CORDAL: 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.
CORDAL
Largest movements
- Cash -€36,310
down €36,310 (-47.8%), from €75,952 to €39,642
mainly Debts after one year (-€51,735) and Investment in fixed assets (net) (-€40,405)
- Stocks and contracts -€33,031
down €33,031 (-16.1%), from €204,695 to €171,664
- Tangible fixed assets -€23,527
down €23,527 (-9.4%), from €251,540 to €228,013
of which Furniture and vehicles: -€48,913
- Receivables within one year +€11,537
up €11,537 (+19.5%), from €59,151 to €70,688
of which Other amounts receivable: +€12,821
- Debts after one year -€51,735
down €51,735 (-59.9%), from €86,351 to €34,615
- Current portion of long-term debt -€13,803
down €13,803 (-26.3%), from €52,551 to €38,748
- Accrued charges and deferred income -€10,300
down €10,300 (-62.5%), from €16,492 to €6,191
- Tax, wage and social debts -€8,012
down €8,012 (-59.8%), from €13,396 to €5,384
of which Remuneration and social security: -€8,457
- Gross operating margin -€53,138
down €53,138 (-29.5%), from €180,106 to €126,969
- Taxes -€12,452
down €12,452 (-93.0%), from €13,385 to €933
- Financial charges -€6,281
down €6,281 (-62.1%), from €10,114 to €3,833
- Depreciation +€6,106
up €6,106 (+10.6%), from €57,826 to €63,932
- Staff costs -€5,717
down €5,717 (-9.7%), from €58,774 to €53,057
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 | €599,336 | €517,662 | -€81,674 | -13.6% |
| Fixed assets | 21/28 | €251,565 | €228,038 | -€23,527 | -9.4% |
| Tangible fixed assets | 22/27 | €251,540 | €228,013 | -€23,527 | -9.4% |
| Land and buildings | 22 | €36,877 | €31,680 | -€5,197 | -14.1% |
| Plant, machinery and equipment | 23 | €93,914 | €99,733 | +€5,820 | +6.2% |
| Furniture and vehicles | 24 | €120,749 | €71,836 | -€48,913 | -40.5% |
| Other tangible fixed assets | 26 | - | €24,764 | +€24,764 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €347,772 | €289,624 | -€58,147 | -16.7% |
| Stocks and contracts in progress | 3 | €204,695 | €171,664 | -€33,031 | -16.1% |
| Stocks | 30/36 | €204,695 | €171,664 | -€33,031 | -16.1% |
| Amounts receivable within one year | 40/41 | €59,151 | €70,688 | +€11,537 | +19.5% |
| Trade receivables | 40 | €55,404 | €54,121 | -€1,284 | -2.3% |
| Other amounts receivable | 41 | €3,747 | €16,567 | +€12,821 | +342% |
| Cash at bank and in hand | 54/58 | €75,952 | €39,642 | -€36,310 | -47.8% |
| Deferred charges and accrued income | 490/1 | €7,974 | €7,630 | -€344 | -4.3% |
| Total equity and liabilities | 10/49 | €599,336 | €517,662 | -€81,674 | -13.6% |
| Equity | 10/15 | €332,051 | €332,371 | +€320 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €312,071 | €312,391 | +€320 | +0.1% |
| Distributable reserves | 133 | €312,071 | €312,391 | +€320 | +0.1% |
| Profit (loss) carried forward | 14 | €1,380 | €1,380 | = | 0.0% |
| Amounts payable | 17/49 | €267,285 | €185,291 | -€81,994 | -30.7% |
| Amounts payable after more than one year | 17 | €86,351 | €34,615 | -€51,735 | -59.9% |
| Financial debts | 170/4 | €86,351 | €34,615 | -€51,735 | -59.9% |
| Amounts payable within one year | 42/48 | €164,443 | €144,484 | -€19,959 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €52,551 | €38,748 | -€13,803 | -26.3% |
| Financial debts | 43 | €5,897 | €5,891 | -€5 | -0.1% |
| Credit institutions | 430/8 | €5,897 | €5,891 | -€5 | -0.1% |
| Trade debts | 44 | €13,062 | €11,537 | -€1,525 | -11.7% |
| Suppliers | 440/4 | €13,062 | €11,537 | -€1,525 | -11.7% |
| Taxes, remuneration and social security | 45 | €13,396 | €5,384 | -€8,012 | -59.8% |
| Taxes | 450/3 | €1,941 | €2,387 | +€446 | +23.0% |
| Remuneration and social security | 454/9 | €11,455 | €2,998 | -€8,457 | -73.8% |
| Other amounts payable | 47/48 | €79,537 | €82,923 | +€3,386 | +4.3% |
| Accrued charges and deferred income | 492/3 | €16,492 | €6,191 | -€10,300 | -62.5% |
| Remuneration, social security and pensions | 62 | €58,774 | €53,057 | -€5,717 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,826 | €63,932 | +€6,106 | +10.6% |
| Other operating charges | 640/8 | €4,986 | €5,149 | +€163 | +3.3% |
| Gross operating margin | 9900 | €180,106 | €126,969 | -€53,138 | -29.5% |
| Operating profit (loss) | 9901 | €58,521 | €4,831 | -€53,690 | -91.7% |
| Financial income | 75/76B | €67 | €255 | +€187 | +278% |
| Recurring financial income | 75 | €67 | €255 | +€187 | +278% |
| Financial charges | 65/66B | €10,114 | €3,833 | -€6,281 | -62.1% |
| Recurring financial charges | 65 | €10,114 | €3,833 | -€6,281 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €48,474 | €1,253 | -€47,221 | -97.4% |
| Income taxes | 67/77 | €13,385 | €933 | -€12,452 | -93.0% |
| Profit (loss) for the period | 9904 | €35,089 | €320 | -€34,769 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,089 | €320 | -€34,769 | -99.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.