CORMA
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 29-10-2026 at the NBB all 14 filings
Turnover
≈ €340,000
Estimated: probably between €270,000 and €440,000
Total assets
€358,100▲ 18.6%
2025 · €302,027
Net result
-€27,436▲ 50.4%
2025 · -€55,363
Working capital
€3,655
2025 · -€152,945
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€7,282
▲ 82.3%
2026
20192026
Net result
-€27,436
▲ 50.4%
2026
20192026
Equity
-€67,839
▼ 67.9%
2026
20192026
Total assets
€358,100
▲ 18.6%
2026
20192026
Debt
€425,939
▲ 24.4%
2026
20192026
Working capital
€3,655
2026
20192026
Solvency
-18.9%
▼ 5.6pp
2026
20192026
Current ratio
1.09
▲ 0.93
2026
20192026
Return on assets (ROA)
-7.7%
▲ 10.7pp
2026
20192026
Staff (FTE)
2.6
▲ 225%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€30,071-€4,041▼ 86.6%€11,840▲ 193%-€12,900€39,047€17,065▼ 56.3%-€41,207-€7,282▲ 82.3%
Net result€23,690-€1,901▼ 92.0%€11,644within the sector's middle half▲ 513%-€13,863below the sector's middle half€23,578within the sector's middle half€2,461below the sector's middle half▼ 89.6%-€55,363below the sector's middle half-€27,436▲ 50.4%
Equity-€10,762--€8,861▲ 17.7%€2,783below the sector's middle half-€11,080below the sector's middle half€12,498below the sector's middle half€14,959below the sector's middle half▲ 19.7%-€40,404below the sector's middle half-€67,839▼ 67.9%
Total assets€142,074-€80,991▼ 43.0%€120,769within the sector's middle half▲ 49.1%€55,363below the sector's middle half▼ 54.2%€162,511within the sector's middle half▲ 194%€232,436below the sector's middle half▲ 43.0%€302,027within the sector's middle half▲ 29.9%€358,100▲ 18.6%
Debt€152,836-€89,853▼ 41.2%€117,986▲ 31.3%€66,442▼ 43.7%€150,013▲ 126%€217,476▲ 45.0%€342,430▲ 57.5%€425,939▲ 24.4%
Working capital-€103,385--€54,605▲ 47.2%-€11,982below the sector's middle half▲ 78.1%-€4,880below the sector's middle half▲ 59.3%-€54,578below the sector's middle half▼ 1,018%-€201,447below the sector's middle half▼ 269%-€152,945below the sector's middle half▲ 24.1%€3,655
Solvency-7.6%--10.9%▼ 3.4pp2.3%below the sector's middle half▲ 13.2pp-20.0%below the sector's middle half▼ 22.3pp7.7%below the sector's middle half▲ 27.7pp6.4%below the sector's middle half▼ 1.3pp-13.4%below the sector's middle half▼ 19.8pp-18.9%▼ 5.6pp
Current ratio0.32-0.39▲ 0.070.90below the sector's middle half▲ 0.510.89below the sector's middle half=0.63below the sector's middle half▼ 0.270.07below the sector's middle half▼ 0.560.16below the sector's middle half▲ 0.091.09▲ 0.93
Return on assets (ROA)16.7%-2.3%▼ 14.3pp9.6%within the sector's middle half▲ 7.3pp-25.0%below the sector's middle half▼ 34.7pp14.5%within the sector's middle half▲ 39.5pp1.1%within the sector's middle half▼ 13.4pp-18.3%below the sector's middle half▼ 19.4pp-7.7%▲ 10.7pp
Staff (FTE)10.8within the sector's middle half▼ 20.0%0.8within the sector's middle half=2.6▲ 225%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is a loss of €7,282, smaller than the loss of €41,207 in 2025.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €358,100
Fixed assets
€311,943 ▲ 14.3%
Current assets
€46,157 ▲ 58.8%
Equity and liabilities
Equity-€67,839
Debt€425,939
Equity is negative. Debt (€425,939) exceeds the balance-sheet total (€358,100).
