WIM BERTELS BEHEER: 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.
WIM BERTELS BEHEER
Largest movements
- Stocks and contracts -€253,063
down €253,063 (-17.5%), from €1.4m to €1.2m
- Tangible fixed assets -€180,522
down €180,522 (-13.9%), from €1.3m to €1.1m
of which Other tangible fixed assets: -€96,765
- Deferred charges and accrued income -€149,218
down €149,218 (-95.5%), from €156,295 to €7,077
- Cash +€139,738
up €139,738 (+1,748%), from €7,993 to €147,731
mainly Other debts (+€639,536) and Stocks and contracts (+€253,063)
- Other debts +€639,536
up €639,536 (+89.6%), from €714,087 to €1.4m
- Provisions -€573,022
down €573,022 (-83.8%), from €683,508 to €110,486
- Current portion of long-term debt -€423,079
down €423,079 (-55.1%), from €768,408 to €345,329
- Debts after one year -€113,518
down €113,518 (-8.0%), from €1.4m to €1.3m
- Profit (loss) carried forward +€70,955
up €70,955 (+28.9%), from -€245,182 to -€174,227
- Financial charges -€82,665
down €82,665 (-37.9%), from €218,308 to €135,643
- Gross operating margin -€81,323
down €81,323 (-21.5%), from €379,122 to €297,799
- Taxes -€38,128
down €38,128 (-46.9%), from €81,283 to €43,156
- Other operating charges -€10,247
down €10,247 (-73.6%), from €13,914 to €3,667
- Depreciation -€8,298
down €8,298 (-8.4%), from €98,941 to €90,643
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 | €3,691,121 | €3,279,755 | -€411,366 | -11.1% |
| Fixed assets | 21/28 | €1,494,702 | €1,314,180 | -€180,522 | -12.1% |
| Tangible fixed assets | 22/27 | €1,301,986 | €1,121,464 | -€180,522 | -13.9% |
| Plant, machinery and equipment | 23 | €375 | €281 | -€94 | -25.0% |
| Furniture and vehicles | 24 | €1,318 | €607 | -€711 | -53.9% |
| Leasing and similar rights | 25 | €1,004,038 | €921,086 | -€82,952 | -8.3% |
| Other tangible fixed assets | 26 | €296,255 | €199,490 | -€96,765 | -32.7% |
| Financial fixed assets | 28 | €192,716 | €192,716 | = | 0.0% |
| Current assets | 29/58 | €2,196,419 | €1,965,575 | -€230,844 | -10.5% |
| Stocks and contracts in progress | 3 | €1,444,969 | €1,191,906 | -€253,063 | -17.5% |
| Stocks | 30/36 | €1,444,969 | €1,191,906 | -€253,063 | -17.5% |
| Amounts receivable within one year | 40/41 | €587,163 | €618,861 | +€31,698 | +5.4% |
| Trade receivables | 40 | €36,300 | €21,175 | -€15,125 | -41.7% |
| Other amounts receivable | 41 | €550,863 | €597,686 | +€46,823 | +8.5% |
| Cash at bank and in hand | 54/58 | €7,993 | €147,731 | +€139,738 | +1,748% |
| Deferred charges and accrued income | 490/1 | €156,295 | €7,077 | -€149,218 | -95.5% |
| Total equity and liabilities | 10/49 | €3,691,121 | €3,279,755 | -€411,366 | -11.1% |
| Equity | 10/15 | €45,778 | €116,733 | +€70,955 | +155% |
| Contributions | 10/11 | €281,600 | €281,600 | = | 0.0% |
| Reserves | 13 | €9,360 | €9,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€245,182 | -€174,227 | +€70,955 | +28.9% |
| Provisions and deferred taxes | 16 | €683,508 | €110,486 | -€573,022 | -83.8% |
| Provisions for liabilities and charges | 160/5 | €683,508 | €110,486 | -€573,022 | -83.8% |
| Major repairs and maintenance | 162 | €25,470 | €25,660 | +€190 | +0.7% |
| Other liabilities and charges | 164/5 | €658,038 | €84,826 | -€573,212 | -87.1% |
| Amounts payable | 17/49 | €2,961,836 | €3,052,536 | +€90,700 | +3.1% |
| Amounts payable after more than one year | 17 | €1,427,409 | €1,313,891 | -€113,518 | -8.0% |
| Financial debts | 170/4 | €1,427,409 | €1,313,891 | -€113,518 | -8.0% |
| Amounts payable within one year | 42/48 | €1,531,706 | €1,726,486 | +€194,781 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €768,408 | €345,329 | -€423,079 | -55.1% |
| Trade debts | 44 | €30,338 | €1,444 | -€28,895 | -95.2% |
| Suppliers | 440/4 | €30,338 | €1,444 | -€28,895 | -95.2% |
| Taxes, remuneration and social security | 45 | €18,873 | €26,091 | +€7,219 | +38.2% |
| Taxes | 450/3 | €18,873 | €26,091 | +€7,219 | +38.2% |
| Other amounts payable | 47/48 | €714,087 | €1,353,622 | +€639,536 | +89.6% |
| Accrued charges and deferred income | 492/3 | €2,721 | €12,159 | +€9,438 | +347% |
| Non-recurring operating income | 76A | €40,795 | €62,180 | +€21,385 | +52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,941 | €90,643 | -€8,298 | -8.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €190 | €190 | = | 0.0% |
| Other operating charges | 640/8 | €13,914 | €3,667 | -€10,247 | -73.6% |
| Non-recurring operating charges | 66A | €5,429 | €387 | -€5,043 | -92.9% |
| Gross operating margin | 9900 | €379,122 | €297,799 | -€81,323 | -21.5% |
| Operating profit (loss) | 9901 | €260,648 | €202,913 | -€57,736 | -22.2% |
| Financial income | 75/76B | €43,195 | €46,841 | +€3,646 | +8.4% |
| Recurring financial income | 75 | €43,195 | €46,841 | +€3,646 | +8.4% |
| Financial charges | 65/66B | €218,308 | €135,643 | -€82,665 | -37.9% |
| Recurring financial charges | 65 | €218,308 | €135,643 | -€82,665 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €85,535 | €114,111 | +€28,576 | +33.4% |
| Income taxes | 67/77 | €81,283 | €43,156 | -€38,128 | -46.9% |
| Profit (loss) for the period | 9904 | €4,252 | €70,955 | +€66,704 | +1,569% |
| Profit (loss) for the period to be appropriated | 9905 | €4,252 | €70,955 | +€66,704 | +1,569% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.