S.A. CORMAN
ActiveSummary
S.A. CORMAN has been active since 1965 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €39.38M and a net result of €-7.30M. Equity is shrinking by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 36% of 643 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability14▼-22
Solvency53▼-4
Growth34=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 1.62 against 1.2 in 2024; short-term debt: 48.1% and cash: 0% of total assets), but 72% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
28%
Return on assets
-5.2%
Age of the figures
9 mo
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 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
64 d early
2023
44 d late
2022
29 d late
2021
93 d early
2020
22 d early
2019
74 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€523.52M▼ 0.9%
2024 · €528.37M
2018: €484.15M
2019: €446.87M
2020: €384.56M
2021: €343.75M
2022: €448.08M
2023: €453.17M
2024: €528.37M
2018 → 2025
EBIT margin
-1.9%▼ 1.9pp
2024 · 0.0%
2018: 1.5%
2019: 1.1%
2020: 2.9%
2021: -4.8%
2022: -1.7%
2023: -1.5%
2024: 0.0%
2018 → 2025
Net result
€-7.30M
2024 · €478k
2018: €4.28M
2019: €5.33M
2020: €7.32M
2021: €-13.36M
2022: €-6.31M
2023: €-6.73M
2024: €478k
2018 → 2025
Working capital
€41.84M▲ 110%
2024 · €19.91M
2018: €40.94M
2019: €38.47M
2020: €37.35M
2021: €23.74M
2022: €8.96M
2023: €21.40M
2024: €19.91M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€343.75M-€448.08M▲ 30.3%€453.17M▲ 1.1%€528.37M▲ 16.6%€523.52M▼ 0.9%
Equity€48.69M-€42.38M▼ 13.0%€52.01M▲ 22.7%€49.59M▼ 4.7%€39.38M▼ 20.6%
Operating result€-16.38M-€-7.71M▲ 52.9%€-6.59M▲ 14.5%€94k€-9.71M
Net result€-13.36M-€-6.31M▲ 52.8%€-6.73M▼ 6.7%€478k€-7.30M
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €9.71M after €94k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140.73M
Fixed assets
€31.23M ▼ 8.6%
Current assets
€109.51M ▼ 9.5%
Equity and liabilities €140.73M
Equity
€39.38M ▼ 20.6%
Provisions
€3.57M ▼ 20.3%
Debt
€97.78M ▼ 3.2%
Debt's share of the balance-sheet total rises from 65.1% to 69.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-2.91M▼
2024 · €6.77M
Cash flow
€-488k▼
2024 · €7.16M
Current ratio
1.62▲
2024 · 1.20
Quick ratio
0.82▲
2024 · 0.59
Debt to equity
2.48▲
2024 · 2.04
ROE
-18.5%▼
2024 · 1.0%
ROA
-5.2%▼
2024 · 0.3%
Interest coverage
-1.43▼
2024 · 2.65
Debt ≤ 1 year
€67.66M▼
2024 · €101.03M
Debt > 1 year
€30.11M
Income taxes
€12k▼
2024 · €32k
Staff costs
€34.58M▼
2024 · €35.31M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 92 lines
Balance sheet
Code20242025
Assets
Total assets20/58€155.11M€140.73M▼
Fixed assets21/28€34.16M€31.23M▼
Intangible fixed assets21€227k€5k▼
Tangible fixed assets22/27€29.54M€26.97M▼
Land and buildings22€1.28M€1.27M▼
Plant, machinery and equipment23€24.37M€22.86M▼
Furniture and vehicles24€13k€7k▼
Other tangible fixed assets26€376k€354k▼
Assets under construction and advance payments27€3.51M€2.48M▼
Financial fixed assets28€4.40M€4.25M▼
Affiliated companies280/1€4.22M€4.22M=
Participating interests280€4.22M€4.22M=
Other financial fixed assets284/8€173k€25k▼
Amounts receivable and cash guarantees285/8€173k€25k▼
Current assets29/58€120.94M€109.51M▼
Stocks and contracts in progress3€61.80M€53.84M▼
Stocks30/36€61.80M€53.84M▼
Raw materials and consumables30/31€6.34M€3.92M▼
Work in progress32€8.25M€6.20M▼
Finished goods33€38.26M€28.54M▼
Goods purchased for resale34€8.96M€15.18M▲
Amounts receivable within one year40/41€57.79M€54.90M▼
Trade receivables40€55.18M€49.95M▼
Other amounts receivable41€2.61M€4.95M▲
Cash at bank and in hand54/58€721k€43k▼
Deferred charges and accrued income490/1€628k€722k▲
Equity and liabilities
Total equity and liabilities10/49€155.11M€140.73M▼
Equity10/15€49.59M€39.38M▼
Contributions10/11€54.22M€54.22M=
Capital10€54.22M€54.22M=
Issued capital100€54.22M€54.22M=
Reserves13€7.83M€7.83M=
Non-distributable reserves130/1€5.42M€5.42M=
Legal reserve130€5.42M€5.42M=
Tax-exempt reserves132€2.38M€2.38M=
Distributable reserves133€23k€23k=
Profit (loss) carried forward14€-25.92M€-33.21M▼
Investment grants15€13.46M€10.55M▼
Provisions and deferred taxes16€4.48M€3.57M▼
Provisions for liabilities and charges160/5€4.48M€3.57M▼
Pensions and similar obligations160€3.73M€3.06M▼
