CORICA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 21 filings
Turnover
≈ €2.0m
Estimated: probably between €1.2m and €3.4m
EBIT margin
Not included in this filing
Net result
€83,202▲ 52.2%
2024 · €54,680
Working capital
€167,439▼ 3.9%
2024 · €174,324
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€132,411
▲ 30.2%
2025
20182025
Net result
€83,202
▲ 52.2%
2025
middle half of the sector
20182025
Equity
€421,905
▲ 11.4%
2025
middle half of the sector
20182025
Total assets
€1.1m
▲ 10.5%
2025
middle half of the sector
20182025
Debt
€668,297
▲ 19.5%
2025
20182025
Working capital
€167,439
▼ 3.9%
2025
middle half of the sector
20182025
Solvency
38.7%
▲ 0.3pp
2025
middle half of the sector
20182025
Current ratio
1.38
▼ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
7.6%
▲ 2.1pp
2025
middle half of the sector
20182025
Staff (FTE)
11
▲ 22.2%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.06m▲ 67.4%€0.03m▼ 45.7%€0.06m▲ 57.7%€0.2m▲ 240%€0.09m▼ 51.3%€0.1m▲ 11.4%€0.1m▲ 30.2%
Net result€0.02m-€0.04m▲ 54.8%€0.04mwithin the sector's middle half▲ 0.2%€0.03mwithin the sector's middle half▼ 18.2%€0.1mwithin the sector's middle half▲ 370%€0.05mwithin the sector's middle half▼ 67.8%€0.05mwithin the sector's middle half▲ 17.4%€0.08mwithin the sector's middle half▲ 52.2%
Equity€0.1m-€0.1m▲ 39.1%€0.1mbelow the sector's middle half▲ 6.7%€0.2mbelow the sector's middle half▲ 21.6%€0.3mwithin the sector's middle half▲ 83.4%€0.4mwithin the sector's middle half▲ 14.7%€0.4mwithin the sector's middle half▲ 4.0%€0.4mwithin the sector's middle half▲ 11.4%
Total assets€0.4m-€0.4m▲ 3.2%€0.4mbelow the sector's middle half▼ 13.6%€0.5mbelow the sector's middle half▲ 36.7%€0.7mbelow the sector's middle half▲ 38.0%€0.9mbelow the sector's middle half▲ 26.5%€1.0mwithin the sector's middle half▲ 6.5%€1.1mwithin the sector's middle half▲ 10.5%
Debt€0.3m-€0.3m▼ 6.9%€0.2m▼ 22.2%€0.4m▲ 45.5%€0.4m▲ 16.1%€0.6m▲ 35.6%€0.6m▼ 0.7%€0.7m▲ 19.5%
Working capital€0.03m-€0.06m▲ 105%€0.09mwithin the sector's middle half▲ 54.5%€0.09mwithin the sector's middle half▲ 9.3%€0.2mwithin the sector's middle half▲ 102%€0.2mwithin the sector's middle half▲ 9.6%€0.2mwithin the sector's middle half▼ 15.8%€0.2mwithin the sector's middle half▼ 3.9%
Solvency22.0%-29.7%▲ 7.7pp36.7%within the sector's middle half▲ 7.0pp32.6%within the sector's middle half▼ 4.1pp43.3%within the sector's middle half▲ 10.7pp39.3%within the sector's middle half▼ 4.1pp38.4%within the sector's middle half▼ 0.9pp38.7%within the sector's middle half▲ 0.3pp
Current ratio1.12-1.24▲ 0.121.48within the sector's middle half▲ 0.241.37within the sector's middle half▼ 0.111.73within the sector's middle half▲ 0.361.65within the sector's middle half▼ 0.081.41within the sector's middle half▼ 0.241.38within the sector's middle half▼ 0.03
Return on assets (ROA)5.6%-8.3%▲ 2.8pp9.7%above the sector's middle half▲ 1.3pp5.8%within the sector's middle half▼ 3.9pp19.7%above the sector's middle half▲ 13.9pp5.0%within the sector's middle half▼ 14.7pp5.5%within the sector's middle half▲ 0.5pp7.6%within the sector's middle half▲ 2.1pp
Staff (FTE)8-8=7.2below the sector's middle half▼ 10.0%7.8below the sector's middle half▲ 8.3%8below the sector's middle half▲ 2.6%8.5below the sector's middle half▲ 6.3%9within the sector's middle half▲ 5.9%11within the sector's middle half▲ 22.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 30% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Staff figure correction
- 2023 The accounts state 431,232.3 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure shown is 8.5 FTE (source: social balance report).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€485,478 ▲ 25.0%
Current assets
€604,723 ▲ 1.0%
Equity and liabilities €1.1m
Equity
€421,905 ▲ 11.4%
Provisions
€0 ▼ 100%
Debt
€668,297 ▲ 19.5%
