CORDIE: 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.
CORDIE
Largest movements
- Tangible fixed assets +€22,050
up €22,050 (+493%), from €4,470 to €26,519
of which Leasing and similar rights: +€22,250
- Receivables within one year +€11,276
up €11,276 (+33.8%), from €33,334 to €44,610
of which Trade receivables: +€10,226
- Cash -€5,143
down €5,143 (-58.8%), from €8,743 to €3,600
mainly Contributions, distributions and other (-€50,000) and Investment in fixed assets (net) (-€25,982)
- Profit (loss) carried forward -€65,212
down €65,212 (-100%), from €65,212 to €0
- Other debts +€51,488
up €51,488 (+1,465%), from €3,514 to €55,002
- Reserves +€25,518
new in 2025: €25,518
- Current portion of long-term debt +€12,788
new in 2025: €12,788
- Debts after one year +€4,352
new in 2025: €4,352
- Gross operating margin -€28,944
down €28,944 (-57.4%), from €50,422 to €21,478
- Taxes -€9,917
down €9,917 (-71.5%), from €13,867 to €3,950
- Depreciation +€1,654
up €1,654 (+72.5%), from €2,279 to €3,933
- Financial charges +€1,268
up €1,268 (+182%), from €696 to €1,964
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 | €83,345 | €111,731 | +€28,386 | +34.1% |
| Fixed assets | 21/28 | €40,395 | €62,444 | +€22,050 | +54.6% |
| Tangible fixed assets | 22/27 | €4,470 | €26,519 | +€22,050 | +493% |
| Furniture and vehicles | 24 | €4,470 | €4,270 | -€200 | -4.5% |
| Leasing and similar rights | 25 | - | €22,250 | +€22,250 | |
| Financial fixed assets | 28 | €35,925 | €35,925 | = | 0.0% |
| Current assets | 29/58 | €42,950 | €49,287 | +€6,337 | +14.8% |
| Amounts receivable within one year | 40/41 | €33,334 | €44,610 | +€11,276 | +33.8% |
| Trade receivables | 40 | €33,334 | €43,560 | +€10,226 | +30.7% |
| Other amounts receivable | 41 | - | €1,050 | +€1,050 | |
| Cash at bank and in hand | 54/58 | €8,743 | €3,600 | -€5,143 | -58.8% |
| Deferred charges and accrued income | 490/1 | €874 | €1,077 | +€204 | +23.3% |
| Total equity and liabilities | 10/49 | €83,345 | €111,731 | +€28,386 | +34.1% |
| Equity | 10/15 | €70,212 | €30,518 | -€39,694 | -56.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €25,518 | +€25,518 | |
| Distributable reserves | 133 | - | €25,518 | +€25,518 | |
| Profit (loss) carried forward | 14 | €65,212 | €0 | -€65,212 | -100% |
| Amounts payable | 17/49 | €13,133 | €81,213 | +€68,080 | +518% |
| Amounts payable after more than one year | 17 | - | €4,352 | +€4,352 | |
| Financial debts | 170/4 | - | €4,352 | +€4,352 | |
| Amounts payable within one year | 42/48 | €13,133 | €76,861 | +€63,728 | +485% |
| Current portion of amounts payable after more than one year | 42 | - | €12,788 | +€12,788 | |
| Trade debts | 44 | €0 | €1,189 | +€1,189 | |
| Suppliers | 440/4 | €0 | €1,189 | +€1,189 | |
| Taxes, remuneration and social security | 45 | €9,619 | €7,882 | -€1,737 | -18.1% |
| Taxes | 450/3 | €9,619 | €7,882 | -€1,737 | -18.1% |
| Other amounts payable | 47/48 | €3,514 | €55,002 | +€51,488 | +1,465% |
| Non-recurring operating income | 76A | €7,813 | €0 | -€7,813 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,279 | €3,933 | +€1,654 | +72.5% |
| Other operating charges | 640/8 | €733 | €1,168 | +€434 | +59.2% |
| Non-recurring operating charges | 66A | - | €157 | +€157 | |
| Gross operating margin | 9900 | €50,422 | €21,478 | -€28,944 | -57.4% |
| Operating profit (loss) | 9901 | €47,409 | €16,220 | -€31,189 | -65.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €696 | €1,964 | +€1,268 | +182% |
| Recurring financial charges | 65 | €696 | €1,964 | +€1,268 | +182% |
| Profit (loss) for the period before taxes | 9903 | €46,713 | €14,257 | -€32,457 | -69.5% |
| Income taxes | 67/77 | €13,867 | €3,950 | -€9,917 | -71.5% |
| Profit (loss) for the period | 9904 | €32,846 | €10,306 | -€22,540 | -68.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,846 | €10,306 | -€22,540 | -68.6% |
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 28 October 2026 via checked.be.