SERGE CORNELISSEN: what changed
SERGE CORNELISSEN
Largest movements
- Receivables after one year -€75,000
down €75,000 (-100%), from €75,000 to €0
- Cash -€19,890
down €19,890 (-20.8%), from €95,575 to €75,685
mainly Contributions, distributions and other (-€197,316) and Deferred charges and accrued income (-€161)
- Tangible fixed assets -€18,522
down €18,522 (-17.3%), from €106,973 to €88,451
of which Other tangible fixed assets: -€11,682
- Receivables within one year -€14,130
down €14,130 (-53.5%), from €26,405 to €12,275
of which Other amounts receivable: -€17,525
- Reserves -€142,483
down €142,483 (-50.2%), from €283,926 to €141,443
of which Distributable reserves: -€142,483
- Tax, wage and social debts +€9,346
up €9,346 (+994%), from €940 to €10,286
- Other debts +€3,420
up €3,420, from €0 to €3,420
- Gross operating margin +€36,414
up €36,414 (+53.5%), from €68,039 to €104,453
- Taxes +€14,998
up €14,998 (+107%), from €14,007 to €29,005
- Write-downs -€3,238
down €3,238, from €1,619 to -€1,619
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €306,371 | €178,897 | -€127,474 | -41.6% |
| Fixed assets | 21/28 | €107,201 | €88,586 | -€18,614 | -17.4% |
| Intangible fixed assets | 21 | €92 | €0 | -€92 | -100% |
| Tangible fixed assets | 22/27 | €106,973 | €88,451 | -€18,522 | -17.3% |
| Plant, machinery and equipment | 23 | €4,786 | €3,192 | -€1,594 | -33.3% |
| Furniture and vehicles | 24 | €7,381 | €2,135 | -€5,246 | -71.1% |
| Other tangible fixed assets | 26 | €94,806 | €83,124 | -€11,682 | -12.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €199,171 | €90,311 | -€108,860 | -54.7% |
| Amounts receivable after more than one year | 29 | €75,000 | €0 | -€75,000 | -100% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100% |
| Amounts receivable within one year | 40/41 | €26,405 | €12,275 | -€14,130 | -53.5% |
| Trade receivables | 40 | €6,424 | €9,819 | +€3,395 | +52.8% |
| Other amounts receivable | 41 | €19,981 | €2,456 | -€17,525 | -87.7% |
| Cash at bank and in hand | 54/58 | €95,575 | €75,685 | -€19,890 | -20.8% |
| Deferred charges and accrued income | 490/1 | €2,190 | €2,351 | +€161 | +7.3% |
| Total equity and liabilities | 10/49 | €306,371 | €178,897 | -€127,474 | -41.6% |
| Equity | 10/15 | €304,250 | €161,916 | -€142,334 | -46.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €283,926 | €141,443 | -€142,483 | -50.2% |
| Tax-exempt reserves | 132 | €23,750 | €23,750 | = | 0.0% |
| Distributable reserves | 133 | €260,176 | €117,693 | -€142,483 | -54.8% |
| Profit (loss) carried forward | 14 | €325 | €474 | +€149 | +45.9% |
| Amounts payable | 17/49 | €2,121 | €16,981 | +€14,860 | +701% |
| Amounts payable within one year | 42/48 | €2,121 | €16,981 | +€14,860 | +701% |
| Trade debts | 44 | €1,181 | €3,274 | +€2,093 | +177% |
| Suppliers | 440/4 | €1,181 | €3,274 | +€2,093 | +177% |
| Taxes, remuneration and social security | 45 | €940 | €10,286 | +€9,346 | +994% |
| Taxes | 450/3 | €940 | €10,286 | +€9,346 | +994% |
| Other amounts payable | 47/48 | €0 | €3,420 | +€3,420 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,954 | €18,614 | -€340 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,619 | -€1,619 | -€3,238 | |
| Other operating charges | 640/8 | €3,248 | €4,165 | +€917 | +28.2% |
| Non-recurring operating charges | 66A | €1,605 | €0 | -€1,605 | -100% |
| Gross operating margin | 9900 | €68,039 | €104,453 | +€36,414 | +53.5% |
| Operating profit (loss) | 9901 | €42,613 | €83,293 | +€40,680 | +95.5% |
| Financial income | 75/76B | €1,448 | €831 | -€617 | -42.6% |
| Recurring financial income | 75 | €1,448 | €831 | -€617 | -42.6% |
| Financial charges | 65/66B | €729 | €137 | -€592 | -81.2% |
| Recurring financial charges | 65 | €729 | €137 | -€592 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | €43,332 | €83,987 | +€40,655 | +93.8% |
| Income taxes | 67/77 | €14,007 | €29,005 | +€14,998 | +107% |
| Profit (loss) for the period | 9904 | €29,325 | €54,982 | +€25,657 | +87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,325 | €54,982 | +€25,657 | +87.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.