Key figures and ratios
EBITDA
€12,904▲
2025 · -€21,021
Cash flow
-€7,249▲
2025 · -€35,177
Interest coverage
0.63▲
2025 · -1.51
Debt ≤ 1 year
€42,502▼
2025 · €182,003
Debt > 1 year
€351,678▲
2025 · €115,428
Income taxes
€213▼
2025 · €232
Staff costs
€167,394▲
2025 · €67,692
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 28-02-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 5 |
| full-time | 1 | 1 | 1 | 5 |
| part-time | - | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 5 |
| Average over the year, in full-time equivalents | 1 | 0.8 | 0.8 | 2.6 |
| On a permanent contract | 1 | 1 | 1 | 4 |
| Joined | - | 1 | 1 | 8 |
| Left | - | 1 | 0 | 4 |
Source: social balance sheet in the 2023 to 2026 annual accounts
Investments
| Item | 28-02-2022 | 28-02-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €83,414 | €17,517 | - |
| Financial fixed assets | €9,860 | €59,160 | €64,090 | €59,160 | €59,160 |
| Depreciation and write-downs of the year | €10,825 | €3,190 | €795 | €20,186 | €20,186 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €551 | €19,117 | €39,864 | €67,692 | €167,394 | ▲ 147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,924 | €49,831 | €32,006 | €10,825 | €3,190 | €795 | €20,186 | €20,186 | = |
| Other operating charges640/8 | - | - | - | €55,524 | €24,199 | €26,058 | €26,952 | €28,606 | ▲ 6.1% |
| Gross operating margin9900 | €130,894 | €78,391 | €51,343 | €54,000 | €85,552 | €83,783 | €73,623 | €208,904 | ▲ 184% |
| Operating profit (loss)9901 | €30,071 | €4,041 | €11,840 | -€12,900 | €39,047 | €17,065 | -€41,207 | -€7,282 | ▲ 82.3% |
| Financial income75/76B | - | - | - | €381 | €1,456 | €1,236 | €0 | €418 | - |
| Recurring financial income75 | €66 | €0 | €317 | €381 | €1,456 | €1,236 | €0 | €418 | - |
| Financial charges65/66B | - | - | - | €928 | €16,452 | €15,572 | €13,923 | €20,359 | ▲ 46.2% |
| Recurring financial charges65 | €5,738 | €1,748 | €102 | €928 | €16,452 | €15,572 | €13,923 | €20,359 | ▲ 46.2% |
| Profit (loss) for the period before taxes9903 | €24,399 | €2,293 | €12,055 | -€13,447 | €24,051 | €2,729 | -€55,131 | -€27,222 | ▲ 50.6% |
| Income taxes67/77 | €710 | €392 | €411 | €415 | €473 | €268 | €232 | €213 | ▼ 8.1% |
| Profit (loss) for the period9904 | €23,690 | €1,901 | €11,644 | -€13,863 | €23,578 | €2,461 | -€55,363 | -€27,436 | ▲ 50.4% |
| Profit (loss) for the period to be appropriated9905 | €23,690 | €1,901 | €11,644 | -€13,863 | €23,578 | €2,461 | -€55,363 | -€27,436 | ▲ 50.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €142,074 | €80,991 | €120,769 | €55,363 | €162,511 | €232,436 | €302,027 | €358,100 | ▲ 18.6% |
| Fixed assets21/28 | €92,623 | €45,744 | €14,765 | €13,800 | €69,770 | €216,478 | €272,969 | €311,943 | ▲ 14.3% |
| Intangible fixed assets21 | €10,500 | €6,000 | €1,500 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €82,123 | €39,744 | €13,265 | €3,940 | €750 | €83,368 | €80,699 | €60,513 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €3,940 | €750 | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | €83,368 | €80,699 | €60,513 | ▼ 25.0% |
| Financial fixed assets28 | - | - | - | €9,860 | €69,020 | €133,110 | €192,270 | €251,430 | ▲ 30.8% |
| Current assets29/58 | €49,451 | €35,247 | €106,004 | €41,563 | €92,741 | €15,957 | €29,058 | €46,157 | ▲ 58.8% |
| Amounts receivable within one year40/41 | €45,109 | €26,548 | €105,535 | €37,788 | €89,950 | €14,443 | €15,224 | €26,558 | ▲ 74.5% |
