OLIVIER BERTIN: 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.
OLIVIER BERTIN
Largest movements
- Cash +€21,908
up €21,908 (+31.5%), from €69,609 to €91,517
mainly Net result for the year (+€17,524) and Current investments (+€15,602)
- Current investments -€15,602
down €15,602 (-20.4%), from €76,565 to €60,963
- Receivables within one year -€10,152
down €10,152 (-67.2%), from €15,110 to €4,958
- Tangible fixed assets -€3,266
down €3,266 (-9.5%), from €34,363 to €31,097
of which Land and buildings: -€3,004
- Tax, wage and social debts -€5,442
down €5,442 (-29.2%), from €18,616 to €13,174
- Debts after one year -€4,482
no longer reported in 2025 (was €4,482)
- Trade debts +€4,372
up €4,372 (+208%), from €2,098 to €6,470
- Reserves -€3,610
down €3,610 (-2.4%), from €150,860 to €147,250
- Profit (loss) carried forward +€2,275
up €2,275, from -€1,902 to €373
- Other operating charges -€21,675
down €21,675 (-95.9%), from €22,603 to €928
- Financial charges +€21,450
up €21,450 (+2,158%), from €994 to €22,444
- Gross operating margin +€13,606
up €13,606 (+35.4%), from €38,484 to €52,090
- Taxes +€5,004
up €5,004 (+132%), from €3,803 to €8,806
- Financial income +€623
up €623 (+243%), from €256 to €879
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 | €209,999 | €203,325 | -€6,675 | -3.2% |
| Fixed assets | 21/28 | €34,363 | €31,097 | -€3,266 | -9.5% |
| Tangible fixed assets | 22/27 | €34,363 | €31,097 | -€3,266 | -9.5% |
| Land and buildings | 22 | €34,080 | €31,075 | -€3,004 | -8.8% |
| Furniture and vehicles | 24 | €283 | €22 | -€262 | -92.4% |
| Current assets | 29/58 | €175,636 | €172,228 | -€3,409 | -1.9% |
| Amounts receivable within one year | 40/41 | €15,110 | €4,958 | -€10,152 | -67.2% |
| Other amounts receivable | 41 | €15,110 | €4,958 | -€10,152 | -67.2% |
| Current investments | 50/53 | €76,565 | €60,963 | -€15,602 | -20.4% |
| Cash at bank and in hand | 54/58 | €69,609 | €91,517 | +€21,908 | +31.5% |
| Deferred charges and accrued income | 490/1 | €14,353 | €14,790 | +€437 | +3.0% |
| Total equity and liabilities | 10/49 | €209,999 | €203,325 | -€6,675 | -3.2% |
| Equity | 10/15 | €161,358 | €160,023 | -€1,335 | -0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €150,860 | €147,250 | -€3,610 | -2.4% |
| Distributable reserves | 133 | €150,860 | €147,250 | -€3,610 | -2.4% |
| Profit (loss) carried forward | 14 | -€1,902 | €373 | +€2,275 | |
| Amounts payable | 17/49 | €48,641 | €43,302 | -€5,340 | -11.0% |
| Amounts payable after more than one year | 17 | €4,482 | - | -€4,482 | |
| Financial debts | 170/4 | €4,482 | - | -€4,482 | |
| Amounts payable within one year | 42/48 | €44,160 | €42,993 | -€1,166 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €5,378 | €4,482 | -€896 | -16.7% |
| Trade debts | 44 | €2,098 | €6,470 | +€4,372 | +208% |
| Suppliers | 440/4 | €2,098 | €6,470 | +€4,372 | +208% |
| Taxes, remuneration and social security | 45 | €18,616 | €13,174 | -€5,442 | -29.2% |
| Taxes | 450/3 | €18,616 | €13,174 | -€5,442 | -29.2% |
| Other amounts payable | 47/48 | €18,068 | €18,867 | +€799 | +4.4% |
| Accrued charges and deferred income | 492/3 | - | €308 | +€308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,350 | €3,266 | -€84 | -2.5% |
| Other operating charges | 640/8 | €22,603 | €928 | -€21,675 | -95.9% |
| Gross operating margin | 9900 | €38,484 | €52,090 | +€13,606 | +35.4% |
| Operating profit (loss) | 9901 | €12,531 | €47,896 | +€35,365 | +282% |
| Financial income | 75/76B | €256 | €879 | +€623 | +243% |
| Recurring financial income | 75 | €256 | €879 | +€623 | +243% |
| Financial charges | 65/66B | €994 | €22,444 | +€21,450 | +2,158% |
| Recurring financial charges | 65 | €994 | €22,444 | +€21,450 | +2,158% |
| Profit (loss) for the period before taxes | 9903 | €11,793 | €26,330 | +€14,537 | +123% |
| Income taxes | 67/77 | €3,803 | €8,806 | +€5,004 | +132% |
| Profit (loss) for the period | 9904 | €7,990 | €17,524 | +€9,534 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €7,990 | €17,524 | +€9,534 | +119% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.