CORPACK: 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
CORPACK
NACE 17.210, Manufacture of paper and paper products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · €1.3m-€2.4m
Equity
€3.1m
2024 · €4.2m-€1.1m
Cash
€1.4m
2024 · €360,175+€1.0m
Balance sheet total
€15.5m
2024 · €13.6m+€1.9m
Largest movements
Assets
- Receivables within one year +€2.6m
up €2.6m (+7496.8%), from €34,025 to €2.6m
of which Trade receivables: +€2.6m
- Financial fixed assets -€1.7m
down €1.7m (-34.3%), from €5.0m to €3.3m
of which Affiliated companies: -€1.7m
- Cash +€1.0m
up €1.0m (+288.6%), from €360,175 to €1.4m
mainly Trade debts (+€3.0m) and Other debts (+€1.8m)
- Tangible fixed assets -€419,098
down €419,098 (-5.6%), from €7.5m to €7.0m
of which Plant, machinery and equipment: -€399,885
- Intangible fixed assets +€369,238
up €369,238 (+166.1%), from €222,335 to €591,574
Equity and liabilities
- Trade debts +€3.0m
up €3.0m (+203.9%), from €1.5m to €4.5m
- Other debts +€1.8m
up €1.8m (+33.9%), from €5.3m to €7.0m
- Short-term financial debts -€1.7m
down €1.7m (-100.0%), from €1.7m to €0
- Profit (loss) carried forward -€1.1m
down €1.1m (-33.8%), from €3.4m to €2.2m
Income statement
- Turnover +€3.4m
up €3.4m (+18.4%), from €18.6m to €22.0m
- Goods and materials +€2.8m
up €2.8m (+26.6%), from €10.6m to €13.4m
of which Purchases: +€2.7m
- Services and other goods +€957,591
up €957,591 (+32.8%), from €2.9m to €3.9m
- Taxes -€491,208
down €491,208, from €482,201 to -€9,007
of which Taxes: -€483,618
- Financial income -€264,908
down €264,908 (-78.8%), from €336,337 to €71,430
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
€1.3m
Turnover
+€3.4m
Other operating income
+€73,824
Goods and materials
-€2.8m
Services and other goods
-€957,591
Staff costs
-€86,584
Depreciation
-€246,919
Write-downs
-€68,868
Other operating charges
+€81,187
Other operating items
-€1.8m
Financial income
-€264,908
Financial charges
-€231,117
Taxes
+€491,208
Deferred taxes and other
-€550
Result 2025
-€1.1m
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
+€1.8m
Investment
+€955,004
Financing
-€1.7m
Cash 2024
€360,175
From operations (derived)
+€1.8m
Net result for the year
-€1.1m
Depreciation
+€794,856
Stocks and contracts
-€113,313
Receivables within one year
-€2.6m
Deferred charges and accrued income
+€58,745
Provisions
-€689
Trade debts
+€3.0m
Tax, wage and social debts
-€105,799
Advances received
+€11,253
Other debts
+€1.8m
Accrued charges and deferred income
-€8,000
Investment (derived)
+€955,004
Investment in fixed assets (net)
+€955,004
Financing
-€1.7m
Short-term financial debts
-€1.7m
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,635,809 | €15,530,740 | +€1.9m | +13.9% |
| Fixed assets | 21/28 | €12,626,521 | €10,876,661 | -€1.7m | -13.9% |
| Intangible fixed assets | 21 | €222,335 | €591,574 | +€369,238 | +166.1% |
| Tangible fixed assets | 22/27 | €7,453,962 | €7,034,863 | -€419,098 | -5.6% |
| Plant, machinery and equipment | 23 | €7,186,060 | €6,786,174 | -€399,885 | -5.6% |
| Furniture and vehicles | 24 | €136,850 | €57,364 | -€79,486 | -58.1% |
| Other tangible fixed assets | 26 | €131,052 | €191,325 | +€60,273 | +46.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €4,950,224 | €3,250,224 | -€1.7m | -34.3% |
| Affiliated companies | 280/1 | €4,950,000 | €3,250,000 | -€1.7m | -34.3% |
| Participating interests | 280 | €3,650,000 | €3,250,000 | -€400,000 | -11.0% |
| Amounts receivable | 281 | €1,300,000 | €0 | -€1.3m | -100.0% |
| Other financial fixed assets | 284/8 | €224 | €224 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €224 | €224 | = | 0.0% |
| Current assets | 29/58 | €1,009,288 | €4,654,079 | +€3.6m | +361.1% |
| Stocks and contracts in progress | 3 | €542,266 | €655,579 | +€113,313 | +20.9% |
| Stocks | 30/36 | €542,266 | €655,579 | +€113,313 | +20.9% |
| Raw materials and consumables | 30/31 | €183,062 | €198,829 | +€15,767 | +8.6% |
| Finished goods | 33 | €359,204 | €456,750 | +€97,546 | +27.2% |
| Amounts receivable within one year | 40/41 | €34,025 | €2,584,790 | +€2.6m | +7496.8% |
| Trade receivables | 40 | €34,025 | €2,584,790 | +€2.6m | +7496.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €360,175 | €1,399,633 | +€1.0m | +288.6% |
| Deferred charges and accrued income | 490/1 | €72,822 | €14,077 | -€58,745 | -80.7% |
| Total equity and liabilities | 10/49 | €13,635,809 | €15,530,740 | +€1.9m | +13.9% |
