Corvo: 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.
Corvo
Largest movements
- Receivables within one year -€62,824
down €62,824 (-76.8%), from €81,848 to €19,024
of which Trade receivables: -€63,386
- Stocks and contracts +€17,100
up €17,100 (+35.0%), from €48,900 to €66,000
- Tangible fixed assets -€8,129
down €8,129 (-28.9%), from €28,087 to €19,958
of which Plant, machinery and equipment: -€6,331
- Cash +€5,033
up €5,033 (+201.5%), from €2,498 to €7,531
mainly Receivables within one year (+€62,824) and Other debts (+€42,812)
- Trade debts -€56,646
down €56,646 (-19.5%), from €291,017 to €234,371
- Debts after one year -€45,248
no longer reported in 2025 (was €45,248)
- Other debts +€42,812
up €42,812 (+37.4%), from €114,369 to €157,181
- Short-term financial debts +€17,632
up €17,632 (+214.0%), from €8,240 to €25,872
- Tax, wage and social debts -€16,438
down €16,438 (-29.8%), from €55,194 to €38,756
of which Remuneration and social security: -€13,913
- Gross operating margin +€88,390
up €88,390, from -€36,459 to €51,931
- Staff costs -€59,247
down €59,247 (-99.4%), from €59,608 to €361
- Financial income -€6,550
down €6,550 (-93.2%), from €7,028 to €479
of which Non-recurring financial income: -€5,518
- Financial charges -€2,410
down €2,410 (-6.5%), from €37,350 to €34,940
- Depreciation -€1,336
down €1,336 (-12.9%), from €10,384 to €9,048
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 | €169,847 | €120,579 | -€49,268 | -29.0% |
| Fixed assets | 21/28 | €36,601 | €27,553 | -€9,048 | -24.7% |
| Intangible fixed assets | 21 | €1,644 | €725 | -€919 | -55.9% |
| Tangible fixed assets | 22/27 | €28,087 | €19,958 | -€8,129 | -28.9% |
| Plant, machinery and equipment | 23 | €16,307 | €9,976 | -€6,331 | -38.8% |
| Furniture and vehicles | 24 | €3,334 | €2,545 | -€788 | -23.6% |
| Other tangible fixed assets | 26 | €8,447 | €7,436 | -€1,010 | -12.0% |
| Financial fixed assets | 28 | €6,870 | €6,870 | = | 0.0% |
| Current assets | 29/58 | €133,246 | €93,026 | -€40,220 | -30.2% |
| Stocks and contracts in progress | 3 | €48,900 | €66,000 | +€17,100 | +35.0% |
| Stocks | 30/36 | €48,900 | €66,000 | +€17,100 | +35.0% |
| Amounts receivable within one year | 40/41 | €81,848 | €19,024 | -€62,824 | -76.8% |
| Trade receivables | 40 | €77,528 | €14,142 | -€63,386 | -81.8% |
| Other amounts receivable | 41 | €4,320 | €4,882 | +€562 | +13.0% |
| Cash at bank and in hand | 54/58 | €2,498 | €7,531 | +€5,033 | +201.5% |
| Deferred charges and accrued income | 490/1 | - | €471 | +€471 | |
| Total equity and liabilities | 10/49 | €169,847 | €120,579 | -€49,268 | -29.0% |
| Equity | 10/15 | -€396,118 | -€388,402 | +€7,715 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,052 | €76,052 | = | 0.0% |
| Distributable reserves | 133 | €76,052 | €76,052 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€490,769 | -€483,054 | +€7,715 | +1.6% |
| Amounts payable | 17/49 | €565,965 | €508,981 | -€56,984 | -10.1% |
| Amounts payable after more than one year | 17 | €45,248 | - | -€45,248 | |
| Financial debts | 170/4 | €45,248 | - | -€45,248 | |
| Amounts payable within one year | 42/48 | €518,602 | €506,524 | -€12,078 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €42,233 | €50,344 | +€8,111 | +19.2% |
| Financial debts | 43 | €8,240 | €25,872 | +€17,632 | +214.0% |
| Credit institutions | 430/8 | €8,240 | €25,872 | +€17,632 | +214.0% |
| Trade debts | 44 | €291,017 | €234,371 | -€56,646 | -19.5% |
| Suppliers | 440/4 | €291,017 | €234,371 | -€56,646 | -19.5% |
| Advances received on contracts in progress | 46 | €7,549 | - | -€7,549 | |
| Taxes, remuneration and social security | 45 | €55,194 | €38,756 | -€16,438 | -29.8% |
| Taxes | 450/3 | €38,136 | €35,611 | -€2,525 | -6.6% |
| Remuneration and social security | 454/9 | €17,058 | €3,145 | -€13,913 | -81.6% |
| Other amounts payable | 47/48 | €114,369 | €157,181 | +€42,812 | +37.4% |
| Accrued charges and deferred income | 492/3 | €2,115 | €2,457 | +€342 | +16.2% |
| Remuneration, social security and pensions | 62 | €59,608 | €361 | -€59,247 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,384 | €9,048 | -€1,336 | -12.9% |
| Other operating charges | 640/8 | €1,383 | €706 | -€677 | -49.0% |
| Non-recurring operating charges | 66A | €423 | - | -€423 | |
| Gross operating margin | 9900 | -€36,459 | €51,931 | +€88,390 | |
| Operating profit (loss) | 9901 | -€108,258 | €41,816 | +€150,074 | |
| Financial income | 75/76B | €7,028 | €479 | -€6,550 | -93.2% |
| Recurring financial income | 75 | €1,510 | €479 | -€1,032 | -68.3% |
| Non-recurring financial income | 76B | €5,518 | - | -€5,518 | |
| Financial charges | 65/66B | €37,350 | €34,940 | -€2,410 | -6.5% |
| Recurring financial charges | 65 | €37,350 | €34,940 | -€2,410 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€138,580 | €7,354 | +€145,934 | |
| Income taxes | 67/77 | €361 | -€361 | -€722 | |
| Profit (loss) for the period | 9904 | -€138,941 | €7,715 | +€146,656 | |
| Profit (loss) for the period to be appropriated | 9905 | -€138,941 | €7,715 | +€146,656 |
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 11 October 2026 via checked.be.