C.O.R.E. Management: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
C.O.R.E. Management
Largest movements
- Tangible fixed assets +€144,611
up €144,611 (+9,738%), from €1,485 to €146,096
of which Land and buildings: +€136,393
- Receivables within one year +€12,863
up €12,863 (+96.9%), from €13,277 to €26,140
of which Trade receivables: +€9,064
- Cash +€11,621
up €11,621 (+54.2%), from €21,429 to €33,050
mainly Debts after one year (+€109,373) and Other debts (+€15,100)
- Stocks and contracts -€5,641
down €5,641 (-35.4%), from €15,956 to €10,315
- Debts after one year +€109,373
up €109,373, from €0 to €109,373
- Other debts +€15,100
new in 2025: €15,100
- Trade debts +€14,055
up €14,055 (+187%), from €7,505 to €21,561
- Current portion of long-term debt +€13,308
up €13,308 (+514%), from €2,590 to €15,898
- Reserves +€11,617
up €11,617 (+49.9%), from €23,265 to €34,882
- Gross operating margin +€34,230
up €34,230 (+152%), from €22,467 to €56,697
- Other operating charges +€18,643
up €18,643 (+15,799%), from €118 to €18,761
- Depreciation +€9,794
up €9,794 (+2,304%), from €425 to €10,219
- Financial charges +€5,709
up €5,709 (+953%), from €599 to €6,308
of which Financial charges: +€5,709
- Taxes +€4,104
up €4,104 (+72.2%), from €5,688 to €9,792
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,148 | €230,601 | +€163,454 | +243% |
| Fixed assets | 21/28 | €16,485 | €161,096 | +€144,611 | +877% |
| Tangible fixed assets | 22/27 | €1,485 | €146,096 | +€144,611 | +9,738% |
| Land and buildings | 22 | - | €136,393 | +€136,393 | |
| Furniture and vehicles | 24 | €1,485 | €2,574 | +€1,089 | +73.4% |
| Other tangible fixed assets | 26 | - | €7,129 | +€7,129 | |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €50,663 | €69,505 | +€18,843 | +37.2% |
| Stocks and contracts in progress | 3 | €15,956 | €10,315 | -€5,641 | -35.4% |
| Stocks | 30/36 | €15,956 | €10,315 | -€5,641 | -35.4% |
| Amounts receivable within one year | 40/41 | €13,277 | €26,140 | +€12,863 | +96.9% |
| Trade receivables | 40 | €7,885 | €16,949 | +€9,064 | +115% |
| Other amounts receivable | 41 | €5,392 | €9,191 | +€3,799 | +70.5% |
| Cash at bank and in hand | 54/58 | €21,429 | €33,050 | +€11,621 | +54.2% |
| Total equity and liabilities | 10/49 | €67,148 | €230,601 | +€163,454 | +243% |
| Equity | 10/15 | €51,365 | €62,982 | +€11,617 | +22.6% |
| Contributions | 10/11 | €28,100 | €28,100 | = | 0.0% |
| Reserves | 13 | €23,265 | €34,882 | +€11,617 | +49.9% |
| Distributable reserves | 133 | €23,265 | €34,882 | +€11,617 | +49.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €15,783 | €167,619 | +€151,837 | +962% |
| Amounts payable after more than one year | 17 | €0 | €109,373 | +€109,373 | |
| Financial debts | 170/4 | €0 | €109,373 | +€109,373 | |
| Amounts payable within one year | 42/48 | €15,783 | €58,246 | +€42,464 | +269% |
| Current portion of amounts payable after more than one year | 42 | €2,590 | €15,898 | +€13,308 | +514% |
| Trade debts | 44 | €7,505 | €21,561 | +€14,055 | +187% |
| Suppliers | 440/4 | €7,505 | €21,561 | +€14,055 | +187% |
| Taxes, remuneration and social security | 45 | €5,688 | €5,688 | = | 0.0% |
| Taxes | 450/3 | €5,688 | €5,688 | = | 0.0% |
| Other amounts payable | 47/48 | - | €15,100 | +€15,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €425 | €10,219 | +€9,794 | +2,304% |
| Other operating charges | 640/8 | €118 | €18,761 | +€18,643 | +15,799% |
| Gross operating margin | 9900 | €22,467 | €56,697 | +€34,230 | +152% |
| Operating profit (loss) | 9901 | €21,923 | €27,717 | +€5,793 | +26.4% |
| Financial income | 75/76B | €1,169 | €0 | -€1,169 | -100% |
| Recurring financial income | 75 | €1,169 | €0 | -€1,169 | -100% |
| Financial charges | 65/66B | €599 | €6,308 | +€5,709 | +953% |
| Recurring financial charges | 65 | €599 | €6,308 | +€5,709 | +953% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €22,493 | €21,409 | -€1,084 | -4.8% |
| Income taxes | 67/77 | €5,688 | €9,792 | +€4,104 | +72.2% |
| Profit (loss) for the period | 9904 | €16,806 | €11,617 | -€5,188 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,806 | €11,617 | -€5,188 | -30.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.