BENOIT KORNEEL: what changed
Two fiscal 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.
BENOIT KORNEEL
Largest movements
- Tangible fixed assets +€167,212
up €167,212 (+22.6%), from €740,502 to €907,714
of which Land and buildings: +€234,259
- Receivables within one year +€83,825
up €83,825 (+37.9%), from €221,455 to €305,280
of which Trade receivables: +€65,138
- Stocks and contracts +€48,113
up €48,113 (+35.6%), from €135,112 to €183,226
- Cash -€32,701
down €32,701 (-5.1%), from €636,546 to €603,844
mainly Investment in fixed assets (net) (-€335,321) and Receivables within one year (-€83,825)
- Reserves +€163,921
up €163,921 (+14.1%), from €1.2m to €1.3m
of which Distributable reserves: +€163,921
- Debts after one year +€163,495
up €163,495 (+35.3%), from €463,686 to €627,181
- Tax, wage and social debts -€46,325
down €46,325 (-57.3%), from €80,878 to €34,553
of which Taxes: -€48,771
- Gross operating margin +€145,391
up €145,391 (+17.5%), from €829,100 to €974,490
- Staff costs +€92,583
up €92,583 (+21.8%), from €425,203 to €517,786
- Depreciation +€42,749
up €42,749 (+34.1%), from €125,361 to €168,109
- Other operating charges +€32,266
up €32,266 (+498.2%), from €6,476 to €38,743
- Financial charges +€9,841
up €9,841 (+61.0%), from €16,130 to €25,971
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.
Cash bridge derived
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 | €1,884,781 | €2,157,170 | +€272,389 | +14.5% |
| Fixed assets | 21/28 | €740,502 | €907,714 | +€167,212 | +22.6% |
| Tangible fixed assets | 22/27 | €740,502 | €907,714 | +€167,212 | +22.6% |
| Land and buildings | 22 | €191,894 | €426,153 | +€234,259 | +122.1% |
| Plant, machinery and equipment | 23 | €492,480 | €374,243 | -€118,237 | -24.0% |
| Furniture and vehicles | 24 | €56,128 | €107,318 | +€51,190 | +91.2% |
| Current assets | 29/58 | €1,144,279 | €1,249,456 | +€105,177 | +9.2% |
| Amounts receivable after more than one year | 29 | €142,880 | €142,880 | = | 0.0% |
| Other amounts receivable | 291 | €142,880 | €142,880 | = | 0.0% |
| Stocks and contracts in progress | 3 | €135,112 | €183,226 | +€48,113 | +35.6% |
| Stocks | 30/36 | €135,112 | €183,226 | +€48,113 | +35.6% |
| Amounts receivable within one year | 40/41 | €221,455 | €305,280 | +€83,825 | +37.9% |
| Trade receivables | 40 | €155,583 | €220,721 | +€65,138 | +41.9% |
| Other amounts receivable | 41 | €65,872 | €84,559 | +€18,687 | +28.4% |
| Cash at bank and in hand | 54/58 | €636,546 | €603,844 | -€32,701 | -5.1% |
| Deferred charges and accrued income | 490/1 | €8,286 | €14,226 | +€5,940 | +71.7% |
| Total equity and liabilities | 10/49 | €1,884,781 | €2,157,170 | +€272,389 | +14.5% |
| Equity | 10/15 | €1,177,725 | €1,341,647 | +€163,921 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,165,325 | €1,329,247 | +€163,921 | +14.1% |
| Tax-exempt reserves | 132 | €33,819 | €33,819 | = | 0.0% |
| Distributable reserves | 133 | €1,131,506 | €1,295,428 | +€163,921 | +14.5% |
| Amounts payable | 17/49 | €707,056 | €815,523 | +€108,467 | +15.3% |
| Amounts payable after more than one year | 17 | €463,686 | €627,181 | +€163,495 | +35.3% |
| Financial debts | 170/4 | €463,686 | €627,181 | +€163,495 | +35.3% |
| Amounts payable within one year | 42/48 | €238,904 | €188,303 | -€50,601 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €73,636 | €80,391 | +€6,755 | +9.2% |
| Trade debts | 44 | €77,979 | €71,945 | -€6,034 | -7.7% |
| Suppliers | 440/4 | €77,979 | €71,945 | -€6,034 | -7.7% |
| Advances received on contracts in progress | 46 | €1,209 | €581 | -€628 | -51.9% |
| Taxes, remuneration and social security | 45 | €80,878 | €34,553 | -€46,325 | -57.3% |
| Taxes | 450/3 | €66,463 | €17,692 | -€48,771 | -73.4% |
| Remuneration and social security | 454/9 | €14,415 | €16,861 | +€2,446 | +17.0% |
| Other amounts payable | 47/48 | €5,202 | €833 | -€4,369 | -84.0% |
| Accrued charges and deferred income | 492/3 | €4,467 | €40 | -€4,427 | -99.1% |
| Non-recurring operating income | 76A | €14,400 | - | -€14,400 | |
| Remuneration, social security and pensions | 62 | €425,203 | €517,786 | +€92,583 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,361 | €168,109 | +€42,749 | +34.1% |
| Other operating charges | 640/8 | €6,476 | €38,743 | +€32,266 | +498.2% |
| Gross operating margin | 9900 | €829,100 | €974,490 | +€145,391 | +17.5% |
| Operating profit (loss) | 9901 | €272,059 | €249,852 | -€22,207 | -8.2% |
| Financial income | 75/76B | €24,536 | €17,910 | -€6,626 | -27.0% |
| Recurring financial income | 75 | €24,536 | €17,910 | -€6,626 | -27.0% |
| Financial charges | 65/66B | €16,130 | €25,971 | +€9,841 | +61.0% |
| Recurring financial charges | 65 | €16,130 | €25,971 | +€9,841 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €280,465 | €241,792 | -€38,674 | -13.8% |
| Income taxes | 67/77 | €82,570 | €77,037 | -€5,533 | -6.7% |
| Profit (loss) for the period | 9904 | €197,895 | €164,754 | -€33,140 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €197,895 | €164,754 | -€33,140 | -16.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.