CORES DEVELOPMENT: what changed
Two fiscal 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
CORES DEVELOPMENT
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.1m
2024 · €1.1m+€8.0m
Equity
€38.2m
2024 · €30.8m+€7.4m
Cash
€1.8m
2024 · €2.2m-€373,043
Balance sheet total
€74.8m
2024 · €69.2m+€5.7m
Largest movements
Assets
- Financial fixed assets +€3.0m
up €3.0m (+8.8%), from €34.2m to €37.2m
of which Affiliated companies: +€6.5m
- Stocks and contracts +€2.4m
up €2.4m (+10.7%), from €22.1m to €24.4m
- Receivables within one year +€811,793
up €811,793 (+9.9%), from €8.2m to €9.0m
of which Trade receivables: +€1.6m
Equity and liabilities
- Profit (loss) carried forward +€7.4m
up €7.4m (+106.0%), from €7.0m to €14.4m
- Debts after one year -€6.3m
down €6.3m (-20.7%), from €30.3m to €24.0m
- Current portion of long-term debt +€3.8m
up €3.8m (+163.2%), from €2.3m to €6.2m
- Other debts +€1.1m
up €1.1m (+195.3%), from €573,842 to €1.7m
Income statement
- Other operating income +€12.3m
up €12.3m (+2139.1%), from €574,903 to €12.9m
- Write-downs +€4.4m
up €4.4m (+98.7%), from -€4.5m to -€59,014
- Turnover +€3.6m
up €3.6m (+55.5%), from €6.5m to €10.0m
- Provisions +€2.4m
up €2.4m (+82.7%), from -€2.9m to -€500,000
- Financial income -€2.0m
down €2.0m (-59.4%), from €3.3m to €1.4m
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
€1.1m
Turnover
+€3.6m
Other operating income
+€12.3m
Goods and materials
+€786,460
Services and other goods
-€459,045
Staff costs
-€245,072
Depreciation
+€22,671
Write-downs
-€4.4m
Provisions
-€2.4m
Other operating charges
-€101,604
Other operating items
+€948,317
Financial income
-€2.0m
Financial charges
-€24,845
Taxes
-€24,817
Result 2025
€9.1m
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.
From operations
+€7.2m
Investment
-€3.5m
Financing
-€4.1m
Cash 2024
€2.2m
From operations (derived)
+€7.2m
Net result for the year
+€9.1m
Depreciation
+€485,872
Stocks and contracts
-€2.4m
Receivables within one year
-€811,793
Deferred charges and accrued income
+€94,538
Provisions
-€500,000
Trade debts
+€67,015
Tax, wage and social debts
+€11,917
Advances received
-€23,325
Other debts
+€1.1m
Accrued charges and deferred income
+€31,713
Investment (derived)
-€3.5m
Investment in fixed assets (net)
-€3.3m
Current investments
-€200,000
Financing
-€4.1m
Debts after one year
-€6.3m
Current portion of long-term debt
+€3.8m
Contributions, distributions and other
-€1.7m
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,170,877 | €74,849,149 | +€5.7m | +8.2% |
| Formation expenses | 20 | €108,456 | - | -€108,456 | |
| Fixed assets | 21/28 | €35,625,209 | €38,514,551 | +€2.9m | +8.1% |
| Intangible fixed assets | 21 | €615,342 | €543,250 | -€72,092 | -11.7% |
| Tangible fixed assets | 22/27 | €824,541 | €778,237 | -€46,304 | -5.6% |
| Plant, machinery and equipment | 23 | €90,290 | €87,554 | -€2,736 | -3.0% |
| Furniture and vehicles | 24 | €34,748 | €24,526 | -€10,222 | -29.4% |
| Leasing and similar rights | 25 | €101,732 | €189,201 | +€87,469 | +86.0% |
| Other tangible fixed assets | 26 | €597,771 | €476,956 | -€120,815 | -20.2% |
| Financial fixed assets | 28 | €34,185,326 | €37,193,064 | +€3.0m | +8.8% |
| Affiliated companies | 280/1 | €22,530,172 | €29,032,449 | +€6.5m | +28.9% |
| Participating interests | 280 | €15,821,172 | €23,954,949 | +€8.1m | +51.4% |
| Amounts receivable | 281 | €6,709,000 | €5,077,500 | -€1.6m | -24.3% |
| Companies linked by participating interests | 282/3 | €10,994,994 | €7,500,455 | -€3.5m | -31.8% |
| Participating interests | 282 | €3,692,545 | €1,905,455 | -€1.8m | -48.4% |
| Amounts receivable | 283 | €7,302,449 | €5,595,000 | -€1.7m | -23.4% |
| Other financial fixed assets | 284/8 | €660,160 | €660,160 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €660,160 | €660,160 | = | 0.0% |
| Current assets | 29/58 | €33,437,212 | €36,334,598 | +€2.9m | +8.7% |
| Stocks and contracts in progress | 3 | €22,081,599 | €24,434,773 | +€2.4m | +10.7% |
| Stocks | 30/36 | €22,081,599 | €24,434,773 | +€2.4m | +10.7% |
| Property held for sale | 35 | €22,081,599 | €24,434,773 | +€2.4m | +10.7% |
| Amounts receivable within one year | 40/41 | €8,237,600 | €9,049,393 | +€811,793 | +9.9% |
| Trade receivables | 40 | €7,273,613 | €8,865,153 | +€1.6m | +21.9% |
| Other amounts receivable | 41 | €963,987 | €184,240 | -€779,747 | -80.9% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Other investments | 51/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €2,193,239 | €1,820,196 | -€373,043 | -17.0% |
| Deferred charges and accrued income | 490/1 | €924,774 | €830,236 | -€94,538 | -10.2% |
