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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
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Overview

Lifetime

17 annual accounts with figures on one time axis
peak €50.7m (2025)
€50.7m▲ 27.7%
peak €1.5m (2025)
€1.5m▲ 21.8%
peak €8.7m (2025)
€8.7m▲ 20.3%
€35.9m▲ 39.1%
peak 110.8 FTE (2025)
110.8 FTE▲ 8.0%
Board33 names since 2019all names
13 directorsMauro Caprabianca and 12 others
Owners11 names in the annual accountsall names
15.84%Elia Transmission Belgium and 8 others
Documentsfilings and deeds
25-06-202636 days before the deadline
2025financial year
Turnover from €39.7m to €50.7mNew coo 14-11Equity from €7.2m to €8.7mDebts from €25.8m to €35.9mCash from €1.0m to €3.2m

Key points

from the 2025 annual accounts

Overdue debts

€521,386 on 31-12-2025

The annual accounts state €521,386 of overdue tax debts on 31-12-2025.

Equity

€8.7m ▲ 20.3%

CORESO has made a profit in every financial year since 2009.

Debts

€35.9m 79% of the balance sheet
Financial debts 59%Suppliers 30%Taxes and wages 11%

Of this, €35.6m falls due within a year.

Investments

€14.9m 2.5 × depreciation
20212022202320242025

Green is investment, beige is depreciation.

Payment terms

173 days to suppliers
Suppliers
152 to 173
Customers
22 to 64

CORESO pays its suppliers 21 days later than in 2024. Customers pay 42 days later.

Checked score

93
Excellent
Financially stronger than 51% of medium-sized companies in electricity, gas and steam (NACE 35)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 105 companies (NACE 35, medium-sized).

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1%lowest value 01-2025: 0.1%● unchanged vs 12-2024lowest value 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.2%▲ +0.1 percentage points vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.2%● unchanged vs 06-2025 08-2025: 0.2%● unchanged vs 07-2025 09-2025: 0.2%● unchanged vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.2%● unchanged vs 04-2026 06-2026: 0.3%▲ +0.1 percentage points vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.5%▲ +0.2 percentage points vs 07-2026 09-2026: 0.7%▲ +0.2 percentage points vs 08-2026highest value 10-2026: 0.1%▼ -0.6 percentage points vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026

Financial strength
Average

44-3equity 19.1% of total assets
16+4short-term debt 78.5% · cash 7.1%
78+7return on assets 3.2%

Score breakdown

raises risk
Equity €8.7m (19.1% of total assets)
lowers risk
Founded in 2008
Size: turnover €50.7m, 110.8 FTE, total assets €45.3m
Figures for financial year 2025 (filed on 25-06-2026)
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 35, medium-sized). It does better than 44% of them on solvency, 7% on liquidity, 75% on profitability and 78% on growth.

The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 290 companies had the same profile as CORESO has now. Each dot is one company, two years later.

96.9%
were still trading
3.1%
stopped another way
0.0%
went bankrupt
  • Medium-sized
  • 10 to 20 years old
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet

That fits the bankruptcy probability of CORESO itself: 0.1% within 12 months.

Test of the method

The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 290 companies, not a prediction for CORESO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €800,000 on 30-day terms is acceptable

Liquidity is insufficient, with a current ratio of 0.37 (0.19 in 2024), below 1. Short-term debt is 78.5% and cash 7.1% of total assets. 80.9% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 2008
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Size: turnover €50.7m, 110.8 FTE, total assets €45.3m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Equity €8.7m (19.1% of total assets)
NBB · annual accounts
lowers risk · Figures for financial year 2025 (filed on 25-06-2026)
NBB · annual accounts
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-06-2026, 36 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
36 days early
2024
99 days early
2023
75 days early
2022
25 days early
2021
37 days early
2020
82 days early
2019
80 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 62 days before the deadline. In the sector (NACE 35), the median for financial year 2024 was 22 days before the deadline, and 27% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 June (4 of the last 5 accounts filed within 37 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

JV
Jan Van Roost
CEO
CD
Craig Dyke
Director
DB
Dirk Biermann
Director
EC
Emilio Cerezo Diez
Director
JM
James Matthys-Donnadieu
Director
BR
BDO Réviseurs d'Entreprises/Bedrijfsrevisoren SCRL
Auditor, Michaël Delbeke
and 8 othersand 7 other shareholdersBoard & ownership

