Corwak: 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.
Corwak
Largest movements
- Tangible fixed assets +€27,304
up €27,304 (+43.6%), from €62,620 to €89,924
of which Other tangible fixed assets: +€38,352
- Cash +€15,623
up €15,623 (+20.6%), from €75,768 to €91,391
mainly Net result for the year (+€41,880) and Trade debts (+€21,000)
- Reserves +€41,880
new in 2025: €41,880
- Other debts -€21,501
down €21,501 (-89.2%), from €24,096 to €2,595
- Trade debts +€21,000
up €21,000 (+621.0%), from €3,382 to €24,382
of which Suppliers: +€21,000
- Debts after one year +€16,156
up €16,156 (+72.1%), from €22,402 to €38,558
- Tax, wage and social debts -€15,201
down €15,201 (-47.4%), from €32,060 to €16,859
- Gross operating margin -€29,839
down €29,839 (-26.9%), from €110,862 to €81,023
- Financial income +€4,800
up €4,800 (+2285614.3%), from €0 to €4,800
- Taxes -€4,794
down €4,794 (-19.7%), from €24,361 to €19,567
- Other operating charges +€1,629
up €1,629 (+183.0%), from €890 to €2,519
- Financial charges +€1,373
up €1,373 (+89.7%), from €1,531 to €2,904
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 | €215,241 | €261,459 | +€46,218 | +21.5% |
| Fixed assets | 21/28 | €67,220 | €94,524 | +€27,304 | +40.6% |
| Tangible fixed assets | 22/27 | €62,620 | €89,924 | +€27,304 | +43.6% |
| Plant, machinery and equipment | 23 | €605 | €2,354 | +€1,748 | +288.9% |
| Furniture and vehicles | 24 | €7,822 | €4,674 | -€3,149 | -40.3% |
| Leasing and similar rights | 25 | €31,111 | €21,463 | -€9,648 | -31.0% |
| Other tangible fixed assets | 26 | €23,082 | €61,433 | +€38,352 | +166.2% |
| Financial fixed assets | 28 | €4,600 | €4,600 | = | 0.0% |
| Current assets | 29/58 | €148,021 | €166,935 | +€18,915 | +12.8% |
| Amounts receivable after more than one year | 29 | €43,200 | €44,800 | +€1,600 | +3.7% |
| Trade receivables | 290 | €43,200 | €44,800 | +€1,600 | +3.7% |
| Amounts receivable within one year | 40/41 | €28,602 | €28,210 | -€392 | -1.4% |
| Trade receivables | 40 | €28,602 | €23,210 | -€5,392 | -18.9% |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €75,768 | €91,391 | +€15,623 | +20.6% |
| Deferred charges and accrued income | 490/1 | €451 | €2,534 | +€2,083 | +462.4% |
| Total equity and liabilities | 10/49 | €215,241 | €261,459 | +€46,218 | +21.5% |
| Equity | 10/15 | €120,681 | €162,561 | +€41,880 | +34.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €41,880 | +€41,880 | |
| Distributable reserves | 133 | - | €41,880 | +€41,880 | |
| Profit (loss) carried forward | 14 | €118,681 | €118,681 | = | 0.0% |
| Amounts payable | 17/49 | €94,560 | €98,898 | +€4,338 | +4.6% |
| Amounts payable after more than one year | 17 | €22,402 | €38,558 | +€16,156 | +72.1% |
| Financial debts | 170/4 | €22,402 | €38,558 | +€16,156 | +72.1% |
| Amounts payable within one year | 42/48 | €68,722 | €60,340 | -€8,383 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €9,185 | €16,504 | +€7,319 | +79.7% |
| Trade debts | 44 | €3,382 | €24,382 | +€21,000 | +621.0% |
| Suppliers | 440/4 | €2,182 | €23,182 | +€21,000 | +962.6% |
| Bills of exchange payable | 441 | €1,200 | €1,200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €32,060 | €16,859 | -€15,201 | -47.4% |
| Taxes | 450/3 | €32,060 | €16,859 | -€15,201 | -47.4% |
| Other amounts payable | 47/48 | €24,096 | €2,595 | -€21,501 | -89.2% |
| Accrued charges and deferred income | 492/3 | €3,435 | - | -€3,435 | |
| Non-recurring operating income | 76A | €833 | - | -€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,005 | €18,953 | +€948 | +5.3% |
| Other operating charges | 640/8 | €890 | €2,519 | +€1,629 | +183.0% |
| Non-recurring operating charges | 66A | €1,768 | - | -€1,768 | |
| Gross operating margin | 9900 | €110,862 | €81,023 | -€29,839 | -26.9% |
| Operating profit (loss) | 9901 | €90,199 | €59,551 | -€30,648 | -34.0% |
| Financial income | 75/76B | €0 | €4,800 | +€4,800 | +2285614.3% |
| Recurring financial income | 75 | €0 | €4,800 | +€4,800 | +2285614.3% |
| Financial charges | 65/66B | €1,531 | €2,904 | +€1,373 | +89.7% |
| Recurring financial charges | 65 | €1,531 | €2,904 | +€1,373 | +89.7% |
| Profit (loss) for the period before taxes | 9903 | €88,668 | €61,447 | -€27,221 | -30.7% |
| Income taxes | 67/77 | €24,361 | €19,567 | -€4,794 | -19.7% |
| Profit (loss) for the period | 9904 | €64,307 | €41,880 | -€22,427 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,307 | €41,880 | -€22,427 | -34.9% |
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 4 October 2026 via checked.be.