What does S.A. CORMAN do?

S.A. CORMAN is a food producer in Limbourg. Public Limited, started on 13 November 1965, 1 establishment.

What is the address of S.A. CORMAN?

The registered office of S.A. CORMAN is located at Rue de la Gileppe 4, 4834 Limbourg.

Is S.A. CORMAN still active?

Yes. According to the CBE (30 October 2026) S.A. CORMAN is active, legal situation “Normale toestand”, started on 13 November 1965.

Is S.A. CORMAN registered on Peppol?

Yes, S.A. CORMAN is registered on the Peppol network with ID 0208:0402791015.

What is the enterprise number of S.A. CORMAN?

The enterprise number of S.A. CORMAN is BE0402791015.

When was S.A. CORMAN founded?

S.A. CORMAN was founded on 13 November 1965.

Who are the directors of S.A. CORMAN?

According to the 2025 annual accounts, the directors of S.A. CORMAN are: Pierre RAGNET, Boris BOURDIN, Robert BRZUSCZAK, BERTRAND SALCZER.

Is S.A. CORMAN a reliable company?

Databakkes does not pass judgement; this is what the sources say: Active according to the CBE since 13 November 1965; 5 annual accounts filed, latest fiscal year 2025; 4 directors known from the annual account.

How much profit did S.A. CORMAN make in 2025?

S.A. CORMAN recorded a loss after taxes of € 7,295,828 in financial year 2025.

What is the revenue of S.A. CORMAN?

In its most recent annual accounts (2025), S.A. CORMAN reported revenue of € 523,518,846.

How much does an employee at S.A. CORMAN earn?

The average wage cost per full-time employee at S.A. CORMAN was € 87,100 in 2025: staff costs of € 34.6 million for 397.2 FTE, according to the annual account at the National Bank. That is the employer's cost, not net pay.

How many employees does S.A. CORMAN have?

According to the 2025 annual accounts, S.A. CORMAN has 397.2 full-time equivalents (FTE).

S.A. CORMAN (Public Limited) - Limbourg - BE0402791015

Dossier S.A. CORMAN, printed on 30 October 2026 from databakkes.be/en/0402791015/s-a-corman. Sources: CBE, National Bank of Belgium, Belgian Official Gazette.

Financials

Financial year 2025

S.A. CORMAN from Limbourg, company number BE0402791015, closed financial year 2025 with a result of € -7.3 million after tax. For that financial year S.A. CORMAN recorded revenue of € 523.5 million and equity of € 39.4 million. Compared with financial year 2024, the result moved from € 477,561 to € -7.3 million. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 20, 2026.

What it is worth Healthy

€ 39.4 million

▼ 21% vs 2024

Assets minus debts, by the books. What is left if everything were sold and paid today.

Loss Caution

€ -7.3 million

▼ still € 477,561 profit in 2024

Profit after tax over the fiscal year.

Cash in the bank

€ 42,931

▼ 94% vs 2024

Cash and bank balances on the last day of the fiscal year.

Where the profit goes Caution

Loss, nothing to pay out

Reserves fell to € -25.4 million.

People and assets in 2025

Full-time equivalents

397.2

▼ 5.7 vs 2024

Average over the fiscal year, from the social balance sheet.

Wage cost Staff costs are payroll only. Director pay sits with services and miscellaneous goods: € 47 million in 2025, together with rent, insurance, accountants and other services. The accounts do not split that further.

€ 34.6 million

▼ 2% vs 2024

€ 87,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.

Vehicles and equipment

€ 6,694

▼ 48% vs 2024

Book value of vehicles, furniture and equipment.

Debts at end 2025

Bank debt

€ 30.1 million

Loans from banks and other lenders, long and short.

Owed to suppliers

€ 33.1 million

▼ 15% vs 2024

Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 25 days on average.

Taxes and wages

€ 7.6 million

Taxes, VAT and social contributions still to pay.