Recent changes

Resignation: Maria José CLARA (director) Appointment: Bruno Nunes (director) · General meeting of 16-04-2026 · Gazette deed
New coo Alessio Marchesin appointed, Flavio Allella resigned · Board meeting of 20-06-2025 · Gazette deed
Registered in the Peppol Directory Reachable for e-invoices through 0208:0808569630
12 directors appointed, 1 statutory auditor appointed, 1 resignation Resignation: Rodney Doyle · Appointments: John Ging, James Matthys-Donnadieu, Walter Geelen, Craig Dyke, Olívier Arrivé, Sébastien Henry and 7 others · General meeting of 18-04-2024 · Gazette deed
All 37 events

Comparable companies

same main activity, similar in size and age
Company
CORESO Brussels €50.7m 5.5% 19.1% 110.8
YUSO Waregem €105.4m 1.1% 29.9% 32.1
BRUSSELS NETWORK OPERATIONS Brussels €142.7m 0.9% 0.1% 1,201.7
E.ON Power Plants Belgium Mechelen €33.7m 6.5% 28.1% 19
RESEAU D'ENERGIES DE WAVRE Wavre €14.7m 3.9% 73.4% 35
AXPO BENELUX Brussels €411.2m 1.3% 1.3% 6.7
Association Intercommunale d'Etudes et d'Exploitation d'Electricité et de Gaz Andenne €20.1m 13.3% 66.9% 45.8
-10%0%10%20%€5m€50m€500m€5bnCORESOEBIT margin

Grey: the largest companies of the sector (electricity, gas and steam (NACE 35)), without their names. Blue: the sector peers from the table.

These companies have the same main activity as CORESO: electricity, gas, steam and air conditioning supply (NACE 35140). They are comparable in size and age: total assets between €30m and €240m, founded between 1968 and 2015.

Official details

Source: KBO
Status
Active since 19-12-2008Normal situation
Registered office
37 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 9 November 2026.
Activity
Electricity, gas, steam and air conditioning supplyNACE 35140and 1 other
Establishment unit
2.228.496.7071000 Brussels, since 01-04-2009
Financial year end
31 December
Peppol
Reachable since 15-04-2025
Company details

Annual accounts 2025

€50.7m▲ 27.7%
€1.5m▲ 21.8%
€8.7m▲ 20.3%
€45.3m▲ 37.3%
Employeeson 31-12-2025
119▲ 8.2%
Filing
Filed on 25-06-2026, 36 days before the end of the filing period
Financials

Insights on CORESO

CORESO has existed since 2008. Turnover grew from €3.3m in 2009 to €50.7m in 2025 and staff from 10.1 to 110.8 full-time equivalents.

Turnover has grown every year since 2010.

In 2022, four directors stepped down.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

