CORESO
ActiveSummary
CORESO has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €7.2m and a net result of €1.2m. Equity is growing by ~17.3% per year across the filed fiscal years. Its solvency ranks better than 41% of 356 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability71▼-5
Solvency47▼-5
Growth85▲+1
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €390,000 at 30 days acceptable
Liquidity short (current ratio 0.19 against 0.29 in 2023; short-term debt: 77.2% and cash: 3.1% of total assets), and 78.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
21.8%
Return on assets
3.6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-04-2025, 99 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
99 d early
2023
75 d early
2022
25 d early
2021
37 d early
2020
82 d early
2019
80 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 66 days before the deadline; the sector median for financial year 2024 is 23 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#6 employer in the Brussels-Capital Region, Energy sector#9 oldest company in Brussels, Energy sector#10 fastest grower in Belgium, Energy sector
Turnover
€39.7m▲ 30.2%
2023 · €30.5m
EBIT margin
5.7%▲ 0.4pp
2023 · 5.4%
Net result
€1.2m▲ 66.4%
2023 · €722,909
Working capital
-€20.7m▼ 81.2%
2023 · -€11.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€19.4m▲ 12.2%€24.6m▲ 26.5%€26.4m▲ 7.5%€30.5m▲ 15.6%€39.7m▲ 30.2%
Operating result€924,939▲ 12.2%€1.2m▲ 26.5%€1.3m▲ 11.1%€1.6m▲ 25.8%€2.3m▲ 39.2%
Net result€546,042within the sector's middle half▲ 26.9%€728,426within the sector's middle half▲ 33.4%€805,757within the sector's middle half▲ 10.6%€722,909within the sector's middle half▼ 10.3%€1.2mabove the sector's middle half▲ 66.4%
EBIT margin4.8%=4.8%=4.9%▲ 0.2pp5.4%▲ 0.4pp5.7%▲ 0.4pp
Equity€3.7mwithin the sector's middle half▲ 17.1%€4.5mwithin the sector's middle half▲ 19.5%€5.3mwithin the sector's middle half▲ 18.0%€6.0mwithin the sector's middle half▲ 13.7%€7.2mwithin the sector's middle half▲ 20.1%
Total assets€13.4mwithin the sector's middle half▲ 16.1%€12.7mwithin the sector's middle half▼ 5.6%€13.3mwithin the sector's middle half▲ 4.8%€22.1mwithin the sector's middle half▲ 66.2%€33.0mwithin the sector's middle half▲ 49.3%
Debt€9.7m▲ 15.7%€8.2m▼ 15.2%€8.0m▼ 2.4%€16.1m▲ 101%€25.8m▲ 60.2%
Working capital-€5.0m▼ 12.3%-€3.5m▲ 30.8%-€4.7m▼ 35.6%-€11.4m▼ 143%-€20.7m▼ 81.2%
Solvency27.8%within the sector's middle half▲ 0.2pp35.2%within the sector's middle half▲ 7.4pp39.7%within the sector's middle half▲ 4.5pp27.1%within the sector's middle half▼ 12.5pp21.8%within the sector's middle half▼ 5.3pp
Staff (FTE)71.3above the sector's middle half▲ 12.8%75.6above the sector's middle half▲ 6.0%81.8above the sector's middle half▲ 8.2%86.8above the sector's middle half▲ 6.1%102.6above the sector's middle half▲ 18.2%
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 39% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €33.0m
Fixed assets
€28.2m ▲ 61.7%
Current assets
€4.8m ▲ 2.6%
Equity and liabilities €33.0m
Equity
€7.2m ▲ 20.1%
Debt
€25.8m ▲ 60.2%
Debt's share of the balance-sheet total rises from 72.9% to 78.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4.5m▼
2023 · €4.7m
Cash flow
€3.4m▼
2023 · €3.8m
Current ratio
0.19▼
2023 · 0.29
Debt to equity
3.58▲
2023 · 2.69
ROE
16.7%▲
2023 · 12.1%
ROA
3.6%▲
2023 · 3.3%
Interest coverage
11.79▼
2023 · 25.21
Debt ≤ 1 year
€25.5m▲
2023 · €16.1m
Income taxes
€688,960▼
2023 · €729,953
Staff costs
€15.2m▲
2023 · €11.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 289 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 289 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €25.7m | €28.3m | €32.6m | €42.4m | ▲ 29.9% |
