CORDA: 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.
CORDA
Largest movements
- Tangible fixed assets -€62,991
down €62,991 (-5.8%), from €1.1m to €1.0m
of which Land and buildings: -€48,171
- Cash +€20,302
up €20,302 (+96.7%), from €20,996 to €41,298
mainly Depreciation (+€62,991) and Net result for the year (+€57,175)
- Debts after one year -€53,035
down €53,035 (-23.4%), from €226,967 to €173,932
- Profit (loss) carried forward +€37,175
up €37,175 (+2.4%), from €1.5m to €1.6m
- Trade debts -€26,921
down €26,921 (-100.0%), from €26,923 to €2
- Depreciation +€4,652
up €4,652 (+8.0%), from €58,338 to €62,991
- Gross operating margin +€1,950
up €1,950 (+1.2%), from €161,310 to €163,260
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 | €2,012,778 | €1,960,451 | -€52,327 | -2.6% |
| Fixed assets | 21/28 | €1,501,901 | €1,438,910 | -€62,991 | -4.2% |
| Tangible fixed assets | 22/27 | €1,079,073 | €1,016,083 | -€62,991 | -5.8% |
| Land and buildings | 22 | €951,559 | €903,389 | -€48,171 | -5.1% |
| Other tangible fixed assets | 26 | €127,514 | €112,694 | -€14,820 | -11.6% |
| Financial fixed assets | 28 | €422,827 | €422,827 | = | 0.0% |
| Current assets | 29/58 | €510,877 | €521,541 | +€10,664 | +2.1% |
| Amounts receivable within one year | 40/41 | €483,825 | €475,176 | -€8,649 | -1.8% |
| Trade receivables | 40 | €73,796 | €126 | -€73,671 | -99.8% |
| Other amounts receivable | 41 | €410,029 | €475,050 | +€65,021 | +15.9% |
| Cash at bank and in hand | 54/58 | €20,996 | €41,298 | +€20,302 | +96.7% |
| Deferred charges and accrued income | 490/1 | €6,056 | €5,067 | -€989 | -16.3% |
| Total equity and liabilities | 10/49 | €2,012,778 | €1,960,451 | -€52,327 | -2.6% |
| Equity | 10/15 | €1,692,027 | €1,729,203 | +€37,175 | +2.2% |
| Contributions | 10/11 | €100,630 | €100,630 | = | 0.0% |
| Capital | 10 | €100,630 | €100,630 | = | 0.0% |
| Issued capital | 100 | €100,630 | €100,630 | = | 0.0% |
| Reserves | 13 | €42,966 | €42,966 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39,663 | €39,663 | = | 0.0% |
| Legal reserve | 130 | €39,663 | €39,663 | = | 0.0% |
| Distributable reserves | 133 | €3,303 | €3,303 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,548,431 | €1,585,607 | +€37,175 | +2.4% |
| Amounts payable | 17/49 | €320,750 | €231,248 | -€89,502 | -27.9% |
| Amounts payable after more than one year | 17 | €226,967 | €173,932 | -€53,035 | -23.4% |
| Financial debts | 170/4 | €226,967 | €173,932 | -€53,035 | -23.4% |
| Amounts payable within one year | 42/48 | €93,783 | €57,316 | -€36,468 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €56,375 | €53,035 | -€3,340 | -5.9% |
| Trade debts | 44 | €26,923 | €2 | -€26,921 | -100.0% |
| Suppliers | 440/4 | €26,923 | €2 | -€26,921 | -100.0% |
| Taxes, remuneration and social security | 45 | €10,485 | €4,279 | -€6,207 | -59.2% |
| Taxes | 450/3 | €10,485 | €4,279 | -€6,207 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,338 | €62,991 | +€4,652 | +8.0% |
| Other operating charges | 640/8 | €20,225 | €20,773 | +€549 | +2.7% |
| Gross operating margin | 9900 | €161,310 | €163,260 | +€1,950 | +1.2% |
| Operating profit (loss) | 9901 | €82,747 | €79,496 | -€3,251 | -3.9% |
| Financial income | 75/76B | €4,192 | €4,092 | -€100 | -2.4% |
| Recurring financial income | 75 | €4,192 | €4,092 | -€100 | -2.4% |
| Financial charges | 65/66B | €8,094 | €7,134 | -€960 | -11.9% |
| Recurring financial charges | 65 | €8,094 | €7,134 | -€960 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €78,845 | €76,454 | -€2,391 | -3.0% |
| Income taxes | 67/77 | €20,485 | €19,279 | -€1,207 | -5.9% |
| Profit (loss) for the period | 9904 | €58,360 | €57,175 | -€1,184 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,360 | €57,175 | -€1,184 | -2.0% |
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.