COREX: 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.
COREX
Largest movements
- Receivables within one year +€27,091
up €27,091 (+26.7%), from €101,506 to €128,598
of which Trade receivables: +€26,481
- Cash -€13,852
down €13,852 (-71.1%), from €19,472 to €5,620
mainly Net result for the year (-€34,596) and Receivables within one year (-€27,091)
- Intangible fixed assets -€9,429
down €9,429 (-56.0%), from €16,838 to €7,410
- Reserves -€256,024
down €256,024 (-100.0%), from €256,024 to €0
- Profit (loss) carried forward +€221,428
up €221,428 (+98.9%), from -€223,779 to -€2,350
- Debts after one year +€73,449
new in 2025: €73,449
- Tax, wage and social debts -€25,855
down €25,855 (-54.6%), from €47,338 to €21,483
of which Remuneration and social security: -€13,466
- Other debts -€10,198
down €10,198 (-100.0%), from €10,198 to €0
- Staff costs -€97,497
down €97,497 (-24.5%), from €397,403 to €299,906
- Gross operating margin -€85,694
down €85,694 (-21.7%), from €395,545 to €309,851
- Financial income -€42,275
down €42,275 (-99.8%), from €42,342 to €67
of which Non-recurring financial income: -€42,250
- Taxes +€22,187
new in 2025: €22,187
- Depreciation -€12,208
down €12,208 (-45.7%), from €26,697 to €14,489
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,033 | €178,716 | +€4,683 | +2.7% |
| Fixed assets | 21/28 | €43,727 | €34,029 | -€9,698 | -22.2% |
| Intangible fixed assets | 21 | €16,838 | €7,410 | -€9,429 | -56.0% |
| Tangible fixed assets | 22/27 | €23,809 | €23,540 | -€269 | -1.1% |
| Land and buildings | 22 | €14,800 | €12,939 | -€1,860 | -12.6% |
| Plant, machinery and equipment | 23 | €5,298 | €7,983 | +€2,685 | +50.7% |
| Furniture and vehicles | 24 | €3,711 | €2,618 | -€1,093 | -29.5% |
| Financial fixed assets | 28 | €3,080 | €3,080 | = | 0.0% |
| Current assets | 29/58 | €130,305 | €144,686 | +€14,381 | +11.0% |
| Stocks and contracts in progress | 3 | €5,453 | €7,135 | +€1,682 | +30.8% |
| Stocks | 30/36 | €5,453 | €7,135 | +€1,682 | +30.8% |
| Amounts receivable within one year | 40/41 | €101,506 | €128,598 | +€27,091 | +26.7% |
| Trade receivables | 40 | €98,709 | €125,190 | +€26,481 | +26.8% |
| Other amounts receivable | 41 | €2,797 | €3,407 | +€611 | +21.8% |
| Cash at bank and in hand | 54/58 | €19,472 | €5,620 | -€13,852 | -71.1% |
| Deferred charges and accrued income | 490/1 | €3,874 | €3,333 | -€540 | -13.9% |
| Total equity and liabilities | 10/49 | €174,033 | €178,716 | +€4,683 | +2.7% |
| Equity | 10/15 | €52,246 | €17,650 | -€34,596 | -66.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €256,024 | €0 | -€256,024 | -100.0% |
| Tax-exempt reserves | 132 | €256,024 | €0 | -€256,024 | -100.0% |
| Profit (loss) carried forward | 14 | -€223,779 | -€2,350 | +€221,428 | +98.9% |
| Amounts payable | 17/49 | €121,787 | €161,066 | +€39,279 | +32.3% |
| Amounts payable after more than one year | 17 | - | €73,449 | +€73,449 | |
| Other amounts payable | 178/9 | - | €73,449 | +€73,449 | |
| Amounts payable within one year | 42/48 | €121,787 | €87,617 | -€34,170 | -28.1% |
| Financial debts | 43 | - | €27 | +€27 | |
| Credit institutions | 430/8 | - | €27 | +€27 | |
| Trade debts | 44 | €38,952 | €41,409 | +€2,457 | +6.3% |
| Suppliers | 440/4 | €38,952 | €41,409 | +€2,457 | +6.3% |
| Advances received on contracts in progress | 46 | €25,299 | €24,698 | -€601 | -2.4% |
| Taxes, remuneration and social security | 45 | €47,338 | €21,483 | -€25,855 | -54.6% |
| Taxes | 450/3 | €12,899 | €510 | -€12,389 | -96.0% |
| Remuneration and social security | 454/9 | €34,439 | €20,973 | -€13,466 | -39.1% |
| Other amounts payable | 47/48 | €10,198 | €0 | -€10,198 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €397,403 | €299,906 | -€97,497 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,697 | €14,489 | -€12,208 | -45.7% |
| Other operating charges | 640/8 | €4,356 | €5,619 | +€1,264 | +29.0% |
| Non-recurring operating charges | 66A | - | €269 | +€269 | |
| Gross operating margin | 9900 | €395,545 | €309,851 | -€85,694 | -21.7% |
| Operating profit (loss) | 9901 | -€32,910 | -€10,431 | +€22,479 | +68.3% |
| Financial income | 75/76B | €42,342 | €67 | -€42,275 | -99.8% |
| Recurring financial income | 75 | €92 | €67 | -€25 | -27.5% |
| Non-recurring financial income | 76B | €42,250 | €0 | -€42,250 | -100.0% |
| Financial charges | 65/66B | €2,894 | €2,045 | -€849 | -29.3% |
| Recurring financial charges | 65 | €2,894 | €2,045 | -€849 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €6,537 | -€12,409 | -€18,947 | |
| Income taxes | 67/77 | - | €22,187 | +€22,187 | |
| Profit (loss) for the period | 9904 | €6,537 | -€34,596 | -€41,133 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €6,537 | -€34,596 | -€41,133 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.