Le Corbeau: what changed
Two fiscal 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.
Le Corbeau
Largest movements
- Cash -€31,414
down €31,414 (-44.7%), from €70,199 to €38,786
mainly Net result for the year (-€71,592) and Debts after one year (-€3,999)
- Tangible fixed assets -€2,233
down €2,233 (-11.9%), from €18,688 to €16,455
of which Other tangible fixed assets: -€2,212
- Profit (loss) carried forward -€71,592
down €71,592 (-101.4%), from -€70,604 to -€142,196
- Other debts +€28,299
up €28,299 (+256.7%), from €11,022 to €39,321
- Tax, wage and social debts +€15,471
up €15,471 (+30.0%), from €51,629 to €67,100
of which Remuneration and social security: +€11,933
- Debts after one year -€3,999
down €3,999 (-37.9%), from €10,542 to €6,544
- Gross operating margin -€96,229
down €96,229 (-23.0%), from €418,300 to €322,071
- Staff costs +€11,810
up €11,810 (+3.3%), from €363,331 to €375,141
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 | €144,964 | €111,159 | -€33,806 | -23.3% |
| Fixed assets | 21/28 | €24,308 | €22,075 | -€2,233 | -9.2% |
| Tangible fixed assets | 22/27 | €18,688 | €16,455 | -€2,233 | -11.9% |
| Furniture and vehicles | 24 | €599 | €579 | -€20 | -3.4% |
| Other tangible fixed assets | 26 | €18,089 | €15,877 | -€2,212 | -12.2% |
| Financial fixed assets | 28 | €5,620 | €5,620 | = | 0.0% |
| Current assets | 29/58 | €120,657 | €89,084 | -€31,573 | -26.2% |
| Stocks and contracts in progress | 3 | €22,643 | €23,787 | +€1,145 | +5.1% |
| Stocks | 30/36 | €22,643 | €23,787 | +€1,145 | +5.1% |
| Amounts receivable within one year | 40/41 | €26,016 | €25,792 | -€224 | -0.9% |
| Trade receivables | 40 | €724 | - | -€724 | |
| Other amounts receivable | 41 | €25,292 | €25,792 | +€500 | +2.0% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,199 | €38,786 | -€31,414 | -44.7% |
| Deferred charges and accrued income | 490/1 | €1,798 | €718 | -€1,080 | -60.1% |
| Total equity and liabilities | 10/49 | €144,964 | €111,159 | -€33,806 | -23.3% |
| Equity | 10/15 | €10,754 | -€60,838 | -€71,592 | |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €62,357 | €62,357 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €60,457 | €60,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,604 | -€142,196 | -€71,592 | -101.4% |
| Amounts payable | 17/49 | €134,211 | €171,997 | +€37,786 | +28.2% |
| Amounts payable after more than one year | 17 | €10,542 | €6,544 | -€3,999 | -37.9% |
| Financial debts | 170/4 | €10,542 | €6,544 | -€3,999 | -37.9% |
| Amounts payable within one year | 42/48 | €123,669 | €165,454 | +€41,785 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €15,512 | €14,237 | -€1,275 | -8.2% |
| Trade debts | 44 | €45,505 | €44,795 | -€710 | -1.6% |
| Suppliers | 440/4 | €45,505 | €44,795 | -€710 | -1.6% |
| Taxes, remuneration and social security | 45 | €51,629 | €67,100 | +€15,471 | +30.0% |
| Taxes | 450/3 | €16,582 | €20,120 | +€3,538 | +21.3% |
| Remuneration and social security | 454/9 | €35,047 | €46,980 | +€11,933 | +34.0% |
| Other amounts payable | 47/48 | €11,022 | €39,321 | +€28,299 | +256.7% |
| Remuneration, social security and pensions | 62 | €363,331 | €375,141 | +€11,810 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,660 | €2,533 | -€127 | -4.8% |
| Other operating charges | 640/8 | €4,204 | €3,983 | -€221 | -5.3% |
| Gross operating margin | 9900 | €418,300 | €322,071 | -€96,229 | -23.0% |
| Operating profit (loss) | 9901 | €48,105 | -€59,586 | -€107,691 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -65.2% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -65.2% |
| Financial charges | 65/66B | €12,185 | €11,514 | -€671 | -5.5% |
| Recurring financial charges | 65 | €12,185 | €11,514 | -€671 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €35,921 | -€71,100 | -€107,020 | |
| Income taxes | 67/77 | €615 | €492 | -€123 | -20.0% |
| Profit (loss) for the period | 9904 | €35,305 | -€71,592 | -€106,897 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,305 | -€71,592 | -€106,897 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.