CORDEBO: 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.
CORDEBO
Largest movements
- Stocks and contracts -€22,964
down €22,964 (-99.6%), from €23,053 to €89
of which Contracts in progress: -€23,024
- Financial fixed assets +€15,000
up €15,000 (+50,000%), from €30 to €15,030
- Tangible fixed assets +€8,649
up €8,649 (+18.4%), from €47,008 to €55,657
of which Furniture and vehicles: +€7,900
- Cash -€2,147
down €2,147 (-5.8%), from €37,040 to €34,894
mainly Investment in fixed assets (net) (-€37,723) and Trade debts (-€24,959)
- Trade debts -€24,959
down €24,959 (-44.2%), from €56,468 to €31,509
- Current portion of long-term debt +€9,471
up €9,471 (+87.2%), from €10,863 to €20,334
- Debts after one year +€7,666
up €7,666 (+24.4%), from €31,373 to €39,038
- Other debts +€4,738
up €4,738 (+11.7%), from €40,638 to €45,376
- Profit (loss) carried forward +€2,344
up €2,344 (+8.5%), from -€27,589 to -€25,246
- Gross operating margin +€4,154
up €4,154 (+24.1%), from €17,248 to €21,402
- Depreciation +€907
up €907 (+6.9%), from €13,166 to €14,073
- Financial charges -€503
down €503 (-18.2%), from €2,762 to €2,259
- Other operating charges +€390
up €390 (+29.2%), from €1,338 to €1,728
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 | €138,533 | €137,997 | -€536 | -0.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €47,038 | €70,687 | +€23,649 | +50.3% |
| Tangible fixed assets | 22/27 | €47,008 | €55,657 | +€8,649 | +18.4% |
| Plant, machinery and equipment | 23 | €3,758 | €3,024 | -€735 | -19.5% |
| Furniture and vehicles | 24 | €43,249 | €51,149 | +€7,900 | +18.3% |
| Other tangible fixed assets | 26 | - | €1,484 | +€1,484 | |
| Financial fixed assets | 28 | €30 | €15,030 | +€15,000 | +50,000% |
| Current assets | 29/58 | €91,495 | €67,309 | -€24,186 | -26.4% |
| Stocks and contracts in progress | 3 | €23,053 | €89 | -€22,964 | -99.6% |
| Stocks | 30/36 | €29 | €89 | +€60 | +210% |
| Contracts in progress | 37 | €23,024 | - | -€23,024 | |
| Amounts receivable within one year | 40/41 | €30,127 | €30,778 | +€651 | +2.2% |
| Trade receivables | 40 | €28,668 | €26,612 | -€2,056 | -7.2% |
| Other amounts receivable | 41 | €1,459 | €4,167 | +€2,707 | +185% |
| Cash at bank and in hand | 54/58 | €37,040 | €34,894 | -€2,147 | -5.8% |
| Deferred charges and accrued income | 490/1 | €1,275 | €1,549 | +€274 | +21.5% |
| Total equity and liabilities | 10/49 | €138,533 | €137,997 | -€536 | -0.4% |
| Equity | 10/15 | -€7,589 | -€5,246 | +€2,344 | +30.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,589 | -€25,246 | +€2,344 | +8.5% |
| Amounts payable | 17/49 | €146,122 | €143,242 | -€2,880 | -2.0% |
| Amounts payable after more than one year | 17 | €31,373 | €39,038 | +€7,666 | +24.4% |
| Financial debts | 170/4 | €31,373 | €39,038 | +€7,666 | +24.4% |
| Amounts payable within one year | 42/48 | €114,740 | €103,631 | -€11,108 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €10,863 | €20,334 | +€9,471 | +87.2% |
| Trade debts | 44 | €56,468 | €31,509 | -€24,959 | -44.2% |
| Suppliers | 440/4 | €56,468 | €31,509 | -€24,959 | -44.2% |
| Taxes, remuneration and social security | 45 | €6,771 | €6,412 | -€359 | -5.3% |
| Taxes | 450/3 | €6,771 | €6,412 | -€359 | -5.3% |
| Other amounts payable | 47/48 | €40,638 | €45,376 | +€4,738 | +11.7% |
| Accrued charges and deferred income | 492/3 | €9 | €572 | +€563 | +5,994% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,166 | €14,073 | +€907 | +6.9% |
| Other operating charges | 640/8 | €1,338 | €1,728 | +€390 | +29.2% |
| Non-recurring operating charges | 66A | - | €898 | +€898 | |
| Gross operating margin | 9900 | €17,248 | €21,402 | +€4,154 | +24.1% |
| Operating profit (loss) | 9901 | €2,744 | €4,702 | +€1,959 | +71.4% |
| Financial income | 75/76B | €20 | €67 | +€47 | +241% |
| Recurring financial income | 75 | €20 | €67 | +€47 | +241% |
| Financial charges | 65/66B | €2,762 | €2,259 | -€503 | -18.2% |
| Recurring financial charges | 65 | €2,762 | €2,259 | -€503 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €1 | €2,510 | +€2,509 | +177,946% |
| Income taxes | 67/77 | €194 | €167 | -€27 | -13.9% |
| Profit (loss) for the period | 9904 | -€192 | €2,344 | +€2,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€192 | €2,344 | +€2,536 |
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 22 October 2026 via checked.be.