PAUL 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.
PAUL BERTRAND
Largest movements
- Cash -€18,235
down €18,235 (-37.2%), from €48,988 to €30,753
mainly Contributions, distributions and other (-€120,000) and Other debts (-€47,980)
- Tangible fixed assets -€15,588
down €15,588 (-4.7%), from €333,324 to €317,736
- Receivables within one year -€6,859
down €6,859 (-100%), from €6,859 to €0
of which Other amounts receivable: -€6,859
- Other debts -€47,980
down €47,980 (-19.9%), from €241,375 to €193,396
- Trade debts -€47,525
down €47,525 (-99.3%), from €47,837 to €312
- Reserves +€40,098
up €40,098 (+54.9%), from €73,038 to €113,136
- Tax, wage and social debts +€14,480
up €14,480 (+107%), from €13,501 to €27,982
- Gross operating margin +€130,098
up €130,098 (+114%), from €114,189 to €244,287
- Taxes +€30,575
up €30,575 (+153%), from €20,006 to €50,582
- Depreciation +€9,094
up €9,094 (+179%), from €5,084 to €14,178
- Financial charges -€3,299
down €3,299 (-19.5%), from €16,937 to €13,637
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 | €390,752 | €349,825 | -€40,927 | -10.5% |
| Fixed assets | 21/28 | €333,324 | €317,736 | -€15,588 | -4.7% |
| Tangible fixed assets | 22/27 | €333,324 | €317,736 | -€15,588 | -4.7% |
| Land and buildings | 22 | €282,355 | €274,949 | -€7,406 | -2.6% |
| Plant, machinery and equipment | 23 | €37,105 | €35,531 | -€1,574 | -4.2% |
| Furniture and vehicles | 24 | €5,289 | €0 | -€5,289 | -100% |
| Other tangible fixed assets | 26 | €8,575 | €7,256 | -€1,319 | -15.4% |
| Current assets | 29/58 | €57,428 | €32,089 | -€25,339 | -44.1% |
| Amounts receivable within one year | 40/41 | €6,859 | €0 | -€6,859 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,859 | €0 | -€6,859 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €48,988 | €30,753 | -€18,235 | -37.2% |
| Deferred charges and accrued income | 490/1 | €1,581 | €1,336 | -€245 | -15.5% |
| Total equity and liabilities | 10/49 | €390,752 | €349,825 | -€40,927 | -10.5% |
| Equity | 10/15 | €88,038 | €128,136 | +€40,098 | +45.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €73,038 | €113,136 | +€40,098 | +54.9% |
| Distributable reserves | 133 | €73,038 | €113,136 | +€40,098 | +54.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €302,714 | €221,689 | -€81,025 | -26.8% |
| Amounts payable within one year | 42/48 | €302,714 | €221,689 | -€81,025 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €47,837 | €312 | -€47,525 | -99.3% |
| Suppliers | 440/4 | €47,837 | €312 | -€47,525 | -99.3% |
| Taxes, remuneration and social security | 45 | €13,501 | €27,982 | +€14,480 | +107% |
| Taxes | 450/3 | €13,501 | €27,982 | +€14,480 | +107% |
| Other amounts payable | 47/48 | €241,375 | €193,396 | -€47,980 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,084 | €14,178 | +€9,094 | +179% |
| Other operating charges | 640/8 | €525 | €531 | +€7 | +1.2% |
| Non-recurring operating charges | 66A | - | €5,289 | +€5,289 | |
| Gross operating margin | 9900 | €114,189 | €244,287 | +€130,098 | +114% |
| Operating profit (loss) | 9901 | €108,579 | €224,288 | +€115,708 | +107% |
| Financial income | 75/76B | €21 | €29 | +€8 | +40.4% |
| Recurring financial income | 75 | €21 | €29 | +€8 | +40.4% |
| Financial charges | 65/66B | €16,937 | €13,637 | -€3,299 | -19.5% |
| Recurring financial charges | 65 | €16,937 | €13,637 | -€3,299 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €91,663 | €210,679 | +€119,016 | +130% |
| Income taxes | 67/77 | €20,006 | €50,582 | +€30,575 | +153% |
| Profit (loss) for the period | 9904 | €71,657 | €160,098 | +€88,440 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €71,657 | €160,098 | +€88,440 | +123% |
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 21 October 2026 via checked.be.