Key figures per fiscal year Download key figures (CSV)
	2022	2023	2024	2025	Change 2024 → 2025
Revenue	€ 448,080,516 Revenue 2022: € 448,080,516 First fiscal year in the series	€ 453,165,675 Revenue 2023: € 453,165,675 ▲ 1% vs 2022 (€ 448,080,516) Favourable step	€ 528,366,480 Revenue 2024: € 528,366,480 ▲ 17% vs 2023 (€ 453,165,675) Favourable step	€ 523,518,846 Revenue 2025: € 523,518,846 ▼ 1% vs 2024 (€ 528,366,480) Unfavourable step	▼ 1%
Profit after taxes	€ -6,305,076 Profit after taxes 2022: € -6,305,076 First fiscal year in the series	€ -6,728,012 Profit after taxes 2023: € -6,728,012 ▼ € 422,936 vs 2022 (€ -6,305,076) Unfavourable step	€ 477,561 Profit after taxes 2024: € 477,561 ▲ € 7.2 million vs 2023 (€ -6,728,012) Favourable step	€ -7,295,828 Profit after taxes 2025: € -7,295,828 ▼ € 7.8 million vs 2024 (€ 477,561) Unfavourable step	▼ € 7.8 million
Equity	€ 42,381,124 Equity 2022: € 42,381,124 First fiscal year in the series	€ 52,014,879 Equity 2023: € 52,014,879 ▲ 23% vs 2022 (€ 42,381,124) Favourable step	€ 49,587,977 Equity 2024: € 49,587,977 ▼ 5% vs 2023 (€ 52,014,879) Unfavourable step	€ 39,380,395 Equity 2025: € 39,380,395 ▼ 21% vs 2024 (€ 49,587,977) Unfavourable step	▼ 21%
Total debts	€ 117,495,342 Total debts 2022: € 117,495,342 First fiscal year in the series	€ 113,241,950 Total debts 2023: € 113,241,950 ▼ 4% vs 2022 (€ 117,495,342) Favourable step	€ 101,037,092 Total debts 2024: € 101,037,092 ▼ 11% vs 2023 (€ 113,241,950) Favourable step	€ 97,779,744 Total debts 2025: € 97,779,744 ▼ 3% vs 2024 (€ 101,037,092) Favourable step	▼ 3%
Cash	€ 1,823,141 Cash 2022: € 1,823,141 First fiscal year in the series	€ 4,958,816 Cash 2023: € 4,958,816 ▲ 172% vs 2022 (€ 1,823,141) Favourable step	€ 721,110 Cash 2024: € 721,110 ▼ 85% vs 2023 (€ 4,958,816) Unfavourable step	€ 42,931 Cash 2025: € 42,931 ▼ 94% vs 2024 (€ 721,110) Unfavourable step	▼ 94%
Land & buildings	€ 1,262,118 Land & buildings 2022: € 1,262,118 First fiscal year in the series	€ 1,280,580 Land & buildings 2023: € 1,280,580 ▲ 1% vs 2022 (€ 1,262,118) Unchanged	€ 1,275,953 Land & buildings 2024: € 1,275,953 Unchanged (€ 1,280,580) Unchanged	€ 1,271,327 Land & buildings 2025: € 1,271,327 Unchanged (€ 1,275,953) Unchanged
Retained profit	€ -11,839,925 Retained profit 2022: € -11,839,925 First fiscal year in the series	€ -18,567,937 Retained profit 2023: € -18,567,937 ▼ € 6.7 million vs 2022 (€ -11,839,925) Unfavourable step	€ -18,090,377 Retained profit 2024: € -18,090,377 ▲ € 477,561 vs 2023 (€ -18,567,937) Favourable step	€ -25,386,205 Retained profit 2025: € -25,386,205 ▼ € 7.3 million vs 2024 (€ -18,090,377) Unfavourable step	▼ € 7.3 million
Bank debt	€ 40,124,750 Bank debt 2022: € 40,124,750 First fiscal year in the series	€ 35,209,738 Bank debt 2023: € 35,209,738 ▼ 12% vs 2022 (€ 40,124,750) Favourable step	€ 30,137,111 Bank debt 2024: € 30,137,111 ▼ 14% vs 2023 (€ 35,209,738) Favourable step	€ 30,114,967 Bank debt 2025: € 30,114,967 Unchanged (€ 30,137,111) Favourable step
Balance sheet total	€ 162,970,467 Balance sheet total 2022: € 162,970,467 First fiscal year in the series	€ 170,416,613 Balance sheet total 2023: € 170,416,613 ▲ 5% vs 2022 (€ 162,970,467) Unchanged	€ 155,107,407 Balance sheet total 2024: € 155,107,407 ▼ 9% vs 2023 (€ 170,416,613) Unchanged	€ 140,732,756 Balance sheet total 2025: € 140,732,756 ▼ 9% vs 2024 (€ 155,107,407) Unchanged	▼ 9%
Employees (FTE)	417.2 Employees (FTE) 2022: 417.2 First fiscal year in the series	402.4 Employees (FTE) 2023: 402.4 ▼ 14.8 vs 2022 (417.2) Unchanged	402.9 Employees (FTE) 2024: 402.9 ▲ 0.5 vs 2023 (402.4) Unchanged	397.2 Employees (FTE) 2025: 397.2 ▼ 5.7 vs 2024 (402.9) Unchanged	▼ 5.7

