CO.RE.DON: 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.
CO.RE.DON
Largest movements
- Tangible fixed assets +€275,893
up €275,893 (+41.7%), from €661,879 to €937,772
of which Plant, machinery and equipment: +€178,854
- Receivables within one year +€192,762
up €192,762 (+439%), from €43,927 to €236,689
of which Other amounts receivable: +€106,866
- Cash -€15,409
down €15,409 (-36.4%), from €42,373 to €26,963
mainly Investment in fixed assets (net) (-€430,279) and Receivables within one year (-€192,762)
- Debts after one year +€203,175
up €203,175 (+261%), from €77,778 to €280,952
- Tax, wage and social debts +€102,146
new in 2025: €102,146
- Other debts +€67,081
up €67,081 (+11.5%), from €582,250 to €649,331
- Reserves +€52,500
up €52,500 (+562%), from €9,344 to €61,844
of which Tax-exempt reserves: +€52,500
- Current portion of long-term debt +€18,839
up €18,839 (+67.3%), from €27,986 to €46,825
- Gross operating margin +€94,935
up €94,935 (+73.3%), from €129,498 to €224,433
- Depreciation +€31,786
up €31,786 (+25.9%), from €122,600 to €154,386
- Turnover -€30,998
down €30,998 (-10.0%), from €308,861 to €277,863
- Purchases and services -€30,933
down €30,933 (-17.2%), from €179,363 to €148,430
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 | €748,179 | €1,201,424 | +€453,245 | +60.6% |
| Fixed assets | 21/28 | €661,879 | €937,772 | +€275,893 | +41.7% |
| Tangible fixed assets | 22/27 | €661,879 | €937,772 | +€275,893 | +41.7% |
| Plant, machinery and equipment | 23 | €193,420 | €372,275 | +€178,854 | +92.5% |
| Furniture and vehicles | 24 | €468,459 | €565,497 | +€97,038 | +20.7% |
| Current assets | 29/58 | €86,300 | €263,652 | +€177,353 | +206% |
| Amounts receivable within one year | 40/41 | €43,927 | €236,689 | +€192,762 | +439% |
| Trade receivables | 40 | €33,802 | €119,698 | +€85,896 | +254% |
| Other amounts receivable | 41 | €10,125 | €116,991 | +€106,866 | +1,055% |
| Cash at bank and in hand | 54/58 | €42,373 | €26,963 | -€15,409 | -36.4% |
| Total equity and liabilities | 10/49 | €748,179 | €1,201,424 | +€453,245 | +60.6% |
| Equity | 10/15 | €52,764 | €99,708 | +€46,944 | +89.0% |
| Contributions | 10/11 | €18,642 | €18,642 | = | 0.0% |
| Reserves | 13 | €9,344 | €61,844 | +€52,500 | +562% |
| Non-distributable reserves | 130/1 | €9,344 | €1,864 | -€7,480 | -80.1% |
| Reserves not available under the articles | 1311 | €1,864 | - | -€1,864 | |
| Own shares acquired | 1312 | - | €1,864 | +€1,864 | |
| Financial assistance | 1313 | €7,480 | - | -€7,480 | |
| Tax-exempt reserves | 132 | - | €52,500 | +€52,500 | |
| Distributable reserves | 133 | - | €7,480 | +€7,480 | |
| Profit (loss) carried forward | 14 | €24,779 | €19,222 | -€5,556 | -22.4% |
| Provisions and deferred taxes | 16 | - | €17,500 | +€17,500 | |
| Provisions for liabilities and charges | 160/5 | - | €17,500 | +€17,500 | |
| Taxes | 161 | - | €17,500 | +€17,500 | |
| Amounts payable | 17/49 | €695,414 | €1,084,216 | +€388,802 | +55.9% |
| Amounts payable after more than one year | 17 | €77,778 | €280,952 | +€203,175 | +261% |
| Financial debts | 170/4 | €77,778 | €280,952 | +€203,175 | +261% |
| Amounts payable within one year | 42/48 | €617,637 | €803,264 | +€185,627 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €27,986 | €46,825 | +€18,839 | +67.3% |
| Trade debts | 44 | €7,401 | €4,962 | -€2,439 | -33.0% |
| Suppliers | 440/4 | €7,401 | €4,962 | -€2,439 | -33.0% |
| Taxes, remuneration and social security | 45 | - | €102,146 | +€102,146 | |
| Taxes | 450/3 | - | €102,146 | +€102,146 | |
| Other amounts payable | 47/48 | €582,250 | €649,331 | +€67,081 | +11.5% |
| Turnover | 70 | €308,861 | €277,863 | -€30,998 | -10.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €179,363 | €148,430 | -€30,933 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,600 | €154,386 | +€31,786 | +25.9% |
| Other operating charges | 640/8 | €925 | €953 | +€29 | +3.1% |
| Gross operating margin | 9900 | €129,498 | €224,433 | +€94,935 | +73.3% |
| Operating profit (loss) | 9901 | €5,973 | €69,094 | +€63,121 | +1,057% |
| Financial income | 75/76B | €145 | €176 | +€32 | +21.9% |
| Recurring financial income | 75 | €145 | €176 | +€32 | +21.9% |
| Financial charges | 65/66B | €4,675 | €4,827 | +€152 | +3.2% |
| Recurring financial charges | 65 | €4,675 | €4,827 | +€152 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €1,443 | €64,444 | +€63,001 | +4,367% |
| Transfer from deferred taxes | 780 | - | €1,250 | +€1,250 | |
| Transfer to deferred taxes | 680 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period | 9904 | €1,443 | €46,944 | +€45,501 | +3,154% |
| Transfer from tax-exempt reserves | 789 | - | €3,750 | +€3,750 | |
| Transfer to tax-exempt reserves | 689 | - | €56,250 | +€56,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,443 | -€5,556 | -€6,999 |
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 27 October 2026 via checked.be.