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

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 Trend20252024202320222021202020192018201720162015201420132012201120102009
Balance sheet: assets
20/58 45.3m33.0m22.1m13.3m12.7m13.4m11.6m8.4m5.6m4.6m4.1m3.7m3.6m2.5m2.8m2.8m2.4m
20 000---------6,51925,51044,50063,49182,481
21/28 32.2m28.2m17.5m10.1m8.2m9.0m7.9m5.4m3.1m2.2m1.9m1.3m1.7m1.4m1.8m1.9m1.7m
21 31.0m27.4m16.3m8.5m6.0m6.4m5.4m3.2m1.5m320,32130,67429,92221,91860,03794,163130,816164,511
22/27 1.2m869,7781.2m1.6m2.2m2.6m2.5m2.3m1.6m1.9m1.9m1.3m1.6m1.3m1.6m1.7m1.4m
24 422,888253,771422,850687,8001.1m1.6m1.6m1.9m1.2m1.6m1.0m742,9881.1m1.1m1.3m1.4m1.1m
26 775,999616,007763,894911,7821.0m999,259954,206366,390371,172299,699407,049521,109530,552246,514272,180305,127323,912
27 000-------425,150------
28 3,600----------------
284/8 3,600----------------
285/8 3,600----------------
29/58 13.1m4.8m4.6m3.2m4.5m4.4m3.6m3.0m2.5m2.3m2.2m2.4m1.9m1.1m1.0m842,137749,311
40/41 9.4m3.5m1.2m1.9m2.8m3.0m3.1m2.7m1.2m1.4m774,435728,064873,445808,813497,549628,302328,297
40 8.9m2.3m506,951789,1241.9m2.1m2.6m2.2m788,6891.1m570,414379,182586,093593,591448,863422,154251,059
41 502,7001.1m680,7821.1m897,132985,878516,313478,267418,437275,974204,021348,882287,352215,22148,686206,14877,238
54/58 3.2m1.0m3.2m1.1m1.4m1.2m328,078207,1931.2m860,1471.3m1.5m860,394172,922502,997136,811395,354
490/1 491,094257,049252,333232,053360,087213,016195,75391,473117,44340,642119,640177,311171,909125,30932,17777,02425,660
Balance sheet: equity and liabilities
10/49 45.3m33.0m22.1m13.3m12.7m13.4m11.6m8.4m5.6m4.6m4.1m3.7m3.6m2.5m2.8m2.8m2.4m
10/15 8.7m7.2m6.0m5.3m4.5m3.7m3.2m2.8m2.4m2.2m2.0m1.8m1.6m1.4m1.3m1.3m1.1m
10/11 1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m
10 1.0m1.0m1.0m1.0m1.0m------------
100 1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m
13 100,000100,000100,000100,000100,000100,000100,00088,12670,89858,60948,12437,20526,50318,41214,17010,5234,976
130/1 100,000100,000100,000100,000100,000100,000-----------
130 100,000100,000100,000100,000100,000100,000100,00088,12670,89858,60948,12437,20526,50318,41214,17010,5234,976
14 7.6m6.1m4.9m4.2m3.4m2.6m2.1m1.7m1.3m1.1m914,363706,894503,563349,828269,226199,93494,528
15 -----------12,60926,36440,11953,87467,629-
16 777,000----------------
160/5 777,000----------------
164/5 777,000----------------
17/49 35.9m25.8m16.1m8.0m8.2m9.7m8.4m5.6m3.2m2.4m2.2m1.9m2.0m1.1m1.4m1.5m1.3m
42/48 35.6m25.5m16.1m7.9m7.9m9.4m8.1m5.5m3.1m2.3m2.1m1.8m1.7m1.1m1.4m1.4m1.3m
42 ------------300,000300,000600,000975,000750,000
43 21.0m13.0m3.6m3.6m3.4m3.2m3.0m1.6m-100,000-------
430/8 21.0m13.0m3.6m3.6m3.4m3.2m3.0m1.6m---------
439 ---------100,000-------
44 10.8m9.0m9.8m2.3m2.8m4.7m3.6m2.9m2.2m1.5m1.5m1.2m883,684361,036465,493170,233355,592
440/4 10.8m9.0m9.8m2.3m2.8m4.7m3.6m2.9m2.2m1.5m1.5m1.2m883,684361,036465,493170,233355,592
45 3.8m3.5m2.7m2.0m1.8m1.6m1.5m991,472899,446723,352649,860517,029488,714411,441334,980266,249211,741
450/3 521,386333,417482,110--67,27376,98169,19659,95535,63917,0169,54019,268-3,6956268,667
454/9 3.3m3.2m2.2m2.0m1.8m1.5m1.4m922,276839,490687,714632,844507,489469,446411,441331,284265,622203,074
492/3 309,696312,68629,345118,131273,519272,017272,484130,47248,90644,69736,525186,525352,32746,06345,06972,5741,096
Income statement
70/76A 53.1m42.4m32.6m28.3m25.7m20.1m17.7m13.7m10.5m9.2m8.4m7.8m6.2m5.3m4.8m3.5m3.5m
70 50.7m39.7m30.5m26.4m24.6m19.4m17.3m12.9m10.0m8.9m7.1m6.6m5.5m4.8m4.3m2.9m3.3m
72 2.3m1.5m1.6m980,516-------------
74 98,2641.1m538,215968,2791.2m------------
76A 506----------------
60/66A 50.3m40.1m31.0m27.0m24.6m19.2m16.8m13.1m10.0m8.8m8.0m7.5m5.9m5.2m4.7m3.2m3.3m
60 --0--------------
600/8 --0--------------
61 22.7m21.6m16.5m13.0m11.1m7.4m6.8m6.1m4.8m4.4m3.9m3.8m2.8m2.4m2.2m1.3m2.1m
62 15.8m15.2m11.4m10.7m9.4m8.4m7.8m5.6m4.3m3.8m3.4m3.0m2.6m2.3m2.0m1.6m1.1m
630 6.0m2.2m3.0m3.4m4.0m3.3m2.3m1.4m895,765632,266575,901664,092531,596488,171440,346357,238151,250
635/8 245,000----------------
640/8 94,4661,04953----525--57,133898989898989
66A 5.5m1.1m---------------
9901 2.8m2.3m1.6m1.3m1.2m924,939824,443612,329474,039428,984375,422370,317290,114166,380143,850212,730180,577
75/76B 4,9161,6453,51530519536721263420,96817,67415,37114,60017,7612,9182,064
75 4,9161,6453,51530519536721263420,96817,67415,37114,60017,7612,9182,064
750 1----------------
751 --------101302,2517926828454,0061,7722,064
752/9 4,9151,6453,5153051953672150418,71716,88314,68913,75513,7551,146-
65/66B 609,971385,498185,66843,18737,61437,40432,1349,5464,0099973,2768,0118,0009,51127,19115,7973,825
65 609,971385,498185,66843,18737,61437,40432,1349,5464,0099973,2768,0118,0009,51127,19115,7973,825
650 600,817381,724---------------
652/9 9,1553,774185,66843,18737,61437,40432,1349,5464,0099973,2768,0118,0009,51127,19115,7973,825
9903 2.2m1.9m1.5m1.3m1.1m887,631792,312603,455470,041428,621393,114379,981297,485171,469134,421199,851178,816
67/77 697,662688,960729,953450,627403,664341,589361,906258,892224,270218,922174,726165,947135,65986,62561,48188,89879,312
670/3 774,084724,064729,953458,720407,805359,479361,906258,892232,533218,922174,726169,800137,98886,62561,48189,48179,312
77 76,42135,104-8,0934,14117,890--8,263--3,8532,329--583-
9904 1.5m1.2m722,909805,757728,426546,042430,406344,563245,771209,700218,388214,033161,82684,84472,940110,95399,504
9905 1.5m1.2m722,909805,757728,426546,042430,406344,563245,771209,700218,388214,033161,82684,84472,940110,95399,504
Appropriation of the result
9906 7.6m6.1m4.9m4.2m3.4m2.6m2.1m1.7m1.4m1.1m925,282717,596511,654354,070272,873205,48199,504
14P 6.1m4.9m4.2m3.4m2.6m------------
691/2 ------11,87417,22812,28910,48510,91910,7028,0914,2423,6475,5484,976
6920 ------11,87417,22812,28910,48510,91910,7028,0914,2423,6475,5484,976
Social balance sheet
9087 110.8102.686.881.875.671.363.244.735.33328.22622.420.717.514.410.1
Men (FTE)1003 78.973.763.362.358.657.251.94032.8----20.5---
Women (FTE)1003 31.928.923.519.51714.111.34.72.5----0.2---
Hours worked1013 166,612161,484138,094130,833124,427118,742106,59874,32858,43655,39447,01944,04937,31034,35229,44224,10716,916
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

