KORMAX: 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.
KORMAX
Largest movements
- Receivables within one year -€19,742
down €19,742 (-34.7%), from €56,884 to €37,141
of which Trade receivables: -€17,332
- Cash +€11,074
up €11,074 (+111%), from €9,940 to €21,014
mainly Receivables within one year (+€19,742) and Tax, wage and social debts (+€12,279)
- Tangible fixed assets -€3,743
down €3,743 (-43.4%), from €8,619 to €4,876
- Deferred charges and accrued income +€977
up €977 (+79.2%), from €1,234 to €2,211
- Trade debts -€18,192
down €18,192 (-41.4%), from €43,946 to €25,754
- Tax, wage and social debts +€12,279
up €12,279 (+610%), from €2,012 to €14,291
- Profit (loss) carried forward -€5,522
down €5,522 (-22.8%), from €24,244 to €18,722
- Gross operating margin -€16,001
down €16,001, from €15,011 to -€990
- Depreciation -€2,307
down €2,307 (-38.1%), from €6,050 to €3,743
- Taxes -€512
no longer reported in 2025 (was €512)
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 | €76,677 | €65,243 | -€11,434 | -14.9% |
| Fixed assets | 21/28 | €8,619 | €4,876 | -€3,743 | -43.4% |
| Tangible fixed assets | 22/27 | €8,619 | €4,876 | -€3,743 | -43.4% |
| Furniture and vehicles | 24 | €8,619 | €4,876 | -€3,743 | -43.4% |
| Current assets | 29/58 | €68,058 | €60,367 | -€7,691 | -11.3% |
| Amounts receivable within one year | 40/41 | €56,884 | €37,141 | -€19,742 | -34.7% |
| Trade receivables | 40 | €54,089 | €36,757 | -€17,332 | -32.0% |
| Other amounts receivable | 41 | €2,794 | €384 | -€2,410 | -86.3% |
| Cash at bank and in hand | 54/58 | €9,940 | €21,014 | +€11,074 | +111% |
| Deferred charges and accrued income | 490/1 | €1,234 | €2,211 | +€977 | +79.2% |
| Total equity and liabilities | 10/49 | €76,677 | €65,243 | -€11,434 | -14.9% |
| Equity | 10/15 | €30,719 | €25,197 | -€5,522 | -18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €275 | €275 | = | 0.0% |
| Distributable reserves | 133 | €275 | €275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,244 | €18,722 | -€5,522 | -22.8% |
| Amounts payable | 17/49 | €45,958 | €40,045 | -€5,913 | -12.9% |
| Amounts payable within one year | 42/48 | €45,958 | €40,045 | -€5,913 | -12.9% |
| Trade debts | 44 | €43,946 | €25,754 | -€18,192 | -41.4% |
| Suppliers | 440/4 | €43,946 | €25,754 | -€18,192 | -41.4% |
| Taxes, remuneration and social security | 45 | €2,012 | €14,291 | +€12,279 | +610% |
| Taxes | 450/3 | €2,012 | €14,291 | +€12,279 | +610% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,050 | €3,743 | -€2,307 | -38.1% |
| Other operating charges | 640/8 | €578 | €582 | +€4 | +0.8% |
| Gross operating margin | 9900 | €15,011 | -€990 | -€16,001 | |
| Operating profit (loss) | 9901 | €8,384 | -€5,315 | -€13,699 | |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €353 | €212 | -€142 | -40.1% |
| Recurring financial charges | 65 | €353 | €212 | -€142 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €8,031 | -€5,522 | -€13,552 | |
| Income taxes | 67/77 | €512 | - | -€512 | |
| Profit (loss) for the period | 9904 | €7,519 | -€5,522 | -€13,041 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,519 | -€5,522 | -€13,041 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.