BENOÎT CORTHOUTS: 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.
BENOÎT CORTHOUTS
Largest movements
- Receivables within one year -€3,497
down €3,497 (-13.1%), from €26,729 to €23,232
of which Trade receivables: -€3,497
- Tangible fixed assets -€3,287
down €3,287 (-2.0%), from €167,670 to €164,383
of which Land and buildings: -€6,707
- Other debts -€52,961
down €52,961 (-57.2%), from €92,662 to €39,701
- Reserves +€51,256
up €51,256 (+111%), from €46,323 to €97,579
of which Distributable reserves: +€51,256
- Trade debts +€6,953
up €6,953 (+213%), from €3,258 to €10,210
- Tax, wage and social debts -€6,734
down €6,734 (-18.2%), from €37,047 to €30,313
of which Taxes: -€6,734
- Debts after one year -€6,000
down €6,000 (-7.7%), from €77,500 to €71,500
- Gross operating margin +€17,309
up €17,309 (+13.6%), from €127,382 to €144,691
- Taxes +€4,766
up €4,766 (+18.5%), from €25,826 to €30,592
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 | €282,120 | €274,525 | -€7,595 | -2.7% |
| Fixed assets | 21/28 | €167,670 | €164,383 | -€3,287 | -2.0% |
| Tangible fixed assets | 22/27 | €167,670 | €164,383 | -€3,287 | -2.0% |
| Land and buildings | 22 | €164,022 | €157,315 | -€6,707 | -4.1% |
| Plant, machinery and equipment | 23 | €2,309 | €2,924 | +€615 | +26.6% |
| Furniture and vehicles | 24 | €1,340 | €4,144 | +€2,804 | +209% |
| Current assets | 29/58 | €114,450 | €110,142 | -€4,307 | -3.8% |
| Amounts receivable within one year | 40/41 | €26,729 | €23,232 | -€3,497 | -13.1% |
| Trade receivables | 40 | €26,729 | €23,232 | -€3,497 | -13.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €56,133 | €54,066 | -€2,067 | -3.7% |
| Deferred charges and accrued income | 490/1 | €31,588 | €32,845 | +€1,257 | +4.0% |
| Total equity and liabilities | 10/49 | €282,120 | €274,525 | -€7,595 | -2.7% |
| Equity | 10/15 | €64,923 | €116,179 | +€51,256 | +78.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,323 | €97,579 | +€51,256 | +111% |
| Tax-exempt reserves | 132 | €802 | €802 | = | 0.0% |
| Distributable reserves | 133 | €45,521 | €96,776 | +€51,256 | +113% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €217,197 | €158,346 | -€58,850 | -27.1% |
| Amounts payable after more than one year | 17 | €77,500 | €71,500 | -€6,000 | -7.7% |
| Financial debts | 170/4 | €77,500 | €71,500 | -€6,000 | -7.7% |
| Amounts payable within one year | 42/48 | €138,967 | €86,224 | -€52,743 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €3,258 | €10,210 | +€6,953 | +213% |
| Suppliers | 440/4 | €3,258 | €10,210 | +€6,953 | +213% |
| Taxes, remuneration and social security | 45 | €37,047 | €30,313 | -€6,734 | -18.2% |
| Taxes | 450/3 | €37,047 | €30,313 | -€6,734 | -18.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €92,662 | €39,701 | -€52,961 | -57.2% |
| Accrued charges and deferred income | 492/3 | €730 | €622 | -€108 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,685 | €9,189 | +€504 | +5.8% |
| Other operating charges | 640/8 | €815 | €839 | +€24 | +3.0% |
| Gross operating margin | 9900 | €127,382 | €144,691 | +€17,309 | +13.6% |
| Operating profit (loss) | 9901 | €117,882 | €134,663 | +€16,781 | +14.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €8,178 | €7,295 | -€883 | -10.8% |
| Recurring financial charges | 65 | €8,178 | €7,295 | -€883 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €109,704 | €127,368 | +€17,664 | +16.1% |
| Income taxes | 67/77 | €25,826 | €30,592 | +€4,766 | +18.5% |
| Profit (loss) for the period | 9904 | €83,878 | €96,776 | +€12,898 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,878 | €96,776 | +€12,898 | +15.4% |
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 19 October 2026 via checked.be.