Xavier 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.
Xavier BERTRAND
Largest movements
- Cash +€11,698
up €11,698 (+31.4%), from €37,302 to €48,999
mainly Depreciation (+€7,166) and Other debts (+€7,028)
- Tangible fixed assets -€5,913
down €5,913 (-5.9%), from €100,527 to €94,614
of which Land and buildings: -€6,006
- Deferred charges and accrued income +€3,699
new in 2025: €3,699
- Receivables within one year +€3,390
up €3,390 (+248.6%), from €1,364 to €4,753
- Other debts +€7,028
up €7,028 (+46.8%), from €15,013 to €22,041
- Reserves +€6,883
up €6,883 (+229.4%), from €3,000 to €9,883
of which Distributable reserves: +€6,883
- Trade debts -€3,429
down €3,429 (-77.3%), from €4,436 to €1,007
- Tax, wage and social debts +€3,321
up €3,321 (+53.7%), from €6,188 to €9,509
of which Remuneration and social security: +€4,355
- Short-term financial debts -€1,678
no longer reported in 2025 (was €1,678)
- Gross operating margin -€20,832
down €20,832 (-31.9%), from €65,281 to €44,449
- Taxes +€1,224
up €1,224 (+40.8%), from €3,000 to €4,224
- Staff costs -€1,189
down €1,189 (-4.7%), from €25,320 to €24,131
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.
Cash bridge derived
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 | €141,859 | €154,002 | +€12,143 | +8.6% |
| Fixed assets | 21/28 | €100,702 | €94,789 | -€5,913 | -5.9% |
| Tangible fixed assets | 22/27 | €100,527 | €94,614 | -€5,913 | -5.9% |
| Land and buildings | 22 | €97,793 | €91,788 | -€6,006 | -6.1% |
| Plant, machinery and equipment | 23 | €2,734 | €2,827 | +€93 | +3.4% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €41,156 | €59,213 | +€18,057 | +43.9% |
| Stocks and contracts in progress | 3 | €2,491 | €1,762 | -€729 | -29.3% |
| Stocks | 30/36 | €2,491 | €1,762 | -€729 | -29.3% |
| Amounts receivable within one year | 40/41 | €1,364 | €4,753 | +€3,390 | +248.6% |
| Other amounts receivable | 41 | €1,364 | €4,753 | +€3,390 | +248.6% |
| Cash at bank and in hand | 54/58 | €37,302 | €48,999 | +€11,698 | +31.4% |
| Deferred charges and accrued income | 490/1 | - | €3,699 | +€3,699 | |
| Total equity and liabilities | 10/49 | €141,859 | €154,002 | +€12,143 | +8.6% |
| Equity | 10/15 | €114,543 | €121,444 | +€6,901 | +6.0% |
| Contributions | 10/11 | €29,982 | €30,000 | +€18 | +0.1% |
| Capital | 10 | €29,982 | - | -€29,982 | |
| Issued capital | 100 | €29,982 | - | -€29,982 | |
| Reserves | 13 | €3,000 | €9,883 | +€6,883 | +229.4% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | - | €6,883 | +€6,883 | |
| Profit (loss) carried forward | 14 | €81,561 | €81,561 | = | 0.0% |
| Amounts payable | 17/49 | €27,315 | €32,558 | +€5,243 | +19.2% |
| Amounts payable within one year | 42/48 | €27,315 | €32,558 | +€5,243 | +19.2% |
| Financial debts | 43 | €1,678 | - | -€1,678 | |
| Credit institutions | 430/8 | €1,678 | - | -€1,678 | |
| Trade debts | 44 | €4,436 | €1,007 | -€3,429 | -77.3% |
| Suppliers | 440/4 | €4,436 | €1,007 | -€3,429 | -77.3% |
| Taxes, remuneration and social security | 45 | €6,188 | €9,509 | +€3,321 | +53.7% |
| Taxes | 450/3 | €2,277 | €1,244 | -€1,033 | -45.4% |
| Remuneration and social security | 454/9 | €3,911 | €8,265 | +€4,355 | +111.4% |
| Other amounts payable | 47/48 | €15,013 | €22,041 | +€7,028 | +46.8% |
| Remuneration, social security and pensions | 62 | €25,320 | €24,131 | -€1,189 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,599 | €7,166 | +€567 | +8.6% |
| Other operating charges | 640/8 | €2,226 | €2,211 | -€15 | -0.7% |
| Gross operating margin | 9900 | €65,281 | €44,449 | -€20,832 | -31.9% |
| Operating profit (loss) | 9901 | €31,136 | €10,941 | -€20,195 | -64.9% |
| Financial income | 75/76B | €54 | €236 | +€183 | +341.4% |
| Recurring financial income | 75 | €54 | €236 | +€183 | +341.4% |
| Financial charges | 65/66B | €462 | €70 | -€391 | -84.8% |
| Recurring financial charges | 65 | €462 | €70 | -€391 | -84.8% |
| Profit (loss) for the period before taxes | 9903 | €30,728 | €11,107 | -€19,621 | -63.9% |
| Income taxes | 67/77 | €3,000 | €4,224 | +€1,224 | +40.8% |
| Profit (loss) for the period | 9904 | €27,728 | €6,883 | -€20,846 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,728 | €6,883 | -€20,846 | -75.2% |
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 11 October 2026 via checked.be.