Cornerstone Research Belgium: what changed
Cornerstone Research Belgium
Largest movements
- Deferred charges and accrued income -€680,267
down €680,267 (-55.2%), from €1.2m to €551,127
- Tangible fixed assets +€566,439
up €566,439 (+3,660%), from €15,478 to €581,917
of which Other tangible fixed assets: +€417,888
- Cash -€451,063
down €451,063 (-74.4%), from €606,528 to €155,465
mainly Trade debts (-€1.0m) and Investment in fixed assets (net) (-€627,317)
- Receivables within one year +€386,959
up €386,959 (+48.4%), from €800,225 to €1.2m
of which Other amounts receivable: +€207,135
- Stocks and contracts -€209,794
down €209,794 (-67.2%), from €312,038 to €102,244
- Trade debts -€1.0m
down €1.0m (-78.8%), from €1.3m to €276,503
- Other debts +€440,542
up €440,542 (+18.5%), from €2.4m to €2.8m
- Profit (loss) carried forward +€216,505
up €216,505 (+19.8%), from -€1.1m to -€875,050
- Gross operating margin +€2.1m
up €2.1m, from -€790,975 to €1.3m
- Staff costs +€697,012
up €697,012 (+237%), from €293,736 to €990,747
- Depreciation +€58,271
up €58,271 (+2,235%), from €2,607 to €60,878
- Other operating charges +€25,512
up €25,512 (+3,014%), from €846 to €26,358
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,979,957 | €2,592,230 | -€387,727 | -13.0% |
| Fixed assets | 21/28 | €29,773 | €596,212 | +€566,439 | +1,903% |
| Tangible fixed assets | 22/27 | €15,478 | €581,917 | +€566,439 | +3,660% |
| Furniture and vehicles | 24 | €10,306 | €158,857 | +€148,551 | +1,441% |
| Other tangible fixed assets | 26 | €5,172 | €423,061 | +€417,888 | +8,079% |
| Financial fixed assets | 28 | €14,294 | €14,294 | = | 0.0% |
| Current assets | 29/58 | €2,950,185 | €1,996,019 | -€954,166 | -32.3% |
| Stocks and contracts in progress | 3 | €312,038 | €102,244 | -€209,794 | -67.2% |
| Contracts in progress | 37 | €312,038 | €102,244 | -€209,794 | -67.2% |
| Amounts receivable within one year | 40/41 | €800,225 | €1,187,183 | +€386,959 | +48.4% |
| Trade receivables | 40 | €597,316 | €777,139 | +€179,823 | +30.1% |
| Other amounts receivable | 41 | €202,909 | €410,044 | +€207,135 | +102% |
| Cash at bank and in hand | 54/58 | €606,528 | €155,465 | -€451,063 | -74.4% |
| Deferred charges and accrued income | 490/1 | €1,231,394 | €551,127 | -€680,267 | -55.2% |
| Total equity and liabilities | 10/49 | €2,979,957 | €2,592,230 | -€387,727 | -13.0% |
| Equity | 10/15 | -€1,041,555 | -€825,050 | +€216,505 | +20.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,091,555 | -€875,050 | +€216,505 | +19.8% |
| Amounts payable | 17/49 | €4,021,513 | €3,417,281 | -€604,232 | -15.0% |
| Amounts payable within one year | 42/48 | €3,972,503 | €3,358,495 | -€614,007 | -15.5% |
| Trade debts | 44 | €1,306,405 | €276,503 | -€1.0m | -78.8% |
| Suppliers | 440/4 | €1,306,405 | €276,503 | -€1.0m | -78.8% |
| Taxes, remuneration and social security | 45 | €289,235 | €264,588 | -€24,647 | -8.5% |
| Remuneration and social security | 454/9 | €289,235 | €264,588 | -€24,647 | -8.5% |
| Other amounts payable | 47/48 | €2,376,862 | €2,817,404 | +€440,542 | +18.5% |
| Accrued charges and deferred income | 492/3 | €49,010 | €58,785 | +€9,775 | +19.9% |
| Remuneration, social security and pensions | 62 | €293,736 | €990,747 | +€697,012 | +237% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,607 | €60,878 | +€58,271 | +2,235% |
| Other operating charges | 640/8 | €846 | €26,358 | +€25,512 | +3,014% |
| Gross operating margin | 9900 | -€790,975 | €1,301,197 | +€2.1m | |
| Operating profit (loss) | 9901 | -€1,088,164 | €223,214 | +€1.3m | |
| Financial charges | 65/66B | €3,392 | €6,709 | +€3,317 | +97.8% |
| Recurring financial charges | 65 | €3,392 | €6,709 | +€3,317 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,091,555 | €216,505 | +€1.3m | |
| Profit (loss) for the period | 9904 | -€1,091,555 | €216,505 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,091,555 | €216,505 | +€1.3m |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.