Cordhu: 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.
Cordhu
Largest movements
- Receivables within one year +€354,202
up €354,202 (+177.5%), from €199,500 to €553,702
of which Trade receivables: +€310,703
- Cash +€173,203
up €173,203 (+93.3%), from €185,656 to €358,859
mainly Trade debts (+€312,946) and Net result for the year (+€198,802)
- Tangible fixed assets +€149,139
up €149,139 (+168.6%), from €88,445 to €237,584
of which Furniture and vehicles: +€102,083
- Intangible fixed assets -€40,000
down €40,000 (-23.5%), from €169,954 to €129,954
- Trade debts +€312,946
up €312,946 (+1291.3%), from €24,236 to €337,182
- Reserves +€197,136
up €197,136 (+44.1%), from €447,338 to €644,473
- Accrued charges and deferred income +€88,737
new in 2025: €88,737
- Debts after one year +€77,939
new in 2025: €77,939
- Short-term financial debts -€30,262
down €30,262 (-34.0%), from €88,925 to €58,663
- Gross operating margin -€300,679
down €300,679 (-44.9%), from €670,372 to €369,694
- Taxes -€80,802
down €80,802 (-47.8%), from €169,165 to €88,363
- Depreciation +€30,963
up €30,963 (+71.6%), from €43,249 to €74,212
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 | €648,697 | €1,284,976 | +€636,279 | +98.1% |
| Fixed assets | 21/28 | €258,400 | €367,539 | +€109,139 | +42.2% |
| Intangible fixed assets | 21 | €169,954 | €129,954 | -€40,000 | -23.5% |
| Tangible fixed assets | 22/27 | €88,445 | €237,584 | +€149,139 | +168.6% |
| Plant, machinery and equipment | 23 | €11,177 | €18,011 | +€6,835 | +61.2% |
| Furniture and vehicles | 24 | €47,681 | €149,764 | +€102,083 | +214.1% |
| Other tangible fixed assets | 26 | €29,588 | €69,809 | +€40,221 | +135.9% |
| Current assets | 29/58 | €390,297 | €917,438 | +€527,141 | +135.1% |
| Amounts receivable within one year | 40/41 | €199,500 | €553,702 | +€354,202 | +177.5% |
| Trade receivables | 40 | €192,839 | €503,542 | +€310,703 | +161.1% |
| Other amounts receivable | 41 | €6,662 | €50,160 | +€43,498 | +653.0% |
| Cash at bank and in hand | 54/58 | €185,656 | €358,859 | +€173,203 | +93.3% |
| Deferred charges and accrued income | 490/1 | €5,140 | €4,876 | -€264 | -5.1% |
| Total equity and liabilities | 10/49 | €648,697 | €1,284,976 | +€636,279 | +98.1% |
| Equity | 10/15 | €465,338 | €662,473 | +€197,136 | +42.4% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €447,338 | €644,473 | +€197,136 | +44.1% |
| Distributable reserves | 133 | €447,338 | €644,473 | +€197,136 | +44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €183,359 | €622,503 | +€439,144 | +239.5% |
| Amounts payable after more than one year | 17 | - | €77,939 | +€77,939 | |
| Financial debts | 170/4 | - | €77,939 | +€77,939 | |
| Amounts payable within one year | 42/48 | €183,359 | €455,826 | +€272,467 | +148.6% |
| Current portion of amounts payable after more than one year | 42 | - | €19,665 | +€19,665 | |
| Financial debts | 43 | €88,925 | €58,663 | -€30,262 | -34.0% |
| Credit institutions | 430/8 | €88,925 | €58,663 | -€30,262 | -34.0% |
| Trade debts | 44 | €24,236 | €337,182 | +€312,946 | +1291.3% |
| Suppliers | 440/4 | €24,236 | €337,182 | +€312,946 | +1291.3% |
| Taxes, remuneration and social security | 45 | €51,849 | €38,971 | -€12,878 | -24.8% |
| Taxes | 450/3 | €51,849 | €38,971 | -€12,878 | -24.8% |
| Other amounts payable | 47/48 | €18,349 | €1,346 | -€17,003 | -92.7% |
| Accrued charges and deferred income | 492/3 | - | €88,737 | +€88,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,249 | €74,212 | +€30,963 | +71.6% |
| Other operating charges | 640/8 | €4,761 | €3,875 | -€886 | -18.6% |
| Non-recurring operating charges | 66A | - | €589 | +€589 | |
| Gross operating margin | 9900 | €670,372 | €369,694 | -€300,679 | -44.9% |
| Operating profit (loss) | 9901 | €622,362 | €291,018 | -€331,344 | -53.2% |
| Financial income | 75/76B | - | €413 | +€413 | |
| Recurring financial income | 75 | - | €413 | +€413 | |
| Financial charges | 65/66B | €4,141 | €4,266 | +€125 | +3.0% |
| Recurring financial charges | 65 | €4,141 | €4,266 | +€125 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €618,221 | €287,165 | -€331,057 | -53.5% |
| Income taxes | 67/77 | €169,165 | €88,363 | -€80,802 | -47.8% |
| Profit (loss) for the period | 9904 | €449,056 | €198,802 | -€250,254 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €449,056 | €198,802 | -€250,254 | -55.7% |
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 9 October 2026 via checked.be.