CORDIM: 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.
CORDIM
Largest movements
- Receivables within one year -€42,778
down €42,778 (-34.9%), from €122,523 to €79,745
of which Trade receivables: -€31,237
- Stocks and contracts +€11,159
up €11,159 (+20.2%), from €55,312 to €66,471
- Cash +€10,023
up €10,023 (+17.7%), from €56,740 to €66,763
mainly Receivables within one year (+€42,778) and Depreciation (+€5,739)
- Tangible fixed assets -€5,349
down €5,349 (-52.4%), from €10,203 to €4,854
- Other debts -€10,633
down €10,633 (-11.7%), from €91,256 to €80,622
- Tax, wage and social debts -€7,188
down €7,188 (-12.6%), from €57,269 to €50,081
of which Taxes: -€7,133
- Trade debts -€6,006
down €6,006 (-57.8%), from €10,388 to €4,382
- Profit (loss) carried forward -€2,832
down €2,832 (-313%), from -€905 to -€3,738
- Financial income -€8,491
no longer reported in 2025 (was €8,491)
- Gross operating margin -€7,560
down €7,560 (-26.2%), from €28,908 to €21,348
- Financial charges +€3,024
up €3,024 (+267%), from €1,134 to €4,157
- Taxes -€2,682
down €2,682 (-58.4%), from €4,594 to €1,911
- Staff costs -€322
down €322 (-2.5%), from €12,694 to €12,372
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 | €246,743 | €219,697 | -€27,047 | -11.0% |
| Fixed assets | 21/28 | €10,658 | €4,919 | -€5,739 | -53.8% |
| Intangible fixed assets | 21 | €455 | €65 | -€390 | -85.7% |
| Tangible fixed assets | 22/27 | €10,203 | €4,854 | -€5,349 | -52.4% |
| Furniture and vehicles | 24 | €10,203 | €4,854 | -€5,349 | -52.4% |
| Current assets | 29/58 | €236,085 | €214,778 | -€21,308 | -9.0% |
| Stocks and contracts in progress | 3 | €55,312 | €66,471 | +€11,159 | +20.2% |
| Stocks | 30/36 | €55,312 | €66,471 | +€11,159 | +20.2% |
| Amounts receivable within one year | 40/41 | €122,523 | €79,745 | -€42,778 | -34.9% |
| Trade receivables | 40 | €100,719 | €69,482 | -€31,237 | -31.0% |
| Other amounts receivable | 41 | €21,804 | €10,263 | -€11,541 | -52.9% |
| Cash at bank and in hand | 54/58 | €56,740 | €66,763 | +€10,023 | +17.7% |
| Deferred charges and accrued income | 490/1 | €1,511 | €1,799 | +€288 | +19.1% |
| Total equity and liabilities | 10/49 | €246,743 | €219,697 | -€27,047 | -11.0% |
| Equity | 10/15 | €87,444 | €84,612 | -€2,832 | -3.2% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €69,450 | €69,450 | = | 0.0% |
| Distributable reserves | 133 | €69,450 | €69,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€905 | -€3,738 | -€2,832 | -313% |
| Amounts payable | 17/49 | €159,299 | €135,085 | -€24,214 | -15.2% |
| Amounts payable within one year | 42/48 | €158,913 | €135,085 | -€23,828 | -15.0% |
| Trade debts | 44 | €10,388 | €4,382 | -€6,006 | -57.8% |
| Suppliers | 440/4 | €10,388 | €4,382 | -€6,006 | -57.8% |
| Taxes, remuneration and social security | 45 | €57,269 | €50,081 | -€7,188 | -12.6% |
| Taxes | 450/3 | €54,026 | €46,893 | -€7,133 | -13.2% |
| Remuneration and social security | 454/9 | €3,243 | €3,188 | -€55 | -1.7% |
| Other amounts payable | 47/48 | €91,256 | €80,622 | -€10,633 | -11.7% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Remuneration, social security and pensions | 62 | €12,694 | €12,372 | -€322 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,739 | €5,739 | = | 0.0% |
| Other operating charges | 640/8 | €184 | - | -€184 | |
| Gross operating margin | 9900 | €28,908 | €21,348 | -€7,560 | -26.2% |
| Operating profit (loss) | 9901 | €10,291 | €3,236 | -€7,054 | -68.6% |
| Financial income | 75/76B | €8,491 | - | -€8,491 | |
| Recurring financial income | 75 | €8,491 | - | -€8,491 | |
| Financial charges | 65/66B | €1,134 | €4,157 | +€3,024 | +267% |
| Recurring financial charges | 65 | €1,134 | €4,157 | +€3,024 | +267% |
| Profit (loss) for the period before taxes | 9903 | €17,647 | -€921 | -€18,569 | |
| Income taxes | 67/77 | €4,594 | €1,911 | -€2,682 | -58.4% |
| Profit (loss) for the period | 9904 | €13,054 | -€2,832 | -€15,886 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,054 | -€2,832 | -€15,886 |
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 13 October 2026 via checked.be.