KORJO: 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.
KORJO
Largest movements
- Cash -€26,392
down €26,392 (-26.0%), from €101,673 to €75,281
mainly Contributions, distributions and other (-€60,929) and Investment in fixed assets (net) (-€15,049)
- Receivables within one year +€12,769
up €12,769 (+189.3%), from €6,746 to €19,515
of which Trade receivables: +€12,769
- Intangible fixed assets +€11,744
new in 2025: €11,744
- Current investments +€5,000
new in 2025: €5,000
- Tangible fixed assets +€1,290
up €1,290 (+80.6%), from €1,600 to €2,889
of which Plant, machinery and equipment: +€1,779
- Reserves -€17,868
down €17,868 (-100.0%), from €17,868 to €0
- Other debts +€12,881
up €12,881 (+16.8%), from €76,492 to €89,373
- Tax, wage and social debts +€10,048
up €10,048 (+391.9%), from €2,564 to €12,612
- Gross operating margin +€34,492
up €34,492 (+118.2%), from €29,192 to €63,684
- Taxes +€10,622
up €10,622 (+195.5%), from €5,432 to €16,055
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 | €110,019 | €114,506 | +€4,488 | +4.1% |
| Fixed assets | 21/28 | €1,600 | €14,633 | +€13,033 | +814.7% |
| Intangible fixed assets | 21 | - | €11,744 | +€11,744 | |
| Tangible fixed assets | 22/27 | €1,600 | €2,889 | +€1,290 | +80.6% |
| Plant, machinery and equipment | 23 | €820 | €2,599 | +€1,779 | +217.0% |
| Furniture and vehicles | 24 | €780 | €290 | -€490 | -62.8% |
| Current assets | 29/58 | €108,419 | €99,873 | -€8,546 | -7.9% |
| Amounts receivable within one year | 40/41 | €6,746 | €19,515 | +€12,769 | +189.3% |
| Trade receivables | 40 | €3,178 | €15,948 | +€12,769 | +401.8% |
| Other amounts receivable | 41 | €3,568 | €3,568 | = | 0.0% |
| Current investments | 50/53 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €101,673 | €75,281 | -€26,392 | -26.0% |
| Deferred charges and accrued income | 490/1 | - | €76 | +€76 | |
| Total equity and liabilities | 10/49 | €110,019 | €114,506 | +€4,488 | +4.1% |
| Equity | 10/15 | €25,868 | €8,000 | -€17,868 | -69.1% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €17,868 | €0 | -€17,868 | -100.0% |
| Distributable reserves | 133 | €17,868 | €0 | -€17,868 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,150 | €106,506 | +€22,356 | +26.6% |
| Amounts payable within one year | 42/48 | €82,348 | €104,675 | +€22,326 | +27.1% |
| Trade debts | 44 | €3,293 | €2,690 | -€603 | -18.3% |
| Suppliers | 440/4 | €3,293 | €2,690 | -€603 | -18.3% |
| Taxes, remuneration and social security | 45 | €2,564 | €12,612 | +€10,048 | +391.9% |
| Taxes | 450/3 | €2,564 | €12,612 | +€10,048 | +391.9% |
| Other amounts payable | 47/48 | €76,492 | €89,373 | +€12,881 | +16.8% |
| Accrued charges and deferred income | 492/3 | €1,802 | €1,831 | +€29 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,640 | €2,015 | +€376 | +22.9% |
| Other operating charges | 640/8 | €618 | €610 | -€9 | -1.4% |
| Gross operating margin | 9900 | €29,192 | €63,684 | +€34,492 | +118.2% |
| Operating profit (loss) | 9901 | €26,934 | €61,059 | +€34,125 | +126.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,933 | €1,944 | +€11 | +0.6% |
| Recurring financial charges | 65 | €1,933 | €1,944 | +€11 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €25,001 | €59,115 | +€34,115 | +136.5% |
| Income taxes | 67/77 | €5,432 | €16,055 | +€10,622 | +195.5% |
| Profit (loss) for the period | 9904 | €19,568 | €43,061 | +€23,492 | +120.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,568 | €43,061 | +€23,492 | +120.1% |
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 3 October 2026 via checked.be.