CORESO: what changed
Two fiscal 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.
What changed
CORESO
NACE 35.140, Electricity, gas, steam and air conditioning supply
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.2m+€261,800
Equity
€8.7m
2024 · €7.2m+€1.5m
Cash
€3.2m
2024 · €1.0m+€2.2m
Balance sheet total
€45.3m
2024 · €33.0m+€12.3m
Largest movements
Assets
- Receivables within one year +€5.9m
up €5.9m (+170.8%), from €3.5m to €9.4m
of which Trade receivables: +€6.5m
- Intangible fixed assets +€3.7m
up €3.7m (+13.4%), from €27.4m to €31.0m
- Cash +€2.2m
up €2.2m (+209.0%), from €1.0m to €3.2m
mainly Short-term financial debts (+€8.0m) and Depreciation (+€6.0m)
Equity and liabilities
- Short-term financial debts +€8.0m
up €8.0m (+61.5%), from €13.0m to €21.0m
- Trade debts +€1.8m
up €1.8m (+20.2%), from €9.0m to €10.8m
- Profit (loss) carried forward +€1.5m
up €1.5m (+24.0%), from €6.1m to €7.6m
- Provisions +€777,000
new in 2025: €777,000
Income statement
- Turnover +€11.0m
up €11.0m (+27.7%), from €39.7m to €50.7m
- Depreciation +€3.7m
up €3.7m (+167.7%), from €2.2m to €6.0m
- Services and other goods +€1.1m
up €1.1m (+5.1%), from €21.6m to €22.7m
- Other operating income -€989,393
down €989,393 (-91.0%), from €1.1m to €98,264
- Staff costs +€614,762
up €614,762 (+4.0%), from €15.2m to €15.8m
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.
Result 2024
€1.2m
Turnover
+€11.0m
Other operating income
-€989,393
Services and other goods
-€1.1m
Staff costs
-€614,762
Depreciation
-€3.7m
Provisions
-€245,000
Other operating charges
-€93,417
Other operating items
-€3.7m
Financial income
+€3,271
Financial charges
-€224,474
Taxes
-€8,702
Result 2025
€1.5m
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.
From operations
+€4.1m
Investment
-€10.0m
Financing
+€8.0m
Cash 2024
€1.0m
From operations (derived)
+€4.1m
Net result for the year
+€1.5m
Depreciation
+€6.0m
Receivables within one year
-€5.9m
Deferred charges and accrued income
-€234,045
Provisions
+€777,000
Trade debts
+€1.8m
Tax, wage and social debts
+€264,526
Accrued charges and deferred income
-€2,990
Investment (derived)
-€10.0m
Investment in fixed assets (net)
-€10.0m
Financing
+€8.0m
Short-term financial debts
+€8.0m
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,989,206 | €45,302,892 | +€12.3m | +37.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €28,235,957 | €32,242,284 | +€4.0m | +14.2% |
| Intangible fixed assets | 21 | €27,366,179 | €31,039,797 | +€3.7m | +13.4% |
| Tangible fixed assets | 22/27 | €869,778 | €1,198,887 | +€329,109 | +37.8% |
| Furniture and vehicles | 24 | €253,771 | €422,888 | +€169,117 | +66.6% |
| Other tangible fixed assets | 26 | €616,007 | €775,999 | +€159,992 | +26.0% |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Other financial fixed assets | 284/8 | - | €3,600 | +€3,600 | |
| Amounts receivable and cash guarantees | 285/8 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €4,753,249 | €13,060,608 | +€8.3m | +174.8% |
| Amounts receivable within one year | 40/41 | €3,461,921 | €9,373,479 | +€5.9m | +170.8% |
| Trade receivables | 40 | €2,340,872 | €8,870,779 | +€6.5m | +279.0% |
| Other amounts receivable | 41 | €1,121,049 | €502,700 | -€618,350 | -55.2% |
| Cash at bank and in hand | 54/58 | €1,034,280 | €3,196,036 | +€2.2m | +209.0% |
| Deferred charges and accrued income | 490/1 | €257,049 | €491,094 | +€234,045 | +91.1% |
