CORELY BELGIUM: 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.
What changed
CORELY BELGIUM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€56.4m
2024 · -€72.1m+€15.7m
Equity
-€7.7m
2024 · €48.7m-€56.4m
Cash
€595,476
2024 · €5.2m-€4.6m
Balance sheet total
€59.5m
2024 · €110.6m-€51.1m
Largest movements
Assets
- Financial fixed assets -€39.9m
down €39.9m (-51.2%), from €78.0m to €38.0m
of which Affiliated companies: -€26.8m
- Receivables within one year -€14.9m
down €14.9m (-92.0%), from €16.2m to €1.3m
of which Other amounts receivable: -€14.9m
- Current investments +€12.2m
up €12.2m (+363%), from €3.4m to €15.6m
- Cash -€4.6m
down €4.6m (-88.6%), from €5.2m to €595,476
mainly Net result for the year (-€56.4m) and Current investments (-€12.2m)
- Receivables after one year -€3.8m
down €3.8m (-48.9%), from €7.8m to €4.0m
Equity and liabilities
- Profit (loss) carried forward -€56.4m
down €56.4m (-72.2%), from -€78.1m to -€134.5m
- Other debts +€7.6m
up €7.6m (+21.1%), from €36.3m to €43.9m
- Short-term financial debts -€2.5m
down €2.5m (-10.9%), from €23.0m to €20.5m
Income statement
- Financial charges -€21.1m
down €21.1m (-25.9%), from €81.4m to €60.3m
of which Non-recurring financial charges: -€19.6m
- Financial income -€5.9m
down €5.9m (-53.0%), from €11.1m to €5.2m
of which Financial income: -€5.0m
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.
Result 2024
-€72.1m
Other operating charges
+€16,424
Other operating items
-€198,921
Financial income
-€5.9m
Financial charges
+€21.1m
Taxes
+€695,755
Result 2025
-€56.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€29.9m
Investment
+€27.8m
Financing
-€2.5m
Cash 2024
€5.2m
From operations (derived)
-€29.9m
Net result for the year
-€56.4m
Receivables after one year
+€3.8m
Receivables within one year
+€14.9m
Smaller working-capital items
-€56,648
Tax, wage and social debts
+€157,272
Other debts
+€7.6m
Investment (derived)
+€27.8m
Investment in fixed assets (net)
+€39.9m
Current investments
-€12.2m
Financing
-€2.5m
Short-term financial debts
-€2.5m
Cash 2025
€595,476
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,629,649 | €59,508,450 | -€51.1m | -46.2% |
| Fixed assets | 21/28 | €77,972,320 | €38,030,199 | -€39.9m | -51.2% |
| Tangible fixed assets | 22/27 | €22,000 | €22,466 | +€466 | +2.1% |
| Furniture and vehicles | 24 | €22,000 | €22,000 | = | 0.0% |
| Other tangible fixed assets | 26 | - | €466 | +€466 | |
| Financial fixed assets | 28 | €77,950,320 | €38,007,733 | -€39.9m | -51.2% |
| Affiliated companies | 280/1 | €26,890,329 | €115,000 | -€26.8m | -99.6% |
| Participating interests | 280 | €23,111,344 | €115,000 | -€23.0m | -99.5% |
| Amounts receivable | 281 | €3,778,985 | €0 | -€3.8m | -100% |
| Companies linked by participating interests | 282/3 | €20,338,686 | €8,323,668 | -€12.0m | -59.1% |
| Participating interests | 282 | €6,923,185 | €167,615 | -€6.8m | -97.6% |
| Amounts receivable | 283 | €13,415,501 | €8,156,053 | -€5.3m | -39.2% |
| Other financial fixed assets | 284/8 | €30,721,305 | €29,569,065 | -€1.2m | -3.8% |
| Shares | 284 | €30,721,305 | €29,569,065 | -€1.2m | -3.8% |
| Current assets | 29/58 | €32,657,329 | €21,478,251 | -€11.2m | -34.2% |
| Amounts receivable after more than one year | 29 | €7,848,492 | €4,013,281 | -€3.8m | -48.9% |
| Other amounts receivable | 291 | €7,848,492 | €4,013,281 | -€3.8m | -48.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €16,192,992 | €1,294,688 | -€14.9m | -92.0% |
| Trade receivables | 40 | €2,120 | €3,135 | +€1,015 | +47.9% |
