Baert Corneel: 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.
Baert Corneel
Largest movements
- Receivables after one year +€43,801
new in 2025: €43,801
- Receivables within one year -€31,469
down €31,469 (-60.8%), from €51,766 to €20,296
of which Trade receivables: -€42,339
- Cash +€4,358
up €4,358 (+12.4%), from €35,152 to €39,510
mainly Receivables within one year (+€31,469) and Other debts (+€21,628)
- Tangible fixed assets +€1,246
up €1,246 (+30.4%), from €4,105 to €5,351
of which Plant, machinery and equipment: +€956
- Profit (loss) carried forward -€25,000
down €25,000 (-51.3%), from €48,705 to €23,705
- Other debts +€21,628
up €21,628 (+6,093%), from €355 to €21,983
- Reserves +€18,521
up €18,521 (+85.3%), from €21,724 to €40,245
- Tax, wage and social debts +€3,931
up €3,931 (+38.2%), from €10,288 to €14,219
of which Remuneration and social security: +€2,508
- Gross operating margin -€39,392
down €39,392 (-57.1%), from €69,013 to €29,621
- Taxes -€9,323
down €9,323 (-56.2%), from €16,581 to €7,258
- Financial charges +€922
up €922 (+603%), from €153 to €1,075
- Depreciation -€834
down €834 (-27.7%), from €3,010 to €2,176
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 | €92,973 | €110,622 | +€17,649 | +19.0% |
| Fixed assets | 21/28 | €6,056 | €6,502 | +€446 | +7.4% |
| Intangible fixed assets | 21 | €1,951 | €1,151 | -€800 | -41.0% |
| Tangible fixed assets | 22/27 | €4,105 | €5,351 | +€1,246 | +30.4% |
| Plant, machinery and equipment | 23 | €1,431 | €2,387 | +€956 | +66.8% |
| Furniture and vehicles | 24 | €2,673 | €2,964 | +€291 | +10.9% |
| Current assets | 29/58 | €86,917 | €104,120 | +€17,203 | +19.8% |
| Amounts receivable after more than one year | 29 | - | €43,801 | +€43,801 | |
| Other amounts receivable | 291 | - | €43,801 | +€43,801 | |
| Amounts receivable within one year | 40/41 | €51,766 | €20,296 | -€31,469 | -60.8% |
| Trade receivables | 40 | €51,766 | €9,427 | -€42,339 | -81.8% |
| Other amounts receivable | 41 | €0 | €10,870 | +€10,870 | |
| Cash at bank and in hand | 54/58 | €35,152 | €39,510 | +€4,358 | +12.4% |
| Deferred charges and accrued income | 490/1 | - | €513 | +€513 | |
| Total equity and liabilities | 10/49 | €92,973 | €110,622 | +€17,649 | +19.0% |
| Equity | 10/15 | €80,429 | €73,950 | -€6,479 | -8.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €21,724 | €40,245 | +€18,521 | +85.3% |
| Distributable reserves | 133 | €21,724 | €40,245 | +€18,521 | +85.3% |
| Profit (loss) carried forward | 14 | €48,705 | €23,705 | -€25,000 | -51.3% |
| Amounts payable | 17/49 | €12,544 | €36,672 | +€24,128 | +192% |
| Amounts payable within one year | 42/48 | €11,487 | €36,672 | +€25,185 | +219% |
| Trade debts | 44 | €844 | €470 | -€374 | -44.3% |
| Suppliers | 440/4 | €844 | €470 | -€374 | -44.3% |
| Taxes, remuneration and social security | 45 | €10,288 | €14,219 | +€3,931 | +38.2% |
| Taxes | 450/3 | €10,288 | €11,711 | +€1,423 | +13.8% |
| Remuneration and social security | 454/9 | - | €2,508 | +€2,508 | |
| Other amounts payable | 47/48 | €355 | €21,983 | +€21,628 | +6,093% |
| Accrued charges and deferred income | 492/3 | €1,057 | €0 | -€1,057 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,010 | €2,176 | -€834 | -27.7% |
| Other operating charges | 640/8 | €585 | €775 | +€190 | +32.5% |
| Gross operating margin | 9900 | €69,013 | €29,621 | -€39,392 | -57.1% |
| Operating profit (loss) | 9901 | €65,418 | €26,671 | -€38,748 | -59.2% |
| Financial income | 75/76B | €21 | €183 | +€162 | +777% |
| Recurring financial income | 75 | €21 | €183 | +€162 | +777% |
| Financial charges | 65/66B | €153 | €1,075 | +€922 | +603% |
| Recurring financial charges | 65 | €153 | €1,075 | +€922 | +603% |
| Profit (loss) for the period before taxes | 9903 | €65,286 | €25,779 | -€39,507 | -60.5% |
| Income taxes | 67/77 | €16,581 | €7,258 | -€9,323 | -56.2% |
| Profit (loss) for the period | 9904 | €48,705 | €18,521 | -€30,184 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,705 | €18,521 | -€30,184 | -62.0% |
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 23 October 2026 via checked.be.