Other liabilities and charges164/5€752k€510k▼
Amounts payable17/49€101.04M€97.78M▼
Amounts payable after more than one year17-€30.11M
Financial debts170/4-€30.11M
Other loans174-€30.11M
Amounts payable within one year42/48€101.03M€67.66M▼
Financial debts43€30.14M€0▼
Other loans439€30.14M€0▼
Trade debts44€38.89M€33.11M▼
Suppliers440/4€38.89M€33.11M▼
Taxes, remuneration and social security45€7.54M€7.57M▲
Taxes450/3€95k€85k▼
Remuneration and social security454/9€7.44M€7.49M▲
Other amounts payable47/48€24.47M€26.98M▲
Accrued charges and deferred income492/3€8k€1k▼
Income statement
Code20242025
Operating income70/76A€547.25M€516.47M▼
Turnover70€528.37M€523.52M▼
Change in stocks of work in progress, finished goods and contracts in progress71€14.86M€-11.97M▼
Own construction capitalised72€250k€250k▲
Other operating income74€2.73M€4.48M▲
Non-recurring operating income76A€1.04M€188k▼
Operating charges60/66A€547.15M€526.18M▼
Goods for resale, raw materials and consumables60€454.65M€435.58M▼
Purchases600/8€437.10M€439.44M▲
Change in stocks: decrease (increase)609€17.54M€-3.86M▼
Services and other goods61€49.90M€46.96M▼
Remuneration, social security and pensions62€35.31M€34.58M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6.68M€6.81M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-2.36M€-198k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€317k€-738k▼
Other operating charges640/8€2.65M€3.19M▲
Non-recurring operating charges66A€0€3k▲
Operating profit (loss)9901€94k€-9.71M▼
Financial income75/76B€3.12M€4.57M▲
Recurring financial income75€3.12M€4.57M▲
Income from financial fixed assets750€193k€1.64M▲
Income from current assets751€744€5k▲
Other financial income752/9€2.93M€2.92M▼
Financial charges65/66B€2.71M€2.14M▼
Recurring financial charges65€2.59M€2.14M▼
Debt charges650€2.56M€2.03M▼
Other financial charges652/9€34k€114k▲
Non-recurring financial charges66B€114k€0▼
Profit (loss) for the period before taxes9903€509k€-7.28M▼
Income taxes67/77€32k€12k▼
Taxes670/3€32k€12k▼
Profit (loss) for the period9904€478k€-7.30M▼
Profit (loss) for the period to be appropriated9905€478k€-7.30M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-25.92M€-33.21M▼
Profit (loss) brought forward from the previous period14P€-26.39M€-25.92M▲
Social balance
Average headcount (FTE)9087402.9397.2▼
The notes to these accounts (110 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €478k
Net result €478k after 3 loss-making years.
13-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 44 days late
2023
31-12
Financial
Equity above €50MEq €52.01M ▲22.7%
Equity rises from €42.38M to €52.01M.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet €-13.36M
Net result drops to €-13.36M, the lowest in the series; recovery starts the following year.
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €7.32M ▲37.2%
Operating result €11.02M, net result €7.32M, both a record.
18-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
15-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 32 acts read
About the unread acts
We know of 32 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
32 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, Limbourg · 1 establishment unit since 1965
Ground area
4,211 m²
Parcel 63029A0236/00A003, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue de la Gileppe 4, 4834 Limbourg
since 19652.000.683.002
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63029A0236/00A003 | Wallonia | 4,211 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Ownership & control
1 parent companyControl over this companyparent company per the LEI register1
SAVENCIA SA
Viroflay, France
controls
S.A. CORMANBE 0402.791.015
Recognitions · licences · registrations
Food safety, FASFC
1 siteLimbourg2.000.683.002
Legal Entity Identifier
529900PY79CWSUGVK810
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Of 273 companies in sector 10510 we hold annual accounts for 121. 26 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded13-11-1965
Fiscal year end31-12
Activities, NACEBEL 2025
10510Manufacture of food products
10820Manufacture of cocoa, chocolate and sugar confectionery
Sources
Crossroads Bank for EnterprisesNational Bank · 52 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.