Core-S-Ad: what changed
Core-S-Ad
Largest movements
- Current investments -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Receivables within one year -€81,804
down €81,804 (-16.6%), from €493,179 to €411,375
of which Other amounts receivable: -€75,568
- Cash +€49,449
up €49,449 (+39.4%), from €125,459 to €174,908
mainly Net result for the year (+€166,019) and Current investments (+€150,000)
- Tangible fixed assets -€9,894
down €9,894 (-59.3%), from €16,697 to €6,803
of which Furniture and vehicles: -€8,391
- Reserves -€229,190
down €229,190 (-27.9%), from €820,941 to €591,751
of which Distributable reserves: -€229,190
- Tax, wage and social debts +€27,952
up €27,952 (+56.8%), from €49,219 to €77,170
of which Taxes: +€27,525
- Trade debts +€14,701
up €14,701 (+62.0%), from €23,711 to €38,412
- Gross operating margin +€47,873
up €47,873 (+12.2%), from €393,324 to €441,196
- Staff costs +€45,554
up €45,554 (+28.6%), from €159,451 to €205,005
- Turnover +€24,913
up €24,913 (+2.9%), from €874,125 to €899,038
- Purchases and services -€9,121
down €9,121 (-1.8%), from €510,584 to €501,463
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €893,871 | €707,333 | -€186,538 | -20.9% |
| Fixed assets | 21/28 | €16,697 | €6,803 | -€9,894 | -59.3% |
| Tangible fixed assets | 22/27 | €16,697 | €6,803 | -€9,894 | -59.3% |
| Plant, machinery and equipment | 23 | €4,074 | €2,571 | -€1,503 | -36.9% |
| Furniture and vehicles | 24 | €12,622 | €4,232 | -€8,391 | -66.5% |
| Current assets | 29/58 | €877,174 | €700,530 | -€176,644 | -20.1% |
| Amounts receivable within one year | 40/41 | €493,179 | €411,375 | -€81,804 | -16.6% |
| Trade receivables | 40 | €155,577 | €149,341 | -€6,236 | -4.0% |
| Other amounts receivable | 41 | €337,602 | €262,033 | -€75,568 | -22.4% |
| Current investments | 50/53 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Cash at bank and in hand | 54/58 | €125,459 | €174,908 | +€49,449 | +39.4% |
| Deferred charges and accrued income | 490/1 | €8,536 | €14,247 | +€5,712 | +66.9% |
| Total equity and liabilities | 10/49 | €893,871 | €707,333 | -€186,538 | -20.9% |
| Equity | 10/15 | €820,941 | €591,751 | -€229,190 | -27.9% |
| Reserves | 13 | €820,941 | €591,751 | -€229,190 | -27.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Distributable reserves | 133 | €820,941 | €591,751 | -€229,190 | -27.9% |
| Amounts payable | 17/49 | €72,930 | €115,582 | +€42,653 | +58.5% |
| Amounts payable within one year | 42/48 | €72,930 | €115,582 | +€42,653 | +58.5% |
| Trade debts | 44 | €23,711 | €38,412 | +€14,701 | +62.0% |
| Suppliers | 440/4 | €23,711 | €38,412 | +€14,701 | +62.0% |
| Taxes, remuneration and social security | 45 | €49,219 | €77,170 | +€27,952 | +56.8% |
| Taxes | 450/3 | €32,453 | €59,978 | +€27,525 | +84.8% |
| Remuneration and social security | 454/9 | €16,766 | €17,192 | +€426 | +2.5% |
| Turnover | 70 | €874,125 | €899,038 | +€24,913 | +2.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €510,584 | €501,463 | -€9,121 | -1.8% |
| Remuneration, social security and pensions | 62 | €159,451 | €205,005 | +€45,554 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,685 | €7,508 | -€4,176 | -35.7% |
| Other operating charges | 640/8 | €2,251 | €3,671 | +€1,419 | +63.0% |
| Gross operating margin | 9900 | €393,324 | €441,196 | +€47,873 | +12.2% |
| Operating profit (loss) | 9901 | €219,937 | €225,012 | +€5,075 | +2.3% |
| Financial income | 75/76B | €22,647 | €16,348 | -€6,299 | -27.8% |
| Recurring financial income | 75 | €22,647 | €16,348 | -€6,299 | -27.8% |
| Financial charges | 65/66B | €853 | €554 | -€299 | -35.0% |
| Recurring financial charges | 65 | €853 | €554 | -€299 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €241,731 | €240,806 | -€925 | -0.4% |
| Income taxes | 67/77 | €81,445 | €74,786 | -€6,659 | -8.2% |
| Profit (loss) for the period | 9904 | €160,286 | €166,019 | +€5,733 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €160,286 | €166,019 | +€5,733 | +3.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.