,221 to €338,957
- Current portion of long-term debt -€70,850
down €70,850 (-37.7%), from €188,114 to €117,263
- Trade debts +€39,035
up €39,035 (+66.0%), from €59,116 to €98,151
- Staff costs +€26,916
up €26,916 (+31.4%), from €85,742 to €112,657
- Taxes -€17,221
down €17,221 (-49.0%), from €35,157 to €17,935
- Gross operating margin -€11,215
down €11,215 (-3.0%), from €367,902 to €356,687
- Depreciation +€5,456
up €5,456 (+4.0%), from €137,856 to €143,312
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 | €1,260,396 | €1,060,445 | -€199,950 | -15.9% |
| Fixed assets | 21/28 | €842,588 | €699,277 | -€143,312 | -17.0% |
| Tangible fixed assets | 22/27 | €842,039 | €698,727 | -€143,312 | -17.0% |
| Land and buildings | 22 | €457,715 | €433,517 | -€24,198 | -5.3% |
| Plant, machinery and equipment | 23 | €231,188 | €150,581 | -€80,607 | -34.9% |
| Furniture and vehicles | 24 | €66,177 | €49,409 | -€16,768 | -25.3% |
| Leasing and similar rights | 25 | €86,958 | €65,219 | -€21,740 | -25.0% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €417,807 | €361,169 | -€56,639 | -13.6% |
| Stocks and contracts in progress | 3 | €23,928 | €30,557 | +€6,629 | +27.7% |
| Stocks | 30/36 | €23,928 | €30,557 | +€6,629 | +27.7% |
| Amounts receivable within one year | 40/41 | €293,991 | €117,624 | -€176,367 | -60.0% |
| Trade receivables | 40 | €223,132 | €60,100 | -€163,032 | -73.1% |
| Other amounts receivable | 41 | €70,859 | €57,524 | -€13,335 | -18.8% |
| Current investments | 50/53 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,761 | €195,008 | +€110,247 | +130% |
| Deferred charges and accrued income | 490/1 | €128 | €2,980 | +€2,853 | +2,237% |
| Total equity and liabilities | 10/49 | €1,260,396 | €1,060,445 | -€199,950 | -15.9% |
| Equity | 10/15 | €301,295 | €57,979 | -€243,315 | -80.8% |
| Contributions | 10/11 | €43,630 | €43,630 | = | 0.0% |
| Reserves | 13 | €246,413 | €4,363 | -€242,050 | -98.2% |
| Tax-exempt reserves | 132 | €1,650 | - | -€1,650 | |
| Distributable reserves | 133 | €244,763 | €4,363 | -€240,400 | -98.2% |
| Profit (loss) carried forward | 14 | €9,752 | €9,987 | +€235 | +2.4% |
| Investment grants | 15 | €1,500 | - | -€1,500 | |
| Provisions and deferred taxes | 16 | €850 | - | -€850 | |
| Deferred taxes | 168 | €850 | - | -€850 | |
| Amounts payable | 17/49 | €958,251 | €1,002,466 | +€44,215 | +4.6% |
| Amounts payable after more than one year | 17 | €456,221 | €338,957 | -€117,263 | -25.7% |
| Financial debts | 170/4 | €456,221 | €338,957 | -€117,263 | -25.7% |
| Amounts payable within one year | 42/48 | €398,038 | €575,554 | +€177,516 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €188,114 | €117,263 | -€70,850 | -37.7% |
| Trade debts | 44 | €59,116 | €98,151 | +€39,035 | +66.0% |
| Suppliers | 440/4 | €59,116 | €98,151 | +€39,035 | +66.0% |
| Taxes, remuneration and social security | 45 | €46,308 | €81,173 | +€34,865 | +75.3% |
| Taxes | 450/3 | €33,751 | €68,026 | +€34,275 | +102% |
| Remuneration and social security | 454/9 | €12,557 | €13,147 | +€590 | +4.7% |
| Other amounts payable | 47/48 | €104,500 | €278,967 | +€174,467 | +167% |
| Accrued charges and deferred income | 492/3 | €103,993 | €87,955 | -€16,038 | -15.4% |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Remuneration, social security and pensions | 62 | €85,742 | €112,657 | +€26,916 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,856 | €143,312 | +€5,456 | +4.0% |
| Other operating charges | 640/8 | €3,663 | €3,441 | -€222 | -6.1% |
| Gross operating margin | 9900 | €367,902 | €356,687 | -€11,215 | -3.0% |
| Operating profit (loss) | 9901 | €140,642 | €97,277 | -€43,365 | -30.8% |
| Financial income | 75/76B | €1,500 | €1,605 | +€105 | +7.0% |
| Recurring financial income | 75 | €1,500 | €1,605 | +€105 | +7.0% |
| Financial charges | 65/66B | €22,598 | €23,213 | +€615 | +2.7% |
| Recurring financial charges | 65 | €22,598 | €23,213 | +€615 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €119,544 | €75,670 | -€43,874 | -36.7% |
| Transfer from deferred taxes | 780 | €850 | €850 | = | 0.0% |
| Income taxes | 67/77 | €35,157 | €17,935 | -€17,221 | -49.0% |
| Profit (loss) for the period | 9904 | €85,238 | €58,585 | -€26,653 | -31.3% |
| Transfer from tax-exempt reserves | 789 | €1,650 | €1,650 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,888 | €60,235 | -€26,653 | -30.7% |
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 18 October 2026 via checked.be.