MARCEL CORNILLE: 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.
MARCEL CORNILLE
Largest movements
- Receivables within one year -€222,903
down €222,903 (-69.7%), from €320,018 to €97,114
of which Trade receivables: -€225,000
- Stocks and contracts +€144,297
up €144,297 (+44.2%), from €326,827 to €471,124
- Cash -€54,013
down €54,013 (-56.8%), from €95,058 to €41,045
mainly Stocks and contracts (-€144,297) and Trade debts (-€98,298)
- Tangible fixed assets -€8,112
down €8,112 (-26.9%), from €30,111 to €21,999
of which Furniture and vehicles: -€6,923
- Trade debts -€98,298
down €98,298 (-53.3%), from €184,357 to €86,060
- Reserves -€88,664
down €88,664 (-17.4%), from €510,532 to €421,868
of which Distributable reserves: -€88,664
- Advances received +€49,975
new in 2025: €49,975
- Gross operating margin -€133,671
down €133,671, from €59,281 to -€74,390
- Taxes -€3,428
down €3,428 (-73.9%), from €4,636 to €1,208
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 | €775,708 | €633,479 | -€142,229 | -18.3% |
| Fixed assets | 21/28 | €30,893 | €22,781 | -€8,112 | -26.3% |
| Tangible fixed assets | 22/27 | €30,111 | €21,999 | -€8,112 | -26.9% |
| Plant, machinery and equipment | 23 | €4,612 | €3,423 | -€1,189 | -25.8% |
| Furniture and vehicles | 24 | €25,500 | €18,576 | -€6,923 | -27.2% |
| Financial fixed assets | 28 | €781 | €781 | = | 0.0% |
| Current assets | 29/58 | €744,815 | €610,699 | -€134,117 | -18.0% |
| Stocks and contracts in progress | 3 | €326,827 | €471,124 | +€144,297 | +44.2% |
| Stocks | 30/36 | €326,827 | €471,124 | +€144,297 | +44.2% |
| Amounts receivable within one year | 40/41 | €320,018 | €97,114 | -€222,903 | -69.7% |
| Trade receivables | 40 | €225,000 | €0 | -€225,000 | -100% |
| Other amounts receivable | 41 | €95,018 | €97,114 | +€2,097 | +2.2% |
| Cash at bank and in hand | 54/58 | €95,058 | €41,045 | -€54,013 | -56.8% |
| Deferred charges and accrued income | 490/1 | €2,913 | €1,416 | -€1,498 | -51.4% |
| Total equity and liabilities | 10/49 | €775,708 | €633,479 | -€142,229 | -18.3% |
| Equity | 10/15 | €584,901 | €496,236 | -€88,664 | -15.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €510,532 | €421,868 | -€88,664 | -17.4% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €503,096 | €414,431 | -€88,664 | -17.6% |
| Amounts payable | 17/49 | €190,808 | €137,243 | -€53,565 | -28.1% |
| Amounts payable within one year | 42/48 | €190,808 | €137,243 | -€53,565 | -28.1% |
| Trade debts | 44 | €184,357 | €86,060 | -€98,298 | -53.3% |
| Suppliers | 440/4 | €184,357 | €86,060 | -€98,298 | -53.3% |
| Advances received on contracts in progress | 46 | - | €49,975 | +€49,975 | |
| Taxes, remuneration and social security | 45 | €6,390 | €1,208 | -€5,182 | -81.1% |
| Taxes | 450/3 | €6,390 | €1,208 | -€5,182 | -81.1% |
| Other amounts payable | 47/48 | €60 | €0 | -€60 | -100% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,339 | €10,677 | +€339 | +3.3% |
| Other operating charges | 640/8 | €2,660 | €1,947 | -€713 | -26.8% |
| Gross operating margin | 9900 | €59,281 | -€74,390 | -€133,671 | |
| Operating profit (loss) | 9901 | €46,282 | -€87,015 | -€133,297 | |
| Financial charges | 65/66B | €349 | €441 | +€92 | +26.3% |
| Recurring financial charges | 65 | €349 | €441 | +€92 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €45,933 | -€87,456 | -€133,389 | |
| Income taxes | 67/77 | €4,636 | €1,208 | -€3,428 | -73.9% |
| Profit (loss) for the period | 9904 | €41,297 | -€88,664 | -€129,961 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,297 | -€88,664 | -€129,961 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.