Key figures of S.A. CORMAN, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.

What happened to S.A. CORMAN?

What happened at S.A. CORMAN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:

Jul 20, 2026 New annual accounts for financial year 2025: loss of € 7.3 million (▼ € 7.8 million vs 2024). Source: NBB ↗
2026 Pierre RAGNET stepped down as director. NBB
2026 Boris BOURDIN stepped down as director. NBB
2026 Robert BRZUSCZAK stepped down as director. NBB
2026 BERTRAND SALCZER stepped down as director. NBB
2025 Pierre RAGNET became a director. NBB
2025 Boris BOURDIN became a director. NBB
2025 Robert BRZUSCZAK became a director. NBB

In short

From € 6.3 million loss in 2022 to € 7.3 million loss in 2025.

Paid € 84,777 in corporate taxes since 2022.

Best year ever: 2024, with € 477,561 profit.

Pays suppliers within 25 days on average.

Original PDFs at the National Bank ↗

Management

Compagnie Laitière Européene 100%

S.A. CORMAN

CORMAN GMBH S ETR 100%

SOCIETE DES BEURRES ET CREMES DES REGIONS D'EUROPE S ETR 100%

Corman Italia S Etr 100%

CORMAN MILOKO LTD S ETR 55%

The shares are held by Compagnie Laitière Européene (100%). It owns 100% of CORMAN GMBH S ETR, 100% of SOCIETE DES BEURRES ET CREMES DES REGIONS D'EUROPE S ETR, 100% of Corman Italia S Etr and 55% of CORMAN MILOKO LTD S ETR itself.

Directors

According to the 2025 annual accounts

Pierre RAGNET

Director

since 2025 · until 2026

Boris BOURDIN

Director

since 2025 · until 2026

Robert BRZUSCZAK

Director

since 2025 · until 2026

BERTRAND SALCZER

Chairman of the board

since 2025 · until 2026

Shareholders

Compagnie Laitière Européene

100%

Participations

CORMAN GMBH S ETR

100%

SOCIETE DES BEURRES ET CREMES DES REGIONS D'EUROPE S ETR

100%

Corman Italia S Etr

100%

CORMAN MILOKO LTD S ETR

55%

Establishments

Establishment units

Physical locations of this company

Registered office

Rue de la Gileppe 4

4834 Limbourg

What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.

Details

Company number

0402.791.015

VAT number

BE 0402.791.015

Registered office

Rue de la Gileppe 4, 4834 Limbourg

Names & denominations

S.A. CORMAN

Enterprise type

Rechtspersoon

Legal form

Public limited company

Legal situation

Normale toestand

Start date

13 November 1965

Peppol

Active · Active since 1 Jan 2001

Activities · NACE

Vervaardiging van zuivelproducten

Zuivelfabrieken en kaasmakerijen

Vervaardiging van cacao, chocolade en suikerwerk

View on CBE Public ↗ Annual accounts (NBB) ↗

S.A. CORMAN

Financials

What happened to S.A. CORMAN?

Management

Directors

Shareholders

Participations

Establishments

Establishment units

Details

Frequently asked questions