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
Line Trend20252024202320222021202020192018201720162015201420132012201120102009
8.7m4.5m4.7m4.7m5.2m4.3m3.1m2.0m1.4m1.1m951,3241.0m821,711654,551584,197569,968331,827
7.4m3.4m3.8m4.2m4.8m3.9m2.7m1.8m1.1m841,966794,290878,125693,422573,015513,286468,191250,754
14.9m14.1m10.4m5.2m3.2m4.4m4.8m3.7m1.7m984,1201.2m282,704787,148157,938270,431608,6191.7m
2.2m-2.2m2.1m-271,209183,683838,946120,884-999,825346,872-486,090-152,985638,828687,473-330,075366,186-258,543-
-22.5m-20.7m-11.4m-4.7m-3.5m-5.0m-4.5m-2.5m-616,261-25,437108,545649,215233,35134,567-367,749-569,344-568,022
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%
0.370.190.290.400.560.470.450.540.800.991.051.371.141.030.740.600.57
4.143.582.691.521.842.592.632.031.321.101.101.111.300.791.081.161.20
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%
14.5211.7925.21over 100over 100------------
64 days22 days6 days11 days28 days39 days55 days62 days29 days47 days29 days21 days39 days46 days38 days54 days28 days
173 days152 days216 days64 days92 days228 days194 days172 days171 days126 days137 days120 days115 days55 days78 days48 days63 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 activity20242025
OSA€32,356,552€37,801,685
SLA€7,369,177€12,916,601
Total€39,725,729€50,718,286

