CORESO

Active Public limited companyfounded 2008active for 17 yearsKortenberglaan 71, 1000 BrusselsKBO/BCE: BE 0808.569.630 subsidiary of Elia System Operator SA#6 employer in the Brussels-Capital Region, Energy sector

CORESO

Financial year 2025

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Annual accounts 2025

full format, filed on 25-06-2026, 36 days before the deadline

€50.7m

▲ 27.7%

€2.8m

▲ 21.6%

€8.7m

▲ 93.8%

€7.4m

▲ 116%

19.1%

▼ 2.7 percentage points

0.37

▲ 0.18

In the rankings #6 employer in the Brussels-Capital Region, Energy sector #9 oldest company in Brussels, Energy sector

Money flows

of every €100 of turnover, €2.89 remains as profit in 2025

Balance sheet

balance sheet total €45.3m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

19.1%

Higher than 38% of 352 companies in 2025.

0.37

Higher than 10% of 341 companies in 2025.

3.2%

Higher than 58% of 343 companies in 2025.

CORESO Middle half of the sector 80% of the sector Full accounts in electricity, gas and steam (NACE 35)

Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: top quarter

Staff

Men and women29% women

78.9 men and 31.9 women in full-time equivalents in 2025.

€142,856

Men €142,856, women €142,856 per full-time equivalent. Jobs differ, so this is not a pay gap.

