SARAH CORNET: 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.
SARAH CORNET
Largest movements
- Stocks and contracts +€62,959
up €62,959 (+29.8%), from €211,614 to €274,573
- Cash +€26,433
up €26,433 (+126%), from €21,010 to €47,443
mainly Net result for the year (+€87,900) and Depreciation (+€41,124)
- Tangible fixed assets -€11,736
down €11,736 (-9.6%), from €122,416 to €110,679
of which Other tangible fixed assets: -€10,147
- Reserves +€68,500
up €68,500 (+32.9%), from €207,961 to €276,461
of which Distributable reserves: +€68,500
- Other debts +€17,128
up €17,128 (+346%), from €4,947 to €22,075
- Tax, wage and social debts +€11,694
up €11,694 (+13.3%), from €87,665 to €99,358
of which Taxes: +€19,764
- Current portion of long-term debt -€11,450
down €11,450 (-33.4%), from €34,237 to €22,787
- Debts after one year -€8,078
down €8,078 (-29.8%), from €27,136 to €19,059
- Gross operating margin +€56,958
up €56,958 (+20.3%), from €280,264 to €337,222
- Staff costs -€27,571
down €27,571 (-13.8%), from €199,423 to €171,852
- Taxes +€22,439
up €22,439 (+302%), from €7,424 to €29,864
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 | €389,829 | €467,268 | +€77,439 | +19.9% |
| Fixed assets | 21/28 | €122,872 | €110,679 | -€12,192 | -9.9% |
| Tangible fixed assets | 22/27 | €122,416 | €110,679 | -€11,736 | -9.6% |
| Plant, machinery and equipment | 23 | €61,168 | €68,311 | +€7,144 | +11.7% |
| Furniture and vehicles | 24 | €16,389 | €7,656 | -€8,733 | -53.3% |
| Other tangible fixed assets | 26 | €44,859 | €34,712 | -€10,147 | -22.6% |
| Financial fixed assets | 28 | €456 | - | -€456 | |
| Current assets | 29/58 | €266,957 | €356,589 | +€89,631 | +33.6% |
| Stocks and contracts in progress | 3 | €211,614 | €274,573 | +€62,959 | +29.8% |
| Stocks | 30/36 | €211,614 | €274,573 | +€62,959 | +29.8% |
| Amounts receivable within one year | 40/41 | €27,575 | €30,192 | +€2,617 | +9.5% |
| Trade receivables | 40 | €19,999 | €22,301 | +€2,302 | +11.5% |
| Other amounts receivable | 41 | €7,576 | €7,891 | +€315 | +4.2% |
| Cash at bank and in hand | 54/58 | €21,010 | €47,443 | +€26,433 | +126% |
| Deferred charges and accrued income | 490/1 | €6,758 | €4,381 | -€2,377 | -35.2% |
| Total equity and liabilities | 10/49 | €389,829 | €467,268 | +€77,439 | +19.9% |
| Equity | 10/15 | €226,667 | €295,567 | +€68,900 | +30.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,961 | €276,461 | +€68,500 | +32.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €206,101 | €274,601 | +€68,500 | +33.2% |
| Profit (loss) carried forward | 14 | €106 | €506 | +€400 | +379% |
| Amounts payable | 17/49 | €163,162 | €171,701 | +€8,539 | +5.2% |
| Amounts payable after more than one year | 17 | €27,136 | €19,059 | -€8,078 | -29.8% |
| Financial debts | 170/4 | €27,136 | €19,059 | -€8,078 | -29.8% |
| Amounts payable within one year | 42/48 | €136,026 | €151,767 | +€15,741 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €34,237 | €22,787 | -€11,450 | -33.4% |
| Trade debts | 44 | €9,176 | €7,546 | -€1,630 | -17.8% |
| Suppliers | 440/4 | €9,176 | €7,546 | -€1,630 | -17.8% |
| Taxes, remuneration and social security | 45 | €87,665 | €99,358 | +€11,694 | +13.3% |
| Taxes | 450/3 | €53,952 | €73,716 | +€19,764 | +36.6% |
| Remuneration and social security | 454/9 | €33,713 | €25,642 | -€8,070 | -23.9% |
| Other amounts payable | 47/48 | €4,947 | €22,075 | +€17,128 | +346% |
| Accrued charges and deferred income | 492/3 | - | €876 | +€876 | |
| Remuneration, social security and pensions | 62 | €199,423 | €171,852 | -€27,571 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,185 | €41,124 | +€2,939 | +7.7% |
| Other operating charges | 640/8 | €1,226 | €1,031 | -€195 | -15.9% |
| Gross operating margin | 9900 | €280,264 | €337,222 | +€56,958 | +20.3% |
| Operating profit (loss) | 9901 | €41,429 | €123,214 | +€81,785 | +197% |
| Financial income | 75/76B | €92 | €34 | -€58 | -63.3% |
| Recurring financial income | 75 | €92 | €34 | -€58 | -63.3% |
| Financial charges | 65/66B | €5,604 | €5,484 | -€120 | -2.1% |
| Recurring financial charges | 65 | €5,604 | €5,484 | -€120 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €35,917 | €117,764 | +€81,847 | +228% |
| Income taxes | 67/77 | €7,424 | €29,864 | +€22,439 | +302% |
| Profit (loss) for the period | 9904 | €28,493 | €87,900 | +€59,407 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €28,493 | €87,900 | +€59,407 | +209% |
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 16 October 2026 via checked.be.