CORDIER: 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
CORDIER
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€123,573
2024 · €105,748+€17,825
Equity
€2.9m
2024 · €2.8m+€121,457
Cash
€101,529
2024 · €68,466+€33,063
Balance sheet total
€7.3m
2024 · €7.7m-€387,104
Largest movements
Assets
- Tangible fixed assets -€407,588
down €407,588 (-5.3%), from €7.6m to €7.2m
of which Land and buildings: -€380,312
Equity and liabilities
- Debts after one year -€585,997
down €585,997 (-13.5%), from €4.4m to €3.8m
- Reserves +€136,942
up €136,942 (+25.5%), from €537,518 to €674,459
of which Distributable reserves: +€130,763
Income statement
- Gross operating margin +€45,191
up €45,191 (+7.0%), from €641,370 to €686,561
- Taxes +€24,124
up €24,124 (+39.2%), from €61,522 to €85,646
- Depreciation +€10,279
up €10,279 (+2.6%), from €397,309 to €407,588
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
€105,748
Gross operating margin
+€45,191
Depreciation
-€10,279
Other operating charges
+€1,096
Financial income
+€2,645
Financial charges
+€3,296
Taxes
-€24,124
Result 2025
€123,573
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
+€557,390
Investment
€0
Financing
-€524,327
Cash 2024
€68,466
From operations (derived)
+€557,390
Net result for the year
+€123,573
Depreciation
+€407,588
Receivables within one year
+€12,644
Deferred charges and accrued income
-€65
Trade debts
-€25,488
Tax, wage and social debts
+€22,904
Other debts
+€25,000
Accrued charges and deferred income
-€8,766
Financing
-€524,327
Debts after one year
-€585,997
Current portion of long-term debt
+€71,541
Short-term financial debts
-€7,756
Contributions, distributions and other
-€2,116
Cash 2025
€101,529
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,730,554 | €7,343,450 | -€387,104 | -5.0% |
| Fixed assets | 21/28 | €7,637,885 | €7,230,297 | -€407,588 | -5.3% |
| Tangible fixed assets | 22/27 | €7,637,885 | €7,230,297 | -€407,588 | -5.3% |
| Land and buildings | 22 | €7,348,060 | €6,967,748 | -€380,312 | -5.2% |
| Plant, machinery and equipment | 23 | €249,785 | €227,010 | -€22,775 | -9.1% |
| Furniture and vehicles | 24 | €40,040 | €35,539 | -€4,501 | -11.2% |
| Current assets | 29/58 | €92,669 | €113,153 | +€20,484 | +22.1% |
| Amounts receivable within one year | 40/41 | €23,127 | €10,483 | -€12,644 | -54.7% |
| Trade receivables | 40 | €23,127 | €10,483 | -€12,644 | -54.7% |
| Cash at bank and in hand | 54/58 | €68,466 | €101,529 | +€33,063 | +48.3% |
| Deferred charges and accrued income | 490/1 | €1,076 | €1,142 | +€65 | +6.1% |
| Total equity and liabilities | 10/49 | €7,730,554 | €7,343,450 | -€387,104 | -5.0% |
| Equity | 10/15 | €2,802,101 | €2,923,559 | +€121,457 | +4.3% |
| Contributions | 10/11 | €1,390,090 | €1,390,090 | = | 0.0% |
| Capital | 10 | €1,390,090 | €1,390,090 | = | 0.0% |
| Issued capital | 100 | €1,390,090 | €1,390,090 | = | 0.0% |
| Revaluation surpluses | 12 | €359,811 | €339,048 | -€20,763 | -5.8% |
| Reserves | 13 | €537,518 | €674,459 | +€136,942 | +25.5% |
| Non-distributable reserves | 130/1 | €34,466 | €40,644 | +€6,179 | +17.9% |
| Legal reserve | 130 | €34,466 | €40,644 | +€6,179 | +17.9% |
| Distributable reserves | 133 | €503,052 | €633,815 | +€130,763 | +26.0% |
| Profit (loss) carried forward | 14 | €512,410 | €519,805 | +€7,395 | +1.4% |
| Investment grants | 15 | €2,273 | €157 | -€2,116 | -93.1% |
| Amounts payable | 17/49 | €4,928,453 | €4,419,892 | -€508,561 | -10.3% |
| Amounts payable after more than one year | 17 | €4,352,343 | €3,766,346 | -€585,997 | -13.5% |
| Financial debts | 170/4 | €4,352,343 | €3,766,346 | -€585,997 | -13.5% |
| Amounts payable within one year | 42/48 | €565,912 | €652,114 | +€86,202 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €461,054 | €532,596 | +€71,541 | +15.5% |
| Financial debts | 43 | €37,090 | €29,335 | -€7,756 | -20.9% |
| Credit institutions | 430/8 | €37,090 | €29,335 | -€7,756 | -20.9% |
| Trade debts | 44 | €28,233 | €2,745 | -€25,488 | -90.3% |
| Suppliers | 440/4 | €28,233 | €2,745 | -€25,488 | -90.3% |
| Taxes, remuneration and social security | 45 | €39,535 | €62,439 | +€22,904 | +57.9% |
| Taxes | 450/3 | €39,535 | €62,439 | +€22,904 | +57.9% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Accrued charges and deferred income | 492/3 | €10,197 | €1,431 | -€8,766 | -86.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €397,309 | €407,588 | +€10,279 | +2.6% |
| Other operating charges | 640/8 | €2,183 | €1,088 | -€1,096 | -50.2% |
| Gross operating margin | 9900 | €641,370 | €686,561 | +€45,191 | +7.0% |
| Operating profit (loss) | 9901 | €241,877 | €277,885 | +€36,008 | +14.9% |
| Financial income | 75/76B | €565 | €3,211 | +€2,645 | +468% |
| Recurring financial income | 75 | €565 | €3,211 | +€2,645 | +468% |
| Financial charges | 65/66B | €75,172 | €71,876 | -€3,296 | -4.4% |
| Recurring financial charges | 65 | €75,172 | €71,876 | -€3,296 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €167,270 | €209,220 | +€41,950 | +25.1% |
| Income taxes | 67/77 | €61,522 | €85,646 | +€24,124 | +39.2% |
| Profit (loss) for the period | 9904 | €105,748 | €123,573 | +€17,825 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,748 | €123,573 | +€17,825 | +16.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.