Thomas 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.
Thomas Bertels
Largest movements
- Financial fixed assets +€100,000
new in 2025: €100,000
- Cash -€18,208
down €18,208 (-33.4%), from €54,479 to €36,272
mainly Investment in fixed assets (net) (-€100,947) and Current portion of long-term debt (-€3,542)
- Receivables within one year -€14,363
down €14,363 (-35.9%), from €39,992 to €25,629
of which Trade receivables: -€14,407
- Tangible fixed assets -€5,130
down €5,130 (-33.6%), from €15,265 to €10,135
of which Furniture and vehicles: -€4,347
- Reserves +€58,515
up €58,515 (+66.4%), from €88,085 to €146,600
- Trade debts +€5,547
up €5,547 (+5,557%), from €100 to €5,646
- Current portion of long-term debt -€3,542
no longer reported in 2025 (was €3,542)
- Tax, wage and social debts +€2,131
up €2,131 (+37.7%), from €5,660 to €7,791
of which Taxes: +€3,264
- Gross operating margin +€20,400
up €20,400 (+31.9%), from €63,966 to €84,367
- Taxes +€5,807
up €5,807 (+51.6%), from €11,264 to €17,070
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 | €110,442 | €172,760 | +€62,319 | +56.4% |
| Fixed assets | 21/28 | €15,265 | €110,135 | +€94,870 | +621% |
| Tangible fixed assets | 22/27 | €15,265 | €10,135 | -€5,130 | -33.6% |
| Plant, machinery and equipment | 23 | €3,367 | €2,584 | -€783 | -23.3% |
| Furniture and vehicles | 24 | €11,898 | €7,551 | -€4,347 | -36.5% |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €95,177 | €62,625 | -€32,551 | -34.2% |
| Amounts receivable within one year | 40/41 | €39,992 | €25,629 | -€14,363 | -35.9% |
| Trade receivables | 40 | €37,107 | €22,700 | -€14,407 | -38.8% |
| Other amounts receivable | 41 | €2,886 | €2,930 | +€44 | +1.5% |
| Cash at bank and in hand | 54/58 | €54,479 | €36,272 | -€18,208 | -33.4% |
| Deferred charges and accrued income | 490/1 | €705 | €724 | +€20 | +2.8% |
| Total equity and liabilities | 10/49 | €110,442 | €172,760 | +€62,319 | +56.4% |
| Equity | 10/15 | €90,085 | €148,600 | +€58,515 | +65.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €88,085 | €146,600 | +€58,515 | +66.4% |
| Distributable reserves | 133 | €88,085 | €146,600 | +€58,515 | +66.4% |
| Amounts payable | 17/49 | €20,356 | €24,160 | +€3,804 | +18.7% |
| Amounts payable within one year | 42/48 | €20,356 | €24,160 | +€3,804 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €3,542 | - | -€3,542 | |
| Trade debts | 44 | €100 | €5,646 | +€5,547 | +5,557% |
| Suppliers | 440/4 | €100 | €5,646 | +€5,547 | +5,557% |
| Taxes, remuneration and social security | 45 | €5,660 | €7,791 | +€2,131 | +37.7% |
| Taxes | 450/3 | €4,527 | €7,791 | +€3,264 | +72.1% |
| Remuneration and social security | 454/9 | €1,133 | - | -€1,133 | |
| Other amounts payable | 47/48 | €11,054 | €10,723 | -€332 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,654 | €6,077 | +€423 | +7.5% |
| Other operating charges | 640/8 | €951 | €1,408 | +€457 | +48.0% |
| Gross operating margin | 9900 | €63,966 | €84,367 | +€20,400 | +31.9% |
| Operating profit (loss) | 9901 | €57,361 | €76,882 | +€19,521 | +34.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €993 | €1,297 | +€304 | +30.6% |
| Recurring financial charges | 65 | €993 | €1,297 | +€304 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €56,368 | €75,585 | +€19,217 | +34.1% |
| Income taxes | 67/77 | €11,264 | €17,070 | +€5,807 | +51.6% |
| Profit (loss) for the period | 9904 | €45,104 | €58,515 | +€13,411 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,104 | €58,515 | +€13,411 | +29.7% |
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 13 October 2026 via checked.be.