Cores Properties: what changed
What changed
Cores Properties
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €1.7m-€49,278
Equity
€17.1m
2024 · €15.5m+€1.6m
Cash
€308,543
2024 · €415,263-€106,720
Balance sheet total
€58.5m
2024 · €64.2m-€5.6m
Largest movements
Assets
- Financial fixed assets -€4.6m
no longer reported in 2025 (was €4.6m)
- Stocks and contracts -€2.4m
down €2.4m (-4.2%), from €56.5m to €54.1m
- Receivables after one year +€1.0m
new in 2025: €1.0m
Equity and liabilities
- Debts after one year -€20.7m
down €20.7m (-63.3%), from €32.7m to €12.0m
- Current portion of long-term debt +€13.7m
up €13.7m (+93.3%), from €14.7m to €28.3m
- Profit (loss) carried forward +€1.6m
up €1.6m (+65.7%), from €2.5m to €4.1m
Income statement
- Turnover +€1.3m
up €1.3m (+24.6%), from €5.3m to €6.6m
- Provisions +€844,787
up €844,787 (+86.1%), from -€981,287 to -€136,500
- Goods and materials +€483,558
up €483,558 (+13.2%), from €3.7m to €4.2m
of which Change in stocks: decrease (increase): +€15.9m
- Other operating charges -€150,170
down €150,170 (-96.6%), from €155,442 to €5,272
- Other operating income -€105,181
down €105,181 (-92.7%), from €113,403 to €8,222
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.7m
Turnover
+€1.3m
Other operating income
-€105,181
Goods and materials
-€483,558
Services and other goods
-€46,949
Provisions
-€844,787
Other operating charges
+€150,170
Other operating items
-€1,437
Financial income
-€83,575
Financial charges
+€49,890
Taxes
+€11,691
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€2.3m
Investment
+€4.6m
Financing
-€7.0m
Cash 2024
€415,263
From operations (derived)
+€2.3m
Net result for the year
+€1.6m
Receivables after one year
-€1.0m
Stocks and contracts
+€2.4m
Receivables within one year
-€515,325
Deferred charges and accrued income
+€126,446
Provisions
-€136,500
Trade debts
+€85,323
Tax, wage and social debts
+€156,743
Other debts
-€323,014
Accrued charges and deferred income
-€53,309
Investment (derived)
+€4.6m
Investment in fixed assets (net)
+€4.6m
Financing
-€7.0m
Debts after one year
-€20.7m
Current portion of long-term debt
+€13.7m
Cash 2025
€308,543
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,155,388 | €58,514,130 | -€5.6m | -8.8% |
| Fixed assets | 21/28 | €4,561,000 | - | -€4.6m | |
| Financial fixed assets | 28 | €4,561,000 | - | -€4.6m | |
| Companies linked by participating interests | 282/3 | €4,561,000 | - | -€4.6m | |
| Participating interests | 282 | €31,000 | - | -€31,000 | |
| Amounts receivable | 283 | €4,530,000 | - | -€4.5m | |
| Current assets | 29/58 | €59,594,388 | €58,514,130 | -€1.1m | -1.8% |
| Amounts receivable after more than one year | 29 | - | €1,014,042 | +€1.0m | |
| Other amounts receivable | 291 | - | €1,014,042 | +€1.0m | |
| Stocks and contracts in progress | 3 | €56,520,206 | €54,143,747 | -€2.4m | -4.2% |
| Stocks | 30/36 | €56,520,206 | €54,143,747 | -€2.4m | -4.2% |
| Property held for sale | 35 | €56,520,206 | €54,143,747 | -€2.4m | -4.2% |
| Amounts receivable within one year | 40/41 | €2,524,530 | €3,039,855 | +€515,325 | +20.4% |
| Trade receivables | 40 | €2,521,128 | €3,039,855 | +€518,727 | +20.6% |
| Other amounts receivable | 41 | €3,402 | - | -€3,402 | |
| Cash at bank and in hand | 54/58 | €415,263 | €308,543 | -€106,720 | -25.7% |
| Deferred charges and accrued income | 490/1 | €134,389 | €7,943 | -€126,446 | -94.1% |
| Total equity and liabilities | 10/49 | €64,155,388 | €58,514,130 | -€5.6m | -8.8% |
| Equity | 10/15 | €15,471,559 | €17,094,320 | +€1.6m | +10.5% |
| Contributions | 10/11 | €123,900 | €123,900 | = | 0.0% |
| Capital | 10 | €123,900 | €123,900 | = | 0.0% |
| Issued capital | 100 | €123,900 | €123,900 | = | 0.0% |
