BERT: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
BERT
Largest movements
- Tangible fixed assets -€40,410
down €40,410 (-6.6%), from €607,719 to €567,310
of which Land and buildings: -€30,388
- Cash -€35,844
down €35,844 (-30.4%), from €117,871 to €82,027
mainly Net result for the year (-€65,003) and Contributions, distributions and other (-€37,566)
- Receivables within one year -€23,660
down €23,660 (-31.6%), from €74,810 to €51,149
of which Trade receivables: -€23,660
- Receivables after one year -€15,158
down €15,158 (-3.8%), from €399,355 to €384,197
of which Trade receivables: -€24,000
- Reserves -€102,569
down €102,569 (-19.7%), from €519,909 to €417,340
of which Distributable reserves: -€101,719
- Other debts +€41,284
up €41,284 (+55.1%), from €74,933 to €116,217
- Debts after one year -€37,267
down €37,267 (-6.9%), from €536,511 to €499,245
- Gross operating margin +€26,791
up €26,791 (+914%), from €2,931 to €29,722
- Financial charges +€6,406
up €6,406 (+149%), from €4,299 to €10,705
- Depreciation +€5,454
up €5,454 (+15.6%), from €34,956 to €40,410
- Other operating charges +€1,971
up €1,971 (+17.9%), from €11,010 to €12,981
- Write-downs +€1,249
up €1,249, from -€1,249 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,260,367 | €1,149,268 | -€111,099 | -8.8% |
| Fixed assets | 21/28 | €607,719 | €567,310 | -€40,410 | -6.6% |
| Tangible fixed assets | 22/27 | €607,719 | €567,310 | -€40,410 | -6.6% |
| Land and buildings | 22 | €551,541 | €521,154 | -€30,388 | -5.5% |
| Plant, machinery and equipment | 23 | €14,868 | €11,123 | -€3,745 | -25.2% |
| Furniture and vehicles | 24 | €7,165 | €3,269 | -€3,896 | -54.4% |
| Other tangible fixed assets | 26 | €34,145 | €31,764 | -€2,381 | -7.0% |
| Current assets | 29/58 | €652,647 | €581,958 | -€70,689 | -10.8% |
| Amounts receivable after more than one year | 29 | €399,355 | €384,197 | -€15,158 | -3.8% |
| Trade receivables | 290 | €88,000 | €64,000 | -€24,000 | -27.3% |
| Other amounts receivable | 291 | €311,355 | €320,197 | +€8,842 | +2.8% |
| Stocks and contracts in progress | 3 | €51,177 | €52,339 | +€1,161 | +2.3% |
| Stocks | 30/36 | €51,177 | €52,339 | +€1,161 | +2.3% |
| Amounts receivable within one year | 40/41 | €74,810 | €51,149 | -€23,660 | -31.6% |
| Trade receivables | 40 | €74,810 | €51,149 | -€23,660 | -31.6% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €117,871 | €82,027 | -€35,844 | -30.4% |
| Deferred charges and accrued income | 490/1 | €9,434 | €12,245 | +€2,811 | +29.8% |
| Total equity and liabilities | 10/49 | €1,260,367 | €1,149,268 | -€111,099 | -8.8% |
| Equity | 10/15 | €538,509 | €435,940 | -€102,569 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €519,909 | €417,340 | -€102,569 | -19.7% |
| Tax-exempt reserves | 132 | €15,160 | €14,310 | -€850 | -5.6% |
| Distributable reserves | 133 | €504,748 | €403,030 | -€101,719 | -20.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €2,201 | €1,917 | -€283 | -12.9% |
| Deferred taxes | 168 | €2,201 | €1,917 | -€283 | -12.9% |
| Amounts payable | 17/49 | €719,657 | €711,411 | -€8,247 | -1.1% |
| Amounts payable after more than one year | 17 | €536,511 | €499,245 | -€37,267 | -6.9% |
| Financial debts | 170/4 | €536,511 | €499,245 | -€37,267 | -6.9% |
| Amounts payable within one year | 42/48 | €181,253 | €206,807 | +€25,555 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €10,728 | €11,267 | +€538 | +5.0% |
| Trade debts | 44 | €47,715 | €37,977 | -€9,738 | -20.4% |
| Suppliers | 440/4 | €47,715 | €37,977 | -€9,738 | -20.4% |
| Taxes, remuneration and social security | 45 | €47,877 | €41,347 | -€6,530 | -13.6% |
| Taxes | 450/3 | €34,484 | €31,021 | -€3,463 | -10.0% |
| Remuneration and social security | 454/9 | €13,393 | €10,326 | -€3,067 | -22.9% |
| Other amounts payable | 47/48 | €74,933 | €116,217 | +€41,284 | +55.1% |
| Accrued charges and deferred income | 492/3 | €1,893 | €5,359 | +€3,466 | +183% |
| Remuneration, social security and pensions | 62 | €39,939 | €39,886 | -€53 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,956 | €40,410 | +€5,454 | +15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,249 | €0 | +€1,249 | |
| Other operating charges | 640/8 | €11,010 | €12,981 | +€1,971 | +17.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,931 | €29,722 | +€26,791 | +914% |
| Operating profit (loss) | 9901 | -€81,725 | -€63,554 | +€18,171 | +22.2% |
| Financial income | 75/76B | €9,538 | €9,240 | -€298 | -3.1% |
| Recurring financial income | 75 | €9,538 | €9,240 | -€298 | -3.1% |
| Financial charges | 65/66B | €4,299 | €10,705 | +€6,406 | +149% |
| Recurring financial charges | 65 | €4,299 | €10,705 | +€6,406 | +149% |
| Profit (loss) for the period before taxes | 9903 | -€76,486 | -€65,019 | +€11,467 | +15.0% |
| Transfer from deferred taxes | 780 | €283 | €283 | = | 0.0% |
| Income taxes | 67/77 | €238 | €267 | +€29 | +12.2% |
| Profit (loss) for the period | 9904 | -€76,441 | -€65,003 | +€11,438 | +15.0% |
| Transfer from tax-exempt reserves | 789 | €850 | €850 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€75,591 | -€64,153 | +€11,438 | +15.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.