CordoFin: 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.
CordoFin
Largest movements
- Tangible fixed assets -€19,053
down €19,053 (-9.0%), from €212,472 to €193,419
of which Furniture and vehicles: -€10,937
- Receivables after one year -€9,100
down €9,100 (-69.1%), from €13,172 to €4,072
- Cash -€8,478
down €8,478 (-79.3%), from €10,696 to €2,218
mainly Contributions, distributions and other (-€101,050) and Debts after one year (-€10,327)
- Reserves -€79,305
down €79,305 (-80.4%), from €98,635 to €19,330
- Other debts +€46,370
up €46,370 (+38.7%), from €119,807 to €166,177
- Debts after one year -€10,327
down €10,327 (-66.4%), from €15,548 to €5,221
- Tax, wage and social debts +€6,861
up €6,861 (+271%), from €2,531 to €9,392
- Gross operating margin +€24,372
up €24,372 (+82.9%), from €29,413 to €53,785
- Taxes +€8,758
up €8,758 (+295%), from €2,972 to €11,730
- Depreciation -€1,294
down €1,294 (-6.4%), from €20,346 to €19,053
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 | €251,129 | €214,762 | -€36,367 | -14.5% |
| Fixed assets | 21/28 | €212,472 | €193,419 | -€19,053 | -9.0% |
| Tangible fixed assets | 22/27 | €212,472 | €193,419 | -€19,053 | -9.0% |
| Land and buildings | 22 | €183,115 | €174,999 | -€8,116 | -4.4% |
| Furniture and vehicles | 24 | €28,057 | €17,120 | -€10,937 | -39.0% |
| Other tangible fixed assets | 26 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €38,657 | €21,342 | -€17,314 | -44.8% |
| Amounts receivable after more than one year | 29 | €13,172 | €4,072 | -€9,100 | -69.1% |
| Other amounts receivable | 291 | €13,172 | €4,072 | -€9,100 | -69.1% |
| Amounts receivable within one year | 40/41 | €8,215 | €8,606 | +€391 | +4.8% |
| Trade receivables | 40 | €8,180 | €8,568 | +€387 | +4.7% |
| Other amounts receivable | 41 | €35 | €38 | +€4 | +10.8% |
| Current investments | 50/53 | €4,471 | €4,471 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,696 | €2,218 | -€8,478 | -79.3% |
| Deferred charges and accrued income | 490/1 | €2,101 | €1,974 | -€128 | -6.1% |
| Total equity and liabilities | 10/49 | €251,129 | €214,762 | -€36,367 | -14.5% |
| Equity | 10/15 | €101,135 | €21,830 | -€79,305 | -78.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €98,635 | €19,330 | -€79,305 | -80.4% |
| Distributable reserves | 133 | €98,635 | €19,330 | -€79,305 | -80.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €149,994 | €192,932 | +€42,938 | +28.6% |
| Amounts payable after more than one year | 17 | €15,548 | €5,221 | -€10,327 | -66.4% |
| Financial debts | 170/4 | €15,548 | €5,221 | -€10,327 | -66.4% |
| Amounts payable within one year | 42/48 | €134,446 | €187,711 | +€53,265 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €10,177 | €10,327 | +€150 | +1.5% |
| Trade debts | 44 | €1,930 | €1,815 | -€115 | -6.0% |
| Suppliers | 440/4 | €1,930 | €1,815 | -€115 | -6.0% |
| Taxes, remuneration and social security | 45 | €2,531 | €9,392 | +€6,861 | +271% |
| Taxes | 450/3 | €2,531 | €9,392 | +€6,861 | +271% |
| Other amounts payable | 47/48 | €119,807 | €166,177 | +€46,370 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,346 | €19,053 | -€1,294 | -6.4% |
| Other operating charges | 640/8 | €704 | €1,193 | +€488 | +69.3% |
| Gross operating margin | 9900 | €29,413 | €53,785 | +€24,372 | +82.9% |
| Operating profit (loss) | 9901 | €8,362 | €33,539 | +€25,177 | +301% |
| Financial income | 75/76B | €396 | €494 | +€98 | +24.7% |
| Recurring financial income | 75 | €396 | €494 | +€98 | +24.7% |
| Financial charges | 65/66B | €595 | €559 | -€36 | -6.1% |
| Recurring financial charges | 65 | €595 | €559 | -€36 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €8,163 | €33,474 | +€25,311 | +310% |
| Income taxes | 67/77 | €2,972 | €11,730 | +€8,758 | +295% |
| Profit (loss) for the period | 9904 | €5,191 | €21,744 | +€16,554 | +319% |
| Profit (loss) for the period to be appropriated | 9905 | €5,191 | €21,744 | +€16,554 | +319% |
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 25 October 2026 via checked.be.