| Turnover70 | €19.4m | €24.6m | €26.4m | €30.5m | €39.7m | ▲ 30.2% |
| Own construction capitalised72 | - | - | €980,516 | €1.6m | €1.5m | ▼ 1.7% |
| Other operating income74 | - | €1.2m | €968,279 | €538,215 | €1.1m | ▲ 102% |
| Operating charges60/66A | - | €24.6m | €27.0m | €31.0m | €40.1m | ▲ 29.4% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0 | - | - |
| Purchases600/8 | - | - | - | €0 | - | - |
| Services and other goods61 | - | €11.1m | €13.0m | €16.5m | €21.6m | ▲ 30.8% |
| Remuneration, social security and pensions62 | - | €9.4m | €10.7m | €11.4m | €15.2m | ▲ 33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3.3m | €4.0m | €3.4m | €3.0m | €2.2m | ▼ 26.9% |
| Other operating charges640/8 | - | - | - | €53 | €1,049 | ▲ 1,895% |
| Non-recurring operating charges66A | - | - | - | - | €1.1m | - |
| Operating profit (loss)9901 | €924,939 | €1.2m | €1.3m | €1.6m | €2.3m | ▲ 39.2% |
| Financial income75/76B | - | €1 | €305 | €3,515 | €1,645 | ▼ 53.2% |
| Recurring financial income75 | €95 | €1 | €305 | €3,515 | €1,645 | ▼ 53.2% |
| Other financial income752/9 | - | €1 | €305 | €3,515 | €1,645 | ▼ 53.2% |
| Financial charges65/66B | - | €37,614 | €43,187 | €185,668 | €385,498 | ▲ 108% |
| Recurring financial charges65 | €37,404 | €37,614 | €43,187 | €185,668 | €385,498 | ▲ 108% |
| Debt charges650 | - | - | - | - | €381,724 | - |
| Other financial charges652/9 | - | €37,614 | €43,187 | €185,668 | €3,774 | ▼ 98.0% |
| Profit (loss) for the period before taxes9903 | €887,631 | €1.1m | €1.3m | €1.5m | €1.9m | ▲ 30.2% |
| Income taxes67/77 | €341,589 | €403,664 | €450,627 | €729,953 | €688,960 | ▼ 5.6% |
| Taxes670/3 | - | €407,805 | €458,720 | €729,953 | €724,064 | ▼ 0.8% |
| Tax adjustments and reversals of tax provisions77 | - | €4,141 | €8,093 | - | €35,104 | - |
| Profit (loss) for the period9904 | €546,042 | €728,426 | €805,757 | €722,909 | €1.2m | ▲ 66.4% |
| Profit (loss) for the period to be appropriated9905 | €546,042 | €728,426 | €805,757 | €722,909 | €1.2m | ▲ 66.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €13.4m | €12.7m | €13.3m | €22.1m | €33.0m | ▲ 49.3% |
| Formation expenses20 | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €9.0m | €8.2m | €10.1m | €17.5m | €28.2m | ▲ 61.7% |
| Intangible fixed assets21 | €6.4m | €6.0m | €8.5m | €16.3m | €27.4m | ▲ 68.1% |
| Tangible fixed assets22/27 | €2.6m | €2.2m | €1.6m | €1.2m | €869,778 | ▼ 26.7% |
| Furniture and vehicles24 | - | €1.1m | €687,800 | €422,850 | €253,771 | ▼ 40.0% |
| Other tangible fixed assets26 | - | €1.0m | €911,782 | €763,894 | €616,007 | ▼ 19.4% |
| Assets under construction and advance payments27 | - | - | - | €0 | €0 | - |
| Current assets29/58 | €4.4m | €4.5m | €3.2m | €4.6m | €4.8m | ▲ 2.6% |
| Amounts receivable within one year40/41 | €3.0m | €2.8m | €1.9m | €1.2m | €3.5m | ▲ 191% |
| Trade receivables40 | - | €1.9m | €789,124 | €506,951 | €2.3m | ▲ 362% |
| Other amounts receivable41 | - | €897,132 | €1.1m | €680,782 | €1.1m | ▲ 64.7% |
| Cash at bank and in hand54/58 | €1.2m | €1.4m | €1.1m | €3.2m | €1.0m | ▼ 67.6% |
| Deferred charges and accrued income490/1 | - | €360,087 | €232,053 | €252,333 | €257,049 | ▲ 1.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €13.4m | €12.7m | €13.3m | €22.1m | €33.0m | ▲ 49.3% |
| Equity10/15 | €3.7m | €4.5m | €5.3m | €6.0m | €7.2m | ▲ 20.1% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Non-distributable reserves130/1 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Legal reserve130 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | €2.6m | €3.4m | €4.2m | €4.9m | €6.1m | ▲ 24.6% |
