CORCED: 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.
CORCED
Largest movements
- Financial fixed assets -€208,020
down €208,020 (-100.0%), from €208,050 to €30
- Current investments +€60,156
up €60,156 (+98.1%), from €61,347 to €121,503
- Cash +€54,825
up €54,825 (+275%), from €19,931 to €74,756
mainly Investment in fixed assets (net) (+€204,120) and Deferred charges and accrued income (+€3,009)
- Receivables within one year +€32,633
up €32,633 (+250%), from €13,030 to €45,663
of which Other amounts receivable: +€34,308
- Other debts -€32,733
down €32,733 (-97.5%), from €33,564 to €830
- Profit (loss) carried forward -€12,909
down €12,909 (-12.5%), from €103,091 to €90,182
- Current portion of long-term debt -€7,828
no longer reported in 2025 (was €7,828)
- Tax, wage and social debts -€7,021
down €7,021 (-22.8%), from €30,757 to €23,735
- Financial charges +€34,002
up €34,002 (+1,056%), from €3,220 to €37,222
of which Non-recurring financial charges: +€35,019
- Gross operating margin -€29,344
down €29,344 (-48.0%), from €61,141 to €31,797
- Taxes -€13,249
down €13,249 (-70.2%), from €18,860 to €5,611
- Financial income +€1,575
new in 2025: €1,575
- Depreciation +€1,135
up €1,135 (+68.7%), from €1,651 to €2,785
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 | €319,185 | €256,885 | -€62,300 | -19.5% |
| Fixed assets | 21/28 | €221,869 | €14,964 | -€206,905 | -93.3% |
| Tangible fixed assets | 22/27 | €13,819 | €14,934 | +€1,115 | +8.1% |
| Plant, machinery and equipment | 23 | €12,951 | €14,355 | +€1,404 | +10.8% |
| Furniture and vehicles | 24 | €868 | €579 | -€289 | -33.3% |
| Financial fixed assets | 28 | €208,050 | €30 | -€208,020 | -100.0% |
| Current assets | 29/58 | €97,316 | €241,921 | +€144,605 | +149% |
| Amounts receivable within one year | 40/41 | €13,030 | €45,663 | +€32,633 | +250% |
| Trade receivables | 40 | €13,030 | €11,355 | -€1,675 | -12.9% |
| Other amounts receivable | 41 | - | €34,308 | +€34,308 | |
| Current investments | 50/53 | €61,347 | €121,503 | +€60,156 | +98.1% |
| Cash at bank and in hand | 54/58 | €19,931 | €74,756 | +€54,825 | +275% |
| Deferred charges and accrued income | 490/1 | €3,009 | - | -€3,009 | |
| Total equity and liabilities | 10/49 | €319,185 | €256,885 | -€62,300 | -19.5% |
| Equity | 10/15 | €245,229 | €232,319 | -€12,909 | -5.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €135,938 | €135,938 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,938 | €2,938 | = | 0.0% |
| Legal reserve | 130 | €2,938 | €2,938 | = | 0.0% |
| Distributable reserves | 133 | €133,000 | €133,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,091 | €90,182 | -€12,909 | -12.5% |
| Amounts payable | 17/49 | €73,957 | €24,566 | -€49,391 | -66.8% |
| Amounts payable within one year | 42/48 | €73,957 | €24,566 | -€49,391 | -66.8% |
| Current portion of amounts payable after more than one year | 42 | €7,828 | - | -€7,828 | |
| Trade debts | 44 | €1,809 | - | -€1,809 | |
| Suppliers | 440/4 | €1,809 | - | -€1,809 | |
| Taxes, remuneration and social security | 45 | €30,757 | €23,735 | -€7,021 | -22.8% |
| Taxes | 450/3 | €30,757 | €23,735 | -€7,021 | -22.8% |
| Other amounts payable | 47/48 | €33,564 | €830 | -€32,733 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,651 | €2,785 | +€1,135 | +68.7% |
| Other operating charges | 640/8 | €485 | €663 | +€178 | +36.7% |
| Gross operating margin | 9900 | €61,141 | €31,797 | -€29,344 | -48.0% |
| Operating profit (loss) | 9901 | €59,005 | €28,349 | -€30,656 | -52.0% |
| Financial income | 75/76B | - | €1,575 | +€1,575 | |
| Recurring financial income | 75 | - | €1,575 | +€1,575 | |
| Financial charges | 65/66B | €3,220 | €37,222 | +€34,002 | +1,056% |
| Recurring financial charges | 65 | €3,220 | €2,203 | -€1,017 | -31.6% |
| Non-recurring financial charges | 66B | - | €35,019 | +€35,019 | |
| Profit (loss) for the period before taxes | 9903 | €55,786 | -€7,298 | -€63,084 | |
| Income taxes | 67/77 | €18,860 | €5,611 | -€13,249 | -70.2% |
| Profit (loss) for the period | 9904 | €36,925 | -€12,909 | -€49,834 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,925 | -€12,909 | -€49,834 |
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 16 October 2026 via checked.be.