Cormann Steven: 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.
Cormann Steven
Largest movements
- Cash +€45,785
up €45,785 (+130%), from €35,142 to €80,927
mainly Receivables within one year (+€41,079) and Net result for the year (+€38,733)
- Receivables within one year -€41,079
down €41,079 (-79.5%), from €51,649 to €10,570
of which Other amounts receivable: -€36,606
- Tangible fixed assets -€5,160
down €5,160 (-23.1%), from €22,292 to €17,133
- Deferred charges and accrued income +€3,301
up €3,301 (+286%), from €1,154 to €4,455
- Tax, wage and social debts +€15,486
up €15,486 (+492%), from €3,146 to €18,633
of which Taxes: +€15,486
- Profit (loss) carried forward -€8,967
down €8,967 (-10.7%), from €83,914 to €74,947
- Debts after one year -€3,246
down €3,246 (-18.2%), from €17,855 to €14,609
- Gross operating margin +€65,011
up €65,011, from -€9,049 to €55,962
- Taxes +€8,459
up €8,459 (+5,820%), from €145 to €8,604
- Financial income -€2,516
down €2,516 (-86.3%), from €2,915 to €399
- Depreciation +€2,033
up €2,033 (+48.7%), from €4,174 to €6,206
- Other operating charges -€1,201
down €1,201 (-52.3%), from €2,298 to €1,097
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 | €110,237 | €113,084 | +€2,847 | +2.6% |
| Fixed assets | 21/28 | €22,292 | €17,133 | -€5,160 | -23.1% |
| Tangible fixed assets | 22/27 | €22,292 | €17,133 | -€5,160 | -23.1% |
| Furniture and vehicles | 24 | €22,292 | €17,133 | -€5,160 | -23.1% |
| Current assets | 29/58 | €87,945 | €95,951 | +€8,006 | +9.1% |
| Amounts receivable within one year | 40/41 | €51,649 | €10,570 | -€41,079 | -79.5% |
| Trade receivables | 40 | €13,584 | €9,111 | -€4,473 | -32.9% |
| Other amounts receivable | 41 | €38,065 | €1,459 | -€36,606 | -96.2% |
| Cash at bank and in hand | 54/58 | €35,142 | €80,927 | +€45,785 | +130% |
| Deferred charges and accrued income | 490/1 | €1,154 | €4,455 | +€3,301 | +286% |
| Total equity and liabilities | 10/49 | €110,237 | €113,084 | +€2,847 | +2.6% |
| Equity | 10/15 | €84,914 | €75,947 | -€8,967 | -10.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,914 | €74,947 | -€8,967 | -10.7% |
| Amounts payable | 17/49 | €25,323 | €37,137 | +€11,814 | +46.7% |
| Amounts payable after more than one year | 17 | €17,855 | €14,609 | -€3,246 | -18.2% |
| Financial debts | 170/4 | €17,855 | €14,609 | -€3,246 | -18.2% |
| Amounts payable within one year | 42/48 | €7,468 | €22,528 | +€15,060 | +202% |
| Current portion of amounts payable after more than one year | 42 | €3,063 | €3,246 | +€183 | +6.0% |
| Trade debts | 44 | €1,259 | €649 | -€610 | -48.4% |
| Suppliers | 440/4 | €1,259 | €649 | -€610 | -48.4% |
| Taxes, remuneration and social security | 45 | €3,146 | €18,633 | +€15,486 | +492% |
| Taxes | 450/3 | €1,146 | €16,633 | +€15,486 | +1,351% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,174 | €6,206 | +€2,033 | +48.7% |
| Other operating charges | 640/8 | €2,298 | €1,097 | -€1,201 | -52.3% |
| Gross operating margin | 9900 | -€9,049 | €55,962 | +€65,011 | |
| Operating profit (loss) | 9901 | -€15,521 | €48,659 | +€64,179 | |
| Financial income | 75/76B | €2,915 | €399 | -€2,516 | -86.3% |
| Recurring financial income | 75 | €2,915 | €399 | -€2,516 | -86.3% |
| Financial charges | 65/66B | €617 | €1,720 | +€1,103 | +179% |
| Recurring financial charges | 65 | €617 | €1,720 | +€1,103 | +179% |
| Profit (loss) for the period before taxes | 9903 | -€13,222 | €47,337 | +€60,560 | |
| Income taxes | 67/77 | €145 | €8,604 | +€8,459 | +5,820% |
| Profit (loss) for the period | 9904 | -€13,368 | €38,733 | +€52,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,368 | €38,733 | +€52,101 |
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.