CDOR: 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.
CDOR
Largest movements
- Tangible fixed assets +€84,659
up €84,659 (+77.2%), from €109,599 to €194,258
- Cash -€36,588
down €36,588 (-91.5%), from €39,976 to €3,389
mainly Investment in fixed assets (net) (-€89,600) and Net result for the year (-€8,073)
- Receivables within one year -€6,655
down €6,655 (-100%), from €6,655 to €0
- Other debts +€45,744
new in 2025: €45,744
- Profit (loss) carried forward -€8,073
down €8,073 (-2.6%), from -€309,660 to -€317,732
- Trade debts +€3,948
up €3,948 (+339%), from €1,166 to €5,114
- Gross operating margin -€34,888
down €34,888 (-83.6%), from €41,732 to €6,845
- Depreciation -€889
down €889 (-15.2%), from €5,830 to €4,941
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 | €157,853 | €199,326 | +€41,473 | +26.3% |
| Fixed assets | 21/28 | €109,599 | €194,258 | +€84,659 | +77.2% |
| Tangible fixed assets | 22/27 | €109,599 | €194,258 | +€84,659 | +77.2% |
| Land and buildings | 22 | €109,599 | €194,258 | +€84,659 | +77.2% |
| Current assets | 29/58 | €48,254 | €5,068 | -€43,186 | -89.5% |
| Amounts receivable within one year | 40/41 | €6,655 | €0 | -€6,655 | -100% |
| Other amounts receivable | 41 | €6,655 | €0 | -€6,655 | -100% |
| Cash at bank and in hand | 54/58 | €39,976 | €3,389 | -€36,588 | -91.5% |
| Deferred charges and accrued income | 490/1 | €1,622 | €1,679 | +€57 | +3.5% |
| Total equity and liabilities | 10/49 | €157,853 | €199,326 | +€41,473 | +26.3% |
| Equity | 10/15 | €155,619 | €147,547 | -€8,073 | -5.2% |
| Contributions | 10/11 | €28,750 | €28,750 | = | 0.0% |
| Reserves | 13 | €436,529 | €436,529 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,527 | €34,527 | = | 0.0% |
| Reserves not available under the articles | 1311 | €34,527 | €34,527 | = | 0.0% |
| Distributable reserves | 133 | €402,001 | €402,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€309,660 | -€317,732 | -€8,073 | -2.6% |
| Provisions and deferred taxes | 16 | €920 | €920 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €920 | €920 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €920 | €920 | = | 0.0% |
| Amounts payable | 17/49 | €1,313 | €50,859 | +€49,545 | +3,772% |
| Amounts payable within one year | 42/48 | €1,166 | €50,859 | +€49,693 | +4,262% |
| Trade debts | 44 | €1,166 | €5,114 | +€3,948 | +339% |
| Suppliers | 440/4 | €1,166 | €5,114 | +€3,948 | +339% |
| Other amounts payable | 47/48 | - | €45,744 | +€45,744 | |
| Accrued charges and deferred income | 492/3 | €148 | €0 | -€148 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,830 | €4,941 | -€889 | -15.2% |
| Other operating charges | 640/8 | €9,500 | €9,799 | +€299 | +3.2% |
| Gross operating margin | 9900 | €41,732 | €6,845 | -€34,888 | -83.6% |
| Operating profit (loss) | 9901 | €26,403 | -€7,896 | -€34,299 | |
| Financial charges | 65/66B | €78 | €176 | +€98 | +126% |
| Recurring financial charges | 65 | €78 | €176 | +€98 | +126% |
| Profit (loss) for the period before taxes | 9903 | €26,325 | -€8,073 | -€34,397 | |
| Profit (loss) for the period | 9904 | €26,325 | -€8,073 | -€34,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,325 | -€8,073 | -€34,397 |
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 28 October 2026 via checked.be.