| Other amounts receivable | 41 | €16,190,872 | €1,291,553 | -€14.9m | -92.0% |
| Current investments | 50/53 | €3,362,473 | €15,552,289 | +€12.2m | +363% |
| Other investments | 51/53 | €3,362,473 | €15,552,289 | +€12.2m | +363% |
| Cash at bank and in hand | 54/58 | €5,244,058 | €595,476 | -€4.6m | -88.6% |
| Deferred charges and accrued income | 490/1 | €9,314 | €22,518 | +€13,204 | +142% |
| Total equity and liabilities | 10/49 | €110,629,649 | €59,508,450 | -€51.1m | -46.2% |
| Equity | 10/15 | €48,674,502 | -€7,703,829 | -€56.4m | |
| Contributions | 10/11 | €126,784,179 | €126,784,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,109,677 | -€134,488,008 | -€56.4m | -72.2% |
| Amounts payable | 17/49 | €61,955,147 | €67,212,279 | +€5.3m | +8.5% |
| Amounts payable after more than one year | 17 | €1,749,657 | €1,749,657 | = | 0.0% |
| Other amounts payable | 178/9 | €1,749,657 | €1,749,657 | = | 0.0% |
| Amounts payable within one year | 42/48 | €60,070,479 | €65,376,471 | +€5.3m | +8.8% |
| Financial debts | 43 | €23,000,000 | €20,500,000 | -€2.5m | -10.9% |
| Credit institutions | 430/8 | €23,000,000 | €20,500,000 | -€2.5m | -10.9% |
| Trade debts | 44 | €24,579 | €29,997 | +€5,417 | +22.0% |
| Suppliers | 440/4 | €24,579 | €29,997 | +€5,417 | +22.0% |
| Taxes, remuneration and social security | 45 | €759,642 | €916,913 | +€157,272 | +20.7% |
| Taxes | 450/3 | €759,642 | €916,913 | +€157,272 | +20.7% |
| Other amounts payable | 47/48 | €36,286,257 | €43,929,561 | +€7.6m | +21.1% |
| Accrued charges and deferred income | 492/3 | €135,011 | €86,151 | -€48,861 | -36.2% |
| Operating income | 70/76A | €27,764 | €25,750 | -€2,014 | -7.3% |
| Other operating income | 74 | €27,764 | €25,750 | -€2,014 | -7.3% |
| Operating charges | 60/66A | €691,497 | €871,980 | +€180,483 | +26.1% |
| Services and other goods | 61 | €663,459 | €860,366 | +€196,907 | +29.7% |
| Other operating charges | 640/8 | €28,038 | €11,614 | -€16,424 | -58.6% |
| Operating profit (loss) | 9901 | -€663,733 | -€846,230 | -€182,497 | -27.5% |
| Financial income | 75/76B | €11,137,773 | €5,229,767 | -€5.9m | -53.0% |
| Recurring financial income | 75 | €9,135,044 | €4,153,602 | -€5.0m | -54.5% |
| Income from financial fixed assets | 750 | €6,368,552 | €3,306,368 | -€3.1m | -48.1% |
| Income from current assets | 751 | €643,747 | €801,652 | +€157,904 | +24.5% |
| Other financial income | 752/9 | €2,122,745 | €45,582 | -€2.1m | -97.9% |
| Non-recurring financial income | 76B | €2,002,728 | €1,076,165 | -€926,563 | -46.3% |
| Financial charges | 65/66B | €81,400,438 | €60,297,981 | -€21.1m | -25.9% |
| Recurring financial charges | 65 | €13,716,011 | €12,213,580 | -€1.5m | -11.0% |
| Debt charges | 650 | €3,011,814 | €1,981,325 | -€1.0m | -34.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €10,534,999 | -€7,440,456 | -€18.0m | |
| Other financial charges | 652/9 | €169,198 | €17,672,711 | +€17.5m | +10,345% |
| Non-recurring financial charges | 66B | €67,684,427 | €48,084,401 | -€19.6m | -29.0% |
| Profit (loss) for the period before taxes | 9903 | -€70,926,398 | -€55,914,445 | +€15.0m | +21.2% |
| Income taxes | 67/77 | €1,159,642 | €463,886 | -€695,755 | -60.0% |
| Taxes | 670/3 | €1,159,642 | €463,886 | -€695,755 | -60.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€72,086,040 | -€56,378,331 | +€15.7m | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,086,040 | -€56,378,331 | +€15.7m | +21.8% |
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 28 October 2026 via checked.be.