CORMAN FRERES: 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.
CORMAN FRERES
Largest movements
- Cash -€141,358
down €141,358 (-58.2%), from €243,076 to €101,718
mainly Debts after one year (-€63,571) and Net result for the year (-€51,080)
- Tangible fixed assets -€40,889
down €40,889 (-4.7%), from €871,142 to €830,254
of which Land and buildings: -€31,422
- Stocks and contracts +€33,048
up €33,048 (+25.5%), from €129,607 to €162,655
- Debts after one year -€63,571
down €63,571 (-10.1%), from €631,194 to €567,623
- Profit (loss) carried forward -€50,143
down €50,143 (-12.2%), from €410,536 to €360,393
- Reserves -€23,937
down €23,937 (-5.2%), from €459,960 to €436,023
of which Distributable reserves: -€23,000
- Gross operating margin -€61,845
down €61,845 (-29.4%), from €210,356 to €148,511
- Taxes -€4,968
down €4,968 (-86.5%), from €5,741 to €773
- Staff costs +€4,206
up €4,206 (+3.3%), from €128,969 to €133,175
- Financial income -€3,021
down €3,021 (-46.9%), from €6,436 to €3,415
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,743,856 | €1,602,105 | -€141,751 | -8.1% |
| Fixed assets | 21/28 | €871,642 | €830,754 | -€40,889 | -4.7% |
| Tangible fixed assets | 22/27 | €871,142 | €830,254 | -€40,889 | -4.7% |
| Land and buildings | 22 | €818,542 | €787,120 | -€31,422 | -3.8% |
| Plant, machinery and equipment | 23 | €15,489 | €13,114 | -€2,375 | -15.3% |
| Furniture and vehicles | 24 | €37,111 | €30,019 | -€7,092 | -19.1% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €872,213 | €771,352 | -€100,862 | -11.6% |
| Stocks and contracts in progress | 3 | €129,607 | €162,655 | +€33,048 | +25.5% |
| Stocks | 30/36 | €129,607 | €162,655 | +€33,048 | +25.5% |
| Amounts receivable within one year | 40/41 | €156,188 | €161,994 | +€5,806 | +3.7% |
| Trade receivables | 40 | €42,720 | €24,091 | -€18,629 | -43.6% |
| Other amounts receivable | 41 | €113,468 | €137,903 | +€24,435 | +21.5% |
| Current investments | 50/53 | €334,027 | €335,145 | +€1,118 | +0.3% |
| Cash at bank and in hand | 54/58 | €243,076 | €101,718 | -€141,358 | -58.2% |
| Deferred charges and accrued income | 490/1 | €9,315 | €9,839 | +€524 | +5.6% |
| Total equity and liabilities | 10/49 | €1,743,856 | €1,602,105 | -€141,751 | -8.1% |
| Equity | 10/15 | €889,096 | €815,015 | -€74,080 | -8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €459,960 | €436,023 | -€23,937 | -5.2% |
| Tax-exempt reserves | 132 | €63,100 | €62,163 | -€937 | -1.5% |
| Distributable reserves | 133 | €396,860 | €373,860 | -€23,000 | -5.8% |
| Profit (loss) carried forward | 14 | €410,536 | €360,393 | -€50,143 | -12.2% |
| Provisions and deferred taxes | 16 | €7,377 | €7,143 | -€234 | -3.2% |
| Deferred taxes | 168 | €7,377 | €7,143 | -€234 | -3.2% |
| Amounts payable | 17/49 | €847,383 | €779,947 | -€67,436 | -8.0% |
| Amounts payable after more than one year | 17 | €631,194 | €567,623 | -€63,571 | -10.1% |
| Financial debts | 170/4 | €631,194 | €567,623 | -€63,571 | -10.1% |
| Amounts payable within one year | 42/48 | €212,935 | €208,842 | -€4,093 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €62,068 | €63,571 | +€1,503 | +2.4% |
| Trade debts | 44 | €10,746 | €3,696 | -€7,050 | -65.6% |
| Suppliers | 440/4 | €10,746 | €3,696 | -€7,050 | -65.6% |
| Advances received on contracts in progress | 46 | - | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €11,802 | €9,750 | -€2,052 | -17.4% |
| Taxes | 450/3 | €3,469 | €1,150 | -€2,319 | -66.8% |
| Remuneration and social security | 454/9 | €8,333 | €8,600 | +€267 | +3.2% |
| Other amounts payable | 47/48 | €128,319 | €128,825 | +€506 | +0.4% |
| Accrued charges and deferred income | 492/3 | €3,254 | €3,482 | +€228 | +7.0% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Remuneration, social security and pensions | 62 | €128,969 | €133,175 | +€4,206 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,514 | €42,827 | +€1,313 | +3.2% |
| Other operating charges | 640/8 | €7,735 | €8,382 | +€647 | +8.4% |
| Gross operating margin | 9900 | €210,356 | €148,511 | -€61,845 | -29.4% |
| Operating profit (loss) | 9901 | €32,138 | -€35,872 | -€68,011 | |
| Financial income | 75/76B | €6,436 | €3,415 | -€3,021 | -46.9% |
| Recurring financial income | 75 | €6,436 | €3,415 | -€3,021 | -46.9% |
| Financial charges | 65/66B | €19,242 | €18,085 | -€1,157 | -6.0% |
| Recurring financial charges | 65 | €19,242 | €18,085 | -€1,157 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €19,333 | -€50,542 | -€69,874 | |
| Transfer from deferred taxes | 780 | €234 | €234 | = | 0.0% |
| Income taxes | 67/77 | €5,741 | €773 | -€4,968 | -86.5% |
| Profit (loss) for the period | 9904 | €13,826 | -€51,080 | -€64,906 | |
| Transfer from tax-exempt reserves | 789 | €937 | €937 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,763 | -€50,143 | -€64,906 |
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 17 October 2026 via checked.be.