Dr. Tom 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. Tom Cornelis
Largest movements
- Deferred charges and accrued income -€55,680
down €55,680 (-33.0%), from €168,940 to €113,260
- Cash +€47,212
up €47,212 (+111,218%), from €42 to €47,255
mainly Net result for the year (+€232,313) and Deferred charges and accrued income (+€55,680)
- Tangible fixed assets -€14,716
down €14,716 (-36.5%), from €40,307 to €25,591
of which Furniture and vehicles: -€8,579
- Receivables within one year -€3,782
down €3,782 (-4.6%), from €81,939 to €78,157
of which Trade receivables: -€10,883
- Reserves +€232,313
up €232,313 (+12,490%), from €1,860 to €234,173
- Other debts -€208,721
no longer reported in 2025 (was €208,721)
- Tax, wage and social debts -€53,030
down €53,030 (-91.7%), from €57,824 to €4,793
of which Taxes: -€53,058
- Trade debts +€2,975
up €2,975 (+140%), from €2,118 to €5,093
- Gross operating margin -€14,042
down €14,042 (-3.9%), from €355,609 to €341,566
- Taxes -€4,460
down €4,460 (-5.5%), from €80,809 to €76,349
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 | €291,229 | €264,263 | -€26,966 | -9.3% |
| Fixed assets | 21/28 | €40,307 | €25,591 | -€14,716 | -36.5% |
| Tangible fixed assets | 22/27 | €40,307 | €25,591 | -€14,716 | -36.5% |
| Land and buildings | 22 | €26,812 | €22,849 | -€3,963 | -14.8% |
| Plant, machinery and equipment | 23 | €4,915 | €2,742 | -€2,173 | -44.2% |
| Furniture and vehicles | 24 | €8,579 | - | -€8,579 | |
| Current assets | 29/58 | €250,922 | €238,671 | -€12,250 | -4.9% |
| Amounts receivable within one year | 40/41 | €81,939 | €78,157 | -€3,782 | -4.6% |
| Trade receivables | 40 | €56,229 | €45,346 | -€10,883 | -19.4% |
| Other amounts receivable | 41 | €25,711 | €32,811 | +€7,101 | +27.6% |
| Cash at bank and in hand | 54/58 | €42 | €47,255 | +€47,212 | +111,218% |
| Deferred charges and accrued income | 490/1 | €168,940 | €113,260 | -€55,680 | -33.0% |
| Total equity and liabilities | 10/49 | €291,229 | €264,263 | -€26,966 | -9.3% |
| Equity | 10/15 | €20,460 | €252,773 | +€232,313 | +1,135% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €234,173 | +€232,313 | +12,490% |
| Distributable reserves | 133 | €1,860 | €234,173 | +€232,313 | +12,490% |
| Amounts payable | 17/49 | €270,769 | €11,490 | -€259,279 | -95.8% |
| Amounts payable within one year | 42/48 | €268,663 | €9,886 | -€258,777 | -96.3% |
| Trade debts | 44 | €2,118 | €5,093 | +€2,975 | +140% |
| Suppliers | 440/4 | €2,118 | €5,093 | +€2,975 | +140% |
| Taxes, remuneration and social security | 45 | €57,824 | €4,793 | -€53,030 | -91.7% |
| Taxes | 450/3 | €53,058 | - | -€53,058 | |
| Remuneration and social security | 454/9 | €4,766 | €4,793 | +€27 | +0.6% |
| Other amounts payable | 47/48 | €208,721 | - | -€208,721 | |
| Accrued charges and deferred income | 492/3 | €2,105 | €1,603 | -€502 | -23.9% |
| Remuneration, social security and pensions | 62 | €18,223 | €18,614 | +€392 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,393 | €14,716 | -€677 | -4.4% |
| Other operating charges | 640/8 | €425 | €480 | +€55 | +12.8% |
| Gross operating margin | 9900 | €355,609 | €341,566 | -€14,042 | -3.9% |
| Operating profit (loss) | 9901 | €321,568 | €307,757 | -€13,811 | -4.3% |
| Financial income | 75/76B | €4,925 | €1,644 | -€3,281 | -66.6% |
| Recurring financial income | 75 | €4,925 | €1,644 | -€3,281 | -66.6% |
| Financial charges | 65/66B | €129 | €739 | +€610 | +472% |
| Recurring financial charges | 65 | €129 | €739 | +€610 | +472% |
| Profit (loss) for the period before taxes | 9903 | €326,364 | €308,662 | -€17,701 | -5.4% |
| Income taxes | 67/77 | €80,809 | €76,349 | -€4,460 | -5.5% |
| Profit (loss) for the period | 9904 | €245,554 | €232,313 | -€13,241 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €245,554 | €232,313 | -€13,241 | -5.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.