KORVAN: 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.
KORVAN
Largest movements
- Receivables within one year +€68,617
up €68,617 (+178%), from €38,567 to €107,184
of which Trade receivables: +€65,682
- Tangible fixed assets +€29,242
up €29,242 (+34.2%), from €85,434 to €114,675
of which Furniture and vehicles: +€29,261
- Cash +€10,364
up €10,364 (+86,077%), from €12 to €10,376
mainly Net result for the year (+€38,513) and Depreciation (+€23,940)
- Reserves +€38,513
up €38,513 (+432%), from €8,907 to €47,420
- Tax, wage and social debts +€23,058
up €23,058 (+103%), from €22,280 to €45,338
of which Taxes: +€12,258
- Trade debts +€16,424
up €16,424 (+117%), from €13,979 to €30,403
- Debts after one year +€16,376
up €16,376 (+47.2%), from €34,676 to €51,052
- Other debts +€7,290
up €7,290 (+23.4%), from €31,210 to €38,500
- Gross operating margin +€58,485
up €58,485 (+248%), from €23,541 to €82,026
- Taxes +€12,974
up €12,974 (+1,976%), from €657 to €13,631
- Depreciation +€10,569
up €10,569 (+79.0%), from €13,371 to €23,940
- Financial charges +€1,272
up €1,272 (+37.3%), from €3,409 to €4,681
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 | €133,089 | €241,552 | +€108,463 | +81.5% |
| Fixed assets | 21/28 | €85,435 | €114,676 | +€29,242 | +34.2% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €85,434 | €114,675 | +€29,242 | +34.2% |
| Plant, machinery and equipment | 23 | €7,955 | €13,115 | +€5,159 | +64.8% |
| Furniture and vehicles | 24 | €61,080 | €90,341 | +€29,261 | +47.9% |
| Leasing and similar rights | 25 | €16,398 | €11,220 | -€5,178 | -31.6% |
| Current assets | 29/58 | €47,655 | €126,876 | +€79,221 | +166% |
| Stocks and contracts in progress | 3 | €8,822 | €7,924 | -€898 | -10.2% |
| Stocks | 30/36 | €7,037 | €7,924 | +€887 | +12.6% |
| Contracts in progress | 37 | €1,785 | €0 | -€1,785 | -100% |
| Amounts receivable within one year | 40/41 | €38,567 | €107,184 | +€68,617 | +178% |
| Trade receivables | 40 | €29,103 | €94,784 | +€65,682 | +226% |
| Other amounts receivable | 41 | €9,464 | €12,400 | +€2,936 | +31.0% |
| Cash at bank and in hand | 54/58 | €12 | €10,376 | +€10,364 | +86,077% |
| Deferred charges and accrued income | 490/1 | €254 | €1,392 | +€1,138 | +448% |
| Total equity and liabilities | 10/49 | €133,089 | €241,552 | +€108,463 | +81.5% |
| Equity | 10/15 | €14,907 | €53,420 | +€38,513 | +258% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €8,907 | €47,420 | +€38,513 | +432% |
| Distributable reserves | 133 | €8,907 | €47,420 | +€38,513 | +432% |
| Amounts payable | 17/49 | €118,183 | €188,132 | +€69,950 | +59.2% |
| Amounts payable after more than one year | 17 | €34,676 | €51,052 | +€16,376 | +47.2% |
| Financial debts | 170/4 | €34,676 | €51,052 | +€16,376 | +47.2% |
| Amounts payable within one year | 42/48 | €80,480 | €132,020 | +€51,540 | +64.0% |
| Current portion of amounts payable after more than one year | 42 | €13,011 | €17,780 | +€4,769 | +36.7% |
| Trade debts | 44 | €13,979 | €30,403 | +€16,424 | +117% |
| Suppliers | 440/4 | €13,979 | €30,403 | +€16,424 | +117% |
| Taxes, remuneration and social security | 45 | €22,280 | €45,338 | +€23,058 | +103% |
| Taxes | 450/3 | €5,030 | €17,288 | +€12,258 | +244% |
| Remuneration and social security | 454/9 | €17,250 | €28,050 | +€10,800 | +62.6% |
| Other amounts payable | 47/48 | €31,210 | €38,500 | +€7,290 | +23.4% |
| Accrued charges and deferred income | 492/3 | €3,026 | €5,060 | +€2,033 | +67.2% |
| Non-recurring operating income | 76A | €2,667 | €0 | -€2,667 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,371 | €23,940 | +€10,569 | +79.0% |
| Other operating charges | 640/8 | €887 | €1,268 | +€380 | +42.8% |
| Non-recurring operating charges | 66A | €500 | €0 | -€500 | -100% |
| Gross operating margin | 9900 | €23,541 | €82,026 | +€58,485 | +248% |
| Operating profit (loss) | 9901 | €8,783 | €56,818 | +€48,035 | +547% |
| Financial income | 75/76B | €0 | €7 | +€7 | |
| Recurring financial income | 75 | €0 | €7 | +€7 | |
| Financial charges | 65/66B | €3,409 | €4,681 | +€1,272 | +37.3% |
| Recurring financial charges | 65 | €3,409 | €4,681 | +€1,272 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €5,374 | €52,144 | +€46,770 | +870% |
| Income taxes | 67/77 | €657 | €13,631 | +€12,974 | +1,976% |
| Profit (loss) for the period | 9904 | €4,717 | €38,513 | +€33,796 | +716% |
| Profit (loss) for the period to be appropriated | 9905 | €4,717 | €38,513 | +€33,796 | +716% |
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 14 October 2026 via checked.be.