CORDER: 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.
What changed
CORDER
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,176
2024 · €33,281-€23,105
Equity
€352,830
2024 · €342,654+€10,176
Cash
€18,406
2024 · €22,424-€4,018
Balance sheet total
€1.3m
2024 · €1.2m+€65,597
Largest movements
Assets
- Stocks and contracts +€117,896
up €117,896 (+95.0%), from €124,051 to €241,947
- Tangible fixed assets -€39,467
down €39,467 (-6.7%), from €589,417 to €549,950
of which Land and buildings: -€39,895
Equity and liabilities
- Tax, wage and social debts +€56,886
up €56,886 (+195%), from €29,226 to €86,112
- Other debts -€39,986
down €39,986 (-7.7%), from €520,424 to €480,438
- Trade debts +€37,542
up €37,542 (+39.7%), from €94,503 to €132,044
Income statement
- Gross operating margin -€22,797
down €22,797 (-25.5%), from €89,420 to €66,623
- Other operating charges +€981
up €981 (+7.3%), from €13,422 to €14,402
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.
Result 2024
€33,281
Gross operating margin
-€22,797
Depreciation
+€449
Other operating charges
-€981
Financial income
-€308
Financial charges
+€532
Result 2025
€10,176
raises the resultlowers the result
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.
From operations
-€1,618
Investment
-€2,400
Financing
€0
Cash 2024
€22,424
From operations (derived)
-€1,618
Net result for the year
+€10,176
Depreciation
+€41,867
Stocks and contracts
-€117,896
Receivables within one year
+€8,791
Smaller working-capital items
-€24
Trade debts
+€37,542
Tax, wage and social debts
+€56,886
Other debts
-€39,986
Accrued charges and deferred income
+€1,027
Investment (derived)
-€2,400
Investment in fixed assets (net)
-€2,400
Cash 2025
€18,406
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,222,802 | €1,288,399 | +€65,597 | +5.4% |
| Fixed assets | 21/28 | €589,417 | €549,950 | -€39,467 | -6.7% |
| Tangible fixed assets | 22/27 | €589,417 | €549,950 | -€39,467 | -6.7% |
| Land and buildings | 22 | €581,780 | €541,885 | -€39,895 | -6.9% |
| Plant, machinery and equipment | 23 | - | €2,261 | +€2,261 | |
| Furniture and vehicles | 24 | €7,637 | €5,805 | -€1,833 | -24.0% |
| Current assets | 29/58 | €633,385 | €738,449 | +€105,063 | +16.6% |
| Stocks and contracts in progress | 3 | €124,051 | €241,947 | +€117,896 | +95.0% |
| Stocks | 30/36 | €124,051 | €241,947 | +€117,896 | +95.0% |
| Amounts receivable within one year | 40/41 | €486,123 | €477,332 | -€8,791 | -1.8% |
| Trade receivables | 40 | €486,123 | €477,332 | -€8,791 | -1.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,424 | €18,406 | -€4,018 | -17.9% |
| Deferred charges and accrued income | 490/1 | €788 | €764 | -€24 | -3.1% |
| Total equity and liabilities | 10/49 | €1,222,802 | €1,288,399 | +€65,597 | +5.4% |
| Equity | 10/15 | €342,654 | €352,830 | +€10,176 | +3.0% |
| Contributions | 10/11 | €372,000 | €372,000 | = | 0.0% |
| Reserves | 13 | €34,887 | €34,439 | -€447 | -1.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €2,387 | €1,939 | -€447 | -18.8% |
| Distributable reserves | 133 | €32,500 | €32,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,233 | -€53,609 | +€10,624 | +16.5% |
| Provisions and deferred taxes | 16 | €1,229 | €999 | -€230 | -18.7% |
| Deferred taxes | 168 | €1,229 | €999 | -€230 | -18.7% |
| Amounts payable | 17/49 | €878,919 | €934,570 | +€55,651 | +6.3% |
| Amounts payable within one year | 42/48 | €878,919 | €933,543 | +€54,624 | +6.2% |
| Trade debts | 44 | €94,503 | €132,044 | +€37,542 | +39.7% |
| Suppliers | 440/4 | €94,503 | €132,044 | +€37,542 | +39.7% |
| Advances received on contracts in progress | 46 | €234,767 | €234,949 | +€182 | +0.1% |
| Taxes, remuneration and social security | 45 | €29,226 | €86,112 | +€56,886 | +195% |
| Taxes | 450/3 | €29,226 | €86,112 | +€56,886 | +195% |
| Other amounts payable | 47/48 | €520,424 | €480,438 | -€39,986 | -7.7% |
| Accrued charges and deferred income | 492/3 | €0 | €1,027 | +€1,027 | |
| Non-recurring operating income | 76A | €21,142 | €0 | -€21,142 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,316 | €41,867 | -€449 | -1.1% |
| Other operating charges | 640/8 | €13,422 | €14,402 | +€981 | +7.3% |
| Gross operating margin | 9900 | €89,420 | €66,623 | -€22,797 | -25.5% |
| Operating profit (loss) | 9901 | €33,683 | €10,354 | -€23,329 | -69.3% |
| Financial income | 75/76B | €435 | €128 | -€308 | -70.7% |
| Recurring financial income | 75 | €435 | €128 | -€308 | -70.7% |
| Financial charges | 65/66B | €1,067 | €536 | -€532 | -49.8% |
| Recurring financial charges | 65 | €1,067 | €536 | -€532 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €33,051 | €9,946 | -€23,105 | -69.9% |
| Transfer from deferred taxes | 780 | €230 | €230 | = | 0.0% |
| Profit (loss) for the period | 9904 | €33,281 | €10,176 | -€23,105 | -69.4% |
| Transfer from tax-exempt reserves | 789 | €447 | €447 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,728 | €10,624 | -€23,105 | -68.5% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.