CORDINAR: 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.
CORDINAR
Largest movements
- Cash +€11,275
up €11,275 (+665%), from €1,696 to €12,971
mainly Depreciation (+€9,568) and Net result for the year (+€4,950)
- Tangible fixed assets -€9,568
down €9,568 (-33.7%), from €28,424 to €18,856
of which Furniture and vehicles: -€9,114
- Receivables within one year -€4,689
down €4,689 (-60.2%), from €7,793 to €3,104
of which Trade receivables: -€4,641
- Deferred charges and accrued income +€2,469
new in 2025: €2,469
- Debts after one year -€8,560
down €8,560 (-49.0%), from €17,456 to €8,896
- Reserves +€4,950
up €4,950 (+440%), from €1,124 to €6,074
- Tax, wage and social debts +€3,195
up €3,195 (+327%), from €978 to €4,173
- Gross operating margin +€5,518
up €5,518 (+40.9%), from €13,503 to €19,021
- Taxes +€967
up €967 (+98.9%), from €978 to €1,945
- Financial charges -€399
down €399 (-23.1%), from €1,731 to €1,332
- Other operating charges +€363
up €363 (+39.7%), from €915 to €1,278
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 | €37,912 | €37,400 | -€513 | -1.4% |
| Fixed assets | 21/28 | €28,424 | €18,856 | -€9,568 | -33.7% |
| Tangible fixed assets | 22/27 | €28,424 | €18,856 | -€9,568 | -33.7% |
| Plant, machinery and equipment | 23 | €1,581 | €1,128 | -€454 | -28.7% |
| Furniture and vehicles | 24 | €26,843 | €17,729 | -€9,114 | -34.0% |
| Current assets | 29/58 | €9,488 | €18,543 | +€9,055 | +95.4% |
| Amounts receivable within one year | 40/41 | €7,793 | €3,104 | -€4,689 | -60.2% |
| Trade receivables | 40 | €7,744 | €3,104 | -€4,641 | -59.9% |
| Other amounts receivable | 41 | €48 | - | -€48 | |
| Cash at bank and in hand | 54/58 | €1,696 | €12,971 | +€11,275 | +665% |
| Deferred charges and accrued income | 490/1 | - | €2,469 | +€2,469 | |
| Total equity and liabilities | 10/49 | €37,912 | €37,400 | -€513 | -1.4% |
| Equity | 10/15 | €5,124 | €10,074 | +€4,950 | +96.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €1,124 | €6,074 | +€4,950 | +440% |
| Distributable reserves | 133 | €1,124 | €6,074 | +€4,950 | +440% |
| Amounts payable | 17/49 | €32,788 | €27,325 | -€5,463 | -16.7% |
| Amounts payable after more than one year | 17 | €17,456 | €8,896 | -€8,560 | -49.0% |
| Financial debts | 170/4 | €17,456 | €8,896 | -€8,560 | -49.0% |
| Amounts payable within one year | 42/48 | €15,155 | €18,429 | +€3,274 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €8,236 | €8,560 | +€324 | +3.9% |
| Trade debts | 44 | €3,650 | €3,460 | -€190 | -5.2% |
| Suppliers | 440/4 | €3,650 | €3,460 | -€190 | -5.2% |
| Taxes, remuneration and social security | 45 | €978 | €4,173 | +€3,195 | +327% |
| Taxes | 450/3 | €978 | €4,173 | +€3,195 | +327% |
| Other amounts payable | 47/48 | €2,292 | €2,237 | -€55 | -2.4% |
| Accrued charges and deferred income | 492/3 | €177 | €0 | -€177 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,568 | €9,568 | = | 0.0% |
| Other operating charges | 640/8 | €915 | €1,278 | +€363 | +39.7% |
| Gross operating margin | 9900 | €13,503 | €19,021 | +€5,518 | +40.9% |
| Operating profit (loss) | 9901 | €3,020 | €8,175 | +€5,155 | +171% |
| Financial income | 75/76B | €0 | €52 | +€52 | +43,192% |
| Recurring financial income | 75 | €0 | €52 | +€52 | +43,192% |
| Financial charges | 65/66B | €1,731 | €1,332 | -€399 | -23.1% |
| Recurring financial charges | 65 | €1,731 | €1,332 | -€399 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €1,289 | €6,896 | +€5,606 | +435% |
| Income taxes | 67/77 | €978 | €1,945 | +€967 | +98.9% |
| Profit (loss) for the period | 9904 | €311 | €4,950 | +€4,639 | +1,490% |
| Profit (loss) for the period to be appropriated | 9905 | €311 | €4,950 | +€4,639 | +1,490% |
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.