STUDIO M. BERTELS: 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.
STUDIO M. BERTELS
Largest movements
- Cash +€22,730
up €22,730 (+323%), from €7,047 to €29,777
mainly Net result for the year (+€15,060) and Tax, wage and social debts (+€8,805)
- Deferred charges and accrued income +€1,081
up €1,081, from €0 to €1,081
- Reserves +€15,060
up €15,060 (+119%), from €12,689 to €27,749
- Tax, wage and social debts +€8,805
up €8,805 (+384%), from €2,294 to €11,099
- Gross operating margin +€15,920
up €15,920 (+133%), from €11,977 to €27,897
- Taxes +€5,677
up €5,677 (+320%), from €1,773 to €7,450
- Depreciation +€869
up €869 (+19.7%), from €4,417 to €5,286
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 | €26,691 | €50,543 | +€23,852 | +89.4% |
| Fixed assets | 21/28 | €15,231 | €15,374 | +€143 | +0.9% |
| Intangible fixed assets | 21 | €1,130 | €787 | -€343 | -30.4% |
| Tangible fixed assets | 22/27 | €14,101 | €14,587 | +€486 | +3.4% |
| Plant, machinery and equipment | 23 | €14,101 | €14,587 | +€486 | +3.4% |
| Current assets | 29/58 | €11,461 | €35,170 | +€23,709 | +207% |
| Amounts receivable within one year | 40/41 | €4,414 | €4,311 | -€103 | -2.3% |
| Trade receivables | 40 | €4,414 | €4,311 | -€103 | -2.3% |
| Cash at bank and in hand | 54/58 | €7,047 | €29,777 | +€22,730 | +323% |
| Deferred charges and accrued income | 490/1 | €0 | €1,081 | +€1,081 | |
| Total equity and liabilities | 10/49 | €26,691 | €50,543 | +€23,852 | +89.4% |
| Equity | 10/15 | €23,339 | €38,398 | +€15,060 | +64.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €12,689 | €27,749 | +€15,060 | +119% |
| Distributable reserves | 133 | €12,689 | €27,749 | +€15,060 | +119% |
| Profit (loss) carried forward | 14 | -€1,750 | -€1,750 | = | 0.0% |
| Amounts payable | 17/49 | €3,353 | €12,145 | +€8,792 | +262% |
| Amounts payable within one year | 42/48 | €3,353 | €12,145 | +€8,792 | +262% |
| Trade debts | 44 | €1,059 | €1,046 | -€13 | -1.2% |
| Suppliers | 440/4 | €1,059 | €1,046 | -€13 | -1.2% |
| Taxes, remuneration and social security | 45 | €2,294 | €11,099 | +€8,805 | +384% |
| Taxes | 450/3 | €2,294 | €11,099 | +€8,805 | +384% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,417 | €5,286 | +€869 | +19.7% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €11,977 | €27,897 | +€15,920 | +133% |
| Operating profit (loss) | 9901 | €7,498 | €22,549 | +€15,051 | +201% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €46 | €40 | -€6 | -12.7% |
| Recurring financial charges | 65 | €46 | €40 | -€6 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €7,452 | €22,509 | +€15,057 | +202% |
| Income taxes | 67/77 | €1,773 | €7,450 | +€5,677 | +320% |
| Profit (loss) for the period | 9904 | €5,679 | €15,060 | +€9,380 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €5,679 | €15,060 | +€9,380 | +165% |
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 13 October 2026 via checked.be.