KORZEAM: 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.
KORZEAM
Largest movements
- Cash -€124,637
down €124,637 (-49.8%), from €250,334 to €125,697
mainly Net result for the year (-€138,937) and Contributions, distributions and other (-€44,665)
- Intangible fixed assets -€84,520
down €84,520 (-71.6%), from €118,079 to €33,560
- Tangible fixed assets -€8,635
down €8,635 (-26.4%), from €32,750 to €24,115
of which Leasing and similar rights: -€5,939
- Profit (loss) carried forward -€113,602
down €113,602, from €6,272 to -€107,330
- Reserves -€70,000
down €70,000 (-23.2%), from €301,860 to €231,860
of which Distributable reserves: -€70,000
- Tax, wage and social debts -€31,763
down €31,763 (-85.3%), from €37,244 to €5,481
- Current portion of long-term debt +€5,480
up €5,480 (+118%), from €4,641 to €10,121
- Debts after one year -€4,789
down €4,789 (-24.0%), from €19,947 to €15,158
- Gross operating margin -€228,258
down €228,258, from €127,006 to -€101,252
- Depreciation -€10,133
down €10,133 (-22.2%), from €45,745 to €35,612
- Taxes -€5,921
no longer reported in 2025 (was €5,921)
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 | €412,621 | €196,817 | -€215,804 | -52.3% |
| Fixed assets | 21/28 | €150,829 | €57,675 | -€93,154 | -61.8% |
| Intangible fixed assets | 21 | €118,079 | €33,560 | -€84,520 | -71.6% |
| Tangible fixed assets | 22/27 | €32,750 | €24,115 | -€8,635 | -26.4% |
| Furniture and vehicles | 24 | €4,380 | €1,685 | -€2,696 | -61.5% |
| Leasing and similar rights | 25 | €28,369 | €22,430 | -€5,939 | -20.9% |
| Current assets | 29/58 | €261,792 | €139,143 | -€122,649 | -46.8% |
| Amounts receivable within one year | 40/41 | €10,930 | €12,918 | +€1,987 | +18.2% |
| Trade receivables | 40 | €10,930 | €12,918 | +€1,987 | +18.2% |
| Cash at bank and in hand | 54/58 | €250,334 | €125,697 | -€124,637 | -49.8% |
| Deferred charges and accrued income | 490/1 | €528 | €528 | = | 0.0% |
| Total equity and liabilities | 10/49 | €412,621 | €196,817 | -€215,804 | -52.3% |
| Equity | 10/15 | €326,732 | €143,130 | -€183,602 | -56.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €301,860 | €231,860 | -€70,000 | -23.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €230,000 | -€70,000 | -23.3% |
| Profit (loss) carried forward | 14 | €6,272 | -€107,330 | -€113,602 | |
| Amounts payable | 17/49 | €85,889 | €53,687 | -€32,201 | -37.5% |
| Amounts payable after more than one year | 17 | €19,947 | €15,158 | -€4,789 | -24.0% |
| Financial debts | 170/4 | €19,947 | €15,158 | -€4,789 | -24.0% |
| Amounts payable within one year | 42/48 | €65,942 | €38,530 | -€27,413 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €4,641 | €10,121 | +€5,480 | +118% |
| Trade debts | 44 | €1,055 | €0 | -€1,055 | -100% |
| Suppliers | 440/4 | €1,055 | €0 | -€1,055 | -100% |
| Taxes, remuneration and social security | 45 | €37,244 | €5,481 | -€31,763 | -85.3% |
| Taxes | 450/3 | €37,244 | €5,481 | -€31,763 | -85.3% |
| Other amounts payable | 47/48 | €23,003 | €22,928 | -€75 | -0.3% |
| Non-recurring operating income | 76A | €6,941 | €0 | -€6,941 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,745 | €35,612 | -€10,133 | -22.2% |
| Other operating charges | 640/8 | €2,018 | €984 | -€1,034 | -51.2% |
| Gross operating margin | 9900 | €127,006 | -€101,252 | -€228,258 | |
| Operating profit (loss) | 9901 | €79,243 | -€137,847 | -€217,090 | |
| Financial charges | 65/66B | €267 | €1,090 | +€822 | +308% |
| Recurring financial charges | 65 | €267 | €1,090 | +€822 | +308% |
| Profit (loss) for the period before taxes | 9903 | €78,976 | -€138,937 | -€217,913 | |
| Income taxes | 67/77 | €5,921 | - | -€5,921 | |
| Profit (loss) for the period | 9904 | €73,055 | -€138,937 | -€211,992 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,055 | -€138,937 | -€211,992 |
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 21 October 2026 via checked.be.