DE KORENAAR: 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.
DE KORENAAR
Largest movements
- Tangible fixed assets -€12,458
down €12,458 (-25.1%), from €49,627 to €37,169
of which Plant, machinery and equipment: -€9,821
- Cash -€10,461
down €10,461 (-95.3%), from €10,971 to €511
mainly Net result for the year (-€32,836) and Investment in fixed assets (net) (-€6,805)
- Stocks and contracts +€5,640
up €5,640 (+113%), from €5,008 to €10,649
- Deferred charges and accrued income +€4,511
new in 2025: €4,511
- Receivables within one year -€3,730
down €3,730 (-97.8%), from €3,814 to €84
of which Other amounts receivable: -€3,809
- Profit (loss) carried forward -€32,836
down €32,836 (-69.8%), from -€47,032 to -€79,868
- Other debts +€6,855
up €6,855 (+1,048%), from €654 to €7,509
- Accrued charges and deferred income +€4,497
up €4,497 (+1,654%), from €272 to €4,769
- Short-term financial debts +€3,388
up €3,388 (+379%), from €894 to €4,281
- Current portion of long-term debt +€2,919
new in 2025: €2,919
- Staff costs -€37,159
down €37,159 (-19.2%), from €193,602 to €156,443
- Gross operating margin -€17,919
down €17,919 (-10.2%), from €174,821 to €156,902
- Financial charges +€4,768
up €4,768 (+69.1%), from €6,900 to €11,668
- Other operating charges +€1,843
up €1,843 (+261%), from €707 to €2,549
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 | €69,420 | €52,922 | -€16,498 | -23.8% |
| Fixed assets | 21/28 | €49,627 | €37,169 | -€12,458 | -25.1% |
| Tangible fixed assets | 22/27 | €49,627 | €37,169 | -€12,458 | -25.1% |
| Plant, machinery and equipment | 23 | €39,897 | €30,076 | -€9,821 | -24.6% |
| Furniture and vehicles | 24 | €9,730 | €7,093 | -€2,637 | -27.1% |
| Current assets | 29/58 | €19,793 | €15,754 | -€4,039 | -20.4% |
| Stocks and contracts in progress | 3 | €5,008 | €10,649 | +€5,640 | +113% |
| Stocks | 30/36 | €5,008 | €10,649 | +€5,640 | +113% |
| Amounts receivable within one year | 40/41 | €3,814 | €84 | -€3,730 | -97.8% |
| Trade receivables | 40 | - | €79 | +€79 | |
| Other amounts receivable | 41 | €3,814 | €5 | -€3,809 | -99.9% |
| Cash at bank and in hand | 54/58 | €10,971 | €511 | -€10,461 | -95.3% |
| Deferred charges and accrued income | 490/1 | - | €4,511 | +€4,511 | |
| Total equity and liabilities | 10/49 | €69,420 | €52,922 | -€16,498 | -23.8% |
| Equity | 10/15 | €4,533 | -€28,303 | -€32,836 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €32,973 | €32,973 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15 | €15 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15 | €15 | = | 0.0% |
| Distributable reserves | 133 | €32,958 | €32,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,032 | -€79,868 | -€32,836 | -69.8% |
| Amounts payable | 17/49 | €64,887 | €81,225 | +€16,339 | +25.2% |
| Amounts payable within one year | 42/48 | €64,615 | €76,457 | +€11,842 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | - | €2,919 | +€2,919 | |
| Financial debts | 43 | €894 | €4,281 | +€3,388 | +379% |
| Credit institutions | 430/8 | €894 | €4,281 | +€3,388 | +379% |
| Trade debts | 44 | €26,929 | €27,620 | +€691 | +2.6% |
| Suppliers | 440/4 | €26,929 | €27,620 | +€691 | +2.6% |
| Advances received on contracts in progress | 46 | €4,665 | €3,881 | -€783 | -16.8% |
| Taxes, remuneration and social security | 45 | €31,474 | €30,246 | -€1,228 | -3.9% |
| Taxes | 450/3 | €18,436 | €18,366 | -€71 | -0.4% |
| Remuneration and social security | 454/9 | €13,038 | €11,881 | -€1,157 | -8.9% |
| Other amounts payable | 47/48 | €654 | €7,509 | +€6,855 | +1,048% |
| Accrued charges and deferred income | 492/3 | €272 | €4,769 | +€4,497 | +1,654% |
| Remuneration, social security and pensions | 62 | €193,602 | €156,443 | -€37,159 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,436 | €19,263 | -€1,173 | -5.7% |
| Other operating charges | 640/8 | €707 | €2,549 | +€1,843 | +261% |
| Gross operating margin | 9900 | €174,821 | €156,902 | -€17,919 | -10.2% |
| Operating profit (loss) | 9901 | -€39,923 | -€21,353 | +€18,570 | +46.5% |
| Financial income | 75/76B | €44 | €447 | +€403 | +920% |
| Recurring financial income | 75 | €44 | €57 | +€14 | +30.9% |
| Non-recurring financial income | 76B | - | €390 | +€390 | |
| Financial charges | 65/66B | €6,900 | €11,668 | +€4,768 | +69.1% |
| Recurring financial charges | 65 | €6,900 | €11,668 | +€4,768 | +69.1% |
| Profit (loss) for the period before taxes | 9903 | -€46,780 | -€32,575 | +€14,205 | +30.4% |
| Income taxes | 67/77 | €252 | €262 | +€10 | +3.9% |
| Profit (loss) for the period | 9904 | -€47,032 | -€32,836 | +€14,195 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,032 | -€32,836 | +€14,195 | +30.2% |
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 21 October 2026 via checked.be.