KORMA: 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.
KORMA
Largest movements
- Cash -€109,303
down €109,303 (-9.3%), from €1.2m to €1.1m
mainly Contributions, distributions and other (-€239,000) and Other debts (-€111,405)
- Tangible fixed assets +€36,173
up €36,173 (+6.0%), from €604,601 to €640,774
of which Land and buildings: +€53,171
- Other debts -€111,405
down €111,405 (-11.4%), from €973,000 to €861,595
- Trade debts +€65,118
new in 2025: €65,118
- Accrued charges and deferred income -€31,532
down €31,532 (-28.8%), from €109,386 to €77,854
- Depreciation -€64,185
down €64,185 (-59.5%), from €107,829 to €43,644
- Gross operating margin -€12,983
down €12,983 (-2.9%), from €443,849 to €430,866
- Taxes +€12,220
up €12,220 (+19.0%), from €64,229 to €76,449
- Financial income -€7,524
down €7,524 (-35.9%), from €20,970 to €13,445
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 | €1,850,701 | €1,769,120 | -€81,581 | -4.4% |
| Fixed assets | 21/28 | €614,401 | €650,574 | +€36,173 | +5.9% |
| Tangible fixed assets | 22/27 | €604,601 | €640,774 | +€36,173 | +6.0% |
| Land and buildings | 22 | €541,231 | €594,402 | +€53,171 | +9.8% |
| Plant, machinery and equipment | 23 | €6,913 | €6,095 | -€817 | -11.8% |
| Furniture and vehicles | 24 | €56,458 | €40,276 | -€16,181 | -28.7% |
| Financial fixed assets | 28 | €9,800 | €9,800 | = | 0.0% |
| Current assets | 29/58 | €1,236,300 | €1,118,546 | -€117,754 | -9.5% |
| Amounts receivable within one year | 40/41 | €60,012 | €51,560 | -€8,452 | -14.1% |
| Trade receivables | 40 | €47,952 | €35,775 | -€12,176 | -25.4% |
| Other amounts receivable | 41 | €12,060 | €15,785 | +€3,725 | +30.9% |
| Cash at bank and in hand | 54/58 | €1,176,289 | €1,066,986 | -€109,303 | -9.3% |
| Total equity and liabilities | 10/49 | €1,850,701 | €1,769,120 | -€81,581 | -4.4% |
| Equity | 10/15 | €756,473 | €746,731 | -€9,743 | -1.3% |
| Contributions | 10/11 | €58,000 | €58,000 | = | 0.0% |
| Capital | 10 | €58,000 | €58,000 | = | 0.0% |
| Issued capital | 100 | €58,000 | €58,000 | = | 0.0% |
| Reserves | 13 | €688,400 | €688,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €160,800 | €160,800 | = | 0.0% |
| Legal reserve | 130 | €160,800 | €160,800 | = | 0.0% |
| Distributable reserves | 133 | €527,600 | €527,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,073 | €331 | -€9,743 | -96.7% |
| Amounts payable | 17/49 | €1,094,228 | €1,022,389 | -€71,839 | -6.6% |
| Amounts payable within one year | 42/48 | €984,841 | €944,534 | -€40,307 | -4.1% |
| Trade debts | 44 | - | €65,118 | +€65,118 | |
| Suppliers | 440/4 | - | €65,118 | +€65,118 | |
| Taxes, remuneration and social security | 45 | €11,841 | €17,821 | +€5,980 | +50.5% |
| Taxes | 450/3 | €11,841 | €17,821 | +€5,980 | +50.5% |
| Other amounts payable | 47/48 | €973,000 | €861,595 | -€111,405 | -11.4% |
| Accrued charges and deferred income | 492/3 | €109,386 | €77,854 | -€31,532 | -28.8% |
| Non-recurring operating income | 76A | €43,797 | - | -€43,797 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,829 | €43,644 | -€64,185 | -59.5% |
| Other operating charges | 640/8 | €59,980 | €59,005 | -€975 | -1.6% |
| Gross operating margin | 9900 | €443,849 | €430,866 | -€12,983 | -2.9% |
| Operating profit (loss) | 9901 | €276,041 | €328,217 | +€52,177 | +18.9% |
| Financial income | 75/76B | €20,970 | €13,445 | -€7,524 | -35.9% |
| Recurring financial income | 75 | €20,970 | €13,445 | -€7,524 | -35.9% |
| Financial charges | 65/66B | €40,348 | €35,956 | -€4,392 | -10.9% |
| Recurring financial charges | 65 | €40,348 | €35,956 | -€4,392 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €256,662 | €305,707 | +€49,044 | +19.1% |
| Income taxes | 67/77 | €64,229 | €76,449 | +€12,220 | +19.0% |
| Profit (loss) for the period | 9904 | €192,433 | €229,258 | +€36,824 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €192,433 | €229,258 | +€36,824 | +19.1% |
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 13 October 2026 via checked.be.