CORDINVEST: 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.
CORDINVEST
Largest movements
- Tangible fixed assets -€196,038
down €196,038 (-34.7%), from €565,341 to €369,303
- Short-term financial debts -€280,000
no longer reported in 2025 (was €280,000)
- Debts after one year +€106,213
up €106,213 (+116%), from €91,250 to €197,463
- Profit (loss) carried forward +€99,861
up €99,861 (+1,944%), from €5,138 to €104,999
- Reserves -€72,690
down €72,690 (-78.0%), from €93,150 to €20,460
of which Tax-exempt reserves: -€72,690
- Trade debts -€45,468
down €45,468 (-95.5%), from €47,594 to €2,126
- Gross operating margin +€38,964
up €38,964 (+224%), from €17,424 to €56,388
- Turnover -€35,380
no longer reported in 2025 (was €35,380)
- Taxes +€32,826
up €32,826, from -€1,590 to €31,236
- Depreciation +€22,620
up €22,620 (+185%), from €12,246 to €34,866
- Purchases and services -€17,956
no longer reported in 2025 (was €17,956)
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 | €566,982 | €373,018 | -€193,964 | -34.2% |
| Fixed assets | 21/28 | €565,341 | €369,303 | -€196,038 | -34.7% |
| Tangible fixed assets | 22/27 | €565,341 | €369,303 | -€196,038 | -34.7% |
| Land and buildings | 22 | €565,341 | €369,303 | -€196,038 | -34.7% |
| Current assets | 29/58 | €1,641 | €3,715 | +€2,074 | +126% |
| Cash at bank and in hand | 54/58 | €1,641 | €3,715 | +€2,074 | +126% |
| Total equity and liabilities | 10/49 | €566,982 | €373,018 | -€193,964 | -34.2% |
| Equity | 10/15 | €98,288 | €125,459 | +€27,171 | +27.6% |
| Reserves | 13 | €93,150 | €20,460 | -€72,690 | -78.0% |
| Tax-exempt reserves | 132 | €72,690 | - | -€72,690 | |
| Distributable reserves | 133 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,138 | €104,999 | +€99,861 | +1,944% |
| Provisions and deferred taxes | 16 | €37,429 | - | -€37,429 | |
| Deferred taxes | 168 | €37,429 | - | -€37,429 | |
| Amounts payable | 17/49 | €431,265 | €247,559 | -€183,706 | -42.6% |
| Amounts payable after more than one year | 17 | €91,250 | €197,463 | +€106,213 | +116% |
| Financial debts | 170/4 | €91,250 | €197,463 | +€106,213 | +116% |
| Amounts payable within one year | 42/48 | €328,154 | €50,096 | -€278,058 | -84.7% |
| Current portion of amounts payable after more than one year | 42 | - | €15,620 | +€15,620 | |
| Financial debts | 43 | €280,000 | - | -€280,000 | |
| Credit institutions | 430/8 | €280,000 | - | -€280,000 | |
| Trade debts | 44 | €47,594 | €2,126 | -€45,468 | -95.5% |
| Suppliers | 440/4 | €47,594 | €2,126 | -€45,468 | -95.5% |
| Taxes, remuneration and social security | 45 | - | €31,236 | +€31,236 | |
| Taxes | 450/3 | - | €31,236 | +€31,236 | |
| Other amounts payable | 47/48 | €560 | €1,114 | +€554 | +98.9% |
| Accrued charges and deferred income | 492/3 | €11,861 | - | -€11,861 | |
| Turnover | 70 | €35,380 | - | -€35,380 | |
| Goods, raw materials, services and sundry goods | 60/61 | €17,956 | - | -€17,956 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,246 | €34,866 | +€22,620 | +185% |
| Other operating charges | 640/8 | €8,941 | €7,049 | -€1,892 | -21.2% |
| Gross operating margin | 9900 | €17,424 | €56,388 | +€38,964 | +224% |
| Operating profit (loss) | 9901 | -€3,763 | €14,473 | +€18,236 | |
| Financial income | 75/76B | €1 | €8,906 | +€8,905 | +890,540% |
| Recurring financial income | 75 | €1 | €8,906 | +€8,905 | +890,540% |
| Financial charges | 65/66B | €15,980 | €2,402 | -€13,578 | -85.0% |
| Recurring financial charges | 65 | €15,980 | €2,402 | -€13,578 | -85.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,742 | €20,978 | +€40,720 | |
| Transfer from deferred taxes | 780 | €1,184 | €37,429 | +€36,245 | +3,061% |
| Income taxes | 67/77 | -€1,590 | €31,236 | +€32,826 | |
| Profit (loss) for the period | 9904 | -€16,968 | €27,171 | +€44,139 | |
| Transfer from tax-exempt reserves | 789 | €2,299 | €72,690 | +€70,391 | +3,062% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,669 | €99,861 | +€114,530 |
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 14 October 2026 via checked.be.