CORNELISSEN STEPHAN: 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.
CORNELISSEN STEPHAN
Largest movements
- Current investments +€130,000
new in 2025: €130,000
- Cash -€99,212
down €99,212 (-43.7%), from €226,899 to €127,687
mainly Current investments (-€130,000) and Contributions, distributions and other (-€83,000)
- Tangible fixed assets -€30,399
down €30,399 (-30.2%), from €100,681 to €70,282
of which Furniture and vehicles: -€29,680
- Receivables within one year +€10,011
up €10,011 (+32.3%), from €30,991 to €41,002
of which Trade receivables: +€5,740
- Other debts +€71,612
up €71,612 (+375%), from €19,118 to €90,730
- Reserves -€43,175
down €43,175 (-17.1%), from €252,802 to €209,627
- Debts after one year -€25,958
down €25,958 (-36.8%), from €70,474 to €44,517
- Trade debts +€12,595
up €12,595 (+34.2%), from €36,871 to €49,466
- Tax, wage and social debts -€8,210
down €8,210 (-100%), from €8,210 to €0
of which Taxes: -€8,210
- Gross operating margin -€39,398
down €39,398 (-30.3%), from €130,188 to €90,790
- Staff costs -€31,327
down €31,327 (-96.5%), from €32,450 to €1,123
- Taxes -€2,966
down €2,966 (-16.3%), from €18,210 to €15,244
- Financial charges -€1,325
down €1,325 (-28.0%), from €4,730 to €3,405
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 | €432,981 | €438,897 | +€5,916 | +1.4% |
| Fixed assets | 21/28 | €100,681 | €70,282 | -€30,399 | -30.2% |
| Tangible fixed assets | 22/27 | €100,681 | €70,282 | -€30,399 | -30.2% |
| Land and buildings | 22 | €1,010 | €641 | -€369 | -36.6% |
| Plant, machinery and equipment | 23 | €1,485 | €1,135 | -€350 | -23.6% |
| Furniture and vehicles | 24 | €98,186 | €68,506 | -€29,680 | -30.2% |
| Current assets | 29/58 | €332,300 | €368,615 | +€36,315 | +10.9% |
| Stocks and contracts in progress | 3 | €70,480 | €69,065 | -€1,415 | -2.0% |
| Stocks | 30/36 | €70,480 | €69,065 | -€1,415 | -2.0% |
| Amounts receivable within one year | 40/41 | €30,991 | €41,002 | +€10,011 | +32.3% |
| Trade receivables | 40 | €18,400 | €24,140 | +€5,740 | +31.2% |
| Other amounts receivable | 41 | €12,591 | €16,862 | +€4,271 | +33.9% |
| Current investments | 50/53 | - | €130,000 | +€130,000 | |
| Cash at bank and in hand | 54/58 | €226,899 | €127,687 | -€99,212 | -43.7% |
| Deferred charges and accrued income | 490/1 | €3,929 | €861 | -€3,069 | -78.1% |
| Total equity and liabilities | 10/49 | €432,981 | €438,897 | +€5,916 | +1.4% |
| Equity | 10/15 | €271,402 | €228,227 | -€43,175 | -15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €252,802 | €209,627 | -€43,175 | -17.1% |
| Distributable reserves | 133 | €252,802 | €209,627 | -€43,175 | -17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €161,579 | €210,670 | +€49,091 | +30.4% |
| Amounts payable after more than one year | 17 | €70,474 | €44,517 | -€25,958 | -36.8% |
| Financial debts | 170/4 | €70,474 | €44,517 | -€25,958 | -36.8% |
| Amounts payable within one year | 42/48 | €91,104 | €166,154 | +€75,049 | +82.4% |
| Current portion of amounts payable after more than one year | 42 | €26,906 | €25,958 | -€948 | -3.5% |
| Trade debts | 44 | €36,871 | €49,466 | +€12,595 | +34.2% |
| Suppliers | 440/4 | €36,871 | €49,466 | +€12,595 | +34.2% |
| Taxes, remuneration and social security | 45 | €8,210 | €0 | -€8,210 | -100% |
| Taxes | 450/3 | €8,210 | €0 | -€8,210 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €19,118 | €90,730 | +€71,612 | +375% |
| Remuneration, social security and pensions | 62 | €32,450 | €1,123 | -€31,327 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,295 | €30,399 | +€104 | +0.3% |
| Other operating charges | 640/8 | €978 | €1,777 | +€799 | +81.7% |
| Gross operating margin | 9900 | €130,188 | €90,790 | -€39,398 | -30.3% |
| Operating profit (loss) | 9901 | €66,465 | €57,491 | -€8,974 | -13.5% |
| Financial income | 75/76B | €1,261 | €982 | -€279 | -22.1% |
| Recurring financial income | 75 | €1,261 | €982 | -€279 | -22.1% |
| Financial charges | 65/66B | €4,730 | €3,405 | -€1,325 | -28.0% |
| Recurring financial charges | 65 | €4,730 | €3,405 | -€1,325 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €62,996 | €55,069 | -€7,928 | -12.6% |
| Income taxes | 67/77 | €18,210 | €15,244 | -€2,966 | -16.3% |
| Profit (loss) for the period | 9904 | €44,787 | €39,825 | -€4,962 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,787 | €39,825 | -€4,962 | -11.1% |
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 30 October 2026 via checked.be.