| Reserves | 13 | €12,876,185 | €12,876,185 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,390 | €12,390 | = | 0.0% |
| Legal reserve | 130 | €12,390 | €12,390 | = | 0.0% |
| Distributable reserves | 133 | €12,863,795 | €12,863,795 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,471,474 | €4,094,235 | +€1.6m | +65.7% |
| Provisions and deferred taxes | 16 | €195,158 | €58,658 | -€136,500 | -69.9% |
| Provisions for liabilities and charges | 160/5 | €195,158 | €58,658 | -€136,500 | -69.9% |
| Other liabilities and charges | 164/5 | €195,158 | €58,658 | -€136,500 | -69.9% |
| Amounts payable | 17/49 | €48,488,671 | €41,361,152 | -€7.1m | -14.7% |
| Amounts payable after more than one year | 17 | €32,667,112 | €11,994,485 | -€20.7m | -63.3% |
| Financial debts | 170/4 | €32,667,112 | €11,994,485 | -€20.7m | -63.3% |
| Credit institutions | 173 | €29,222,112 | €11,594,485 | -€17.6m | -60.3% |
| Other loans | 174 | €3,445,000 | €400,000 | -€3.0m | -88.4% |
| Amounts payable within one year | 42/48 | €15,728,202 | €29,326,619 | +€13.6m | +86.5% |
| Current portion of amounts payable after more than one year | 42 | €14,661,000 | €28,340,365 | +€13.7m | +93.3% |
| Trade debts | 44 | €104,834 | €190,157 | +€85,323 | +81.4% |
| Suppliers | 440/4 | €104,834 | €190,157 | +€85,323 | +81.4% |
| Taxes, remuneration and social security | 45 | €601,870 | €758,613 | +€156,743 | +26.0% |
| Taxes | 450/3 | €601,870 | €758,613 | +€156,743 | +26.0% |
| Other amounts payable | 47/48 | €360,498 | €37,484 | -€323,014 | -89.6% |
| Accrued charges and deferred income | 492/3 | €93,357 | €40,048 | -€53,309 | -57.1% |
| Operating income | 70/76A | €5,426,162 | €6,624,002 | +€1.2m | +22.1% |
| Turnover | 70 | €5,311,322 | €6,615,780 | +€1.3m | +24.6% |
| Other operating income | 74 | €113,403 | €8,222 | -€105,181 | -92.7% |
| Non-recurring operating income | 76A | €1,437 | - | -€1,437 | |
| Operating charges | 60/66A | €3,094,857 | €4,319,981 | +€1.2m | +39.6% |
| Goods for resale, raw materials and consumables | 60 | €3,676,503 | €4,160,061 | +€483,558 | +13.2% |
| Purchases | 600/8 | €15,411,486 | €516 | -€15.4m | -100.0% |
| Change in stocks: decrease (increase) | 609 | -€11,734,983 | €4,159,545 | +€15.9m | |
| Services and other goods | 61 | €244,199 | €291,148 | +€46,949 | +19.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€981,287 | -€136,500 | +€844,787 | +86.1% |
| Other operating charges | 640/8 | €155,442 | €5,272 | -€150,170 | -96.6% |
| Operating profit (loss) | 9901 | €2,331,305 | €2,304,021 | -€27,284 | -1.2% |
| Financial income | 75/76B | €136,505 | €52,930 | -€83,575 | -61.2% |
| Recurring financial income | 75 | €136,505 | €52,930 | -€83,575 | -61.2% |
| Income from financial fixed assets | 750 | €131,285 | €43,262 | -€88,023 | -67.0% |
| Income from current assets | 751 | €5,220 | €9,668 | +€4,448 | +85.2% |
| Financial charges | 65/66B | €193,901 | €144,011 | -€49,890 | -25.7% |
| Recurring financial charges | 65 | €193,901 | €144,011 | -€49,890 | -25.7% |
| Debt charges | 650 | €120,012 | €77,405 | -€42,607 | -35.5% |
| Other financial charges | 652/9 | €73,889 | €66,606 | -€7,283 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €2,273,909 | €2,212,940 | -€60,969 | -2.7% |
| Income taxes | 67/77 | €601,870 | €590,179 | -€11,691 | -1.9% |
| Taxes | 670/3 | €601,870 | €590,570 | -€11,300 | -1.9% |
| Tax adjustments and reversals of tax provisions | 77 | - | €391 | +€391 | |
| Profit (loss) for the period | 9904 | €1,672,039 | €1,622,761 | -€49,278 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,672,039 | €1,622,761 | -€49,278 | -2.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.