CORNELIS PAUL: 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.
CORNELIS PAUL
Largest movements
- Receivables after one year +€450,000
new in 2025: €450,000
- Current investments -€139,339
down €139,339 (-21.0%), from €664,635 to €525,296
- Cash -€131,922
down €131,922 (-37.2%), from €354,591 to €222,670
mainly Receivables after one year (-€450,000) and Other debts (-€79,887)
- Receivables within one year -€112,498
down €112,498 (-51.0%), from €220,658 to €108,159
of which Trade receivables: -€82,356
- Tangible fixed assets -€46,316
down €46,316 (-85.7%), from €54,015 to €7,698
of which Furniture and vehicles: -€44,748
- Reserves +€191,300
up €191,300 (+20.7%), from €924,868 to €1.1m
- Other debts -€79,887
down €79,887 (-39.5%), from €202,000 to €122,113
- Tax, wage and social debts -€60,777
down €60,777 (-58.3%), from €104,245 to €43,469
of which Taxes: -€60,243
- Provisions -€33,385
down €33,385 (-100%), from €33,385 to €0
- Gross operating margin -€161,946
down €161,946 (-40.1%), from €403,630 to €241,684
- Provisions -€33,385
new in 2025: -€33,385
- Taxes -€31,842
down €31,842 (-27.2%), from €116,901 to €85,059
- Depreciation -€13,799
down €13,799 (-87.7%), from €15,727 to €1,928
- Financial income +€7,039
up €7,039 (+117%), from €6,006 to €13,045
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 | €1,299,454 | €1,317,212 | +€17,758 | +1.4% |
| Fixed assets | 21/28 | €54,091 | €7,775 | -€46,316 | -85.6% |
| Tangible fixed assets | 22/27 | €54,015 | €7,698 | -€46,316 | -85.7% |
| Plant, machinery and equipment | 23 | €2,244 | €1,178 | -€1,066 | -47.5% |
| Furniture and vehicles | 24 | €46,507 | €1,758 | -€44,748 | -96.2% |
| Other tangible fixed assets | 26 | €5,264 | €4,762 | -€502 | -9.5% |
| Financial fixed assets | 28 | €77 | €77 | = | 0.0% |
| Current assets | 29/58 | €1,245,362 | €1,309,436 | +€64,074 | +5.1% |
| Amounts receivable after more than one year | 29 | - | €450,000 | +€450,000 | |
| Other amounts receivable | 291 | - | €450,000 | +€450,000 | |
| Amounts receivable within one year | 40/41 | €220,658 | €108,159 | -€112,498 | -51.0% |
| Trade receivables | 40 | €190,515 | €108,159 | -€82,356 | -43.2% |
| Other amounts receivable | 41 | €30,142 | €0 | -€30,142 | -100% |
| Current investments | 50/53 | €664,635 | €525,296 | -€139,339 | -21.0% |
| Cash at bank and in hand | 54/58 | €354,591 | €222,670 | -€131,922 | -37.2% |
| Deferred charges and accrued income | 490/1 | €5,478 | €3,311 | -€2,167 | -39.6% |
| Total equity and liabilities | 10/49 | €1,299,454 | €1,317,212 | +€17,758 | +1.4% |
| Equity | 10/15 | €942,002 | €1,133,318 | +€191,315 | +20.3% |
| Contributions | 10/11 | €6,195 | €6,195 | = | 0.0% |
| Reserves | 13 | €924,868 | €1,116,168 | +€191,300 | +20.7% |
| Distributable reserves | 133 | €924,868 | €1,116,168 | +€191,300 | +20.7% |
| Profit (loss) carried forward | 14 | €10,940 | €10,955 | +€15 | +0.1% |
| Provisions and deferred taxes | 16 | €33,385 | €0 | -€33,385 | -100% |
| Provisions for liabilities and charges | 160/5 | €33,385 | €0 | -€33,385 | -100% |
| Pensions and similar obligations | 160 | €33,385 | €0 | -€33,385 | -100% |
| Amounts payable | 17/49 | €324,067 | €183,894 | -€140,173 | -43.3% |
| Amounts payable within one year | 42/48 | €324,067 | €183,894 | -€140,173 | -43.3% |
| Financial debts | 43 | €17,085 | €14,867 | -€2,218 | -13.0% |
| Credit institutions | 430/8 | €17,085 | €14,867 | -€2,218 | -13.0% |
| Trade debts | 44 | €736 | €3,446 | +€2,710 | +368% |
| Suppliers | 440/4 | €736 | €3,446 | +€2,710 | +368% |
| Taxes, remuneration and social security | 45 | €104,245 | €43,469 | -€60,777 | -58.3% |
| Taxes | 450/3 | €102,766 | €42,523 | -€60,243 | -58.6% |
| Remuneration and social security | 454/9 | €1,480 | €946 | -€534 | -36.1% |
| Other amounts payable | 47/48 | €202,000 | €122,113 | -€79,887 | -39.5% |
| Non-recurring operating income | 76A | - | €23,498 | +€23,498 | |
| Remuneration, social security and pensions | 62 | €10,553 | €5,753 | -€4,799 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,727 | €1,928 | -€13,799 | -87.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€33,385 | -€33,385 | |
| Other operating charges | 640/8 | €1,685 | €1,756 | +€72 | +4.3% |
| Gross operating margin | 9900 | €403,630 | €241,684 | -€161,946 | -40.1% |
| Operating profit (loss) | 9901 | €375,666 | €265,632 | -€110,034 | -29.3% |
| Financial income | 75/76B | €6,006 | €13,045 | +€7,039 | +117% |
| Recurring financial income | 75 | €6,006 | €13,045 | +€7,039 | +117% |
| Financial charges | 65/66B | €2,267 | €2,302 | +€35 | +1.5% |
| Recurring financial charges | 65 | €2,267 | €2,302 | +€35 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €379,404 | €276,375 | -€103,029 | -27.2% |
| Income taxes | 67/77 | €116,901 | €85,059 | -€31,842 | -27.2% |
| Profit (loss) for the period | 9904 | €262,503 | €191,315 | -€71,188 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €262,503 | €191,315 | -€71,188 | -27.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.