Cord'O: 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.
Cord'O
Largest movements
- Tangible fixed assets -€95,635
down €95,635 (-3.5%), from €2.8m to €2.7m
of which Land and buildings: -€96,830
- Cash -€28,243
down €28,243 (-58.9%), from €47,961 to €19,718
mainly Net result for the year (-€119,450) and Deferred charges and accrued income (-€3,174)
- Profit (loss) carried forward -€119,450
down €119,450 (-8.2%), from €1.5m to €1.3m
- Gross operating margin +€1,925
up €1,925 (+28.7%), from -€6,706 to -€4,781
- Depreciation +€584
up €584 (+0.6%), from €96,991 to €97,574
- Other operating charges -€189
down €189 (-1.1%), from €17,112 to €16,922
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 | €2,802,928 | €2,682,814 | -€120,114 | -4.3% |
| Fixed assets | 21/28 | €2,754,797 | €2,659,162 | -€95,635 | -3.5% |
| Tangible fixed assets | 22/27 | €2,754,797 | €2,659,162 | -€95,635 | -3.5% |
| Land and buildings | 22 | €2,754,108 | €2,657,278 | -€96,830 | -3.5% |
| Plant, machinery and equipment | 23 | €250 | €0 | -€250 | -100% |
| Furniture and vehicles | 24 | €439 | €1,884 | +€1,445 | +329% |
| Current assets | 29/58 | €48,131 | €23,652 | -€24,478 | -50.9% |
| Amounts receivable within one year | 40/41 | €170 | €760 | +€590 | +347% |
| Trade receivables | 40 | €170 | €760 | +€590 | +347% |
| Cash at bank and in hand | 54/58 | €47,961 | €19,718 | -€28,243 | -58.9% |
| Deferred charges and accrued income | 490/1 | €0 | €3,174 | +€3,174 | |
| Total equity and liabilities | 10/49 | €2,802,928 | €2,682,814 | -€120,114 | -4.3% |
| Equity | 10/15 | €2,701,492 | €2,582,043 | -€119,450 | -4.4% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,451,492 | €1,332,043 | -€119,450 | -8.2% |
| Amounts payable | 17/49 | €101,435 | €100,772 | -€664 | -0.7% |
| Amounts payable within one year | 42/48 | €101,435 | €100,772 | -€664 | -0.7% |
| Trade debts | 44 | €1,129 | €465 | -€664 | -58.8% |
| Suppliers | 440/4 | €1,129 | €465 | -€664 | -58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,991 | €97,574 | +€584 | +0.6% |
| Other operating charges | 640/8 | €17,112 | €16,922 | -€189 | -1.1% |
| Gross operating margin | 9900 | -€6,706 | -€4,781 | +€1,925 | +28.7% |
| Operating profit (loss) | 9901 | -€120,809 | -€119,278 | +€1,531 | +1.3% |
| Financial income | 75/76B | €0 | €4 | +€4 | +38,900% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +38,900% |
| Financial charges | 65/66B | €167 | €176 | +€8 | +5.1% |
| Recurring financial charges | 65 | €167 | €176 | +€8 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | -€120,976 | -€119,450 | +€1,526 | +1.3% |
| Profit (loss) for the period | 9904 | -€120,976 | -€119,450 | +€1,526 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,976 | -€119,450 | +€1,526 | +1.3% |
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 17 October 2026 via checked.be.