CORDON: 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.
CORDON
Largest movements
- Receivables within one year +€167,747
up €167,747 (+51.8%), from €323,701 to €491,448
of which Other amounts receivable: +€137,109
- Cash -€53,017
down €53,017 (-44.0%), from €120,433 to €67,416
mainly Receivables within one year (-€167,747) and Contributions, distributions and other (-€24,000)
- Tangible fixed assets -€21,344
down €21,344 (-18.3%), from €116,757 to €95,413
of which Furniture and vehicles: -€16,229
- Reserves +€117,578
up €117,578 (+84.3%), from €139,538 to €257,116
of which Distributable reserves: +€117,578
- Other debts -€20,000
down €20,000 (-45.5%), from €44,000 to €24,000
- Debts after one year -€17,332
down €17,332 (-24.1%), from €71,918 to €54,586
- Trade debts +€14,744
up €14,744 (+246%), from €6,001 to €20,745
- Taxes +€22,349
up €22,349 (+36.9%), from €60,594 to €82,943
- Depreciation +€15,536
up €15,536 (+98.3%), from €15,813 to €31,349
- Financial income +€12,446
up €12,446 (+88.0%), from €14,141 to €26,587
- Other operating charges +€11,946
up €11,946 (+823%), from €1,451 to €13,397
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 | €566,746 | €662,873 | +€96,127 | +17.0% |
| Fixed assets | 21/28 | €120,955 | €99,611 | -€21,344 | -17.6% |
| Tangible fixed assets | 22/27 | €116,757 | €95,413 | -€21,344 | -18.3% |
| Plant, machinery and equipment | 23 | €10,130 | €5,015 | -€5,115 | -50.5% |
| Furniture and vehicles | 24 | €106,627 | €90,398 | -€16,229 | -15.2% |
| Financial fixed assets | 28 | €4,199 | €4,199 | = | 0.0% |
| Current assets | 29/58 | €445,790 | €563,261 | +€117,471 | +26.4% |
| Amounts receivable within one year | 40/41 | €323,701 | €491,448 | +€167,747 | +51.8% |
| Trade receivables | 40 | €36,469 | €67,107 | +€30,638 | +84.0% |
| Other amounts receivable | 41 | €287,232 | €424,341 | +€137,109 | +47.7% |
| Cash at bank and in hand | 54/58 | €120,433 | €67,416 | -€53,017 | -44.0% |
| Deferred charges and accrued income | 490/1 | €1,656 | €4,397 | +€2,741 | +166% |
| Total equity and liabilities | 10/49 | €566,746 | €662,873 | +€96,127 | +17.0% |
| Equity | 10/15 | €343,460 | €461,039 | +€117,578 | +34.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €139,538 | €257,116 | +€117,578 | +84.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €137,678 | €255,256 | +€117,578 | +85.4% |
| Profit (loss) carried forward | 14 | €197,722 | €197,722 | = | 0.0% |
| Amounts payable | 17/49 | €223,286 | €201,834 | -€21,452 | -9.6% |
| Amounts payable after more than one year | 17 | €71,918 | €54,586 | -€17,332 | -24.1% |
| Financial debts | 170/4 | €71,918 | €54,586 | -€17,332 | -24.1% |
| Amounts payable within one year | 42/48 | €149,156 | €147,248 | -€1,908 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €16,669 | €17,332 | +€663 | +4.0% |
| Trade debts | 44 | €6,001 | €20,745 | +€14,744 | +246% |
| Suppliers | 440/4 | €6,001 | €20,745 | +€14,744 | +246% |
| Taxes, remuneration and social security | 45 | €82,485 | €85,172 | +€2,686 | +3.3% |
| Taxes | 450/3 | €82,485 | €85,172 | +€2,686 | +3.3% |
| Other amounts payable | 47/48 | €44,000 | €24,000 | -€20,000 | -45.5% |
| Accrued charges and deferred income | 492/3 | €2,212 | - | -€2,212 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,813 | €31,349 | +€15,536 | +98.3% |
| Other operating charges | 640/8 | €1,451 | €13,397 | +€11,946 | +823% |
| Gross operating margin | 9900 | €248,228 | €247,454 | -€774 | -0.3% |
| Operating profit (loss) | 9901 | €230,964 | €202,708 | -€28,256 | -12.2% |
| Financial income | 75/76B | €14,141 | €26,587 | +€12,446 | +88.0% |
| Recurring financial income | 75 | €14,141 | €26,587 | +€12,446 | +88.0% |
| Financial charges | 65/66B | €2,789 | €4,773 | +€1,985 | +71.2% |
| Recurring financial charges | 65 | €2,789 | €4,773 | +€1,985 | +71.2% |
| Profit (loss) for the period before taxes | 9903 | €242,316 | €224,522 | -€17,794 | -7.3% |
| Income taxes | 67/77 | €60,594 | €82,943 | +€22,349 | +36.9% |
| Profit (loss) for the period | 9904 | €181,722 | €141,578 | -€40,143 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €181,722 | €141,578 | -€40,143 | -22.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.