Kormades: 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.
Kormades
Largest movements
- Tangible fixed assets -€19,055
down €19,055 (-8.9%), from €214,314 to €195,259
of which Furniture and vehicles: -€11,501
- Cash -€18,316
down €18,316 (-11.8%), from €154,727 to €136,411
mainly Net result for the year (-€29,978) and Receivables within one year (-€5,480)
- Reserves -€29,978
down €29,978 (-8.1%), from €369,493 to €339,515
- Gross operating margin -€37,194
down €37,194, from €28,858 to -€8,336
- Taxes -€2,939
down €2,939, from €2,905 to -€34
- Depreciation +€1,912
up €1,912 (+11.2%), from €17,143 to €19,055
- Other operating charges +€1,080
up €1,080 (+46.9%), from €2,301 to €3,381
- Financial charges -€422
down €422 (-69.9%), from €603 to €181
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 | €1,249,123 | €1,216,986 | -€32,136 | -2.6% |
| Fixed assets | 21/28 | €1,084,314 | €1,065,259 | -€19,055 | -1.8% |
| Tangible fixed assets | 22/27 | €214,314 | €195,259 | -€19,055 | -8.9% |
| Land and buildings | 22 | €166,120 | €158,777 | -€7,343 | -4.4% |
| Plant, machinery and equipment | 23 | €211 | - | -€211 | |
| Furniture and vehicles | 24 | €47,983 | €36,482 | -€11,501 | -24.0% |
| Financial fixed assets | 28 | €870,000 | €870,000 | = | 0.0% |
| Current assets | 29/58 | €164,809 | €151,727 | -€13,081 | -7.9% |
| Amounts receivable within one year | 40/41 | €8,603 | €14,083 | +€5,480 | +63.7% |
| Trade receivables | 40 | €7,500 | €13,260 | +€5,760 | +76.8% |
| Other amounts receivable | 41 | €1,103 | €823 | -€280 | -25.4% |
| Cash at bank and in hand | 54/58 | €154,727 | €136,411 | -€18,316 | -11.8% |
| Deferred charges and accrued income | 490/1 | €1,479 | €1,234 | -€245 | -16.6% |
| Total equity and liabilities | 10/49 | €1,249,123 | €1,216,986 | -€32,136 | -2.6% |
| Equity | 10/15 | €1,239,493 | €1,209,515 | -€29,978 | -2.4% |
| Contributions | 10/11 | €870,000 | €870,000 | = | 0.0% |
| Reserves | 13 | €369,493 | €339,515 | -€29,978 | -8.1% |
| Distributable reserves | 133 | €369,493 | €339,515 | -€29,978 | -8.1% |
| Amounts payable | 17/49 | €9,630 | €7,472 | -€2,158 | -22.4% |
| Amounts payable within one year | 42/48 | €9,630 | €7,054 | -€2,576 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €4,167 | - | -€4,167 | |
| Trade debts | 44 | €417 | €1,074 | +€657 | +157.5% |
| Suppliers | 440/4 | €417 | €1,074 | +€657 | +157.5% |
| Taxes, remuneration and social security | 45 | €1,098 | €1,805 | +€707 | +64.4% |
| Taxes | 450/3 | €1,098 | €1,805 | +€707 | +64.4% |
| Other amounts payable | 47/48 | €3,948 | €4,175 | +€227 | +5.8% |
| Accrued charges and deferred income | 492/3 | - | €418 | +€418 | |
| Non-recurring operating income | 76A | €6,461 | - | -€6,461 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,143 | €19,055 | +€1,912 | +11.2% |
| Other operating charges | 640/8 | €2,301 | €3,381 | +€1,080 | +46.9% |
| Gross operating margin | 9900 | €28,858 | -€8,336 | -€37,194 | |
| Operating profit (loss) | 9901 | €9,414 | -€30,772 | -€40,186 | |
| Financial income | 75/76B | €771 | €941 | +€171 | +22.1% |
| Recurring financial income | 75 | €771 | €941 | +€171 | +22.1% |
| Financial charges | 65/66B | €603 | €181 | -€422 | -69.9% |
| Recurring financial charges | 65 | €603 | €181 | -€422 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | €9,581 | -€30,012 | -€39,594 | |
| Income taxes | 67/77 | €2,905 | -€34 | -€2,939 | |
| Profit (loss) for the period | 9904 | €6,677 | -€29,978 | -€36,655 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,677 | -€29,978 | -€36,655 |
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 4 October 2026 via checked.be.