PHILIPPE 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.
PHILIPPE BERTRAND
Largest movements
- Cash +€13,317
up €13,317 (+28.3%), from €47,025 to €60,342
mainly Net result for the year (+€15,580) and Other debts (+€11,769)
- Receivables within one year +€8,703
up €8,703 (+503%), from €1,732 to €10,435
of which Trade receivables: +€9,110
- Other debts +€11,769
up €11,769 (+13,242%), from €89 to €11,858
- Tax, wage and social debts +€4,923
up €4,923, from €0 to €4,923
- Reserves +€3,722
up €3,722 (+27.1%), from €13,718 to €17,440
- Trade debts +€2,343
up €2,343 (+304%), from €772 to €3,115
- Gross operating margin +€24,294
up €24,294, from -€427 to €23,867
- Taxes +€6,963
up €6,963 (+20,054%), from €35 to €6,998
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,390 | €73,147 | +€22,758 | +45.2% |
| Fixed assets | 21/28 | €183 | €854 | +€671 | +366% |
| Tangible fixed assets | 22/27 | €183 | €854 | +€671 | +366% |
| Plant, machinery and equipment | 23 | €183 | €854 | +€671 | +366% |
| Current assets | 29/58 | €50,206 | €72,293 | +€22,087 | +44.0% |
| Stocks and contracts in progress | 3 | €181 | €201 | +€20 | +11.0% |
| Stocks | 30/36 | €181 | €201 | +€20 | +11.0% |
| Amounts receivable within one year | 40/41 | €1,732 | €10,435 | +€8,703 | +503% |
| Trade receivables | 40 | €191 | €9,300 | +€9,110 | +4,780% |
| Other amounts receivable | 41 | €1,541 | €1,134 | -€406 | -26.4% |
| Cash at bank and in hand | 54/58 | €47,025 | €60,342 | +€13,317 | +28.3% |
| Deferred charges and accrued income | 490/1 | €1,269 | €1,315 | +€46 | +3.6% |
| Total equity and liabilities | 10/49 | €50,390 | €73,147 | +€22,758 | +45.2% |
| Equity | 10/15 | €49,529 | €53,251 | +€3,722 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,718 | €17,440 | +€3,722 | +27.1% |
| Distributable reserves | 133 | €13,718 | €17,440 | +€3,722 | +27.1% |
| Profit (loss) carried forward | 14 | €17,211 | €17,211 | = | 0.0% |
| Amounts payable | 17/49 | €861 | €19,896 | +€19,035 | +2,212% |
| Amounts payable within one year | 42/48 | €861 | €19,896 | +€19,035 | +2,212% |
| Trade debts | 44 | €772 | €3,115 | +€2,343 | +304% |
| Suppliers | 440/4 | €772 | €3,115 | +€2,343 | +304% |
| Taxes, remuneration and social security | 45 | €0 | €4,923 | +€4,923 | |
| Taxes | 450/3 | €0 | €4,923 | +€4,923 | |
| Other amounts payable | 47/48 | €89 | €11,858 | +€11,769 | +13,242% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211 | €198 | -€12 | -5.9% |
| Other operating charges | 640/8 | €1,186 | €1,256 | +€70 | +5.9% |
| Gross operating margin | 9900 | -€427 | €23,867 | +€24,294 | |
| Operating profit (loss) | 9901 | -€1,823 | €22,413 | +€24,236 | |
| Financial income | 75/76B | €120 | €322 | +€202 | +168% |
| Recurring financial income | 75 | €120 | €322 | +€202 | +168% |
| Financial charges | 65/66B | €80 | €157 | +€77 | +95.6% |
| Recurring financial charges | 65 | €80 | €157 | +€77 | +95.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,783 | €22,578 | +€24,361 | |
| Income taxes | 67/77 | €35 | €6,998 | +€6,963 | +20,054% |
| Profit (loss) for the period | 9904 | -€1,818 | €15,580 | +€17,398 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,818 | €15,580 | +€17,398 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.