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-202231-12-2021
Employees at the balance-sheet date119110938782
full-time117108908681
part-time22311
in full-time equivalents118.4109.592.386.881.8
110.8102.686.881.875.6
On a permanent contract119109918682
Joined2328242621
Left1311182111
Training hours8,22811,9235,9415,3565,376

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

Overdue debts

tax and social security
Item20252024202320222021
Overdue tax debts€521,386€0---

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

Investments

fixed assets acquired
Item20252024202320222021
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
Item20252024202320222021
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.

Board & ownership

Board

12 directors, 1 in day-to-day management, 1 auditor, last change in May 2026
Craig Dyke
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Dirk Biermann
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Emilio Cerezo Diez
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
James Matthys-Donnadieu
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
John Ging
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Maria Antonietta Sidoni
Director
since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Mauro Caprabianca
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Olívier Arrivé
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Sébastien Henry
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Tomas Dominguez Autran
Director
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Walter Geelen
Director
since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Bruno Nunes
Director
since 27-01-2026 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Show all 15 office holders
Jan Van Roost
CEO
appointed by deed of 09-11-2022
BDO Réviseurs d'Entreprises/Bedrijfsrevisoren SCRL
Statutory auditor, permanent representative Michaël Delbeke
current term since 18-04-2024 term until 15-04-2027
listed in the 2025 annual accounts, filed on 25-06-2026
Alessio Marchesin
Coo
appointed by deed of 14-11-2025 term without a fixed end
Jan Van Roost