| Total equity and liabilities | 10/49 | €69,170,877 | €74,849,149 | +€5.7m | +8.2% |
| Equity | 10/15 | €30,796,936 | €38,221,511 | +€7.4m | +24.1% |
| Contributions | 10/11 | €1,094,202 | €1,094,202 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Outside capital | 11 | €94,202 | €94,202 | = | 0.0% |
| Share premium | 1100/10 | €94,202 | €94,202 | = | 0.0% |
| Revaluation surpluses | 12 | €13,831,622 | €13,831,622 | = | 0.0% |
| Reserves | 13 | €8,865,000 | €8,865,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €8,765,000 | €8,765,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,006,112 | €14,430,687 | +€7.4m | +106.0% |
| Provisions and deferred taxes | 16 | €500,000 | - | -€500,000 | |
| Provisions for liabilities and charges | 160/5 | €500,000 | - | -€500,000 | |
| Other liabilities and charges | 164/5 | €500,000 | - | -€500,000 | |
| Amounts payable | 17/49 | €37,873,941 | €36,627,638 | -€1.2m | -3.3% |
| Amounts payable after more than one year | 17 | €30,301,927 | €24,025,778 | -€6.3m | -20.7% |
| Financial debts | 170/4 | €30,301,927 | €24,025,778 | -€6.3m | -20.7% |
| Subordinated loans | 170 | €24,000,000 | €15,000,000 | -€9.0m | -37.5% |
| Leasing and similar obligations | 172 | €68,347 | €123,856 | +€55,509 | +81.2% |
| Credit institutions | 173 | €6,153,580 | €5,711,000 | -€442,580 | -7.2% |
| Other loans | 174 | €80,000 | €3,190,922 | +€3.1m | +3888.7% |
| Amounts payable within one year | 42/48 | €5,880,099 | €10,878,232 | +€5.0m | +85.0% |
| Current portion of amounts payable after more than one year | 42 | €2,342,059 | €6,164,035 | +€3.8m | +163.2% |
| Trade debts | 44 | €2,408,813 | €2,475,828 | +€67,015 | +2.8% |
| Suppliers | 440/4 | €2,408,813 | €2,475,828 | +€67,015 | +2.8% |
| Advances received on contracts in progress | 46 | €311,892 | €288,567 | -€23,325 | -7.5% |
| Taxes, remuneration and social security | 45 | €243,493 | €255,410 | +€11,917 | +4.9% |
| Taxes | 450/3 | €90,643 | €67,451 | -€23,192 | -25.6% |
| Remuneration and social security | 454/9 | €152,850 | €187,959 | +€35,109 | +23.0% |
| Other amounts payable | 47/48 | €573,842 | €1,694,392 | +€1.1m | +195.3% |
| Accrued charges and deferred income | 492/3 | €1,691,915 | €1,723,628 | +€31,713 | +1.9% |
| Operating income | 70/76A | €8,369,843 | €25,200,364 | +€16.8m | +201.1% |
| Turnover | 70 | €6,453,393 | €10,037,810 | +€3.6m | +55.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,341,547 | €1,856,553 | +€515,006 | +38.4% |
| Other operating income | 74 | €574,903 | €12,872,690 | +€12.3m | +2139.1% |
| Non-recurring operating income | 76A | - | €433,311 | +€433,311 | |
| Operating charges | 60/66A | €8,617,810 | €15,450,752 | +€6.8m | +79.3% |
| Goods for resale, raw materials and consumables | 60 | €786,460 | - | -€786,460 | |
| Purchases | 600/8 | €786,460 | - | -€786,460 | |
| Services and other goods | 61 | €12,541,660 | €13,000,705 | +€459,045 | +3.7% |
| Remuneration, social security and pensions | 62 | €1,610,503 | €1,855,575 | +€245,072 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €508,543 | €485,872 | -€22,671 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,502,557 | -€59,014 | +€4.4m | +98.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,892,809 | -€500,000 | +€2.4m | +82.7% |
| Other operating charges | 640/8 | €566,010 | €667,614 | +€101,604 | +18.0% |
| Operating profit (loss) | 9901 | -€247,967 | €9,749,612 | +€10.0m | |
| Financial income | 75/76B | €3,347,523 | €1,360,390 | -€2.0m | -59.4% |
| Recurring financial income | 75 | €3,347,523 | €1,360,390 | -€2.0m | -59.4% |
| Income from financial fixed assets | 750 | €3,343,537 | €1,359,733 | -€2.0m | -59.3% |
| Income from current assets | 751 | €3,982 | €657 | -€3,325 | -83.5% |
| Other financial income | 752/9 | €4 | - | -€4 | |
| Financial charges | 65/66B | €1,932,714 | €1,957,559 | +€24,845 | +1.3% |
| Recurring financial charges | 65 | €1,789,714 | €1,825,559 | +€35,845 | +2.0% |
| Debt charges | 650 | €1,461,116 | €1,765,589 | +€304,473 | +20.8% |
| Other financial charges | 652/9 | €328,598 | €59,970 | -€268,628 | -81.7% |
| Non-recurring financial charges | 66B | €143,000 | €132,000 | -€11,000 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €1,166,842 | €9,152,443 | +€8.0m | +684.4% |
| Income taxes | 67/77 | €33,929 | €58,746 | +€24,817 | +73.1% |
| Taxes | 670/3 | €33,929 | €58,746 | +€24,817 | +73.1% |
| Profit (loss) for the period | 9904 | €1,132,913 | €9,093,697 | +€8.0m | +702.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,132,913 | €9,093,697 | +€8.0m | +702.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.