Dr. Luc 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. Luc Cornette
Largest movements
- Receivables within one year +€113,610
up €113,610 (+141%), from €80,348 to €193,958
of which Trade receivables: +€70,221
- Cash +€98,857
up €98,857 (+50.1%), from €197,472 to €296,328
mainly Net result for the year (+€236,180) and Depreciation (+€94,147)
- Tangible fixed assets -€65,165
down €65,165 (-2.9%), from €2.2m to €2.2m
of which Land and buildings: -€63,759
- Reserves +€235,100
up €235,100 (+23.3%), from €1.0m to €1.2m
of which Distributable reserves: +€193,000
- Debts after one year -€142,640
down €142,640 (-41.3%), from €345,358 to €202,718
- Tax, wage and social debts +€36,239
up €36,239 (+834%), from €4,345 to €40,584
- Gross operating margin +€123,925
up €123,925 (+38.8%), from €319,555 to €443,480
- Taxes +€44,489
up €44,489 (+69.7%), from €63,795 to €108,285
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 | €2,772,148 | €2,923,937 | +€151,789 | +5.5% |
| Fixed assets | 21/28 | €2,231,553 | €2,166,388 | -€65,165 | -2.9% |
| Tangible fixed assets | 22/27 | €2,231,553 | €2,166,388 | -€65,165 | -2.9% |
| Land and buildings | 22 | €2,226,498 | €2,162,739 | -€63,759 | -2.9% |
| Plant, machinery and equipment | 23 | €837 | €1,377 | +€539 | +64.4% |
| Furniture and vehicles | 24 | €4,218 | €2,273 | -€1,945 | -46.1% |
| Current assets | 29/58 | €540,595 | €757,549 | +€216,954 | +40.1% |
| Amounts receivable after more than one year | 29 | €140,000 | €140,000 | = | 0.0% |
| Trade receivables | 290 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €80,348 | €193,958 | +€113,610 | +141% |
| Trade receivables | 40 | €47,109 | €117,330 | +€70,221 | +149% |
| Other amounts receivable | 41 | €33,239 | €76,628 | +€43,389 | +131% |
| Current investments | 50/53 | €118,200 | €118,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €197,472 | €296,328 | +€98,857 | +50.1% |
| Deferred charges and accrued income | 490/1 | €4,575 | €9,063 | +€4,488 | +98.1% |
| Total equity and liabilities | 10/49 | €2,772,148 | €2,923,937 | +€151,789 | +5.5% |
| Equity | 10/15 | €2,280,143 | €2,516,324 | +€236,180 | +10.4% |
| Contributions | 10/11 | €341,415 | €341,415 | = | 0.0% |
| Reserves | 13 | €1,009,632 | €1,244,732 | +€235,100 | +23.3% |
| Tax-exempt reserves | 132 | €126,300 | €168,400 | +€42,100 | +33.3% |
| Distributable reserves | 133 | €883,332 | €1,076,332 | +€193,000 | +21.8% |
| Profit (loss) carried forward | 14 | €929,096 | €930,176 | +€1,080 | +0.1% |
| Amounts payable | 17/49 | €492,005 | €407,614 | -€84,391 | -17.2% |
| Amounts payable after more than one year | 17 | €345,358 | €202,718 | -€142,640 | -41.3% |
| Financial debts | 170/4 | €345,358 | €202,718 | -€142,640 | -41.3% |
| Amounts payable within one year | 42/48 | €146,612 | €204,849 | +€58,236 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €142,267 | €142,640 | +€373 | +0.3% |
| Trade debts | 44 | - | €21,624 | +€21,624 | |
| Suppliers | 440/4 | - | €21,624 | +€21,624 | |
| Taxes, remuneration and social security | 45 | €4,345 | €40,584 | +€36,239 | +834% |
| Taxes | 450/3 | €4,345 | €40,584 | +€36,239 | +834% |
| Accrued charges and deferred income | 492/3 | €35 | €47 | +€13 | +36.5% |
| Non-recurring operating income | 76A | €4,865 | - | -€4,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,022 | €94,147 | -€3,875 | -4.0% |
| Other operating charges | 640/8 | €9,190 | €9,325 | +€135 | +1.5% |
| Gross operating margin | 9900 | €319,555 | €443,480 | +€123,925 | +38.8% |
| Operating profit (loss) | 9901 | €212,344 | €340,008 | +€127,664 | +60.1% |
| Financial income | 75/76B | €4,130 | €8,511 | +€4,381 | +106% |
| Recurring financial income | 75 | €4,130 | €8,511 | +€4,381 | +106% |
| Financial charges | 65/66B | €7,104 | €4,054 | -€3,050 | -42.9% |
| Recurring financial charges | 65 | €7,104 | €4,054 | -€3,050 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €209,370 | €344,465 | +€135,095 | +64.5% |
| Income taxes | 67/77 | €63,795 | €108,285 | +€44,489 | +69.7% |
| Profit (loss) for the period | 9904 | €145,575 | €236,180 | +€90,606 | +62.2% |
| Transfer from tax-exempt reserves | 789 | €35,600 | - | -€35,600 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,075 | €194,080 | +€55,006 | +39.6% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.