Corbacio: 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.
Corbacio
Largest movements
- Tangible fixed assets +€326,675
up €326,675 (+101.4%), from €322,125 to €648,800
of which Plant, machinery and equipment: +€266,830
- Current investments +€125,414
new in 2025: €125,414
- Cash -€114,433
down €114,433 (-47.2%), from €242,383 to €127,950
mainly Investment in fixed assets (net) (-€467,910) and Current investments (-€125,414)
- Receivables after one year +€109,753
up €109,753 (+62.4%), from €175,905 to €285,657
- Receivables within one year -€32,945
down €32,945 (-95.8%), from €34,385 to €1,439
of which Other amounts receivable: -€34,166
- Debts after one year +€206,818
up €206,818 (+322.8%), from €64,076 to €270,895
- Reserves +€108,998
up €108,998 (+18.1%), from €602,058 to €711,055
- Trade debts +€30,859
up €30,859 (+80.9%), from €38,168 to €69,027
- Current portion of long-term debt +€20,342
up €20,342 (+45.7%), from €44,528 to €64,871
- Short-term financial debts +€19,847
up €19,847 (+97.0%), from €20,467 to €40,314
- Gross operating margin +€88,474
up €88,474 (+10.4%), from €847,729 to €936,203
- Staff costs +€51,773
up €51,773 (+11.2%), from €462,268 to €514,041
- Financial charges +€12,510
up €12,510 (+55.6%), from €22,510 to €35,020
- Depreciation +€10,809
up €10,809 (+8.4%), from €128,928 to €139,737
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.
Cash bridge derived
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 | €894,663 | €1,288,435 | +€393,772 | +44.0% |
| Fixed assets | 21/28 | €329,191 | €657,364 | +€328,173 | +99.7% |
| Tangible fixed assets | 22/27 | €322,125 | €648,800 | +€326,675 | +101.4% |
| Land and buildings | 22 | €66,539 | €79,190 | +€12,651 | +19.0% |
| Plant, machinery and equipment | 23 | €244,179 | €511,008 | +€266,830 | +109.3% |
| Furniture and vehicles | 24 | €11,408 | €58,602 | +€47,194 | +413.7% |
| Financial fixed assets | 28 | €7,065 | €8,564 | +€1,499 | +21.2% |
| Current assets | 29/58 | €565,473 | €631,072 | +€65,599 | +11.6% |
| Amounts receivable after more than one year | 29 | €175,905 | €285,657 | +€109,753 | +62.4% |
| Other amounts receivable | 291 | €175,905 | €285,657 | +€109,753 | +62.4% |
| Stocks and contracts in progress | 3 | €109,148 | €84,425 | -€24,724 | -22.7% |
| Stocks | 30/36 | €109,148 | €84,425 | -€24,724 | -22.7% |
| Amounts receivable within one year | 40/41 | €34,385 | €1,439 | -€32,945 | -95.8% |
| Trade receivables | 40 | - | €1,221 | +€1,221 | |
| Other amounts receivable | 41 | €34,385 | €218 | -€34,166 | -99.4% |
| Current investments | 50/53 | - | €125,414 | +€125,414 | |
| Cash at bank and in hand | 54/58 | €242,383 | €127,950 | -€114,433 | -47.2% |
| Deferred charges and accrued income | 490/1 | €3,652 | €6,187 | +€2,535 | +69.4% |
| Total equity and liabilities | 10/49 | €894,663 | €1,288,435 | +€393,772 | +44.0% |
| Equity | 10/15 | €610,118 | €719,115 | +€108,998 | +17.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €602,058 | €711,055 | +€108,998 | +18.1% |
| Distributable reserves | 133 | €602,058 | €711,055 | +€108,998 | +18.1% |
| Amounts payable | 17/49 | €284,545 | €569,320 | +€284,775 | +100.1% |
| Amounts payable after more than one year | 17 | €64,076 | €270,895 | +€206,818 | +322.8% |
| Financial debts | 170/4 | €64,076 | €270,895 | +€206,818 | +322.8% |
| Amounts payable within one year | 42/48 | €216,535 | €294,892 | +€78,357 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €44,528 | €64,871 | +€20,342 | +45.7% |
| Financial debts | 43 | €20,467 | €40,314 | +€19,847 | +97.0% |
| Credit institutions | 430/8 | €20,467 | €40,314 | +€19,847 | +97.0% |
| Trade debts | 44 | €38,168 | €69,027 | +€30,859 | +80.9% |
| Suppliers | 440/4 | €38,168 | €69,027 | +€30,859 | +80.9% |
| Advances received on contracts in progress | 46 | €29,089 | €28,872 | -€217 | -0.7% |
| Taxes, remuneration and social security | 45 | €83,784 | €91,809 | +€8,025 | +9.6% |
| Taxes | 450/3 | €33,383 | €34,678 | +€1,296 | +3.9% |
| Remuneration and social security | 454/9 | €50,401 | €57,131 | +€6,730 | +13.4% |
| Other amounts payable | 47/48 | €500 | - | -€500 | |
| Accrued charges and deferred income | 492/3 | €3,934 | €3,533 | -€401 | -10.2% |
| Remuneration, social security and pensions | 62 | €462,268 | €514,041 | +€51,773 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,928 | €139,737 | +€10,809 | +8.4% |
| Other operating charges | 640/8 | €3,791 | €4,743 | +€952 | +25.1% |
| Gross operating margin | 9900 | €847,729 | €936,203 | +€88,474 | +10.4% |
| Operating profit (loss) | 9901 | €252,741 | €277,682 | +€24,941 | +9.9% |
| Financial income | 75/76B | €10,755 | €12,382 | +€1,626 | +15.1% |
| Recurring financial income | 75 | €10,755 | €12,382 | +€1,626 | +15.1% |
| Financial charges | 65/66B | €22,510 | €35,020 | +€12,510 | +55.6% |
| Recurring financial charges | 65 | €22,510 | €35,020 | +€12,510 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €240,987 | €255,044 | +€14,057 | +5.8% |
| Income taxes | 67/77 | €75,728 | €70,046 | -€5,681 | -7.5% |
| Profit (loss) for the period | 9904 | €165,259 | €184,998 | +€19,738 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €165,259 | €184,998 | +€19,738 | +11.9% |
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 9 October 2026 via checked.be.