| Amounts payable17/49 | €9.7m | €8.2m | €8.0m | €16.1m | €25.8m | ▲ 60.2% |
| Amounts payable within one year42/48 | €9.4m | €7.9m | €7.9m | €16.1m | €25.5m | ▲ 58.5% |
| Financial debts43 | - | €3.4m | €3.6m | €3.6m | €13.0m | ▲ 261% |
| Credit institutions430/8 | - | €3.4m | €3.6m | €3.6m | €13.0m | ▲ 261% |
| Trade debts44 | €4.7m | €2.8m | €2.3m | €9.8m | €9.0m | ▼ 8.1% |
| Suppliers440/4 | - | €2.8m | €2.3m | €9.8m | €9.0m | ▼ 8.1% |
| Taxes, remuneration and social security45 | - | €1.8m | €2.0m | €2.7m | €3.5m | ▲ 29.3% |
| Taxes450/3 | - | - | - | €482,110 | €333,417 | ▼ 30.8% |
| Remuneration and social security454/9 | - | €1.8m | €2.0m | €2.2m | €3.2m | ▲ 42.3% |
| Accrued charges and deferred income492/3 | - | €273,519 | €118,131 | €29,345 | €312,686 | ▲ 966% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €546,042 | €728,426 | €805,757 | €722,909 | €1.2m | ▲ 66.4% |
| + Depreciation and write-downs630 | €3.3m | €4.0m | €3.4m | €3.0m | €2.2m | ▼ 26.9% |
| Operating cash flow (approximation) | €3.9m | €4.8m | €4.2m | €3.8m | €3.4m | ▼ 9.0% |
| Investment in fixed assets (approximation) | - | -€3.2m | -€5.2m | -€10.4m | -€13.0m | ▼ 24.8% |
| Change in cash | - | €183,683 | -€271,209 | €2.1m | -€2.2m | ▼ 202% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
23-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €1.2m ▲66.4%
Operating result €2.3m, net result €1.2m, both a record.
17-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €5mEq €5.3m ▲18%
5 profitable years in a row build equity to €5.3m.
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
10-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
12-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
14-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
20-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 35 acts read
About the unread acts
We know of 35 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
35 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2009
Ground area
1,359 m²
Building footprint
1,171 m²
Volume, LiDAR
21,836 m³
Parcel 21806F0321/00H002, Brussels · tallest building 31.9 m, ±8 floors. Linked by address, not a title deed.
37
companies at this address
See who is registered here
1 establishment unit
CORESO
since 20092.228.496.707
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21806F0321/00H002 | Brussels | 1,359 m² | 1 · 1,171 m² | 31.9 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
9 ownersOwners 9
-
15.84%
- National Energy System Operator LimitedGBSourceown accounts 202415.84%
- Red Electrica de Espana SAUESSourceown accounts 202415.84%
- RTE (Réseau de Transport d'Electricité) SAFRSourceown accounts 202415.84%
- Terna SPAITSourceown accounts 202415.84%
- 50Hertz Transmission GmbHDESourceown accounts 20247.9%
- REN - Rede Electrica Nacional SAPTSourceown accounts 20247.9%
- EirGrid PLCIESourceown accounts 20243.74%
- System Operation Northern Ireland LtdGBSourceown accounts 20241.26%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of CORESO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
5493002UA6CXHCPKWG87
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Of 576 companies in sector 35140 we hold annual accounts for 265. 92 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded19-12-2008
Fiscal year end31-12
Activities, NACEBEL 2025
35140Electricity, gas, steam and air conditioning supply
52210Service activities incidental to land transportation
Contact
E-mail
finance@coreso.euBrussel
E-invoicing
Reachable via Peppol
Peppol ID
0208:0808569630
Also
9925:BE0808569630
Registered
15-04-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.