KORECON: 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.
KORECON
Largest movements
- Financial fixed assets +€1.1m
up €1.1m (+17899.6%), from €6,250 to €1.1m
- Current investments -€982,503
down €982,503 (-30.9%), from €3.2m to €2.2m
- Cash +€465,012
up €465,012 (+294.0%), from €158,174 to €623,186
mainly Net result for the year (+€1.5m) and Current investments (+€982,503)
- Receivables after one year +€299,146
up €299,146 (+182.4%), from €164,000 to €463,146
- Tangible fixed assets +€276,744
up €276,744 (+19.3%), from €1.4m to €1.7m
of which Land and buildings: +€281,484
- Reserves +€1.3m
up €1.3m (+25.1%), from €5.0m to €6.3m
of which Distributable reserves: +€1.3m
- Tax, wage and social debts -€94,697
down €94,697 (-42.1%), from €224,894 to €130,197
- Financial income -€1.1m
down €1.1m (-37.9%), from €2.9m to €1.8m
of which Non-recurring financial income: -€1.1m
- Taxes -€97,221
down €97,221 (-39.6%), from €245,499 to €148,278
- Staff costs -€32,480
no longer reported in 2025 (was €32,480)
- Depreciation +€19,355
up €19,355 (+16.1%), from €119,892 to €139,246
- Gross operating margin +€9,410
up €9,410 (+22.5%), from -€41,910 to -€32,500
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 | €5,289,685 | €6,456,997 | +€1.2m | +22.1% |
| Fixed assets | 21/28 | €1,441,383 | €2,836,853 | +€1.4m | +96.8% |
| Tangible fixed assets | 22/27 | €1,435,133 | €1,711,877 | +€276,744 | +19.3% |
| Land and buildings | 22 | €1,422,115 | €1,703,599 | +€281,484 | +19.8% |
| Plant, machinery and equipment | 23 | - | €887 | +€887 | |
| Furniture and vehicles | 24 | €13,018 | €7,390 | -€5,627 | -43.2% |
| Financial fixed assets | 28 | €6,250 | €1,124,977 | +€1.1m | +17899.6% |
| Current assets | 29/58 | €3,848,302 | €3,620,143 | -€228,159 | -5.9% |
| Amounts receivable after more than one year | 29 | €164,000 | €463,146 | +€299,146 | +182.4% |
| Other amounts receivable | 291 | €164,000 | €463,146 | +€299,146 | +182.4% |
| Amounts receivable within one year | 40/41 | €337,217 | €287,613 | -€49,604 | -14.7% |
| Trade receivables | 40 | €120,698 | - | -€120,698 | |
| Other amounts receivable | 41 | €216,519 | €287,613 | +€71,095 | +32.8% |
| Current investments | 50/53 | €3,175,986 | €2,193,484 | -€982,503 | -30.9% |
| Cash at bank and in hand | 54/58 | €158,174 | €623,186 | +€465,012 | +294.0% |
| Deferred charges and accrued income | 490/1 | €12,925 | €52,715 | +€39,790 | +307.9% |
| Total equity and liabilities | 10/49 | €5,289,685 | €6,456,997 | +€1.2m | +22.1% |
| Equity | 10/15 | €5,053,128 | €6,317,431 | +€1.3m | +25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €5,040,728 | €6,305,031 | +€1.3m | +25.1% |
| Tax-exempt reserves | 132 | €69 | €69 | = | 0.0% |
| Distributable reserves | 133 | €5,040,659 | €6,304,962 | +€1.3m | +25.1% |
| Amounts payable | 17/49 | €236,557 | €139,566 | -€96,991 | -41.0% |
| Amounts payable within one year | 42/48 | €235,171 | €132,285 | -€102,886 | -43.7% |
| Trade debts | 44 | €10,277 | €2,088 | -€8,189 | -79.7% |
| Suppliers | 440/4 | €10,277 | €2,088 | -€8,189 | -79.7% |
| Taxes, remuneration and social security | 45 | €224,894 | €130,197 | -€94,697 | -42.1% |
| Taxes | 450/3 | €224,894 | €130,197 | -€94,697 | -42.1% |
| Accrued charges and deferred income | 492/3 | €1,386 | €7,281 | +€5,894 | +425.2% |
| Remuneration, social security and pensions | 62 | €32,480 | - | -€32,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,892 | €139,246 | +€19,355 | +16.1% |
| Other operating charges | 640/8 | €6,558 | €12,694 | +€6,136 | +93.6% |
| Non-recurring operating charges | 66A | €3,343 | - | -€3,343 | |
| Gross operating margin | 9900 | -€41,910 | -€32,500 | +€9,410 | +22.5% |
| Operating profit (loss) | 9901 | -€204,183 | -€184,441 | +€19,743 | +9.7% |
| Financial income | 75/76B | €2,901,509 | €1,800,656 | -€1.1m | -37.9% |
| Recurring financial income | 75 | €46,863 | €60,368 | +€13,504 | +28.8% |
| Non-recurring financial income | 76B | €2,854,646 | €1,740,289 | -€1.1m | -39.0% |
| Financial charges | 65/66B | €1,657 | €6,705 | +€5,048 | +304.7% |
| Recurring financial charges | 65 | €1,657 | €6,705 | +€5,048 | +304.7% |
| Profit (loss) for the period before taxes | 9903 | €2,695,669 | €1,609,510 | -€1.1m | -40.3% |
| Income taxes | 67/77 | €245,499 | €148,278 | -€97,221 | -39.6% |
| Profit (loss) for the period | 9904 | €2,450,171 | €1,461,232 | -€988,938 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,450,171 | €1,461,232 | -€988,938 | -40.4% |
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 6 October 2026 via checked.be.