CORDEW: 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.
CORDEW
Largest movements
- Cash +€444,461
up €444,461 (+124.1%), from €358,071 to €802,532
mainly Receivables within one year (+€421,964) and Stocks and contracts (+€69,125)
- Receivables within one year -€421,964
down €421,964 (-86.5%), from €487,609 to €65,645
of which Other amounts receivable: -€386,954
- Stocks and contracts -€69,125
down €69,125 (-10.5%), from €658,401 to €589,276
- Deferred charges and accrued income +€47,228
up €47,228 (+71.0%), from €66,545 to €113,773
- Reserves +€1.5m
up €1.5m (+4818.5%), from €32,013 to €1.6m
- Profit (loss) carried forward -€1.5m
down €1.5m (-100.0%), from €1.5m to €0
- Financial charges +€25,479
up €25,479 (+9084.4%), from €280 to €25,759
of which Non-recurring financial charges: +€25,305
- Gross operating margin +€11,775
up €11,775 (+35.7%), from €33,012 to €44,787
- Write-downs +€10,000
up €10,000, from -€10,000 to €0
- Financial income -€6,780
down €6,780 (-100.0%), from €6,780 to €0
- Taxes -€3,076
down €3,076 (-27.4%), from €11,208 to €8,132
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,597,534 | €1,591,799 | -€5,735 | -0.4% |
| Fixed assets | 21/28 | €26,907 | €20,573 | -€6,334 | -23.5% |
| Tangible fixed assets | 22/27 | €25,407 | €20,573 | -€4,834 | -19.0% |
| Furniture and vehicles | 24 | €25,407 | €20,573 | -€4,834 | -19.0% |
| Financial fixed assets | 28 | €1,500 | €0 | -€1,500 | -100.0% |
| Current assets | 29/58 | €1,570,627 | €1,571,227 | +€599 | 0.0% |
| Stocks and contracts in progress | 3 | €658,401 | €589,276 | -€69,125 | -10.5% |
| Stocks | 30/36 | €658,401 | €589,276 | -€69,125 | -10.5% |
| Amounts receivable within one year | 40/41 | €487,609 | €65,645 | -€421,964 | -86.5% |
| Trade receivables | 40 | €92,286 | €57,276 | -€35,010 | -37.9% |
| Other amounts receivable | 41 | €395,323 | €8,369 | -€386,954 | -97.9% |
| Cash at bank and in hand | 54/58 | €358,071 | €802,532 | +€444,461 | +124.1% |
| Deferred charges and accrued income | 490/1 | €66,545 | €113,773 | +€47,228 | +71.0% |
| Total equity and liabilities | 10/49 | €1,597,534 | €1,591,799 | -€5,735 | -0.4% |
| Equity | 10/15 | €1,577,094 | €1,577,914 | +€820 | +0.1% |
| Contributions | 10/11 | €3,321 | €3,321 | = | 0.0% |
| Reserves | 13 | €32,013 | €1,574,593 | +€1.5m | +4818.5% |
| Distributable reserves | 133 | €32,013 | €1,574,593 | +€1.5m | +4818.5% |
| Profit (loss) carried forward | 14 | €1,541,759 | €0 | -€1.5m | -100.0% |
| Amounts payable | 17/49 | €20,441 | €13,885 | -€6,555 | -32.1% |
| Amounts payable within one year | 42/48 | €20,441 | €13,885 | -€6,555 | -32.1% |
| Trade debts | 44 | €1,712 | €2,301 | +€589 | +34.4% |
| Suppliers | 440/4 | €1,712 | €2,301 | +€589 | +34.4% |
| Taxes, remuneration and social security | 45 | €18,069 | €10,767 | -€7,303 | -40.4% |
| Taxes | 450/3 | €15,569 | €10,767 | -€4,803 | -30.8% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100.0% |
| Other amounts payable | 47/48 | €660 | €818 | +€159 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,564 | €7,909 | +€345 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,000 | €0 | +€10,000 | |
| Other operating charges | 640/8 | €64 | €2,167 | +€2,103 | +3296.0% |
| Gross operating margin | 9900 | €33,012 | €44,787 | +€11,775 | +35.7% |
| Operating profit (loss) | 9901 | €35,384 | €34,711 | -€673 | -1.9% |
| Financial income | 75/76B | €6,780 | €0 | -€6,780 | -100.0% |
| Recurring financial income | 75 | €6,780 | €0 | -€6,780 | -100.0% |
| Financial charges | 65/66B | €280 | €25,759 | +€25,479 | +9084.4% |
| Recurring financial charges | 65 | €280 | €454 | +€174 | +62.0% |
| Non-recurring financial charges | 66B | - | €25,305 | +€25,305 | |
| Profit (loss) for the period before taxes | 9903 | €41,883 | €8,952 | -€32,931 | -78.6% |
| Income taxes | 67/77 | €11,208 | €8,132 | -€3,076 | -27.4% |
| Profit (loss) for the period | 9904 | €30,675 | €820 | -€29,855 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,675 | €820 | -€29,855 | -97.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.