Debt's share of the balance-sheet total rises from 56.7% to 61.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€272,182▲
2024 · €175,922
Cash flow
€222,973▲
2024 · €128,914
Quick ratio
0.50▼
2024 · 0.68
Debt to equity
1.58▲
2024 · 1.48
ROE
19.7%▲
2024 · 14.4%
Interest coverage
7.44▲
2024 · 7.37
Debt ≤ 1 year
€437,284▲
2024 · €424,250
Debt > 1 year
€231,013▲
2024 · €135,095
Income taxes
€38,500▲
2024 · €23,173
Staff costs
€603,568▲
2024 · €442,959
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 8 | 10 | 9 | 15 |
| full-time | 9 | 8 | 10 | 9 | 14 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 9 | 8 | 10 | 9 | 14.8 |
| Average over the year, in full-time equivalents | 7.8 | 8 | 8.5 | 9 | 11 |
| On a permanent contract | 5 | 4 | 4 | 6 | 7 |
| Joined | 8 | 8 | 8 | 3 | 10 |
| Left | 6 | 9 | 6 | 4 | 4 |
| Training hours | - | - | 489 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €98,161 | €154,994 | €183,388 | €160,950 | €159,969 |
| Intangible fixed assets | - | €8,385 | €2,115 | - | €64,807 |
| Financial fixed assets | €5,600 | - | - | - | €12,000 |
| Depreciation and write-downs of the year | €41,199 | €44,820 | €68,368 | €74,233 | €139,771 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €368,129 | €380,155 | €431,232 | €442,959 | €603,568 | ▲ 36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,846 | €42,794 | €37,578 | €41,199 | €44,820 | €68,368 | €74,233 | €139,771 | ▲ 88.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €365 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €49,000 | -€38,987 | - |
| Other operating charges640/8 | - | - | - | €12,065 | €4,825 | €13,351 | €14,293 | €20,454 | ▲ 43.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €18,651 | - | - |
| Gross operating margin9900 | €396,212 | €427,618 | €354,394 | €476,484 | €617,177 | €604,252 | €701,191 | €857,216 | ▲ 22.3% |
| Operating profit (loss)9901 | €38,454 | €64,369 | €34,937 | €55,091 | €187,378 | €91,300 | €101,689 | €132,411 | ▲ 30.2% |
| Financial income75/76B | - | - | - | €843 | €8,008 | €167 | €39 | €25,855 | ▲ 656× |
| Recurring financial income75 | €3,084 | €2,802 | €12,197 | €843 | €6,008 | €167 | €39 | €407 | ▲ 934% |
| Non-recurring financial income76B | - | - | - | - | €2,000 | - | - | €25,447 | - |
| Financial charges65/66B | - | - | - | €14,572 | €17,849 | €44,908 | €23,875 | €36,563 | ▲ 53.1% |
| Recurring financial charges65 | €9,690 | €13,467 | €10,150 | €14,572 | €17,849 | €20,613 | €23,875 | €36,563 | ▲ 53.1% |
| Non-recurring financial charges66B | - | - | - | - | - | €24,295 | - | - | - |
| Profit (loss) for the period before taxes9903 | €31,848 | €53,704 | €45,984 | €41,362 | €177,537 | €46,559 | €77,854 | €121,702 | ▲ 56.3% |
| Income taxes67/77 | €7,623 | €16,208 | €8,422 | €10,624 | €33,135 | - | €23,173 | €38,500 | ▲ 66.1% |
| Profit (loss) for the period9904 | €24,225 | €37,496 | €37,562 | €30,738 | €144,402 | €46,559 | €54,680 | €83,202 | ▲ 52.2% |
| Profit (loss) for the period to be appropriated9905 | €24,225 | €37,496 | €37,562 | €30,738 | €144,402 | €46,559 | €54,680 | €83,202 | ▲ 52.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | €0.9m | €1.0m | €1.1m | ▲ 10.5% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 25.0% |
| Intangible fixed assets21 | €0.02m | €0.02m | €0.01m | €0.01m | €0.008m | €0.009m | €0.008m | €0.06m | ▲ 622% |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 9.1% |
| Land and buildings22 | - | - | - | €0.006m | €0.004m | €0.001m | €170 | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 21.9% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.04m | €0.05m | €0.06m | €0.05m | ▼ 14.7% |
| Leasing and similar rights25 | - | - | - | - | - | €0.1m | €0.02m | €0.02m | = |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.06m | €0.06m | €0.05m | €0.03m | ▼ 27.7% |
