ANN CORNILLIE: 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.
ANN CORNILLIE
Largest movements
- Stocks and contracts -€38,038
down €38,038 (-26.4%), from €144,083 to €106,045
- Current investments -€25,000
down €25,000 (-100%), from €25,000 to €0
- Cash +€23,403
up €23,403 (+308%), from €7,600 to €31,003
mainly Net result for the year (+€43,279) and Stocks and contracts (+€38,038)
- Tangible fixed assets -€4,210
down €4,210 (-1.9%), from €225,217 to €221,008
of which Land and buildings: -€5,976
- Short-term financial debts -€44,380
down €44,380 (-100%), from €44,380 to €0
- Profit (loss) carried forward +€28,279
up €28,279 (+47.8%), from -€59,167 to -€30,888
- Debts after one year -€15,284
down €15,284 (-6.0%), from €255,609 to €240,325
- Other debts -€12,147
down €12,147 (-15.1%), from €80,384 to €68,237
- Trade debts -€6,778
down €6,778 (-22.2%), from €30,579 to €23,801
- Gross operating margin +€58,037
up €58,037 (+123%), from €47,159 to €105,196
- Staff costs +€8,163
new in 2025: €8,163
- Taxes +€7,273
up €7,273 (+201%), from €3,623 to €10,896
- Other operating charges +€2,736
up €2,736 (+49.5%), from €5,531 to €8,267
- Financial charges -€2,589
down €2,589 (-24.9%), from €10,417 to €7,828
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 | €410,087 | €364,140 | -€45,947 | -11.2% |
| Fixed assets | 21/28 | €226,637 | €222,428 | -€4,210 | -1.9% |
| Tangible fixed assets | 22/27 | €225,217 | €221,008 | -€4,210 | -1.9% |
| Land and buildings | 22 | €221,414 | €215,438 | -€5,976 | -2.7% |
| Plant, machinery and equipment | 23 | €3,804 | €2,950 | -€854 | -22.4% |
| Furniture and vehicles | 24 | €0 | €2,619 | +€2,619 | |
| Financial fixed assets | 28 | €1,420 | €1,420 | = | 0.0% |
| Current assets | 29/58 | €183,450 | €141,713 | -€41,737 | -22.8% |
| Stocks and contracts in progress | 3 | €144,083 | €106,045 | -€38,038 | -26.4% |
| Stocks | 30/36 | €144,083 | €106,045 | -€38,038 | -26.4% |
| Amounts receivable within one year | 40/41 | €6,292 | €4,350 | -€1,942 | -30.9% |
| Trade receivables | 40 | €6,043 | €1,067 | -€4,976 | -82.3% |
| Other amounts receivable | 41 | €249 | €3,283 | +€3,033 | +1,218% |
| Current investments | 50/53 | €25,000 | €0 | -€25,000 | -100% |
| Cash at bank and in hand | 54/58 | €7,600 | €31,003 | +€23,403 | +308% |
| Deferred charges and accrued income | 490/1 | €475 | €315 | -€160 | -33.7% |
| Total equity and liabilities | 10/49 | €410,087 | €364,140 | -€45,947 | -11.2% |
| Equity | 10/15 | -€46,566 | -€18,288 | +€28,279 | +60.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €201 | €201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €201 | €201 | = | 0.0% |
| Reserves not available under the articles | 1311 | €201 | €201 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,167 | -€30,888 | +€28,279 | +47.8% |
| Amounts payable | 17/49 | €456,654 | €382,428 | -€74,226 | -16.3% |
| Amounts payable after more than one year | 17 | €255,609 | €240,325 | -€15,284 | -6.0% |
| Financial debts | 170/4 | €255,609 | €240,325 | -€15,284 | -6.0% |
| Amounts payable within one year | 42/48 | €200,367 | €141,975 | -€58,391 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €15,003 | €15,284 | +€281 | +1.9% |
| Financial debts | 43 | €44,380 | €0 | -€44,380 | -100% |
| Credit institutions | 430/8 | €44,380 | €0 | -€44,380 | -100% |
| Trade debts | 44 | €30,579 | €23,801 | -€6,778 | -22.2% |
| Suppliers | 440/4 | €30,579 | €23,801 | -€6,778 | -22.2% |
| Taxes, remuneration and social security | 45 | €30,020 | €34,653 | +€4,633 | +15.4% |
| Taxes | 450/3 | €30,020 | €33,902 | +€3,882 | +12.9% |
| Remuneration and social security | 454/9 | - | €751 | +€751 | |
| Other amounts payable | 47/48 | €80,384 | €68,237 | -€12,147 | -15.1% |
| Accrued charges and deferred income | 492/3 | €678 | €128 | -€550 | -81.2% |
| Remuneration, social security and pensions | 62 | - | €8,163 | +€8,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,491 | €7,810 | -€681 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,114 | €18,966 | +€1,852 | +10.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €0 | = | |
| Other operating charges | 640/8 | €5,531 | €8,267 | +€2,736 | +49.5% |
| Gross operating margin | 9900 | €47,159 | €105,196 | +€58,037 | +123% |
| Operating profit (loss) | 9901 | €16,023 | €61,990 | +€45,967 | +287% |
| Financial income | 75/76B | €151 | €13 | -€138 | -91.3% |
| Recurring financial income | 75 | €151 | €13 | -€138 | -91.3% |
| Financial charges | 65/66B | €10,417 | €7,828 | -€2,589 | -24.9% |
| Recurring financial charges | 65 | €10,417 | €7,828 | -€2,589 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €5,756 | €54,175 | +€48,418 | +841% |
| Income taxes | 67/77 | €3,623 | €10,896 | +€7,273 | +201% |
| Profit (loss) for the period | 9904 | €2,134 | €43,279 | +€41,145 | +1,928% |
| Profit (loss) for the period to be appropriated | 9905 | €2,134 | €43,279 | +€41,145 | +1,928% |
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 16 October 2026 via checked.be.