Office holders in the KBO →

Mandates through the years

33 names, the dashed line is today
Show
Mauro Caprabianca
Director
Dirk Biermann
Director
Emilio Cerezo Diez
Director
Olívier Arrivé
Director
Tomas Dominguez Autran
Director
Sébastien Henry
Director
Craig Dyke
Director
James Matthys-Donnadieu
Director
John Ging
Director
Maria Antonietta Sidoni
Director
Walter Geelen
Director
Bruno Nunes
Director
Jan Van Roost
CEO
BDO Réviseurs d'Entreprises/Bedrijfsrevisoren SCRL
Statutory auditor
Alessio Marchesin
Coo
Maria Jose Meneres Duarte Pacheco Clara
Director
Flavio Allella
Coo
Rodney Doyle
Director
Tomas Dominguez Autrar
Director
Frédéric Dunon
Director
Isabelle Haigh
Director
Pascale Fonck
Board
RTE Réseau de Transport d'Electricité
Director
Fintan Slye
Director
RTE
Director
Enrico Carlini
Director
Ernst & Young Réviseurs d'Entreprises SRL
Statutory auditor
Patrick De Leener
Director
Duncan Burt
Director
Francesco Zanuzzi
Director
Robert McCormick
Director
Roisy Quinn
Director
Enrico Maria Carlini
Director
LeadershipBoardOther functionEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
  • Mauro Caprabianca
    • Director, appointed by deed of 01-12-2020, still in office
  • Dirk Biermann
    • Director, appointed by deed of 07-06-2021, still in office
  • Emilio Cerezo Diez
    • Director, appointed by deed of 07-06-2021, still in office
  • Olívier Arrivé
    • Director, appointed by deed of 07-06-2021, still in office
  • Tomas Dominguez Autran
    • Director, appointed by deed of 07-06-2021, still in office
  • Sébastien Henry
    • Director, appointed by deed of 24-01-2022, still in office
  • Craig Dyke
    • Director, from 21-10-2022 to date
  • James Matthys-Donnadieu
    • Director, from 09-12-2022 to date
  • John Ging
    • Director, appointed by deed of 08-07-2024, still in office
  • Maria Antonietta Sidoni
    • Director, from 18-04-2024 to date
  • Walter Geelen
    • Director, from 18-04-2024 to date
  • Bruno Nunes
    • Director, since before 31-12-2025
  • Jan Van Roost
    • CEO, appointed by deed of 09-11-2022, still in office
  • BDO Réviseurs d'Entreprises/Bedrijfsrevisoren SCRL
    • Statutory auditor, appointed by deed of 07-06-2021, still in office
  • Alessio Marchesin
    • Coo, appointed by deed of 14-11-2025, still in office
  • Maria Jose Meneres Duarte Pacheco Clara
    • Director, appointed by deed of 07-06-2021, until 27-01-2026
  • Flavio Allella
    • Coo, appointed by deed of 09-11-2022, until 31-07-2025
  • Rodney Doyle
    • Director, appointed by deed of 01-12-2020, until 08-07-2024
  • Tomas Dominguez Autrar
    • Director, appointed by deed of 08-07-2024, no longer listed in the 2025 annual accounts
  • Frédéric Dunon
    • Director, from 28-01-2022 to 16-10-2023
  • Isabelle Haigh
    • Director, appointed by deed of 07-06-2021, until 16-10-2023
  • Pascale Fonck
    • Director, appointed by deed of 07-06-2021, until 28-02-2022
    • Board, until 08-07-2022
  • RTE Réseau de Transport d'Electricité
    • Director, appointed by deed of 07-06-2021, until 08-07-2022
  • Fintan Slye
    • Director, appointed by deed of 07-06-2021, until 07-04-2022
  • RTE
    • Director, from 21-10-2021 to 24-01-2022
  • Enrico Carlini
    • Director, appointed by deed of 07-06-2021, no longer listed in the 2025 annual accounts
  • Ernst & Young Réviseurs d'Entreprises SRL
    • Statutory auditor, appointed by deed of 07-06-2021, no longer listed in the 2025 annual accounts
  • Patrick De Leener
    • Director, appointed by deed of 07-06-2021, no longer listed in the 2025 annual accounts
  • Duncan Burt
    • Director, until 01-12-2020
  • Francesco Zanuzzi
    • Director, until 01-12-2020
  • Robert McCormick
    • Director, until 01-12-2020
  • Roisy Quinn
    • Director, appointed by deed of 01-12-2020, no longer listed in the 2025 annual accounts
  • Enrico Maria Carlini
    • Director, appointed by deed of 23-05-2019, no longer listed in the 2025 annual accounts

See the board, name and registered office on a given date →

Control

Consolidating parent
Elia System Operator SA
Equity €5.05bn
Profit €174.9m in 2025 (profit €141.9m in 2024)
consolidates
This company
CORESO
Equity €8.7m
Profit €1.5m in 2025

and 9 other shareholders

Capital

Capital
€1,000,000
Shares
15,210 in the 2025 annual accounts
Contribution per share
€65.75
Equity per share
€570 in 2025
Source
deed of 07-04-2022

Owners through the years

as the annual accounts name them
Elia Transmission Belgium
15.84%
15.84%
National Energy System Operator Limited GB
15.84%
Red Electrica de Espana SAU ES
15.84%
15.84%
RTE (Réseau de Transport d'Electricité) SA FR
15.84%
15.84%
Terna SPA IT
15.84%
15.84%
50Hertz Transmission GmbH DE
7.9%
7.9%
REN - Rede Electrica Nacional SA PT
7.9%
7.9%
EirGrid PLC IE
3.74%
3.74%
System Operation Northern Ireland Ltd GB
1.26%
1.26%
National Grid Interconnectors Ltd GB
15.84% until 2023
Elia Group
22.5%22.49%
15.84% until 2018
Owners as a list

Source: shareholder structure in its own accounts, lists of holdings in the owners' accounts

Articles of association

deed of 07-04-2022 (in French)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At most 14 directors
Term of at most 6 years
Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
“Article 10 - Cession d'Actions, terme cession ou Transfert article 10.1 même signification que Cession ou Transfert article 10.2”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Thursday of April

Shareholders

10 owners

Owners 10

Network & group

Parent

Elia System Operator SA
0476.388.378 · equity €5.05bn · profit €174.9m (2025)