| Equity | 10/15 | €4,239,437 | €3,106,857 | -€1.1m | -26.7% |
| Contributions | 10/11 | €742,736 | €742,736 | = | 0.0% |
| Capital | 10 | €742,736 | €742,736 | = | 0.0% |
| Issued capital | 100 | €742,736 | €742,736 | = | 0.0% |
| Reserves | 13 | €137,894 | €140,509 | +€2,615 | +1.9% |
| Non-distributable reserves | 130/1 | €74,274 | €74,274 | = | 0.0% |
| Legal reserve | 130 | €74,274 | €74,274 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,620 | €66,235 | +€2,615 | +4.1% |
| Profit (loss) carried forward | 14 | €3,358,807 | €2,223,612 | -€1.1m | -33.8% |
| Provisions and deferred taxes | 16 | €1,918 | €1,228 | -€689 | -35.9% |
| Deferred taxes | 168 | €1,918 | €1,228 | -€689 | -35.9% |
| Amounts payable | 17/49 | €9,394,455 | €12,422,655 | +€3.0m | +32.2% |
| Amounts payable within one year | 42/48 | €9,381,455 | €12,417,655 | +€3.0m | +32.4% |
| Financial debts | 43 | €1,680,195 | €0 | -€1.7m | -100.0% |
| Credit institutions | 430/8 | €1,680,195 | €0 | -€1.7m | -100.0% |
| Trade debts | 44 | €1,486,658 | €4,517,898 | +€3.0m | +203.9% |
| Suppliers | 440/4 | €1,486,658 | €4,517,898 | +€3.0m | +203.9% |
| Advances received on contracts in progress | 46 | €17,984 | €29,237 | +€11,253 | +62.6% |
| Taxes, remuneration and social security | 45 | €941,980 | €836,181 | -€105,799 | -11.2% |
| Taxes | 450/3 | €726,346 | €598,241 | -€128,104 | -17.6% |
| Remuneration and social security | 454/9 | €215,635 | €237,940 | +€22,305 | +10.3% |
| Other amounts payable | 47/48 | €5,254,638 | €7,034,338 | +€1.8m | +33.9% |
| Accrued charges and deferred income | 492/3 | €13,000 | €5,000 | -€8,000 | -61.5% |
| Operating income | 70/76A | €18,661,264 | €22,224,659 | +€3.6m | +19.1% |
| Turnover | 70 | €18,599,004 | €22,021,649 | +€3.4m | +18.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €37,926 | €97,546 | +€59,620 | +157.2% |
| Other operating income | 74 | €24,335 | €98,158 | +€73,824 | +303.4% |
| Non-recurring operating income | 76A | €0 | €7,306 | +€7,306 | |
| Operating charges | 60/66A | €16,991,765 | €22,958,253 | +€6.0m | +35.1% |
| Goods for resale, raw materials and consumables | 60 | €10,577,865 | €13,396,697 | +€2.8m | +26.6% |
| Purchases | 600/8 | €10,577,304 | €13,260,111 | +€2.7m | +25.4% |
| Change in stocks: decrease (increase) | 609 | €561 | €136,586 | +€136,025 | +24250.0% |
| Services and other goods | 61 | €2,918,367 | €3,875,958 | +€957,591 | +32.8% |
| Remuneration, social security and pensions | 62 | €2,831,980 | €2,918,564 | +€86,584 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547,937 | €794,856 | +€246,919 | +45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€65,376 | €3,492 | +€68,868 | |
| Other operating charges | 640/8 | €101,277 | €20,091 | -€81,187 | -80.2% |
| Non-recurring operating charges | 66A | €79,714 | €1,948,596 | +€1.9m | +2344.5% |
| Operating profit (loss) | 9901 | €1,669,499 | -€733,594 | -€2.4m | |
| Financial income | 75/76B | €336,337 | €71,430 | -€264,908 | -78.8% |
| Recurring financial income | 75 | €336,337 | €71,430 | -€264,908 | -78.8% |
| Income from financial fixed assets | 750 | €59,694 | €0 | -€59,694 | -100.0% |
| Income from current assets | 751 | €50 | €32 | -€17 | -34.9% |
| Other financial income | 752/9 | €276,593 | €71,397 | -€205,196 | -74.2% |
| Financial charges | 65/66B | €248,994 | €480,111 | +€231,117 | +92.8% |
| Recurring financial charges | 65 | €248,994 | €420,416 | +€171,422 | +68.8% |
| Debt charges | 650 | €198,279 | €359,813 | +€161,534 | +81.5% |
| Other financial charges | 652/9 | €50,715 | €60,604 | +€9,888 | +19.5% |
| Non-recurring financial charges | 66B | - | €59,694 | +€59,694 | |
| Profit (loss) for the period before taxes | 9903 | €1,756,842 | -€1,142,276 | -€2.9m | |
| Transfer from deferred taxes | 780 | €1,239 | €689 | -€550 | -44.4% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €482,201 | -€9,007 | -€491,208 | |
| Taxes | 670/3 | €485,000 | €1,382 | -€483,618 | -99.7% |
| Tax adjustments and reversals of tax provisions | 77 | €2,799 | €10,389 | +€7,590 | +271.2% |
| Profit (loss) for the period | 9904 | €1,275,880 | -€1,132,580 | -€2.4m | |
| Transfer from tax-exempt reserves | 789 | €4,624 | €2,607 | -€2,017 | -43.6% |
| Transfer to tax-exempt reserves | 689 | €0 | €5,222 | +€5,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,280,504 | -€1,135,195 | -€2.4m |
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 29 September 2026 via checked.be.