Cornerstone Projects: what changed
Two fiscal 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 Projects
Largest movements
- Receivables within one year +€281,719
up €281,719 (+522.4%), from €53,929 to €335,648
of which Other amounts receivable: +€261,431
- Stocks and contracts -€197,518
down €197,518 (-42.2%), from €467,879 to €270,361
- Tangible fixed assets -€18,861
down €18,861 (-49.1%), from €38,425 to €19,564
of which Furniture and vehicles: -€11,042
- Other debts -€471,322
down €471,322 (-99.1%), from €475,664 to €4,342
- Debts after one year +€230,000
new in 2025: €230,000
- Short-term financial debts +€197,106
up €197,106 (+1675.2%), from €11,766 to €208,872
of which Credit institutions: +€183,145
- Reserves +€90,120
up €90,120 (+50.2%), from €179,642 to €269,763
- Accrued charges and deferred income +€11,982
new in 2025: €11,982
- Gross operating margin +€122,465
up €122,465 (+319.2%), from €38,371 to €160,836
- Taxes +€26,471
up €26,471 (+580.0%), from €4,564 to €31,035
- Financial charges +€18,236
up €18,236 (+2245.3%), from €812 to €19,049
- Depreciation -€2,306
down €2,306 (-10.9%), from €21,166 to €18,861
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.
Cash bridge derived
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 | €698,698 | €756,260 | +€57,561 | +8.2% |
| Fixed assets | 21/28 | €163,425 | €144,564 | -€18,861 | -11.5% |
| Tangible fixed assets | 22/27 | €38,425 | €19,564 | -€18,861 | -49.1% |
| Plant, machinery and equipment | 23 | €25,035 | €17,506 | -€7,529 | -30.1% |
| Furniture and vehicles | 24 | €11,878 | €837 | -€11,042 | -93.0% |
| Other tangible fixed assets | 26 | €1,512 | €1,222 | -€290 | -19.2% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €535,273 | €611,695 | +€76,422 | +14.3% |
| Stocks and contracts in progress | 3 | €467,879 | €270,361 | -€197,518 | -42.2% |
| Stocks | 30/36 | €467,879 | €270,361 | -€197,518 | -42.2% |
| Amounts receivable within one year | 40/41 | €53,929 | €335,648 | +€281,719 | +522.4% |
| Trade receivables | 40 | €29,699 | €49,987 | +€20,288 | +68.3% |
| Other amounts receivable | 41 | €24,230 | €285,660 | +€261,431 | +1079.0% |
| Current investments | 50/53 | €1,068 | €774 | -€294 | -27.5% |
| Cash at bank and in hand | 54/58 | €8,520 | €2,672 | -€5,848 | -68.6% |
| Deferred charges and accrued income | 490/1 | €3,877 | €2,240 | -€1,637 | -42.2% |
| Total equity and liabilities | 10/49 | €698,698 | €756,260 | +€57,561 | +8.2% |
| Equity | 10/15 | €189,642 | €279,763 | +€90,120 | +47.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €179,642 | €269,763 | +€90,120 | +50.2% |
| Distributable reserves | 133 | €179,642 | €269,763 | +€90,120 | +50.2% |
| Amounts payable | 17/49 | €509,056 | €476,497 | -€32,559 | -6.4% |
| Amounts payable after more than one year | 17 | - | €230,000 | +€230,000 | |
| Other amounts payable | 178/9 | - | €230,000 | +€230,000 | |
| Amounts payable within one year | 42/48 | €509,056 | €234,515 | -€274,541 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €6,674 | - | -€6,674 | |
| Financial debts | 43 | €11,766 | €208,872 | +€197,106 | +1675.2% |
| Credit institutions | 430/8 | - | €183,145 | +€183,145 | |
| Other loans | 439 | €11,766 | €25,728 | +€13,962 | +118.7% |
| Trade debts | 44 | €7,220 | €6,922 | -€298 | -4.1% |
| Suppliers | 440/4 | €7,220 | €6,922 | -€298 | -4.1% |
| Taxes, remuneration and social security | 45 | €7,732 | €14,379 | +€6,647 | +86.0% |
| Taxes | 450/3 | €7,732 | €14,379 | +€6,647 | +86.0% |
| Other amounts payable | 47/48 | €475,664 | €4,342 | -€471,322 | -99.1% |
| Accrued charges and deferred income | 492/3 | - | €11,982 | +€11,982 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,166 | €18,861 | -€2,306 | -10.9% |
| Other operating charges | 640/8 | €1,029 | €962 | -€66 | -6.4% |
| Gross operating margin | 9900 | €38,371 | €160,836 | +€122,465 | +319.2% |
| Operating profit (loss) | 9901 | €16,176 | €141,013 | +€124,837 | +771.7% |
| Financial income | 75/76B | €858 | €90 | -€768 | -89.5% |
| Recurring financial income | 75 | €858 | €90 | -€768 | -89.5% |
| Financial charges | 65/66B | €812 | €19,049 | +€18,236 | +2245.3% |
| Recurring financial charges | 65 | €812 | €19,049 | +€18,236 | +2245.3% |
| Profit (loss) for the period before taxes | 9903 | €16,222 | €122,055 | +€105,833 | +652.4% |
| Income taxes | 67/77 | €4,564 | €31,035 | +€26,471 | +580.0% |
| Profit (loss) for the period | 9904 | €11,658 | €91,020 | +€79,362 | +680.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,658 | €91,020 | +€79,362 | +680.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.