| Total equity and liabilities | 10/49 | €32,989,206 | €45,302,892 | +€12.3m | +37.3% |
| Equity | 10/15 | €7,198,803 | €8,663,345 | +€1.5m | +20.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,098,803 | €7,563,345 | +€1.5m | +24.0% |
| Provisions and deferred taxes | 16 | - | €777,000 | +€777,000 | |
| Provisions for liabilities and charges | 160/5 | - | €777,000 | +€777,000 | |
| Other liabilities and charges | 164/5 | - | €777,000 | +€777,000 | |
| Amounts payable | 17/49 | €25,790,403 | €35,862,547 | +€10.1m | +39.1% |
| Amounts payable within one year | 42/48 | €25,477,717 | €35,552,851 | +€10.1m | +39.5% |
| Financial debts | 43 | €13,000,000 | €21,000,000 | +€8.0m | +61.5% |
| Credit institutions | 430/8 | €13,000,000 | €21,000,000 | +€8.0m | +61.5% |
| Trade debts | 44 | €8,963,591 | €10,774,199 | +€1.8m | +20.2% |
| Suppliers | 440/4 | €8,963,591 | €10,774,199 | +€1.8m | +20.2% |
| Taxes, remuneration and social security | 45 | €3,514,126 | €3,778,652 | +€264,526 | +7.5% |
| Taxes | 450/3 | €333,417 | €521,386 | +€187,969 | +56.4% |
| Remuneration and social security | 454/9 | €3,180,709 | €3,257,266 | +€76,557 | +2.4% |
| Accrued charges and deferred income | 492/3 | €312,686 | €309,696 | -€2,990 | -1.0% |
| Operating income | 70/76A | €42,362,190 | €53,086,772 | +€10.7m | +25.3% |
| Turnover | 70 | €39,725,729 | €50,718,286 | +€11.0m | +27.7% |
| Own construction capitalised | 72 | €1,548,805 | €2,269,717 | +€720,912 | +46.5% |
| Other operating income | 74 | €1,087,656 | €98,264 | -€989,393 | -91.0% |
| Non-recurring operating income | 76A | - | €506 | +€506 | |
| Operating charges | 60/66A | €40,086,636 | €50,319,512 | +€10.2m | +25.5% |
| Services and other goods | 61 | €21,580,780 | €22,691,655 | +€1.1m | +5.1% |
| Remuneration, social security and pensions | 62 | €15,213,732 | €15,828,494 | +€614,762 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,224,678 | €5,954,974 | +€3.7m | +167.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €245,000 | +€245,000 | |
| Other operating charges | 640/8 | €1,049 | €94,466 | +€93,417 | +8904.1% |
| Non-recurring operating charges | 66A | €1,066,396 | €5,504,923 | +€4.4m | +416.2% |
| Operating profit (loss) | 9901 | €2,275,555 | €2,767,260 | +€491,705 | +21.6% |
| Financial income | 75/76B | €1,645 | €4,916 | +€3,271 | +198.9% |
| Recurring financial income | 75 | €1,645 | €4,916 | +€3,271 | +198.9% |
| Income from financial fixed assets | 750 | - | €1 | +€1 | |
| Other financial income | 752/9 | €1,645 | €4,915 | +€3,270 | +198.8% |
| Financial charges | 65/66B | €385,498 | €609,971 | +€224,474 | +58.2% |
| Recurring financial charges | 65 | €385,498 | €609,971 | +€224,474 | +58.2% |
| Debt charges | 650 | €381,724 | €600,817 | +€219,093 | +57.4% |
| Other financial charges | 652/9 | €3,774 | €9,155 | +€5,381 | +142.6% |
| Profit (loss) for the period before taxes | 9903 | €1,891,702 | €2,162,204 | +€270,502 | +14.3% |
| Income taxes | 67/77 | €688,960 | €697,662 | +€8,702 | +1.3% |
| Taxes | 670/3 | €724,064 | €774,084 | +€50,020 | +6.9% |
| Tax adjustments and reversals of tax provisions | 77 | €35,104 | €76,421 | +€41,318 | +117.7% |
| Profit (loss) for the period | 9904 | €1,202,741 | €1,464,542 | +€261,800 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,202,741 | €1,464,542 | +€261,800 | +21.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.