Dr. S. Cornelis: 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. S. Cornelis
Largest movements
- Tangible fixed assets +€613,986
up €613,986 (+2,716%), from €22,610 to €636,596
of which Land and buildings: +€628,744
- Cash +€35,622
up €35,622 (+20.2%), from €176,665 to €212,287
mainly Debts after one year (+€577,181) and Depreciation (+€107,477)
- Debts after one year +€577,181
up €577,181 (+2,500%), from €23,085 to €600,265
- Reserves +€99,073
up €99,073 (+366%), from €27,094 to €126,167
- Profit (loss) carried forward -€62,648
down €62,648 (-63.2%), from €99,073 to €36,425
- Current portion of long-term debt +€33,903
up €33,903 (+285%), from €11,900 to €45,803
- Tax, wage and social debts +€9,545
up €9,545 (+35.0%), from €27,280 to €36,825
- Depreciation +€85,357
up €85,357 (+386%), from €22,120 to €107,477
- Taxes -€17,735
down €17,735 (-65.0%), from €27,280 to €9,545
- Gross operating margin +€8,319
up €8,319 (+5.5%), from €151,405 to €159,724
- Financial charges +€1,769
up €1,769 (+103%), from €1,712 to €3,481
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 | €199,275 | €852,735 | +€653,461 | +328% |
| Fixed assets | 21/28 | €22,610 | €636,596 | +€613,986 | +2,716% |
| Tangible fixed assets | 22/27 | €22,610 | €636,596 | +€613,986 | +2,716% |
| Land and buildings | 22 | - | €628,744 | +€628,744 | |
| Plant, machinery and equipment | 23 | €683 | €3,870 | +€3,187 | +467% |
| Furniture and vehicles | 24 | €21,927 | €3,983 | -€17,945 | -81.8% |
| Current assets | 29/58 | €176,665 | €216,139 | +€39,474 | +22.3% |
| Amounts receivable within one year | 40/41 | - | €3,852 | +€3,852 | |
| Other amounts receivable | 41 | - | €3,852 | +€3,852 | |
| Cash at bank and in hand | 54/58 | €176,665 | €212,287 | +€35,622 | +20.2% |
| Total equity and liabilities | 10/49 | €199,275 | €852,735 | +€653,461 | +328% |
| Equity | 10/15 | €130,167 | €166,592 | +€36,425 | +28.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €27,094 | €126,167 | +€99,073 | +366% |
| Distributable reserves | 133 | €27,094 | €126,167 | +€99,073 | +366% |
| Profit (loss) carried forward | 14 | €99,073 | €36,425 | -€62,648 | -63.2% |
| Amounts payable | 17/49 | €69,108 | €686,143 | +€617,035 | +893% |
| Amounts payable after more than one year | 17 | €23,085 | €600,265 | +€577,181 | +2,500% |
| Financial debts | 170/4 | €23,085 | €600,265 | +€577,181 | +2,500% |
| Amounts payable within one year | 42/48 | €46,023 | €85,878 | +€39,854 | +86.6% |
| Current portion of amounts payable after more than one year | 42 | €11,900 | €45,803 | +€33,903 | +285% |
| Trade debts | 44 | €2,950 | €3,250 | +€300 | +10.2% |
| Suppliers | 440/4 | €2,950 | €3,250 | +€300 | +10.2% |
| Taxes, remuneration and social security | 45 | €27,280 | €36,825 | +€9,545 | +35.0% |
| Taxes | 450/3 | €27,280 | €36,825 | +€9,545 | +35.0% |
| Other amounts payable | 47/48 | €3,893 | - | -€3,893 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,120 | €107,477 | +€85,357 | +386% |
| Other operating charges | 640/8 | €1,221 | €2,796 | +€1,576 | +129% |
| Gross operating margin | 9900 | €151,405 | €159,724 | +€8,319 | +5.5% |
| Operating profit (loss) | 9901 | €128,064 | €49,451 | -€78,614 | -61.4% |
| Financial charges | 65/66B | €1,712 | €3,481 | +€1,769 | +103% |
| Recurring financial charges | 65 | €1,712 | €3,481 | +€1,769 | +103% |
| Profit (loss) for the period before taxes | 9903 | €126,353 | €45,970 | -€80,383 | -63.6% |
| Income taxes | 67/77 | €27,280 | €9,545 | -€17,735 | -65.0% |
| Profit (loss) for the period | 9904 | €99,073 | €36,425 | -€62,648 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €99,073 | €36,425 | -€62,648 | -63.2% |
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 28 October 2026 via checked.be.