| Financial fixed assets28 | €0.003m | €0.004m | €0.002m | €0.006m | €0.006m | €0.006m | €0.006m | €0.02m | ▲ 211% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 1.0% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 24.5% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 24.5% |
| Amounts receivable within one year40/41 | €0.06m | €0.06m | €0.04m | €0.07m | €0.09m | €0.1m | €0.1m | €0.2m | ▲ 58.3% |
| Trade receivables40 | - | - | - | €0.02m | €0.05m | €0.04m | €0.06m | €0.1m | ▲ 65.5% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.04m | €0.06m | €0.04m | €0.06m | ▲ 47.1% |
| Current investments50/53 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Cash at bank and in hand54/58 | €0.05m | €0.08m | €0.08m | €0.06m | €0.1m | €0.09m | €0.2m | €0.02m | ▼ 88.4% |
| Deferred charges and accrued income490/1 | - | - | - | €66 | €0.008m | €0.009m | - | €0.01m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | €0.9m | €1.0m | €1.1m | ▲ 10.5% |
| Equity10/15 | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 11.4% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 12.1% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.05m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.05m | - | - |
| Taxes161 | - | - | - | - | - | - | €0.05m | - | - |
| Amounts payable17/49 | €0.3m | €0.3m | €0.2m | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | ▲ 19.5% |
| Amounts payable after more than one year17 | €0.1m | €0.08m | €0.07m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 71.0% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 71.0% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 3.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.07m | €0.07m | €0.1m | €0.2m | ▲ 51.6% |
| Trade debts44 | €0.09m | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 28.9% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 28.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.08m | €0.07m | €0.08m | ▲ 23.3% |
| Taxes450/3 | - | - | - | €152 | - | €0.004m | €0.009m | €0.03m | ▲ 202% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0.07m | €0.06m | €0.06m | ▼ 4.0% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | €0.02m | €0.04m | €0.04m | ▼ 2.4% |
| Accrued charges and deferred income492/3 | - | - | - | €63 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,225 | €37,496 | €37,562 | €30,738 | €144,402 | €46,559 | €54,680 | €83,202 | ▲ 52.2% |
| + Depreciation and write-downs630 | €48,846 | €42,794 | €37,578 | €41,199 | €44,820 | €68,368 | €74,233 | €139,771 | ▲ 88.3% |
| Operating cash flow (approximation) | €73,071 | €80,290 | €75,140 | €71,938 | €189,222 | €114,927 | €128,914 | €222,973 | ▲ 73.0% |
| Investment in fixed assets (approximation) | - | -€20,300 | -€2,872 | -€101,497 | -€145,046 | -€185,503 | -€60,041 | -€236,776 | ▼ 294% |
| Change in cash | - | €30,788 | €4,740 | -€16,376 | €33,424 | -€4,126 | €65,776 | -€140,897 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 20,136 companies had the same profile as CORICA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of CORICA itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 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.
| 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 20,136 companies, not a prediction for CORICA. 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.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00231801 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00149194 | |
| 31-12-2023 | full format | 11-06-2024 | 2024-00125370 | |
| 31-12-2022 | full format | 03-08-2023 | 2023-00310621 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20258977 | |
| 31-12-2020 | full format | 11-10-2021 | 2021-71900523 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-73500084 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-63100416 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41900570 | |
| 31-12-2016 | micro format | 30-09-2017 | 2017-66600257 |