CORMACO: 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.
CORMACO
Largest movements
- Tangible fixed assets +€116,546
up €116,546 (+113.4%), from €102,730 to €219,276
of which Furniture and vehicles: +€109,123
- Receivables within one year -€68,572
down €68,572 (-58.5%), from €117,163 to €48,590
of which Trade receivables: -€69,193
- Cash -€39,803
down €39,803 (-48.4%), from €82,194 to €42,392
mainly Investment in fixed assets (net) (-€173,111) and Debts after one year (-€135,714)
- Current investments +€24,933
up €24,933 (+4.2%), from €597,318 to €622,251
- Profit (loss) carried forward +€240,568
up €240,568 (+2.6%), from -€9.2m to -€9.0m
- Debts after one year -€135,714
down €135,714 (-4.3%), from €3.2m to €3.1m
- Short-term financial debts -€110,000
down €110,000 (-40.7%), from €270,000 to €160,000
- Current portion of long-term debt +€28,379
up €28,379 (+362.6%), from €7,826 to €36,205
- Trade debts +€11,706
up €11,706 (+347.8%), from €3,366 to €15,072
- Gross operating margin +€120,353
up €120,353 (+90.9%), from €132,428 to €252,781
- Depreciation +€26,413
up €26,413 (+87.6%), from €30,152 to €56,565
- Financial income -€13,807
down €13,807 (-15.7%), from €88,209 to €74,402
of which Financial income: -€13,807
- Other operating charges -€7,784
down €7,784 (-54.7%), from €14,242 to €6,458
- Taxes +€6,190
up €6,190 (+394.2%), from €1,570 to €7,760
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 | €939,523 | €974,369 | +€34,846 | +3.7% |
| Fixed assets | 21/28 | €137,730 | €254,276 | +€116,546 | +84.6% |
| Tangible fixed assets | 22/27 | €102,730 | €219,276 | +€116,546 | +113.4% |
| Land and buildings | 22 | €3,479 | €5,155 | +€1,676 | +48.2% |
| Plant, machinery and equipment | 23 | €205 | €5,952 | +€5,746 | +2798.9% |
| Furniture and vehicles | 24 | €99,046 | €208,169 | +€109,123 | +110.2% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €801,793 | €720,093 | -€81,700 | -10.2% |
| Amounts receivable within one year | 40/41 | €117,163 | €48,590 | -€68,572 | -58.5% |
| Trade receivables | 40 | €91,200 | €22,007 | -€69,193 | -75.9% |
| Other amounts receivable | 41 | €25,963 | €26,583 | +€621 | +2.4% |
| Current investments | 50/53 | €597,318 | €622,251 | +€24,933 | +4.2% |
| Cash at bank and in hand | 54/58 | €82,194 | €42,392 | -€39,803 | -48.4% |
| Deferred charges and accrued income | 490/1 | €5,118 | €6,860 | +€1,742 | +34.0% |
| Total equity and liabilities | 10/49 | €939,523 | €974,369 | +€34,846 | +3.7% |
| Equity | 10/15 | -€2,688,441 | -€2,447,872 | +€240,568 | +8.9% |
| Contributions | 10/11 | €6,445,232 | €6,445,232 | = | 0.0% |
| Capital | 10 | €6,445,232 | €6,445,232 | = | 0.0% |
| Issued capital | 100 | €6,445,232 | €6,445,232 | = | 0.0% |
| Reserves | 13 | €114,245 | €114,245 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Distributable reserves | 133 | €94,414 | €94,414 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,247,917 | -€9,007,349 | +€240,568 | +2.6% |
| Amounts payable | 17/49 | €3,627,963 | €3,422,242 | -€205,722 | -5.7% |
| Amounts payable after more than one year | 17 | €3,187,142 | €3,051,428 | -€135,714 | -4.3% |
| Financial debts | 170/4 | €3,187,142 | €3,051,428 | -€135,714 | -4.3% |
| Amounts payable within one year | 42/48 | €440,822 | €370,814 | -€70,008 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €7,826 | €36,205 | +€28,379 | +362.6% |
| Financial debts | 43 | €270,000 | €160,000 | -€110,000 | -40.7% |
| Credit institutions | 430/8 | €270,000 | €160,000 | -€110,000 | -40.7% |
| Trade debts | 44 | €3,366 | €15,072 | +€11,706 | +347.8% |
| Suppliers | 440/4 | €3,366 | €15,072 | +€11,706 | +347.8% |
| Taxes, remuneration and social security | 45 | €3,115 | €4,322 | +€1,207 | +38.7% |
| Taxes | 450/3 | €3,115 | €4,322 | +€1,207 | +38.7% |
| Other amounts payable | 47/48 | €156,515 | €155,215 | -€1,300 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,152 | €56,565 | +€26,413 | +87.6% |
| Other operating charges | 640/8 | €14,242 | €6,458 | -€7,784 | -54.7% |
| Gross operating margin | 9900 | €132,428 | €252,781 | +€120,353 | +90.9% |
| Operating profit (loss) | 9901 | €88,034 | €189,757 | +€101,724 | +115.6% |
| Financial income | 75/76B | €88,209 | €74,402 | -€13,807 | -15.7% |
| Recurring financial income | 75 | €88,209 | €74,402 | -€13,807 | -15.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €16,555 | €15,831 | -€723 | -4.4% |
| Recurring financial charges | 65 | €16,555 | €15,831 | -€723 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €159,688 | €248,328 | +€88,640 | +55.5% |
| Income taxes | 67/77 | €1,570 | €7,760 | +€6,190 | +394.2% |
| Profit (loss) for the period | 9904 | €158,118 | €240,568 | +€82,450 | +52.1% |
| Profit (loss) for the period to be appropriated | 9905 | €158,118 | €240,568 | +€82,450 | +52.1% |
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 8 October 2026 via checked.be.