KORMORAN: 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.
KORMORAN
Largest movements
- Receivables within one year +€295
up €295 (+1,144%), from €26 to €321
- Trade debts +€1,657
up €1,657 (+158%), from €1,051 to €2,707
- Profit (loss) carried forward -€1,460
down €1,460 (-29.7%), from -€4,914 to -€6,374
- Gross operating margin -€2,634
down €2,634, from €1,175 to -€1,460
- Financial charges -€32
no longer reported in 2025 (was €32)
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 | €11,218 | €11,514 | +€295 | +2.6% |
| Fixed assets | 21/28 | €7,950 | €7,950 | = | 0.0% |
| Tangible fixed assets | 22/27 | €7,950 | €7,950 | = | 0.0% |
| Land and buildings | 22 | €7,950 | €7,950 | = | 0.0% |
| Current assets | 29/58 | €3,268 | €3,564 | +€295 | +9.0% |
| Amounts receivable within one year | 40/41 | €26 | €321 | +€295 | +1,144% |
| Other amounts receivable | 41 | €26 | €321 | +€295 | +1,144% |
| Cash at bank and in hand | 54/58 | €3,243 | €3,243 | = | 0.0% |
| Total equity and liabilities | 10/49 | €11,218 | €11,514 | +€295 | +2.6% |
| Equity | 10/15 | €3,146 | €1,686 | -€1,460 | -46.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,914 | -€6,374 | -€1,460 | -29.7% |
| Amounts payable | 17/49 | €8,072 | €9,828 | +€1,755 | +21.7% |
| Amounts payable within one year | 42/48 | €8,072 | €9,828 | +€1,755 | +21.7% |
| Trade debts | 44 | €1,051 | €2,707 | +€1,657 | +158% |
| Suppliers | 440/4 | €1,051 | €2,707 | +€1,657 | +158% |
| Other amounts payable | 47/48 | €7,022 | €7,120 | +€98 | +1.4% |
| Gross operating margin | 9900 | €1,175 | -€1,460 | -€2,634 | |
| Operating profit (loss) | 9901 | €1,175 | -€1,460 | -€2,634 | |
| Financial charges | 65/66B | €32 | - | -€32 | |
| Recurring financial charges | 65 | €32 | - | -€32 | |
| Profit (loss) for the period before taxes | 9903 | €1,142 | -€1,460 | -€2,602 | |
| Profit (loss) for the period | 9904 | €1,142 | -€1,460 | -€2,602 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,142 | -€1,460 | -€2,602 |
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 16 October 2026 via checked.be.