Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 2 of the last 2 fiscal years.
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Tight liquidity NBB
Cash and receivables cover 40 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
60 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Cornerstone Research Belgium from Brussel, company number BE1000197979, closed financial year 2025 with a result of € 216,505 after tax. For that financial year Cornerstone Research Belgium recorded a gross margin of € 1.3 million and equity of € -825,050. Compared with financial year 2024, the result moved from € -1.1 million to € 216,505. Profitable, and profit is growing. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on May 22, 2026.
€ -825,050
▲ € 216,505 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 216,505
▲ still € 1.1 million loss in 2024
Profit after tax over the fiscal year.
€ 155,465
▼ 74% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -875,050.
People and assets in 2025
7.1
▲ 5.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 990,747
▲ 237% vs 2024
€ 139,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 158,857
▲ € 148,551 vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 276,503
▼ 79% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 264,588
▼ 9% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|
| Gross margin | € -790,975 | € 1,301,197 | ▲ € 2.1 million |
| Profit after taxes | € -1,091,555 | € 216,505 | ▲ € 1.3 million |
| Equity | € -1,041,555 | € -825,050 | ▲ € 216,505 |
| Total debts | € 4,021,513 | € 3,417,281 | ▼ 15% |
| Cash | € 606,528 | € 155,465 | ▼ 74% |
| Retained profit | € -1,091,555 | € -875,050 | ▲ € 216,505 |
| Balance sheet total | € 2,979,957 | € 2,592,230 | ▼ 13% |
| Employees (FTE) | 1.7 | 7.1 | ▲ 5.4 |
Key figures of Cornerstone Research Belgium, fiscal years 2024 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Cornerstone Research Belgium?
What happened at Cornerstone Research Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 216,505. Source: NBB ↗
- Alexander Aganin became a director. NBB
- Michael Douglas Topper stepped down as director. NBB
- Gregory Leonard became a director. NBB
- New establishment in Elsene. KBO
- Start of the company according to the CBE. KBO
- Kristin Feitzinger became a director. NBB
- Yesim Richardson became a director. NBB
In short
From € 1.1 million loss in 2024 to € 216,505 profit in 2025.
Best year ever: 2025, with € 216,505 profit.
On average € 183,300 of value added per employee in 2025.
A new publication or filing at Cornerstone Research Belgium? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind Cornerstone Research Belgium are Kristin Feitzinger, Yesim Richardson, Bryan Ricchetti, David Marcus, Rahul Guha and Alexander Aganin. The shares are held by Cornerstone Research Inc. (100%).
Directors
According to the 2025 annual accounts
Kristin Feitzinger
Director
since 2023
Yesim Richardson
Director
since 2023
Bryan Ricchetti
Director
since 2023
David Marcus
Director
since 2023
Rahul Guha
Director
since 2023
Alexander Aganin
Director
since 2025
Gregory Leonard
Managing director
since 2023
Andrew Richmond
Director
since 2023
Michael Douglas Topper
Director
since 2023 · until 2025
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Louizalaan 326
1050 Brussel
Louizalaan 523
1050 Elsene
Active since 22 September 2023
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 60 companies are registered at this address.
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What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 1000.197.979
- VAT number
- BE 1000.197.979
- Registered office
- Louizalaan 326, 1050 Brussel
- Names & denominations
- Cornerstone Research Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 22 September 2023
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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