MICHEL 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.
MICHEL CORNETTE
Largest movements
- Cash -€53,402
down €53,402 (-35.3%), from €151,099 to €97,697
mainly Tax, wage and social debts (-€47,514) and Receivables within one year (-€44,902)
- Receivables within one year +€44,902
up €44,902 (+53.0%), from €84,679 to €129,581
of which Other amounts receivable: +€49,604
- Intangible fixed assets -€10,000
down €10,000 (-13.7%), from €73,233 to €63,233
- Tax, wage and social debts -€47,514
down €47,514 (-93.0%), from €51,114 to €3,600
- Profit (loss) carried forward +€18,121
up €18,121, from -€18,121 to €0
- Trade debts +€11,663
up €11,663 (+6,128%), from €190 to €11,853
- Gross operating margin +€38,858
up €38,858, from -€7,586 to €31,273
- Taxes +€3,236
up €3,236 (+1,779%), from €182 to €3,418
- Other operating charges -€1,903
down €1,903 (-69.1%), from €2,754 to €851
- Financial income +€1,003
up €1,003 (+38.7%), from €2,590 to €3,593
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 | €309,921 | €294,473 | -€15,448 | -5.0% |
| Fixed assets | 21/28 | €73,233 | €63,233 | -€10,000 | -13.7% |
| Intangible fixed assets | 21 | €73,233 | €63,233 | -€10,000 | -13.7% |
| Current assets | 29/58 | €236,688 | €231,240 | -€5,448 | -2.3% |
| Amounts receivable within one year | 40/41 | €84,679 | €129,581 | +€44,902 | +53.0% |
| Trade receivables | 40 | €37,195 | €32,493 | -€4,702 | -12.6% |
| Other amounts receivable | 41 | €47,484 | €97,088 | +€49,604 | +104% |
| Cash at bank and in hand | 54/58 | €151,099 | €97,697 | -€53,402 | -35.3% |
| Deferred charges and accrued income | 490/1 | €909 | €3,962 | +€3,053 | +336% |
| Total equity and liabilities | 10/49 | €309,921 | €294,473 | -€15,448 | -5.0% |
| Equity | 10/15 | €258,616 | €279,020 | +€20,403 | +7.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €270,737 | €273,020 | +€2,283 | +0.8% |
| Distributable reserves | 133 | €270,737 | €273,020 | +€2,283 | +0.8% |
| Profit (loss) carried forward | 14 | -€18,121 | €0 | +€18,121 | |
| Amounts payable | 17/49 | €51,304 | €15,453 | -€35,851 | -69.9% |
| Amounts payable within one year | 42/48 | €51,304 | €15,453 | -€35,851 | -69.9% |
| Trade debts | 44 | €190 | €11,853 | +€11,663 | +6,128% |
| Suppliers | 440/4 | €190 | €11,853 | +€11,663 | +6,128% |
| Taxes, remuneration and social security | 45 | €51,114 | €3,600 | -€47,514 | -93.0% |
| Taxes | 450/3 | €51,114 | €3,600 | -€47,514 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,000 | €10,000 | = | 0.0% |
| Other operating charges | 640/8 | €2,754 | €851 | -€1,903 | -69.1% |
| Gross operating margin | 9900 | -€7,586 | €31,273 | +€38,858 | |
| Operating profit (loss) | 9901 | -€20,340 | €20,422 | +€40,762 | |
| Financial income | 75/76B | €2,590 | €3,593 | +€1,003 | +38.7% |
| Recurring financial income | 75 | €2,590 | €3,593 | +€1,003 | +38.7% |
| Financial charges | 65/66B | €189 | €193 | +€5 | +2.4% |
| Recurring financial charges | 65 | €189 | €193 | +€5 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€17,939 | €23,821 | +€41,760 | |
| Income taxes | 67/77 | €182 | €3,418 | +€3,236 | +1,779% |
| Profit (loss) for the period | 9904 | -€18,121 | €20,403 | +€38,524 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,121 | €20,403 | +€38,524 |
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 20 October 2026 via checked.be.