Corvo Nero: 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.
Corvo Nero
Largest movements
- Receivables within one year +€29,445
up €29,445 (+69.1%), from €42,609 to €72,054
of which Other amounts receivable: +€27,281
- Cash -€3,739
down €3,739 (-69.6%), from €5,375 to €1,636
mainly Receivables within one year (-€29,445) and Tax, wage and social debts (-€11,839)
- Reserves +€26,520
up €26,520 (+31.7%), from €83,674 to €110,193
- Current portion of long-term debt +€12,228
new in 2025: €12,228
- Tax, wage and social debts -€11,839
down €11,839 (-31.1%), from €38,068 to €26,229
- Gross operating margin +€35,176
up €35,176 (+1017.1%), from €3,458 to €38,634
- Taxes +€9,921
up €9,921 (+521.7%), from €1,902 to €11,823
- Financial charges +€1,606
up €1,606 (+234.4%), from €685 to €2,292
- Financial income +€774
up €774 (+45.1%), from €1,717 to €2,492
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 | €130,490 | €155,891 | +€25,401 | +19.5% |
| Fixed assets | 21/28 | €82,506 | €82,202 | -€304 | -0.4% |
| Tangible fixed assets | 22/27 | €2,506 | €2,202 | -€304 | -12.1% |
| Other tangible fixed assets | 26 | €2,506 | €2,202 | -€304 | -12.1% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €47,983 | €73,689 | +€25,706 | +53.6% |
| Amounts receivable within one year | 40/41 | €42,609 | €72,054 | +€29,445 | +69.1% |
| Trade receivables | 40 | €8,331 | €10,495 | +€2,164 | +26.0% |
| Other amounts receivable | 41 | €34,278 | €61,559 | +€27,281 | +79.6% |
| Cash at bank and in hand | 54/58 | €5,375 | €1,636 | -€3,739 | -69.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €130,490 | €155,891 | +€25,401 | +19.5% |
| Equity | 10/15 | €85,174 | €111,693 | +€26,520 | +31.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €83,674 | €110,193 | +€26,520 | +31.7% |
| Distributable reserves | 133 | €83,674 | €110,193 | +€26,520 | +31.7% |
| Amounts payable | 17/49 | €45,316 | €44,197 | -€1,118 | -2.5% |
| Amounts payable within one year | 42/48 | €45,316 | €44,197 | -€1,118 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | - | €12,228 | +€12,228 | |
| Trade debts | 44 | €7,247 | €5,740 | -€1,507 | -20.8% |
| Suppliers | 440/4 | €7,247 | €5,740 | -€1,507 | -20.8% |
| Taxes, remuneration and social security | 45 | €38,068 | €26,229 | -€11,839 | -31.1% |
| Taxes | 450/3 | €38,068 | €26,229 | -€11,839 | -31.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304 | €304 | = | 0.0% |
| Other operating charges | 640/8 | €15 | €187 | +€172 | +1116.2% |
| Gross operating margin | 9900 | €3,458 | €38,634 | +€35,176 | +1017.1% |
| Operating profit (loss) | 9901 | €3,139 | €38,142 | +€35,004 | +1115.3% |
| Financial income | 75/76B | €1,717 | €2,492 | +€774 | +45.1% |
| Recurring financial income | 75 | €1,717 | €2,492 | +€774 | +45.1% |
| Financial charges | 65/66B | €685 | €2,292 | +€1,606 | +234.4% |
| Recurring financial charges | 65 | €685 | €2,292 | +€1,606 | +234.4% |
| Profit (loss) for the period before taxes | 9903 | €4,171 | €38,343 | +€34,172 | +819.3% |
| Income taxes | 67/77 | €1,902 | €11,823 | +€9,921 | +521.7% |
| Profit (loss) for the period | 9904 | €2,269 | €26,520 | +€24,251 | +1068.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,269 | €26,520 | +€24,251 | +1068.8% |
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 30 September 2026 via checked.be.