Dr. J. Cornette: 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.
Dr. J. Cornette
Largest movements
- Current investments +€74,000
new in 2025: €74,000
- Receivables within one year +€28,873
up €28,873 (+2112.2%), from €1,367 to €30,240
- Tangible fixed assets -€7,888
down €7,888 (-10.6%), from €74,239 to €66,351
of which Assets under construction and advance payments: -€72,189
- Cash -€5,913
down €5,913 (-16.4%), from €35,955 to €30,042
mainly Current investments (-€74,000) and Receivables within one year (-€28,873)
- Reserves +€110,700
up €110,700 (+370.1%), from €29,914 to €140,615
- Debts after one year -€13,966
down €13,966 (-23.4%), from €59,748 to €45,783
- Tax, wage and social debts -€7,721
down €7,721 (-76.5%), from €10,096 to €2,375
- Gross operating margin +€121,275
up €121,275 (+317.8%), from €38,166 to €159,442
- Taxes +€23,859
up €23,859 (+309.0%), from €7,721 to €31,580
- Depreciation +€15,322
up €15,322 (+16303.4%), from €94 to €15,416
- Financial charges +€2,470
up €2,470 (+2407.8%), from €103 to €2,572
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 | €115,328 | €205,944 | +€90,616 | +78.6% |
| Fixed assets | 21/28 | €74,239 | €66,351 | -€7,888 | -10.6% |
| Tangible fixed assets | 22/27 | €74,239 | €66,351 | -€7,888 | -10.6% |
| Furniture and vehicles | 24 | €2,050 | €66,351 | +€64,301 | +3136.6% |
| Assets under construction and advance payments | 27 | €72,189 | - | -€72,189 | |
| Current assets | 29/58 | €41,089 | €139,593 | +€98,504 | +239.7% |
| Amounts receivable within one year | 40/41 | €1,367 | €30,240 | +€28,873 | +2112.2% |
| Other amounts receivable | 41 | €1,367 | €30,240 | +€28,873 | +2112.2% |
| Current investments | 50/53 | - | €74,000 | +€74,000 | |
| Cash at bank and in hand | 54/58 | €35,955 | €30,042 | -€5,913 | -16.4% |
| Deferred charges and accrued income | 490/1 | €3,767 | €5,311 | +€1,544 | +41.0% |
| Total equity and liabilities | 10/49 | €115,328 | €205,944 | +€90,616 | +78.6% |
| Equity | 10/15 | €32,414 | €143,115 | +€110,700 | +341.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €29,914 | €140,615 | +€110,700 | +370.1% |
| Distributable reserves | 133 | €29,914 | €140,615 | +€110,700 | +370.1% |
| Amounts payable | 17/49 | €82,913 | €62,829 | -€20,084 | -24.2% |
| Amounts payable after more than one year | 17 | €59,748 | €45,783 | -€13,966 | -23.4% |
| Financial debts | 170/4 | €59,748 | €45,783 | -€13,966 | -23.4% |
| Amounts payable within one year | 42/48 | €23,165 | €17,046 | -€6,118 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €12,441 | €13,966 | +€1,525 | +12.3% |
| Trade debts | 44 | €628 | €706 | +€78 | +12.3% |
| Suppliers | 440/4 | €628 | €706 | +€78 | +12.3% |
| Taxes, remuneration and social security | 45 | €10,096 | €2,375 | -€7,721 | -76.5% |
| Taxes | 450/3 | €10,096 | €2,375 | -€7,721 | -76.5% |
| Non-recurring operating income | 76A | - | €112 | +€112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94 | €15,416 | +€15,322 | +16303.4% |
| Other operating charges | 640/8 | €338 | - | -€338 | |
| Gross operating margin | 9900 | €38,166 | €159,442 | +€121,275 | +317.8% |
| Operating profit (loss) | 9901 | €37,734 | €144,026 | +€106,291 | +281.7% |
| Financial income | 75/76B | €3 | €826 | +€823 | +24131.4% |
| Recurring financial income | 75 | €3 | €826 | +€823 | +24131.4% |
| Financial charges | 65/66B | €103 | €2,572 | +€2,470 | +2407.8% |
| Recurring financial charges | 65 | €103 | €2,572 | +€2,470 | +2407.8% |
| Profit (loss) for the period before taxes | 9903 | €37,635 | €142,280 | +€104,645 | +278.0% |
| Income taxes | 67/77 | €7,721 | €31,580 | +€23,859 | +309.0% |
| Profit (loss) for the period | 9904 | €29,914 | €110,700 | +€80,786 | +270.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,914 | €110,700 | +€80,786 | +270.1% |
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 10 October 2026 via checked.be.