PIERRE CORNU: 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.
PIERRE CORNU
Largest movements
- Receivables within one year +€65,842
up €65,842 (+21.9%), from €300,887 to €366,729
of which Trade receivables: +€43,607
- Tangible fixed assets +€49,284
up €49,284 (+20.1%), from €244,888 to €294,172
of which Furniture and vehicles: +€54,569
- Cash +€32,713
up €32,713 (+18.3%), from €179,037 to €211,751
mainly Net result for the year (+€83,528) and Accrued charges and deferred income (+€80,000)
- Accrued charges and deferred income +€80,000
up €80,000 (+22690.5%), from €353 to €80,353
- Reserves +€22,820
up €22,820 (+6.8%), from €337,837 to €360,657
of which Distributable reserves: +€22,820
- Other debts +€20,914
up €20,914 (+53.0%), from €39,479 to €60,392
- Tax, wage and social debts +€15,797
up €15,797 (+24.3%), from €65,071 to €80,867
of which Taxes: +€15,718
- Debts after one year +€12,519
up €12,519 (+11.6%), from €107,841 to €120,359
- Gross operating margin +€115,337
up €115,337 (+9.7%), from €1.2m to €1.3m
- Taxes +€27,159
up €27,159 (+461.0%), from €5,892 to €33,050
- Other operating charges +€15,348
up €15,348 (+189.4%), from €8,106 to €23,454
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 | €932,081 | €1,091,484 | +€159,403 | +17.1% |
| Fixed assets | 21/28 | €244,975 | €294,259 | +€49,284 | +20.1% |
| Tangible fixed assets | 22/27 | €244,888 | €294,172 | +€49,284 | +20.1% |
| Land and buildings | 22 | €147,074 | €144,608 | -€2,466 | -1.7% |
| Plant, machinery and equipment | 23 | €9,838 | €7,019 | -€2,819 | -28.7% |
| Furniture and vehicles | 24 | €87,976 | €142,545 | +€54,569 | +62.0% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €687,107 | €797,225 | +€110,118 | +16.0% |
| Stocks and contracts in progress | 3 | €197,713 | €206,555 | +€8,842 | +4.5% |
| Stocks | 30/36 | €197,713 | €206,555 | +€8,842 | +4.5% |
| Amounts receivable within one year | 40/41 | €300,887 | €366,729 | +€65,842 | +21.9% |
| Trade receivables | 40 | €257,512 | €301,119 | +€43,607 | +16.9% |
| Other amounts receivable | 41 | €43,376 | €65,611 | +€22,235 | +51.3% |
| Cash at bank and in hand | 54/58 | €179,037 | €211,751 | +€32,713 | +18.3% |
| Deferred charges and accrued income | 490/1 | €9,469 | €12,190 | +€2,721 | +28.7% |
| Total equity and liabilities | 10/49 | €932,081 | €1,091,484 | +€159,403 | +17.1% |
| Equity | 10/15 | €630,958 | €653,786 | +€22,828 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €337,837 | €360,657 | +€22,820 | +6.8% |
| Non-distributable reserves | 130/1 | €26,860 | €26,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,860 | €26,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,477 | €68,477 | = | 0.0% |
| Distributable reserves | 133 | €242,500 | €265,320 | +€22,820 | +9.4% |
| Profit (loss) carried forward | 14 | €274,520 | €274,528 | +€8 | 0.0% |
| Amounts payable | 17/49 | €301,123 | €437,698 | +€136,574 | +45.4% |
| Amounts payable after more than one year | 17 | €107,841 | €120,359 | +€12,519 | +11.6% |
| Financial debts | 170/4 | €107,841 | €120,359 | +€12,519 | +11.6% |
| Amounts payable within one year | 42/48 | €192,930 | €236,986 | +€44,056 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €40,135 | €44,124 | +€3,989 | +9.9% |
| Trade debts | 44 | €48,245 | €51,602 | +€3,357 | +7.0% |
| Suppliers | 440/4 | €48,245 | €51,602 | +€3,357 | +7.0% |
| Taxes, remuneration and social security | 45 | €65,071 | €80,867 | +€15,797 | +24.3% |
| Taxes | 450/3 | €13,377 | €29,095 | +€15,718 | +117.5% |
| Remuneration and social security | 454/9 | €51,694 | €51,772 | +€78 | +0.2% |
| Other amounts payable | 47/48 | €39,479 | €60,392 | +€20,914 | +53.0% |
| Accrued charges and deferred income | 492/3 | €353 | €80,353 | +€80,000 | +22690.5% |
| Remuneration, social security and pensions | 62 | €1,130,790 | €1,122,076 | -€8,714 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,171 | €58,958 | +€4,787 | +8.8% |
| Other operating charges | 640/8 | €8,106 | €23,454 | +€15,348 | +189.4% |
| Gross operating margin | 9900 | €1,191,831 | €1,307,168 | +€115,337 | +9.7% |
| Operating profit (loss) | 9901 | -€1,236 | €102,680 | +€103,916 | |
| Financial income | 75/76B | €24,394 | €23,959 | -€435 | -1.8% |
| Recurring financial income | 75 | €24,394 | €23,959 | -€435 | -1.8% |
| Financial charges | 65/66B | €8,441 | €10,060 | +€1,619 | +19.2% |
| Recurring financial charges | 65 | €8,441 | €10,060 | +€1,619 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €14,716 | €116,578 | +€101,862 | +692.2% |
| Income taxes | 67/77 | €5,892 | €33,050 | +€27,159 | +461.0% |
| Profit (loss) for the period | 9904 | €8,824 | €83,528 | +€74,704 | +846.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,824 | €83,528 | +€74,704 | +846.6% |
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 10 October 2026 via checked.be.