+10 people

people who joined people who left

In 2025, 23 people joined and 13 left. Training hours in 2025: 8,228.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Balance sheet: assets
`20/58`	45.3m	33.0m	22.1m	13.3m	12.7m	13.4m	11.6m	8.4m	5.6m	4.6m	4.1m	3.7m	3.6m	2.5m	2.8m	2.8m	2.4m
`20`	0	0	0	-	-	-	-	-	-	-	-	-	6,519	25,510	44,500	63,491	82,481
`21/28`	32.2m	28.2m	17.5m	10.1m	8.2m	9.0m	7.9m	5.4m	3.1m	2.2m	1.9m	1.3m	1.7m	1.4m	1.8m	1.9m	1.7m
`21`	31.0m	27.4m	16.3m	8.5m	6.0m	6.4m	5.4m	3.2m	1.5m	320,321	30,674	29,922	21,918	60,037	94,163	130,816	164,511
`22/27`	1.2m	869,778	1.2m	1.6m	2.2m	2.6m	2.5m	2.3m	1.6m	1.9m	1.9m	1.3m	1.6m	1.3m	1.6m	1.7m	1.4m
`24`	422,888	253,771	422,850	687,800	1.1m	1.6m	1.6m	1.9m	1.2m	1.6m	1.0m	742,988	1.1m	1.1m	1.3m	1.4m	1.1m
`26`	775,999	616,007	763,894	911,782	1.0m	999,259	954,206	366,390	371,172	299,699	407,049	521,109	530,552	246,514	272,180	305,127	323,912
`27`	0	0	0	-	-	-	-	-	-	-	425,150	-	-	-	-	-	-
`28`	3,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`284/8`	3,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`285/8`	3,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`29/58`	13.1m	4.8m	4.6m	3.2m	4.5m	4.4m	3.6m	3.0m	2.5m	2.3m	2.2m	2.4m	1.9m	1.1m	1.0m	842,137	749,311
`40/41`	9.4m	3.5m	1.2m	1.9m	2.8m	3.0m	3.1m	2.7m	1.2m	1.4m	774,435	728,064	873,445	808,813	497,549	628,302	328,297
`40`	8.9m	2.3m	506,951	789,124	1.9m	2.1m	2.6m	2.2m	788,689	1.1m	570,414	379,182	586,093	593,591	448,863	422,154	251,059
`41`	502,700	1.1m	680,782	1.1m	897,132	985,878	516,313	478,267	418,437	275,974	204,021	348,882	287,352	215,221	48,686	206,148	77,238
`54/58`	3.2m	1.0m	3.2m	1.1m	1.4m	1.2m	328,078	207,193	1.2m	860,147	1.3m	1.5m	860,394	172,922	502,997	136,811	395,354
`490/1`	491,094	257,049	252,333	232,053	360,087	213,016	195,753	91,473	117,443	40,642	119,640	177,311	171,909	125,309	32,177	77,024	25,660
Balance sheet: equity and liabilities
`10/49`	45.3m	33.0m	22.1m	13.3m	12.7m	13.4m	11.6m	8.4m	5.6m	4.6m	4.1m	3.7m	3.6m	2.5m	2.8m	2.8m	2.4m
`10/15`	8.7m	7.2m	6.0m	5.3m	4.5m	3.7m	3.2m	2.8m	2.4m	2.2m	2.0m	1.8m	1.6m	1.4m	1.3m	1.3m	1.1m
`10/11`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m
`10`	1.0m	1.0m	1.0m	1.0m	1.0m	-	-	-	-	-	-	-	-	-	-	-	-
`100`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m
`13`	100,000	100,000	100,000	100,000	100,000	100,000	100,000	88,126	70,898	58,609	48,124	37,205	26,503	18,412	14,170	10,523	4,976
`130/1`	100,000	100,000	100,000	100,000	100,000	100,000	-	-	-	-	-	-	-	-	-	-	-
`130`	100,000	100,000	100,000	100,000	100,000	100,000	100,000	88,126	70,898	58,609	48,124	37,205	26,503	18,412	14,170	10,523	4,976
`14`	7.6m	6.1m	4.9m	4.2m	3.4m	2.6m	2.1m	1.7m	1.3m	1.1m	914,363	706,894	503,563	349,828	269,226	199,934	94,528
`15`	-	-	-	-	-	-	-	-	-	-	-	12,609	26,364	40,119	53,874	67,629	-
`16`	777,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`160/5`	777,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`164/5`	777,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`17/49`	35.9m	25.8m	16.1m	8.0m	8.2m	9.7m	8.4m	5.6m	3.2m	2.4m	2.2m	1.9m	2.0m	1.1m	1.4m	1.5m	1.3m
`42/48`	35.6m	25.5m	16.1m	7.9m	7.9m	9.4m	8.1m	5.5m	3.1m	2.3m	2.1m	1.8m	1.7m	1.1m	1.4m	1.4m	1.3m
`42`	-	-	-	-	-	-	-	-	-	-	-	-	300,000	300,000	600,000	975,000	750,000
`43`	21.0m	13.0m	3.6m	3.6m	3.4m	3.2m	3.0m	1.6m	-	100,000	-	-	-	-	-	-	-
`430/8`	21.0m	13.0m	3.6m	3.6m	3.4m	3.2m	3.0m	1.6m	-	-	-	-	-	-	-	-	-
`439`	-	-	-	-	-	-	-	-	-	100,000	-	-	-	-	-	-	-
`44`	10.8m	9.0m	9.8m	2.3m	2.8m	4.7m	3.6m	2.9m	2.2m	1.5m	1.5m	1.2m	883,684	361,036	465,493	170,233	355,592
