CORDIAL CONSULT: 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.
CORDIAL CONSULT
Largest movements
- Receivables within one year -€87,865
down €87,865 (-75.1%), from €117,042 to €29,177
of which Other amounts receivable: -€60,804
- Receivables after one year +€72,000
new in 2025: €72,000
- Cash -€20,121
down €20,121 (-46.9%), from €42,933 to €22,813
mainly Receivables after one year (-€72,000) and Net result for the year (-€42,065)
- Current investments -€10,219
down €10,219 (-14.6%), from €70,103 to €59,884
- Tangible fixed assets -€7,790
down €7,790 (-17.0%), from €45,927 to €38,137
of which Furniture and vehicles: -€6,568
- Reserves -€42,065
down €42,065 (-18.6%), from €225,866 to €183,801
of which Tax-exempt reserves: -€71,361
- Provisions -€17,840
no longer reported in 2025 (was €17,840)
- Trade debts -€11,202
down €11,202 (-87.3%), from €12,826 to €1,624
- Tax, wage and social debts +€9,572
up €9,572 (+209%), from €4,578 to €14,150
- Gross operating margin -€45,194
down €45,194, from €11,129 to -€34,065
- Taxes +€12,808
up €12,808 (+37,006%), from €35 to €12,842
- Other operating charges +€2,805
up €2,805 (+309%), from €908 to €3,714
- Financial income -€2,267
down €2,267 (-50.7%), from €4,473 to €2,206
- Depreciation +€840
up €840 (+8.3%), from €10,150 to €10,990
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 | €281,570 | €222,010 | -€59,560 | -21.2% |
| Fixed assets | 21/28 | €45,967 | €38,137 | -€7,830 | -17.0% |
| Tangible fixed assets | 22/27 | €45,927 | €38,137 | -€7,790 | -17.0% |
| Land and buildings | 22 | €16,165 | €15,192 | -€973 | -6.0% |
| Plant, machinery and equipment | 23 | €416 | €166 | -€250 | -60.0% |
| Furniture and vehicles | 24 | €29,346 | €22,778 | -€6,568 | -22.4% |
| Financial fixed assets | 28 | €40 | - | -€40 | |
| Current assets | 29/58 | €235,604 | €183,874 | -€51,730 | -22.0% |
| Amounts receivable after more than one year | 29 | - | €72,000 | +€72,000 | |
| Other amounts receivable | 291 | - | €72,000 | +€72,000 | |
| Amounts receivable within one year | 40/41 | €117,042 | €29,177 | -€87,865 | -75.1% |
| Trade receivables | 40 | €56,238 | €29,177 | -€27,061 | -48.1% |
| Other amounts receivable | 41 | €60,804 | - | -€60,804 | |
| Current investments | 50/53 | €70,103 | €59,884 | -€10,219 | -14.6% |
| Cash at bank and in hand | 54/58 | €42,933 | €22,813 | -€20,121 | -46.9% |
| Deferred charges and accrued income | 490/1 | €5,525 | - | -€5,525 | |
| Total equity and liabilities | 10/49 | €281,570 | €222,010 | -€59,560 | -21.2% |
| Equity | 10/15 | €246,326 | €204,261 | -€42,065 | -17.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €225,866 | €183,801 | -€42,065 | -18.6% |
| Tax-exempt reserves | 132 | €71,361 | - | -€71,361 | |
| Distributable reserves | 133 | €154,505 | €183,801 | +€29,296 | +19.0% |
| Provisions and deferred taxes | 16 | €17,840 | - | -€17,840 | |
| Deferred taxes | 168 | €17,840 | - | -€17,840 | |
| Amounts payable | 17/49 | €17,404 | €17,749 | +€346 | +2.0% |
| Amounts payable within one year | 42/48 | €17,404 | €17,749 | +€346 | +2.0% |
| Trade debts | 44 | €12,826 | €1,624 | -€11,202 | -87.3% |
| Suppliers | 440/4 | €12,826 | €1,624 | -€11,202 | -87.3% |
| Taxes, remuneration and social security | 45 | €4,578 | €14,150 | +€9,572 | +209% |
| Taxes | 450/3 | €4,578 | €14,150 | +€9,572 | +209% |
| Other amounts payable | 47/48 | - | €1,975 | +€1,975 | |
| Non-recurring operating income | 76A | €385 | - | -€385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,150 | €10,990 | +€840 | +8.3% |
| Other operating charges | 640/8 | €908 | €3,714 | +€2,805 | +309% |
| Gross operating margin | 9900 | €11,129 | -€34,065 | -€45,194 | |
| Operating profit (loss) | 9901 | €70 | -€48,769 | -€48,839 | |
| Financial income | 75/76B | €4,473 | €2,206 | -€2,267 | -50.7% |
| Recurring financial income | 75 | €4,473 | €2,206 | -€2,267 | -50.7% |
| Financial charges | 65/66B | €449 | €501 | +€52 | +11.6% |
| Recurring financial charges | 65 | €449 | €501 | +€52 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €4,095 | -€47,063 | -€51,158 | |
| Transfer from deferred taxes | 780 | - | €17,840 | +€17,840 | |
| Income taxes | 67/77 | €35 | €12,842 | +€12,808 | +37,006% |
| Profit (loss) for the period | 9904 | €4,060 | -€42,065 | -€46,125 | |
| Transfer from tax-exempt reserves | 789 | - | €71,361 | +€71,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,060 | €29,296 | +€25,236 | +622% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.