Yvan Berthels: 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.
Yvan Berthels
Largest movements
- Receivables within one year -€13,478
down €13,478 (-8.6%), from €156,511 to €143,033
of which Other amounts receivable: -€29,365
- Tangible fixed assets -€4,496
down €4,496 (-26.4%), from €17,034 to €12,538
of which Furniture and vehicles: -€2,876
- Trade debts -€34,517
down €34,517 (-62.7%), from €55,010 to €20,493
- Tax, wage and social debts -€23,204
down €23,204 (-69.2%), from €33,514 to €10,310
- Debts after one year +€22,295
new in 2025: €22,295
- Other debts +€12,090
up €12,090 (+9.4%), from €128,233 to €140,323
- Short-term financial debts +€9,686
up €9,686 (+1,666%), from €581 to €10,267
- Gross operating margin -€13,186
down €13,186, from €10,507 to -€2,679
- Taxes -€10,310
no longer reported in 2025 (was €10,310)
- Other operating charges -€3,114
no longer reported in 2025 (was €3,114)
- Financial income +€1,118
up €1,118 (+21.9%), from €5,096 to €6,214
- Financial charges +€966
up €966 (+30.4%), from €3,172 to €4,138
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 | €227,027 | €208,277 | -€18,749 | -8.3% |
| Fixed assets | 21/28 | €17,034 | €12,538 | -€4,496 | -26.4% |
| Tangible fixed assets | 22/27 | €17,034 | €12,538 | -€4,496 | -26.4% |
| Land and buildings | 22 | €7,753 | €6,367 | -€1,386 | -17.9% |
| Plant, machinery and equipment | 23 | €480 | €246 | -€234 | -48.7% |
| Furniture and vehicles | 24 | €8,801 | €5,925 | -€2,876 | -32.7% |
| Current assets | 29/58 | €209,992 | €195,739 | -€14,253 | -6.8% |
| Stocks and contracts in progress | 3 | €50,857 | €50,857 | = | 0.0% |
| Stocks | 30/36 | €50,857 | €50,857 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €156,511 | €143,033 | -€13,478 | -8.6% |
| Trade receivables | 40 | €4,114 | €20,000 | +€15,886 | +386% |
| Other amounts receivable | 41 | €152,397 | €123,033 | -€29,365 | -19.3% |
| Cash at bank and in hand | 54/58 | - | €722 | +€722 | |
| Deferred charges and accrued income | 490/1 | €2,624 | €1,128 | -€1,496 | -57.0% |
| Total equity and liabilities | 10/49 | €227,027 | €208,277 | -€18,749 | -8.3% |
| Equity | 10/15 | €9,689 | €4,590 | -€5,099 | -52.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €18,828 | €18,828 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,298 | €8,298 | = | 0.0% |
| Distributable reserves | 133 | €10,529 | €10,529 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,688 | -€32,788 | -€5,099 | -18.4% |
| Amounts payable | 17/49 | €217,338 | €203,688 | -€13,650 | -6.3% |
| Amounts payable after more than one year | 17 | - | €22,295 | +€22,295 | |
| Financial debts | 170/4 | - | €22,295 | +€22,295 | |
| Amounts payable within one year | 42/48 | €217,338 | €181,393 | -€35,945 | -16.5% |
| Financial debts | 43 | €581 | €10,267 | +€9,686 | +1,666% |
| Credit institutions | 430/8 | €581 | €10,267 | +€9,686 | +1,666% |
| Trade debts | 44 | €55,010 | €20,493 | -€34,517 | -62.7% |
| Suppliers | 440/4 | €55,010 | €20,493 | -€34,517 | -62.7% |
| Taxes, remuneration and social security | 45 | €33,514 | €10,310 | -€23,204 | -69.2% |
| Taxes | 450/3 | €33,514 | €10,310 | -€23,204 | -69.2% |
| Other amounts payable | 47/48 | €128,233 | €140,323 | +€12,090 | +9.4% |
| Non-recurring operating income | 76A | - | €301 | +€301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,857 | €4,496 | +€639 | +16.6% |
| Other operating charges | 640/8 | €3,114 | - | -€3,114 | |
| Gross operating margin | 9900 | €10,507 | -€2,679 | -€13,186 | |
| Operating profit (loss) | 9901 | €3,536 | -€7,175 | -€10,712 | |
| Financial income | 75/76B | €5,096 | €6,214 | +€1,118 | +21.9% |
| Recurring financial income | 75 | €5,096 | €6,214 | +€1,118 | +21.9% |
| Financial charges | 65/66B | €3,172 | €4,138 | +€966 | +30.4% |
| Recurring financial charges | 65 | €3,172 | €4,138 | +€966 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €5,460 | -€5,099 | -€10,559 | |
| Income taxes | 67/77 | €10,310 | - | -€10,310 | |
| Profit (loss) for the period | 9904 | -€4,850 | -€5,099 | -€249 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,850 | -€5,099 | -€249 | -5.1% |
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 20 October 2026 via checked.be.