KORMAR: 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.
KORMAR
Largest movements
- Cash +€123,794
up €123,794 (+254.5%), from €48,645 to €172,439
mainly Net result for the year (+€96,300) and Depreciation (+€40,384)
- Tangible fixed assets -€40,384
down €40,384 (-4.5%), from €891,394 to €851,010
of which Land and buildings: -€40,384
- Receivables within one year -€15,036
down €15,036 (-82.3%), from €18,280 to €3,244
of which Trade receivables: -€15,028
- Profit (loss) carried forward +€96,300
up €96,300 (+29.7%), from -€324,196 to -€227,896
- Accrued charges and deferred income -€31,745
down €31,745 (-63.1%), from €50,326 to €18,582
- Financial charges -€17,753
down €17,753 (-48.7%), from €36,440 to €18,687
- Gross operating margin +€10,650
up €10,650 (+6.7%), from €159,398 to €170,048
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 | €960,821 | €1,029,237 | +€68,415 | +7.1% |
| Fixed assets | 21/28 | €893,894 | €853,510 | -€40,384 | -4.5% |
| Tangible fixed assets | 22/27 | €891,394 | €851,010 | -€40,384 | -4.5% |
| Land and buildings | 22 | €891,394 | €851,010 | -€40,384 | -4.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €66,927 | €175,727 | +€108,800 | +162.6% |
| Amounts receivable within one year | 40/41 | €18,280 | €3,244 | -€15,036 | -82.3% |
| Trade receivables | 40 | €17,846 | €2,818 | -€15,028 | -84.2% |
| Other amounts receivable | 41 | €434 | €426 | -€7 | -1.7% |
| Cash at bank and in hand | 54/58 | €48,645 | €172,439 | +€123,794 | +254.5% |
| Deferred charges and accrued income | 490/1 | €2 | €44 | +€42 | +1721.5% |
| Total equity and liabilities | 10/49 | €960,821 | €1,029,237 | +€68,415 | +7.1% |
| Equity | 10/15 | €378,201 | €474,501 | +€96,300 | +25.5% |
| Contributions | 10/11 | €697,000 | €697,000 | = | 0.0% |
| Reserves | 13 | €5,397 | €5,397 | = | 0.0% |
| Distributable reserves | 133 | €5,397 | €5,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€324,196 | -€227,896 | +€96,300 | +29.7% |
| Amounts payable | 17/49 | €582,620 | €554,736 | -€27,885 | -4.8% |
| Amounts payable after more than one year | 17 | €325,000 | €325,000 | = | 0.0% |
| Financial debts | 170/4 | €325,000 | €325,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €207,294 | €211,154 | +€3,860 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €1,649 | €0 | -€1,649 | -100.0% |
| Trade debts | 44 | €196 | €2,440 | +€2,244 | +1145.5% |
| Suppliers | 440/4 | €196 | €2,440 | +€2,244 | +1145.5% |
| Taxes, remuneration and social security | 45 | €11,858 | €6,090 | -€5,768 | -48.6% |
| Taxes | 450/3 | €11,858 | €6,090 | -€5,768 | -48.6% |
| Other amounts payable | 47/48 | €193,591 | €202,624 | +€9,033 | +4.7% |
| Accrued charges and deferred income | 492/3 | €50,326 | €18,582 | -€31,745 | -63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,689 | €40,384 | -€305 | -0.7% |
| Other operating charges | 640/8 | €14,021 | €14,678 | +€657 | +4.7% |
| Gross operating margin | 9900 | €159,398 | €170,048 | +€10,650 | +6.7% |
| Operating profit (loss) | 9901 | €104,688 | €114,986 | +€10,298 | +9.8% |
| Financial income | 75/76B | €1,421 | €1 | -€1,420 | -99.9% |
| Recurring financial income | 75 | €1,421 | €1 | -€1,420 | -99.9% |
| Financial charges | 65/66B | €36,440 | €18,687 | -€17,753 | -48.7% |
| Recurring financial charges | 65 | €36,440 | €18,687 | -€17,753 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €69,669 | €96,300 | +€26,631 | +38.2% |
| Profit (loss) for the period | 9904 | €69,669 | €96,300 | +€26,631 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,669 | €96,300 | +€26,631 | +38.2% |
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 5 October 2026 via checked.be.