At the same address

Kortenberglaan 71, 1000 Brussels · 36 other companies
Plastics Europe
establishment since 01-01-2019 · founded in 1976
 40 FTE (2025)
0416.155.338
VINYLPLUS
registered office since 16-12-2002 · founded in 2002 · accounts filed late
 total assets €5.4m (2024)
0479.082.901
THE EUROPEAN ROMA RIGHTS CENTRE
registered office since 01-01-2019 · founded in 2018
 3.1 FTE (2025)
0711.825.194
Recovinyl
registered office since 28-12-2005 · founded in 2005
 total assets €2.1m (2025)
0878.206.425
OPEN SOCIETY EUROPEAN POLICY INSTITUTE
registered office since 12-12-2008 · founded in 2004
 2.5 FTE (2025)
0865.155.569
POLYMER COMPLY EUROPE
registered office since 17-11-2004 · founded in 2004
 7.3 FTE (2025)
0870.028.236
European Organisation for Technical Assessment- (Organisation européenne pour l'Évaluation Technique)
registered office since 01-03-1967 · founded in 1993
 4 FTE (2025)
0449.719.714
ECVM 2010
registered office since 06-06-2002 · founded in 2002
 total assets €957,388 (2025)
0479.437.049
THE EUROPEAN PLASTICS PIPES AND FITTINGS ASSOCIATION
registered office since 01-10-2010 · founded in 1992
 1.9 FTE (2025)
0448.654.791
Dario Dainelli – Policy & regulatory affairs SPRL
registered office since 19-04-2018 · founded in 2018
 total assets €535,334 (2025)
0694.916.314
and 26 more

Connections & network

12 current directors
Depth

The network starts from the directors of CORESO. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.

Timeline

Timeline

37 events since 2008

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 36 days before the deadline
Resignation: Maria José CLARA (director)Appointment: Bruno Nunes (director) · General meeting of 16-04-20263 points ▸
  • General meeting, 16-04-2026
  • Director resignation, Maria José CLARA
  • Director appointment, Bruno Nunes

Open the deed in the Belgian Official Gazette

2025
Highest result from 2009 to 2025 net €1.5m ▲21.8% The operating result of €2.8m and the net result of €1.5m are both a record.
New cooAlessio Marchesin appointed, Flavio Allella resigned · Board meeting of 20-06-20253 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2024 filed PDFfull format · 99 days before the deadline
Registered in the Peppol Directory Reachable for e-invoices through 0208:0808569630
2024
12 directors appointed, 1 statutory auditor appointed, 1 resignationResignation: Rodney Doyle · Appointments: John Ging, James Matthys-Donnadieu, Walter Geelen, Craig Dyke, Olívier Arrivé, Sébastien Henry and 7 others · General meeting of 18-04-202416 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFfull format · 75 days before the deadline
2023
2 directors appointed, 2 resignationsResignations: Isabelle Haigh and Frédéric Dunon · Appointments: Craig Dyke and James Matthys-Donnadieu · General meeting of 20-04-20235 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFfull format · 25 days before the deadline
2022
Equity above €5m equity €5.3m ▲18% With a profit in every financial year since 2009, equity grows to €5.3m.
Appointments: Jan Van Roost (CEO) and Flavio Allella (coo)Board meeting of 21-04-20223 points ▸

Open the deed in the Belgian Official Gazette

2 directors appointed, 2 resignationsResignations: RTE Réseau de Transport d'Electricité and Pascale Fonck · Appointments: Sébastien Henry and Frédéric Dunon · General meeting of 21-04-20225 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2021 filed PDFfull format · 37 days before the deadline
Resignation: Fintan Slye (director)“améliorer la sécurité de l'approvisionnement en électricité” (deed in French) · General meeting of 29-03-202216 points ▸

Open the deed in the Belgian Official Gazette

Resignation: Pascale Fonck (director)Appointment: Frédéric Dunon (director) · Board meeting of 28-01-20223 points ▸

Open the deed in the Belgian Official Gazette

1 director appointed, 1 resignationResignation: RTE · Permanent representative: Sebastien Henry · Appointment: Sebastien Henry · Board meeting of 21-10-20214 points ▸