`440/4`	10.8m	9.0m	9.8m	2.3m	2.8m	4.7m	3.6m	2.9m	2.2m	1.5m	1.5m	1.2m	883,684	361,036	465,493	170,233	355,592
`45`	3.8m	3.5m	2.7m	2.0m	1.8m	1.6m	1.5m	991,472	899,446	723,352	649,860	517,029	488,714	411,441	334,980	266,249	211,741
`450/3`	521,386	333,417	482,110	-	-	67,273	76,981	69,196	59,955	35,639	17,016	9,540	19,268	-	3,695	626	8,667
`454/9`	3.3m	3.2m	2.2m	2.0m	1.8m	1.5m	1.4m	922,276	839,490	687,714	632,844	507,489	469,446	411,441	331,284	265,622	203,074
`492/3`	309,696	312,686	29,345	118,131	273,519	272,017	272,484	130,472	48,906	44,697	36,525	186,525	352,327	46,063	45,069	72,574	1,096
Income statement
`70/76A`	53.1m	42.4m	32.6m	28.3m	25.7m	20.1m	17.7m	13.7m	10.5m	9.2m	8.4m	7.8m	6.2m	5.3m	4.8m	3.5m	3.5m
`70`	50.7m	39.7m	30.5m	26.4m	24.6m	19.4m	17.3m	12.9m	10.0m	8.9m	7.1m	6.6m	5.5m	4.8m	4.3m	2.9m	3.3m
`72`	2.3m	1.5m	1.6m	980,516	-	-	-	-	-	-	-	-	-	-	-	-	-
`74`	98,264	1.1m	538,215	968,279	1.2m	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	506	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`60/66A`	50.3m	40.1m	31.0m	27.0m	24.6m	19.2m	16.8m	13.1m	10.0m	8.8m	8.0m	7.5m	5.9m	5.2m	4.7m	3.2m	3.3m
`60`	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`600/8`	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`61`	22.7m	21.6m	16.5m	13.0m	11.1m	7.4m	6.8m	6.1m	4.8m	4.4m	3.9m	3.8m	2.8m	2.4m	2.2m	1.3m	2.1m
`62`	15.8m	15.2m	11.4m	10.7m	9.4m	8.4m	7.8m	5.6m	4.3m	3.8m	3.4m	3.0m	2.6m	2.3m	2.0m	1.6m	1.1m
`630`	6.0m	2.2m	3.0m	3.4m	4.0m	3.3m	2.3m	1.4m	895,765	632,266	575,901	664,092	531,596	488,171	440,346	357,238	151,250
`635/8`	245,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`640/8`	94,466	1,049	53	-	-	-	-	525	-	-	57,133	89	89	89	89	89	89
`66A`	5.5m	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9901`	2.8m	2.3m	1.6m	1.3m	1.2m	924,939	824,443	612,329	474,039	428,984	375,422	370,317	290,114	166,380	143,850	212,730	180,577
`75/76B`	4,916	1,645	3,515	305	1	95	3	672	12	634	20,968	17,674	15,371	14,600	17,761	2,918	2,064
`75`	4,916	1,645	3,515	305	1	95	3	672	12	634	20,968	17,674	15,371	14,600	17,761	2,918	2,064
`750`	1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`751`	-	-	-	-	-	-	-	-	10	130	2,251	792	682	845	4,006	1,772	2,064
`752/9`	4,915	1,645	3,515	305	1	95	3	672	1	504	18,717	16,883	14,689	13,755	13,755	1,146	-
`65/66B`	609,971	385,498	185,668	43,187	37,614	37,404	32,134	9,546	4,009	997	3,276	8,011	8,000	9,511	27,191	15,797	3,825
`65`	609,971	385,498	185,668	43,187	37,614	37,404	32,134	9,546	4,009	997	3,276	8,011	8,000	9,511	27,191	15,797	3,825
`650`	600,817	381,724	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`652/9`	9,155	3,774	185,668	43,187	37,614	37,404	32,134	9,546	4,009	997	3,276	8,011	8,000	9,511	27,191	15,797	3,825
`9903`	2.2m	1.9m	1.5m	1.3m	1.1m	887,631	792,312	603,455	470,041	428,621	393,114	379,981	297,485	171,469	134,421	199,851	178,816
`67/77`	697,662	688,960	729,953	450,627	403,664	341,589	361,906	258,892	224,270	218,922	174,726	165,947	135,659	86,625	61,481	88,898	79,312
`670/3`	774,084	724,064	729,953	458,720	407,805	359,479	361,906	258,892	232,533	218,922	174,726	169,800	137,988	86,625	61,481	89,481	79,312
`77`	76,421	35,104	-	8,093	4,141	17,890	-	-	8,263	-	-	3,853	2,329	-	-	583	-
`9904`	1.5m	1.2m	722,909	805,757	728,426	546,042	430,406	344,563	245,771	209,700	218,388	214,033	161,826	84,844	72,940	110,953	99,504
`9905`	1.5m	1.2m	722,909	805,757	728,426	546,042	430,406	344,563	245,771	209,700	218,388	214,033	161,826	84,844	72,940	110,953	99,504
