Admissionado
Hi evgenybr,
Good for you for showing persistence and determination! These are qualities that are prized by all top programs.
In a nutshell, yes, I would advise you to openly address your re-application. Not only is this common sense, since as you pointed out the admissions office will have access to your original application file anyway, but it's also an opportunity for you to (1) prove your dedication to Bocconi, as you've also pointed out, and (2) demonstrate all the ways that you've grown since your original application. When discussing all the reasons that you're drawn to Bocconi, be as specific as possible and use your experiences at KU Leuven as a comparison, while always maintaining a positive tone (for example, you can discuss the resources, classes, opportunities, etc. that Bocconi offers that you don't have access to at KU Leuven, but make sure you frame that in a positive way that doesn't put down KU Leuven -- no one likes negativity!). When discussing how you've improved as a candidate, don't just focus on the entrance exam, but also give evidence of your academic performance and extracurricular involvement at KU Leuven, so Bocconi can see just how much you'll contribute to their student body if they give you the chance to transfer.
Best of luck! Keep your eye on the prize!
Thanks a lot for such an elaborate reply!