Corinne Merla: 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.
Corinne Merla
Largest movements
- Current investments +€364,658
up €364,658 (+54.3%), from €671,382 to €1.0m
- Cash -€160,877
down €160,877 (-56.2%), from €286,361 to €125,484
mainly Contributions, distributions and other (-€576,270) and Current investments (-€364,658)
- Receivables within one year +€51,423
up €51,423 (+32.2%), from €159,692 to €211,115
- Other debts +€394,790
up €394,790 (+265%), from €149,153 to €543,943
- Reserves -€224,437
down €224,437 (-22.8%), from €982,956 to €758,519
- Tax, wage and social debts +€90,260
up €90,260 (+112%), from €80,390 to €170,650
of which Taxes: +€91,536
- Financial income +€85,924
up €85,924 (+889%), from €9,667 to €95,591
- Taxes +€24,824
up €24,824 (+19.2%), from €129,008 to €153,832
- Gross operating margin +€13,914
up €13,914 (+3.5%), from €400,295 to €414,209
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 | €1,232,202 | €1,486,369 | +€254,166 | +20.6% |
| Fixed assets | 21/28 | €113,011 | €113,730 | +€719 | +0.6% |
| Tangible fixed assets | 22/27 | €13,011 | €13,730 | +€719 | +5.5% |
| Furniture and vehicles | 24 | €13,011 | €13,730 | +€719 | +5.5% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €1,119,192 | €1,372,639 | +€253,447 | +22.6% |
| Amounts receivable within one year | 40/41 | €159,692 | €211,115 | +€51,423 | +32.2% |
| Trade receivables | 40 | €159,692 | €211,115 | +€51,423 | +32.2% |
| Current investments | 50/53 | €671,382 | €1,036,040 | +€364,658 | +54.3% |
| Cash at bank and in hand | 54/58 | €286,361 | €125,484 | -€160,877 | -56.2% |
| Deferred charges and accrued income | 490/1 | €1,757 | - | -€1,757 | |
| Total equity and liabilities | 10/49 | €1,232,202 | €1,486,369 | +€254,166 | +20.6% |
| Equity | 10/15 | €995,356 | €770,919 | -€224,437 | -22.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €982,956 | €758,519 | -€224,437 | -22.8% |
| Distributable reserves | 133 | €982,956 | €758,519 | -€224,437 | -22.8% |
| Amounts payable | 17/49 | €236,847 | €715,450 | +€478,603 | +202% |
| Amounts payable within one year | 42/48 | €236,847 | €715,450 | +€478,603 | +202% |
| Trade debts | 44 | €7,303 | €856 | -€6,447 | -88.3% |
| Suppliers | 440/4 | €7,303 | €856 | -€6,447 | -88.3% |
| Taxes, remuneration and social security | 45 | €80,390 | €170,650 | +€90,260 | +112% |
| Taxes | 450/3 | €78,388 | €169,923 | +€91,536 | +117% |
| Remuneration and social security | 454/9 | €2,002 | €727 | -€1,275 | -63.7% |
| Other amounts payable | 47/48 | €149,153 | €543,943 | +€394,790 | +265% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,983 | €2,063 | +€80 | +4.0% |
| Other operating charges | 640/8 | €574 | €474 | -€100 | -17.5% |
| Gross operating margin | 9900 | €400,295 | €414,209 | +€13,914 | +3.5% |
| Operating profit (loss) | 9901 | €397,737 | €411,672 | +€13,934 | +3.5% |
| Financial income | 75/76B | €9,667 | €95,591 | +€85,924 | +889% |
| Recurring financial income | 75 | €9,667 | €95,591 | +€85,924 | +889% |
| Financial charges | 65/66B | €1,070 | €1,597 | +€527 | +49.3% |
| Recurring financial charges | 65 | €1,070 | €1,597 | +€527 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €406,335 | €505,666 | +€99,331 | +24.4% |
| Income taxes | 67/77 | €129,008 | €153,832 | +€24,824 | +19.2% |
| Profit (loss) for the period | 9904 | €277,327 | €351,833 | +€74,507 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €277,327 | €351,833 | +€74,507 | +26.9% |
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 31 October 2026 via checked.be.