Appropriation of the result
`9906`	7.6m	6.1m	4.9m	4.2m	3.4m	2.6m	2.1m	1.7m	1.4m	1.1m	925,282	717,596	511,654	354,070	272,873	205,481	99,504
`14P`	6.1m	4.9m	4.2m	3.4m	2.6m	-	-	-	-	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	11,874	17,228	12,289	10,485	10,919	10,702	8,091	4,242	3,647	5,548	4,976
`6920`	-	-	-	-	-	-	11,874	17,228	12,289	10,485	10,919	10,702	8,091	4,242	3,647	5,548	4,976
Social balance sheet
`9087`	110.8	102.6	86.8	81.8	75.6	71.3	63.2	44.7	35.3	33	28.2	26	22.4	20.7	17.5	14.4	10.1
Men (FTE)`1003`	78.9	73.7	63.3	62.3	58.6	57.2	51.9	40	32.8	-	-	-	-	20.5	-	-	-
Women (FTE)`1003`	31.9	28.9	23.5	19.5	17	14.1	11.3	4.7	2.5	-	-	-	-	0.2	-	-	-
Hours worked`1013`	166,612	161,484	138,094	130,833	124,427	118,742	106,598	74,328	58,436	55,394	47,019	44,049	37,310	34,352	29,442	24,107	16,916
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The notes to these accounts have 49 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 25-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	25-06-2026	2026-00229179	PDF
31-12-2024	full format	23-04-2025	2025-00077873	PDF
31-12-2023	full format	17-05-2024	2024-00097352	PDF
31-12-2022	full format	06-07-2023	2023-00236525	PDF
31-12-2021	full format	24-06-2022	2022-20145668	PDF
31-12-2020	full format	10-05-2021	2021-13800487	PDF
31-12-2019	full format	12-05-2020	2020-12000203	PDF
31-12-2018	full format	22-05-2019	2019-14000541	PDF
31-12-2017	full format	14-05-2018	2018-12700153	PDF
31-12-2016	full format	08-06-2017	2017-15900580	PDF
31-12-2015	full format	20-05-2016	2016-12900276	PDF
31-12-2014	full format	04-06-2015	2015-15800178	PDF
31-12-2013	full format	27-05-2014	2014-13900498	PDF
31-12-2012	full format	29-05-2013	2013-14300497	PDF
31-12-2011	full format	16-05-2012	2012-11700573	PDF
31-12-2010	full format	20-05-2011	2011-12400377	PDF
31-12-2009	full format	06-05-2010	2010-11200133	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
8.7m	4.5m	4.7m	4.7m	5.2m	4.3m	3.1m	2.0m	1.4m	1.1m	951,324	1.0m	821,711	654,551	584,197	569,968	331,827
7.4m	3.4m	3.8m	4.2m	4.8m	3.9m	2.7m	1.8m	1.1m	841,966	794,290	878,125	693,422	573,015	513,286	468,191	250,754
14.9m	14.1m	10.4m	5.2m	3.2m	4.4m	4.8m	3.7m	1.7m	984,120	1.2m	282,704	787,148	157,938	270,431	608,619	1.7m
2.2m	-2.2m	2.1m	-271,209	183,683	838,946	120,884	-999,825	346,872	-486,090	-152,985	638,828	687,473	-330,075	366,186	-258,543	-
-22.5m	-20.7m	-11.4m	-4.7m	-3.5m	-5.0m	-4.5m	-2.5m	-616,261	-25,437	108,545	649,215	233,351	34,567	-367,749	-569,344	-568,022
5.5%	5.7%	5.4%	4.9%	4.8%	4.8%	4.8%	4.8%	4.8%	4.8%	5.3%	5.6%	5.2%	3.5%	3.4%	7.4%	5.4%
19.1%	21.8%	27.1%	39.7%	35.2%	27.8%	27.6%	33.0%	43.1%	47.7%	47.5%	47.5%	43.5%	55.7%	48.1%	46.3%	45.5%
0.37	0.19	0.29	0.40	0.56	0.47	0.45	0.54	0.80	0.99	1.05	1.37	1.14	1.03	0.74	0.60	0.57
4.14	3.58	2.69	1.52	1.84	2.59	2.63	2.03	1.32	1.10	1.10	1.11	1.30	0.79	1.08	1.16	1.20
16.9%	16.7%	12.1%	15.3%	16.3%	14.6%	13.5%	12.5%	10.2%	9.7%	11.1%	12.2%	10.4%	6.0%	5.5%	8.7%	9.0%
3.2%	3.6%	3.3%	6.1%	5.7%	4.1%	3.7%	4.1%	4.4%	4.6%	5.3%	5.8%	4.5%	3.4%	2.6%	4.0%	4.1%
14.52	11.79	25.21	over 100	over 100	-	-	-	-	-	-	-	-	-	-	-	-
64 days	22 days	6 days	11 days	28 days	39 days	55 days	62 days	29 days	47 days	29 days	21 days	39 days	46 days	38 days	54 days	28 days
173 days	152 days	216 days	64 days	92 days	228 days	194 days	172 days	171 days	126 days	137 days	120 days	115 days	55 days	78 days	48 days	63 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Revenue breakdown

