STEFAN CORBANIE: 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.
STEFAN CORBANIE
Largest movements
- Cash +€195,180
up €195,180 (+137%), from €142,962 to €338,143
mainly Net result for the year (+€405,003) and Trade debts (+€165,664)
- Deferred charges and accrued income +€174,111
up €174,111 (+19,576%), from €889 to €175,000
- Current investments -€123,214
down €123,214 (-4.4%), from €2.8m to €2.6m
- Receivables after one year +€79,862
up €79,862 (+799%), from €10,000 to €89,862
- Tangible fixed assets -€36,097
down €36,097 (-26.2%), from €137,874 to €101,777
of which Furniture and vehicles: -€26,554
- Trade debts +€165,664
up €165,664 (+2,185%), from €7,581 to €173,245
- Reserves +€153,388
up €153,388 (+5.2%), from €2.9m to €3.1m
of which Tax-exempt reserves: +€105,250
- Debts after one year +€75,000
new in 2025: €75,000
- Other debts -€58,417
down €58,417 (-61.8%), from €94,478 to €36,061
- Gross operating margin -€493,933
down €493,933 (-54.6%), from €904,996 to €411,063
- Taxes -€126,020
down €126,020 (-42.3%), from €298,230 to €172,210
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 | €3,184,535 | €3,485,549 | +€301,014 | +9.5% |
| Fixed assets | 21/28 | €140,374 | €104,277 | -€36,097 | -25.7% |
| Tangible fixed assets | 22/27 | €137,874 | €101,777 | -€36,097 | -26.2% |
| Land and buildings | 22 | €30,401 | €22,703 | -€7,698 | -25.3% |
| Plant, machinery and equipment | 23 | €6,779 | €4,934 | -€1,846 | -27.2% |
| Furniture and vehicles | 24 | €100,693 | €74,140 | -€26,554 | -26.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €3,044,162 | €3,381,272 | +€337,111 | +11.1% |
| Amounts receivable after more than one year | 29 | €10,000 | €89,862 | +€79,862 | +799% |
| Other amounts receivable | 291 | €10,000 | €89,862 | +€79,862 | +799% |
| Amounts receivable within one year | 40/41 | €119,140 | €130,313 | +€11,172 | +9.4% |
| Trade receivables | 40 | €114,454 | €15,925 | -€98,529 | -86.1% |
| Other amounts receivable | 41 | €4,686 | €114,388 | +€109,701 | +2,341% |
| Current investments | 50/53 | €2,771,170 | €2,647,955 | -€123,214 | -4.4% |
| Cash at bank and in hand | 54/58 | €142,962 | €338,143 | +€195,180 | +137% |
| Deferred charges and accrued income | 490/1 | €889 | €175,000 | +€174,111 | +19,576% |
| Total equity and liabilities | 10/49 | €3,184,535 | €3,485,549 | +€301,014 | +9.5% |
| Equity | 10/15 | €2,951,491 | €3,104,932 | +€153,441 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,932,884 | €3,086,272 | +€153,388 | +5.2% |
| Tax-exempt reserves | 132 | €22,154 | €127,404 | +€105,250 | +475% |
| Distributable reserves | 133 | €2,910,730 | €2,958,868 | +€48,138 | +1.7% |
| Profit (loss) carried forward | 14 | €7 | €60 | +€53 | +706% |
| Amounts payable | 17/49 | €233,044 | €380,617 | +€147,573 | +63.3% |
| Amounts payable after more than one year | 17 | - | €75,000 | +€75,000 | |
| Financial debts | 170/4 | - | €75,000 | +€75,000 | |
| Amounts payable within one year | 42/48 | €233,044 | €300,130 | +€67,086 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €84,303 | €63,009 | -€21,294 | -25.3% |
| Credit institutions | 430/8 | €84,303 | €63,009 | -€21,294 | -25.3% |
| Trade debts | 44 | €7,581 | €173,245 | +€165,664 | +2,185% |
| Suppliers | 440/4 | €7,581 | €173,245 | +€165,664 | +2,185% |
| Taxes, remuneration and social security | 45 | €46,682 | €27,815 | -€18,867 | -40.4% |
| Taxes | 450/3 | €41,501 | €22,634 | -€18,867 | -45.5% |
| Remuneration and social security | 454/9 | €5,180 | €5,180 | = | 0.0% |
| Other amounts payable | 47/48 | €94,478 | €36,061 | -€58,417 | -61.8% |
| Accrued charges and deferred income | 492/3 | - | €5,488 | +€5,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,830 | €36,097 | +€3,267 | +10.0% |
| Other operating charges | 640/8 | €1,824 | €3,821 | +€1,998 | +110% |
| Gross operating margin | 9900 | €904,996 | €411,063 | -€493,933 | -54.6% |
| Operating profit (loss) | 9901 | €870,342 | €371,145 | -€499,198 | -57.4% |
| Financial income | 75/76B | €208,468 | €215,800 | +€7,332 | +3.5% |
| Recurring financial income | 75 | €208,468 | €215,800 | +€7,332 | +3.5% |
| Financial charges | 65/66B | €6,141 | €9,732 | +€3,591 | +58.5% |
| Recurring financial charges | 65 | €6,141 | €9,732 | +€3,591 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €1,072,669 | €577,213 | -€495,456 | -46.2% |
| Income taxes | 67/77 | €298,230 | €172,210 | -€126,020 | -42.3% |
| Profit (loss) for the period | 9904 | €774,439 | €405,003 | -€369,436 | -47.7% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €774,439 | €299,753 | -€474,686 | -61.3% |
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 31 October 2026 via checked.be.