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 96.302, Personal service activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€358,446
2024 · €412,944-€54,497
Equity
€3.5m
2024 · €3.1m+€316,446
Cash
€1.1m
2024 · €1.1m-€41,438
Balance sheet total
€4.3m
2024 · €4.0m+€387,126
Largest movements
Assets
- Current investments +€420,000
up €420,000 (+1,292%), from €32,520 to €452,519
- Receivables within one year +€57,038
up €57,038 (+16.8%), from €338,611 to €395,649
of which Other amounts receivable: +€30,378
Equity and liabilities
- Reserves +€316,446
up €316,446 (+21.1%), from €1.5m to €1.8m
of which Distributable reserves: +€371,176
- Debts after one year +€47,648
up €47,648 (+9.5%), from €502,413 to €550,061
of which Advances received on contracts in progress: +€76,461
Income statement
- Gross operating margin -€100,669
down €100,669 (-13.8%), from €728,361 to €627,692
- Taxes -€45,629
down €45,629 (-31.8%), from €143,633 to €98,004
- Financial income +€18,210
up €18,210 (+10.5%), from €173,085 to €191,295
of which Non-recurring financial income: +€12,947
- Staff costs +€17,308
up €17,308 (+6.0%), from €290,874 to €308,182
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
€412,944
Gross operating margin
-€100,669
Staff costs
-€17,308
Depreciation
-€2,573
Other operating charges
-€455
Financial income
+€18,210
Financial charges
+€2,667
Taxes
+€45,629
Result 2025
€358,446
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
+€378,277
Investment
-€425,787
Financing
+€6,072
Cash 2024
€1.1m
From operations (derived)
+€378,277
Net result for the year
+€358,446
Depreciation
+€42,212
Stocks and contracts
+€8,447
Receivables within one year
-€57,038
Deferred charges and accrued income
+€3,603
Trade debts
-€40,528
Tax, wage and social debts
+€32,234
Other debts
+€29,618
Accrued charges and deferred income
+€1,284
Investment (derived)
-€425,787
Investment in fixed assets (net)
-€5,787
Current investments
-€420,000
Financing
+€6,072
Debts after one year
+€47,648
Current portion of long-term debt
+€424
Contributions, distributions and other
-€42,000
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,957,567 | €4,344,693 | +€387,126 | +9.8% |
| Fixed assets | 21/28 | €2,339,264 | €2,302,839 | -€36,425 | -1.6% |
| Intangible fixed assets | 21 | €5,447 | €7,186 | +€1,739 | +31.9% |
| Tangible fixed assets | 22/27 | €156,334 | €118,170 | -€38,164 | -24.4% |
| Plant, machinery and equipment | 23 | €23,785 | €17,258 | -€6,528 | -27.4% |
| Furniture and vehicles | 24 | €63,866 | €42,212 | -€21,654 | -33.9% |
| Other tangible fixed assets | 26 | €68,683 | €58,701 | -€9,983 | -14.5% |
| Financial fixed assets | 28 | €2,177,482 | €2,177,482 | = | 0.0% |
| Current assets | 29/58 | €1,618,303 | €2,041,853 | +€423,551 | +26.2% |
| Stocks and contracts in progress | 3 | €101,589 | €93,142 | -€8,447 | -8.3% |
| Stocks | 30/36 | €101,589 | €93,142 | -€8,447 | -8.3% |
| Amounts receivable within one year | 40/41 | €338,611 | €395,649 | +€57,038 | +16.8% |
| Trade receivables | 40 | €334,601 | €361,261 | +€26,660 | +8.0% |
| Other amounts receivable | 41 | €4,009 | €34,387 | +€30,378 | +758% |
| Current investments | 50/53 | €32,520 | €452,519 | +€420,000 | +1,292% |
| Cash at bank and in hand | 54/58 | €1,131,906 | €1,090,469 | -€41,438 | -3.7% |
| Deferred charges and accrued income | 490/1 | €13,677 | €10,075 | -€3,603 | -26.3% |
| Total equity and liabilities | 10/49 | €3,957,567 | €4,344,693 | +€387,126 | +9.8% |
| Equity | 10/15 | €3,139,144 | €3,455,591 | +€316,446 | +10.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,498,569 | €1,815,015 | +€316,446 | +21.1% |
| Non-distributable reserves | 130/1 | €3,008 | €3,008 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Other | 1319 | €1,133 | €1,133 | = | 0.0% |
| Tax-exempt reserves | 132 | €159,980 | €105,250 | -€54,730 | -34.2% |
| Distributable reserves | 133 | €1,335,581 | €1,706,757 | +€371,176 | +27.8% |
| Profit (loss) carried forward | 14 | €1,621,826 | €1,621,826 | = | 0.0% |
| Amounts payable | 17/49 | €818,422 | €889,102 | +€70,680 | +8.6% |
| Amounts payable after more than one year | 17 | €502,413 | €550,061 | +€47,648 | +9.5% |
| Financial debts | 170/4 | €43,400 | €14,587 | -€28,813 | -66.4% |
| Advances received on contracts in progress | 176 | €459,013 | €535,474 | +€76,461 | +16.7% |
| Amounts payable within one year | 42/48 | €315,206 | €336,954 | +€21,748 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €29,644 | €30,068 | +€424 | +1.4% |
| Trade debts | 44 | €104,024 | €63,495 | -€40,528 | -39.0% |
| Suppliers | 440/4 | €104,024 | €63,495 | -€40,528 | -39.0% |
| Taxes, remuneration and social security | 45 | €132,786 | €165,020 | +€32,234 | +24.3% |
| Taxes | 450/3 | €99,305 | €130,089 | +€30,785 | +31.0% |
| Remuneration and social security | 454/9 | €33,481 | €34,931 | +€1,450 | +4.3% |
| Other amounts payable | 47/48 | €48,752 | €78,370 | +€29,618 | +60.8% |
| Accrued charges and deferred income | 492/3 | €803 | €2,087 | +€1,284 | +160% |
| Non-recurring operating income | 76A | €105 | - | -€105 | |
| Remuneration, social security and pensions | 62 | €290,874 | €308,182 | +€17,308 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,639 | €42,212 | +€2,573 | +6.5% |
| Other operating charges | 640/8 | €9,924 | €10,378 | +€455 | +4.6% |
| Gross operating margin | 9900 | €728,361 | €627,692 | -€100,669 | -13.8% |
| Operating profit (loss) | 9901 | €387,924 | €266,921 | -€121,004 | -31.2% |
| Financial income | 75/76B | €173,085 | €191,295 | +€18,210 | +10.5% |
| Recurring financial income | 75 | €169,085 | €174,349 | +€5,263 | +3.1% |
| Non-recurring financial income | 76B | €4,000 | €16,947 | +€12,947 | +324% |
| Financial charges | 65/66B | €4,433 | €1,766 | -€2,667 | -60.2% |
| Recurring financial charges | 65 | €4,433 | €1,766 | -€2,667 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €556,577 | €456,450 | -€100,127 | -18.0% |
| Income taxes | 67/77 | €143,633 | €98,004 | -€45,629 | -31.8% |
| Profit (loss) for the period | 9904 | €412,944 | €358,446 | -€54,497 | -13.2% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €412,944 | €253,196 | -€159,747 | -38.7% |
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 15 October 2026 via checked.be.