CORDEE: what changed
Two fiscal 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.
CORDEE
Largest movements
- Tangible fixed assets -€12,421
down €12,421 (-28.6%), from €43,441 to €31,021
of which Furniture and vehicles: -€11,624
- Receivables within one year +€9,322
up €9,322 (+66.0%), from €14,131 to €23,453
of which Trade receivables: +€4,787
- Cash -€2,462
down €2,462 (-3.3%), from €74,254 to €71,793
mainly Contributions, distributions and other (-€77,199) and Receivables within one year (-€9,322)
- Other debts +€33,662
up €33,662 (+71.5%), from €47,059 to €80,721
- Reserves -€30,718
down €30,718 (-58.7%), from €52,295 to €21,576
- Tax, wage and social debts -€6,892
down €6,892 (-56.8%), from €12,132 to €5,239
- Accrued charges and deferred income -€2,025
no longer reported in 2025 (was €2,025)
- Financial income -€4,480
down €4,480 (-99.0%), from €4,525 to €45
of which Non-recurring financial income: -€4,525
- Gross operating margin +€3,026
up €3,026 (+4.4%), from €69,391 to €72,417
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.
Cash bridge derived
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 | €133,341 | €126,476 | -€6,865 | -5.1% |
| Fixed assets | 21/28 | €43,441 | €31,021 | -€12,421 | -28.6% |
| Tangible fixed assets | 22/27 | €43,441 | €31,021 | -€12,421 | -28.6% |
| Plant, machinery and equipment | 23 | €1,314 | €813 | -€501 | -38.1% |
| Furniture and vehicles | 24 | €41,448 | €29,823 | -€11,624 | -28.0% |
| Other tangible fixed assets | 26 | €680 | €384 | -€295 | -43.4% |
| Current assets | 29/58 | €89,899 | €95,456 | +€5,556 | +6.2% |
| Amounts receivable within one year | 40/41 | €14,131 | €23,453 | +€9,322 | +66.0% |
| Trade receivables | 40 | €14,125 | €18,912 | +€4,787 | +33.9% |
| Other amounts receivable | 41 | €6 | €4,541 | +€4,535 | +74713.5% |
| Cash at bank and in hand | 54/58 | €74,254 | €71,793 | -€2,462 | -3.3% |
| Deferred charges and accrued income | 490/1 | €1,514 | €210 | -€1,304 | -86.2% |
| Total equity and liabilities | 10/49 | €133,341 | €126,476 | -€6,865 | -5.1% |
| Equity | 10/15 | €70,895 | €40,176 | -€30,718 | -43.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,295 | €21,576 | -€30,718 | -58.7% |
| Distributable reserves | 133 | €52,295 | €21,576 | -€30,718 | -58.7% |
| Amounts payable | 17/49 | €62,446 | €86,300 | +€23,854 | +38.2% |
| Amounts payable within one year | 42/48 | €60,421 | €86,300 | +€25,879 | +42.8% |
| Trade debts | 44 | €1,231 | €339 | -€892 | -72.4% |
| Suppliers | 440/4 | €1,231 | €339 | -€892 | -72.4% |
| Taxes, remuneration and social security | 45 | €12,132 | €5,239 | -€6,892 | -56.8% |
| Taxes | 450/3 | €12,132 | €5,239 | -€6,892 | -56.8% |
| Other amounts payable | 47/48 | €47,059 | €80,721 | +€33,662 | +71.5% |
| Accrued charges and deferred income | 492/3 | €2,025 | - | -€2,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,035 | €12,421 | +€386 | +3.2% |
| Other operating charges | 640/8 | €525 | €731 | +€207 | +39.3% |
| Non-recurring operating charges | 66A | €2,521 | - | -€2,521 | |
| Gross operating margin | 9900 | €69,391 | €72,417 | +€3,026 | +4.4% |
| Operating profit (loss) | 9901 | €54,309 | €59,264 | +€4,955 | +9.1% |
| Financial income | 75/76B | €4,525 | €45 | -€4,480 | -99.0% |
| Recurring financial income | 75 | €4,525 | €45 | -€4,480 | -99.0% |
| Non-recurring financial income | 76B | €4,525 | - | -€4,525 | |
| Financial charges | 65/66B | €200 | €370 | +€170 | +84.7% |
| Recurring financial charges | 65 | €200 | €370 | +€170 | +84.7% |
| Profit (loss) for the period before taxes | 9903 | €58,634 | €58,940 | +€306 | +0.5% |
| Income taxes | 67/77 | €12,487 | €12,459 | -€28 | -0.2% |
| Profit (loss) for the period | 9904 | €46,147 | €46,481 | +€335 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,147 | €46,481 | +€335 | +0.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.