| Trade receivables40 | - | - | - | €3,892 | €10,402 | €8,172 | €11,830 | €2,943 | ▼ 75.1% |
| Other amounts receivable41 | - | - | - | €33,896 | €79,548 | €6,271 | €3,394 | €23,615 | ▲ 596% |
| Cash at bank and in hand54/58 | €12 | €8,700 | €39 | €121 | €97 | €138 | €29 | €5,827 | ▲ 198× |
| Deferred charges and accrued income490/1 | - | - | - | €3,653 | €2,694 | €1,377 | €13,804 | €13,772 | ▼ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €142,074 | €80,991 | €120,769 | €55,363 | €162,511 | €232,436 | €302,027 | €358,100 | ▲ 18.6% |
| Equity10/15 | -€10,762 | -€8,861 | €2,783 | -€11,080 | €12,498 | €14,959 | -€40,404 | -€67,839 | ▼ 67.9% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €86 | €86 | €86 | €86 | €86 | €0 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €86 | €86 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €86 | €86 | €0 | - | - | - |
| Profit (loss) carried forward14 | -€30,848 | -€28,948 | -€17,304 | -€31,166 | -€7,588 | -€5,041 | -€60,404 | -€87,839 | ▼ 45.4% |
| Amounts payable17/49 | €152,836 | €89,853 | €117,986 | €66,442 | €150,013 | €217,476 | €342,430 | €425,939 | ▲ 24.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €115,428 | €351,678 | ▲ 205% |
| Other amounts payable178/9 | - | - | - | - | - | - | €115,428 | €351,678 | ▲ 205% |
| Amounts payable within one year42/48 | €152,836 | €89,853 | €117,986 | €46,442 | €147,319 | €217,405 | €182,003 | €42,502 | ▼ 76.6% |
| Trade debts44 | €8,809 | €3,801 | €17,217 | €11,452 | €144,703 | €185,483 | €161,965 | €611 | ▼ 99.6% |
| Suppliers440/4 | - | - | - | €11,452 | €144,703 | €185,483 | €161,965 | €611 | ▼ 99.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €10,250 | €13,263 | ▲ 29.4% |
| Taxes, remuneration and social security45 | - | - | - | €29,144 | €2,615 | €5,997 | €9,787 | €28,628 | ▲ 193% |
| Taxes450/3 | - | - | - | €29,036 | €1,997 | €1,459 | €1,458 | €1,227 | ▼ 15.9% |
| Remuneration and social security454/9 | - | - | - | €108 | €619 | €4,537 | €8,329 | €27,402 | ▲ 229% |
| Other amounts payable47/48 | - | - | - | €5,846 | - | €25,925 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €20,000 | €2,694 | €72 | €45,000 | €31,759 | ▼ 29.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,690 | €1,901 | €11,644 | -€13,863 | €23,578 | €2,461 | -€55,363 | -€27,436 | ▲ 50.4% |
| + Depreciation and write-downs630 | €66,924 | €49,831 | €32,006 | €10,825 | €3,190 | €795 | €20,186 | €20,186 | = |
| Operating cash flow (approximation) | €90,613 | €51,732 | €43,650 | -€3,038 | €26,768 | €3,257 | -€35,177 | -€7,249 | ▲ 79.4% |
| Investment in fixed assets (approximation) | - | -€2,952 | -€1,026 | -€9,860 | -€59,160 | -€147,504 | -€76,677 | -€59,160 | ▲ 22.8% |
| Change in cash | - | €8,687 | -€8,660 | €82 | -€24 | €41 | -€108 | €5,797 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 29-10-2026 | 2026-00595115 | |
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00559980 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00523658 | |
| 28-02-2023 | micro format | 27-10-2023 | 2023-00495622 | |
| 28-02-2022 | micro format | 27-10-2022 | 2022-20474375 | |
| 28-02-2021 | micro format | 19-10-2021 | 2021-72200233 | |
| 29-02-2020 | micro format | 29-09-2020 | 2020-57000139 | |
| 28-02-2019 | micro format | 25-09-2019 | 2019-65900281 | |
| 28-02-2018 | micro format | 03-09-2018 | 2018-61600430 | |
| 28-02-2017 | micro format | 27-10-2017 | 2017-68100333 |