KORVAKOR: 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.
KORVAKOR
Largest movements
- Cash -€247,908
down €247,908 (-59.0%), from €420,448 to €172,541
mainly Contributions, distributions and other (-€1.3m) and Investment in fixed assets (net) (-€71,196)
- Tangible fixed assets +€57,421
up €57,421 (+1040.6%), from €5,518 to €62,940
of which Furniture and vehicles: +€55,643
- Deferred charges and accrued income -€54,900
down €54,900 (-28.2%), from €194,485 to €139,585
- Profit (loss) carried forward -€714,756
no longer reported in 2025 (was €714,756)
- Other debts +€542,948
new in 2025: €542,948
- Tax, wage and social debts -€55,605
no longer reported in 2025 (was €55,605)
of which Taxes: -€44,105
- Debts after one year -€21,788
down €21,788 (-38.2%), from €57,000 to €35,212
- Current portion of long-term debt +€11,056
new in 2025: €11,056
- Gross operating margin +€275,943
up €275,943 (+61.3%), from €449,944 to €725,888
- Taxes +€63,650
up €63,650 (+57.2%), from €111,357 to €175,007
- Depreciation +€7,357
up €7,357 (+114.6%), from €6,417 to €13,774
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 | €829,780 | €592,638 | -€237,142 | -28.6% |
| Fixed assets | 21/28 | €5,518 | €62,940 | +€57,421 | +1040.6% |
| Tangible fixed assets | 22/27 | €5,518 | €62,940 | +€57,421 | +1040.6% |
| Plant, machinery and equipment | 23 | €180 | €1,959 | +€1,779 | +987.8% |
| Furniture and vehicles | 24 | €5,338 | €60,981 | +€55,643 | +1042.3% |
| Current assets | 29/58 | €824,262 | €529,699 | -€294,563 | -35.7% |
| Amounts receivable within one year | 40/41 | €9,329 | €17,573 | +€8,245 | +88.4% |
| Trade receivables | 40 | €8,282 | €2,580 | -€5,702 | -68.8% |
| Other amounts receivable | 41 | €1,047 | €14,993 | +€13,946 | +1332.3% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €420,448 | €172,541 | -€247,908 | -59.0% |
| Deferred charges and accrued income | 490/1 | €194,485 | €139,585 | -€54,900 | -28.2% |
| Total equity and liabilities | 10/49 | €829,780 | €592,638 | -€237,142 | -28.6% |
| Equity | 10/15 | €715,756 | €1,000 | -€714,756 | -99.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €714,756 | - | -€714,756 | |
| Amounts payable | 17/49 | €114,024 | €591,638 | +€477,615 | +418.9% |
| Amounts payable after more than one year | 17 | €57,000 | €35,212 | -€21,788 | -38.2% |
| Financial debts | 170/4 | €57,000 | €35,212 | -€21,788 | -38.2% |
| Amounts payable within one year | 42/48 | €56,320 | €556,426 | +€500,106 | +888.0% |
| Current portion of amounts payable after more than one year | 42 | - | €11,056 | +€11,056 | |
| Trade debts | 44 | €715 | €2,423 | +€1,708 | +238.8% |
| Suppliers | 440/4 | €715 | €2,423 | +€1,708 | +238.8% |
| Taxes, remuneration and social security | 45 | €55,605 | - | -€55,605 | |
| Taxes | 450/3 | €44,105 | - | -€44,105 | |
| Remuneration and social security | 454/9 | €11,500 | - | -€11,500 | |
| Other amounts payable | 47/48 | - | €542,948 | +€542,948 | |
| Accrued charges and deferred income | 492/3 | €704 | - | -€704 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,417 | €13,774 | +€7,357 | +114.6% |
| Other operating charges | 640/8 | €900 | €679 | -€221 | -24.6% |
| Gross operating margin | 9900 | €449,944 | €725,888 | +€275,943 | +61.3% |
| Operating profit (loss) | 9901 | €442,627 | €711,435 | +€268,807 | +60.7% |
| Financial income | 75/76B | €3,348 | €4,340 | +€992 | +29.6% |
| Recurring financial income | 75 | €3,348 | €4,340 | +€992 | +29.6% |
| Financial charges | 65/66B | €957 | €1,818 | +€861 | +90.0% |
| Recurring financial charges | 65 | €957 | €1,818 | +€861 | +90.0% |
| Profit (loss) for the period before taxes | 9903 | €445,018 | €713,957 | +€268,938 | +60.4% |
| Income taxes | 67/77 | €111,357 | €175,007 | +€63,650 | +57.2% |
| Profit (loss) for the period | 9904 | €333,661 | €538,949 | +€205,288 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €333,661 | €538,949 | +€205,288 | +61.5% |
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 12 October 2026 via checked.be.