Cornerstone: 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.
Cornerstone
Largest movements
- Receivables within one year +€168,832
up €168,832 (+152%), from €110,961 to €279,793
of which Trade receivables: +€118,443
- Tangible fixed assets -€18,797
down €18,797 (-4.4%), from €429,067 to €410,270
of which Land and buildings: -€18,551
- Cash -€9,447
down €9,447 (-52.4%), from €18,040 to €8,594
mainly Receivables within one year (-€168,832) and Debts after one year (-€24,613)
- Trade debts +€126,503
up €126,503 (+13,267%), from €954 to €127,457
- Profit (loss) carried forward +€46,596
up €46,596 (+175%), from €26,558 to €73,154
- Debts after one year -€24,613
down €24,613 (-7.1%), from €345,000 to €320,387
- Tax, wage and social debts -€8,586
no longer reported in 2025 (was €8,586)
- Financial charges -€8,418
down €8,418 (-40.7%), from €20,665 to €12,247
- Gross operating margin -€3,714
down €3,714 (-4.4%), from €83,871 to €80,158
- Depreciation -€1,520
down €1,520 (-7.2%), from €21,005 to €19,485
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 | €611,097 | €750,998 | +€139,900 | +22.9% |
| Formation expenses | 20 | €3,029 | €2,342 | -€687 | -22.7% |
| Fixed assets | 21/28 | €479,067 | €460,270 | -€18,797 | -3.9% |
| Tangible fixed assets | 22/27 | €429,067 | €410,270 | -€18,797 | -4.4% |
| Land and buildings | 22 | €428,821 | €410,270 | -€18,551 | -4.3% |
| Plant, machinery and equipment | 23 | €246 | €0 | -€246 | -100.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €129,001 | €288,386 | +€159,385 | +124% |
| Amounts receivable within one year | 40/41 | €110,961 | €279,793 | +€168,832 | +152% |
| Trade receivables | 40 | €25,773 | €144,216 | +€118,443 | +460% |
| Other amounts receivable | 41 | €85,188 | €135,577 | +€50,389 | +59.2% |
| Cash at bank and in hand | 54/58 | €18,040 | €8,594 | -€9,447 | -52.4% |
| Total equity and liabilities | 10/49 | €611,097 | €750,998 | +€139,900 | +22.9% |
| Equity | 10/15 | €226,558 | €273,154 | +€46,596 | +20.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,558 | €73,154 | +€46,596 | +175% |
| Amounts payable | 17/49 | €384,540 | €477,844 | +€93,304 | +24.3% |
| Amounts payable after more than one year | 17 | €345,000 | €320,387 | -€24,613 | -7.1% |
| Financial debts | 170/4 | €345,000 | €320,387 | -€24,613 | -7.1% |
| Amounts payable within one year | 42/48 | €39,540 | €157,457 | +€117,917 | +298% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €954 | €127,457 | +€126,503 | +13,267% |
| Suppliers | 440/4 | €954 | €127,457 | +€126,503 | +13,267% |
| Taxes, remuneration and social security | 45 | €8,586 | - | -€8,586 | |
| Taxes | 450/3 | €8,586 | - | -€8,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,005 | €19,485 | -€1,520 | -7.2% |
| Other operating charges | 640/8 | €1,908 | €1,830 | -€78 | -4.1% |
| Gross operating margin | 9900 | €83,871 | €80,158 | -€3,714 | -4.4% |
| Operating profit (loss) | 9901 | €60,958 | €58,843 | -€2,115 | -3.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €20,665 | €12,247 | -€8,418 | -40.7% |
| Recurring financial charges | 65 | €20,665 | €12,247 | -€8,418 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €40,293 | €46,596 | +€6,303 | +15.6% |
| Profit (loss) for the period | 9904 | €40,293 | €46,596 | +€6,303 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,293 | €46,596 | +€6,303 | +15.6% |
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 14 October 2026 via checked.be.