KORENBLOEM: 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.
KORENBLOEM
Largest movements
- Tangible fixed assets -€23,142
down €23,142 (-5.7%), from €406,020 to €382,878
of which Land and buildings: -€13,323
- Cash +€7,716
up €7,716 (+320%), from €2,408 to €10,123
mainly Depreciation (+€17,323) and Net result for the year (+€16,325)
- Debts after one year -€24,735
down €24,735 (-7.4%), from €333,334 to €308,599
of which Other amounts payable: -€80,000
- Reserves +€16,325
up €16,325 (+230%), from €7,085 to €23,410
- Gross operating margin +€12,874
up €12,874 (+32.2%), from €39,932 to €52,806
- Taxes +€4,347
up €4,347 (+505%), from €861 to €5,207
- Depreciation -€3,166
down €3,166 (-15.5%), from €20,489 to €17,323
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 | €416,774 | €406,335 | -€10,438 | -2.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €406,020 | €382,878 | -€23,142 | -5.7% |
| Tangible fixed assets | 22/27 | €406,020 | €382,878 | -€23,142 | -5.7% |
| Land and buildings | 22 | €381,577 | €368,254 | -€13,323 | -3.5% |
| Plant, machinery and equipment | 23 | €4,294 | €2,564 | -€1,730 | -40.3% |
| Other tangible fixed assets | 26 | €20,149 | €12,060 | -€8,089 | -40.1% |
| Current assets | 29/58 | €10,754 | €23,458 | +€12,703 | +118% |
| Stocks and contracts in progress | 3 | €5,853 | €8,355 | +€2,502 | +42.7% |
| Stocks | 30/36 | €5,853 | €8,355 | +€2,502 | +42.7% |
| Amounts receivable within one year | 40/41 | €1,198 | €3,634 | +€2,436 | +203% |
| Trade receivables | 40 | €1,198 | €1,341 | +€143 | +12.0% |
| Other amounts receivable | 41 | - | €2,293 | +€2,293 | |
| Cash at bank and in hand | 54/58 | €2,408 | €10,123 | +€7,716 | +320% |
| Deferred charges and accrued income | 490/1 | €1,295 | €1,345 | +€49 | +3.8% |
| Total equity and liabilities | 10/49 | €416,774 | €406,335 | -€10,438 | -2.5% |
| Equity | 10/15 | €25,685 | €42,010 | +€16,325 | +63.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,085 | €23,410 | +€16,325 | +230% |
| Distributable reserves | 133 | €7,085 | €23,410 | +€16,325 | +230% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €391,089 | €364,325 | -€26,763 | -6.8% |
| Amounts payable after more than one year | 17 | €333,334 | €308,599 | -€24,735 | -7.4% |
| Financial debts | 170/4 | €253,334 | €308,599 | +€55,265 | +21.8% |
| Other amounts payable | 178/9 | €80,000 | €0 | -€80,000 | -100% |
| Amounts payable within one year | 42/48 | €57,755 | €55,726 | -€2,028 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €24,360 | €24,735 | +€375 | +1.5% |
| Trade debts | 44 | €5,654 | €3,448 | -€2,206 | -39.0% |
| Suppliers | 440/4 | €5,654 | €3,448 | -€2,206 | -39.0% |
| Advances received on contracts in progress | 46 | €250 | €0 | -€250 | -100% |
| Taxes, remuneration and social security | 45 | €2,672 | €2,725 | +€53 | +2.0% |
| Taxes | 450/3 | €2,672 | €2,725 | +€53 | +2.0% |
| Other amounts payable | 47/48 | €24,818 | €24,818 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,489 | €17,323 | -€3,166 | -15.5% |
| Other operating charges | 640/8 | €3,663 | €3,594 | -€69 | -1.9% |
| Non-recurring operating charges | 66A | - | €4,919 | +€4,919 | |
| Gross operating margin | 9900 | €39,932 | €52,806 | +€12,874 | +32.2% |
| Operating profit (loss) | 9901 | €15,780 | €26,970 | +€11,191 | +70.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +57.1% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +57.1% |
| Financial charges | 65/66B | €5,326 | €5,439 | +€112 | +2.1% |
| Recurring financial charges | 65 | €5,326 | €5,439 | +€112 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €10,454 | €21,532 | +€11,078 | +106% |
| Income taxes | 67/77 | €861 | €5,207 | +€4,347 | +505% |
| Profit (loss) for the period | 9904 | €9,593 | €16,325 | +€6,732 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,593 | €16,325 | +€6,732 | +70.2% |
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 20 October 2026 via checked.be.