as filed

By activity 2025

OSA €37,801,68574.5%
SLA €12,916,60125.5%

Total €50,718,286

Source: 2025 accounts, page 26, filing 2026-00229179

All years (2024 to 2025)

By activity	2024	2025
OSA	€32,356,552	€37,801,685
SLA	€7,369,177	€12,916,601
Total	€39,725,729	€50,718,286

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	119	110	93	87	82
full-time	117	108	90	86	81
part-time	2	2	3	1	1
in full-time equivalents	118.4	109.5	92.3	86.8	81.8
	110.8	102.6	86.8	81.8	75.6
On a permanent contract	119	109	91	86	82
Joined	23	28	24	26	21
Left	13	11	18	21	11
Training hours	8,228	11,923	5,941	5,356	5,376

Source: social balance sheet in the 2021 to 2025 annual accounts

Overdue debts

tax and social security

Item	2025	2024	2023	2022	2021
Overdue tax debts	€521,386	€0	-	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€626,976	€170,456	€194,988	€54,839	€271,019
Intangible fixed assets	€14.3m	€13.9m	€10.2m	€5.2m	€3.0m
	€6.0m	€2.2m	€3.0m	€3.4m	€4.0m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	2025	2024	2023	2022	2021
Fee for the audit	€23,000	€23,000	€22,565	€14,484	€13,800

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Public contracts awarded

4 awards to 3 suppliers · 2025

Unicorn Systems a.s.2 awards in 1 notice

Czechia

last awarded 01-07-2022IT services€1.2m2 tendersTED 674527-2025

Show 1 more award

awarded 01-07-2022IT services€3.0m3 tendersTED 674527-2025

Artelys SAS1 award

France

awarded 01-07-2022IT services€3.0m3 tendersTED 674527-2025

SOPTIM AG1 award

Germany

awarded 01-07-2022IT services€2.2m3 tendersTED 674527-2025

Source: TED (Tenders Electronic Daily), Publications Office of the European Union. TED publishes contracts above the European thresholds, since October 2016. The values are as the buyer published them. For a framework agreement, the value is a ceiling.

Insights on CORESO

The operating result for 2025 is 22% higher than in 2024 and the highest since 2009. It is the 14th rise in a row, after the fall in 2011.

Debt's share of the balance-sheet total rises from 78.2% to 79.2%. Equity and debt are higher.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency19.1%

Current ratio0.37

Return on assets3.2%

Staff

Men and women29% women

Staff cost per FTE€142,856

Joined and left+10 people

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2025

Social balance sheet

Overdue debts

Investments

Auditor

Public contracts awarded

Insights on CORESO

Next steps

in €m

in €m

19.1%

0.37

3.2%

€142,856

+10 people