Open the deed in the Belgian Official Gazette

2021
13 directors appointed, 1 statutory auditor appointed, 1 reappointmentAppointments: Isabelle Haigh, Pascale Fonck, Patrick De Leener, Fintan Slye, Olivier Arrivé, RTE Réseau de Transport d'Electricité and 8 others · Permanent representative: Sebastien Henry · Reappointment: Ernst & Young SRL Réviseurs d'Entreprises (statutory auditor) · Board meeting of 15-04-202118 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2020 filed PDFfull format · 82 days before the deadline
2020
3 directors appointed, 3 resignationsResignations: Francesco Zanuzzi, Duncan Burt and Robert McCormick · Appointments: Mauro Caprabianca, Roisy Quinn and Rodney Doyle · General meeting of 16-04-20207 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2019 filed PDFfull format · 80 days before the deadline
2019
Appointment: Enrico Maria Carlini (director)General meeting of 11-04-20192 points ▸

Open the deed in the Belgian Official Gazette

Purpose change“Sans préjudice des missions déléguées exclusivement à chacun des actionnaires en leur qualité de Gestionnaire…” (deed in French) · General meeting of 03-05-20192 points ▸
  • General meeting, 03-05-2019
  • Purpose change, “Sans préjudice des missions déléguées exclusivement à chacun des actionnaires en leur qualité de Gestionnaire de Réseau de Transport (Ci-après, 'GRT'), par leur…” (deed in French)
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2018 filed PDFfull format · 70 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 78 days before the deadline
2017
Annual accounts 2016 filed PDFfull format · 53 days before the deadline
2016
Equity above €2m equity €2.2m ▲10.7% With a profit in every financial year since 2009, equity grows to €2.2m.
Annual accounts 2015 filed PDFfull format · 72 days before the deadline
2015
Annual accounts 2014 filed PDFfull format · 57 days before the deadline
2014
Annual accounts 2013 filed PDFfull format · 65 days before the deadline
2013
Annual accounts 2012 filed PDFfull format · 63 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 76 days before the deadline
2011
Weakest financial year net €72,940 ▼34.3% The net result drops to €72,940, the lowest from 2009 to 2025. It recovers the following year.
Annual accounts 2010 filed PDFfull format · 72 days before the deadline
2010
Annual accounts 2009 filed PDFfull format · 86 days before the deadline
2009
First establishment Kortenberglaan 71, Brussels
2008
Incorporation PDFpublished on 31-12-2008

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

CORESO was incorporated on 19 December 2008.1 Turnover grew from €12.9m in 2018 to €50.7m in 2025 and headcount from 44.7 to 111 full-time equivalents.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0808.569.630
VAT number
BE 0808.569.630
Peppol ID
0208:0808569630
Other Peppol ID
9925:BE0808569630
LEI code
5493002UA6CXHCPKWG87 live in the LEI register
Legal form
Public limited company
Status
Active, normal situation
Founded
19-12-2008
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Thursday of April
deed of 07-04-2022 (in French)
Peppol
Reachable since 15-04-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
CORESO in French
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 07-04-2022 (in French)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région de Bruxelles-Capitale”
deed of 07-04-2022 (in French)

Activities

NACEBEL 2025
VAT activities
35140 Electricity, gas, steam and air conditioning supply main activity
52210 Service activities incidental to land transportation
Social security (RSZ) activities
35140 Electricity, gas, steam and air conditioning supply main activity
Codes under NACEBEL 2008
VAT activities
52210 Service activities incidental to land transportation main activity
Social security (RSZ) activities
35130 Electricity, gas, steam and air conditioning supply main activity

Registered office and establishments

1 establishment
Establishment Since Unit number
Kortenberglaan 71 registered office 1000 Brussels 01-04-2009 2.228.496.707

Buildings and parcels at the address

Ground area
1,359 m²
Buildings
1,171 m²
Volume, LiDAR
21,836 m³
Tallest building
31.9 m
Buildings to scale, each on its own parcel
1,171 m², 31.9 m 1,171 m², 31.9 m

Location

registered office establishment The establishment unit on the map
37 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
21806F0321/00H0021,359 m² 1 · 1,171 m² 31.9 m · 8

Contact

E-mail finance@coreso.eu establishment in Brussel

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