CORETEC Services: 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
CORETEC Services
NACE 35.110, Production of electricity from non-renewable sources
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€468,134
2024 · €386,744+€81,391
Equity
€1.4m
2024 · €888,560+€468,134
Cash
€511,119
2024 · €715,413-€204,293
Balance sheet total
€15.8m
2024 · €17.3m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-8.7%), from €15.3m to €14.0m
of which Assets under construction and advance payments: -€2.1m
- Cash -€204,293
down €204,293 (-28.6%), from €715,413 to €511,119
mainly Debts after one year (-€1.8m) and Investment in fixed assets (net) (-€275,605)
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-14.2%), from €13.0m to €11.2m
- Profit (loss) carried forward +€468,134
up €468,134 (+76.3%), from €613,560 to €1.1m
- Trade debts -€254,111
down €254,111 (-29.7%), from €856,763 to €602,652
- Current portion of long-term debt +€184,562
up €184,562 (+10.4%), from €1.8m to €2.0m
Income statement
- Turnover +€1.0m
up €1.0m (+32.7%), from €3.1m to €4.2m
- Purchases and services +€527,026
up €527,026 (+50.4%), from €1.0m to €1.6m
- Gross operating margin +€289,286
up €289,286 (+12.4%), from €2.3m to €2.6m
- Depreciation +€173,459
up €173,459 (+13.5%), from €1.3m to €1.5m
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
€386,744
Gross operating margin
+€289,286
Staff costs
-€276
Depreciation
-€173,459
Other operating charges
-€4,546
Financial income
-€13,022
Financial charges
-€18,489
Taxes
+€1,897
Result 2025
€468,134
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
+€1.7m
Investment
-€275,605
Financing
-€1.7m
Cash 2024
€715,413
From operations (derived)
+€1.7m
Net result for the year
+€468,134
Depreciation
+€1.5m
Stocks and contracts
+€558
Receivables within one year
+€164,840
Trade debts
-€254,111
Tax, wage and social debts
-€17,371
Accrued charges and deferred income
-€95,455
Investment (derived)
-€275,605
Investment in fixed assets (net)
-€275,605
Financing
-€1.7m
Debts after one year
-€1.8m
Current portion of long-term debt
+€184,562
Cash 2025
€511,119
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,336,434 | €15,781,976 | -€1.6m | -9.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €15,306,049 | €14,121,282 | -€1.2m | -7.7% |
| Tangible fixed assets | 22/27 | €15,306,049 | €13,980,917 | -€1.3m | -8.7% |
| Plant, machinery and equipment | 23 | €13,156,055 | €13,980,917 | +€824,863 | +6.3% |
| Assets under construction and advance payments | 27 | €2,149,995 | €0 | -€2.1m | -100.0% |
| Financial fixed assets | 28 | €0 | €140,365 | +€140,365 | |
| Current assets | 29/58 | €2,030,385 | €1,660,693 | -€369,691 | -18.2% |
| Stocks and contracts in progress | 3 | €13,630 | €13,072 | -€558 | -4.1% |
| Stocks | 30/36 | €13,630 | €13,072 | -€558 | -4.1% |
| Amounts receivable within one year | 40/41 | €1,301,342 | €1,136,502 | -€164,840 | -12.7% |
| Trade receivables | 40 | €1,176,342 | €1,136,502 | -€39,840 | -3.4% |
| Other amounts receivable | 41 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €715,413 | €511,119 | -€204,293 | -28.6% |
| Deferred charges and accrued income | 490/1 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €17,336,434 | €15,781,976 | -€1.6m | -9.0% |
| Equity | 10/15 | €888,560 | €1,356,694 | +€468,134 | +52.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €613,560 | €1,081,694 | +€468,134 | +76.3% |
| Amounts payable | 17/49 | €16,447,874 | €14,425,281 | -€2.0m | -12.3% |
| Amounts payable after more than one year | 17 | €12,993,659 | €11,153,442 | -€1.8m | -14.2% |
| Financial debts | 170/4 | €12,993,659 | €11,153,442 | -€1.8m | -14.2% |
| Amounts payable within one year | 42/48 | €2,764,913 | €2,677,992 | -€86,921 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €1,782,690 | €1,967,251 | +€184,562 | +10.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €856,763 | €602,652 | -€254,111 | -29.7% |
| Suppliers | 440/4 | €856,763 | €602,652 | -€254,111 | -29.7% |
| Taxes, remuneration and social security | 45 | €125,460 | €108,089 | -€17,371 | -13.8% |
| Taxes | 450/3 | €60,355 | €72,124 | +€11,769 | +19.5% |
| Remuneration and social security | 454/9 | €65,106 | €35,966 | -€29,140 | -44.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €689,302 | €593,847 | -€95,455 | -13.8% |
| Turnover | 70 | €3,136,691 | €4,161,039 | +€1.0m | +32.7% |
| Non-recurring operating income | 76A | €0 | €154 | +€154 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,046,238 | €1,573,264 | +€527,026 | +50.4% |
| Remuneration, social security and pensions | 62 | €333,875 | €334,150 | +€276 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,286,913 | €1,460,372 | +€173,459 | +13.5% |
| Other operating charges | 640/8 | €3,891 | €8,437 | +€4,546 | +116.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,339,640 | €2,628,926 | +€289,286 | +12.4% |
| Operating profit (loss) | 9901 | €714,962 | €825,966 | +€111,005 | +15.5% |
| Financial income | 75/76B | €13,508 | €486 | -€13,022 | -96.4% |
| Recurring financial income | 75 | €508 | €486 | -€22 | -4.3% |
| Non-recurring financial income | 76B | €13,000 | - | -€13,000 | |
| Financial charges | 65/66B | €340,969 | €359,457 | +€18,489 | +5.4% |
| Recurring financial charges | 65 | €340,969 | €359,457 | +€18,489 | +5.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €387,501 | €466,995 | +€79,494 | +20.5% |
| Income taxes | 67/77 | €757 | -€1,139 | -€1,897 | |
| Profit (loss) for the period | 9904 | €386,744 | €468,134 | +€81,391 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €386,744 | €468,134 | +€81,391 | +21.0% |
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 10 October 2026 via checked.be.