CORDU: what changed
Two fiscal 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.
CORDU
Largest movements
- Receivables within one year -€19,275
down €19,275 (-34.1%), from €56,501 to €37,226
of which Trade receivables: -€15,526
- Cash +€17,297
up €17,297 (+17.5%), from €98,805 to €116,102
mainly Depreciation (+€22,086) and Receivables within one year (+€19,275)
- Tangible fixed assets -€6,554
down €6,554 (-7.9%), from €82,879 to €76,325
of which Land and buildings: -€11,585
- Reserves -€8,036
down €8,036 (-5.2%), from €153,588 to €145,552
of which Distributable reserves: -€8,036
- Other debts -€3,659
down €3,659 (-15.3%), from €23,940 to €20,281
- Gross operating margin -€48,538
down €48,538 (-15.8%), from €307,958 to €259,421
- Staff costs -€9,929
down €9,929 (-4.0%), from €249,462 to €239,533
- Taxes -€6,544
down €6,544 (-100.0%), from €6,544 to €0
- Depreciation -€4,677
down €4,677 (-17.5%), from €26,763 to €22,086
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.
Cash bridge derived
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 | €244,611 | €236,211 | -€8,401 | -3.4% |
| Fixed assets | 21/28 | €83,568 | €77,014 | -€6,554 | -7.8% |
| Tangible fixed assets | 22/27 | €82,879 | €76,325 | -€6,554 | -7.9% |
| Land and buildings | 22 | €59,370 | €47,785 | -€11,585 | -19.5% |
| Plant, machinery and equipment | 23 | €20,224 | €15,095 | -€5,130 | -25.4% |
| Furniture and vehicles | 24 | €3,285 | €13,446 | +€10,161 | +309.3% |
| Financial fixed assets | 28 | €688 | €688 | = | 0.0% |
| Current assets | 29/58 | €161,044 | €159,197 | -€1,847 | -1.1% |
| Stocks and contracts in progress | 3 | €2,745 | €2,691 | -€54 | -2.0% |
| Stocks | 30/36 | €2,745 | €2,691 | -€54 | -2.0% |
| Amounts receivable within one year | 40/41 | €56,501 | €37,226 | -€19,275 | -34.1% |
| Trade receivables | 40 | €46,644 | €31,118 | -€15,526 | -33.3% |
| Other amounts receivable | 41 | €9,856 | €6,107 | -€3,749 | -38.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €98,805 | €116,102 | +€17,297 | +17.5% |
| Deferred charges and accrued income | 490/1 | €2,993 | €3,179 | +€185 | +6.2% |
| Total equity and liabilities | 10/49 | €244,611 | €236,211 | -€8,401 | -3.4% |
| Equity | 10/15 | €172,188 | €164,152 | -€8,036 | -4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €153,588 | €145,552 | -€8,036 | -5.2% |
| Tax-exempt reserves | 132 | €10,840 | €10,840 | = | 0.0% |
| Distributable reserves | 133 | €142,748 | €134,712 | -€8,036 | -5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,424 | €72,059 | -€365 | -0.5% |
| Amounts payable within one year | 42/48 | €72,134 | €71,769 | -€365 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €25,072 | €25,949 | +€876 | +3.5% |
| Suppliers | 440/4 | €25,072 | €25,949 | +€876 | +3.5% |
| Taxes, remuneration and social security | 45 | €23,121 | €25,539 | +€2,418 | +10.5% |
| Taxes | 450/3 | €971 | €448 | -€523 | -53.9% |
| Remuneration and social security | 454/9 | €22,150 | €25,092 | +€2,942 | +13.3% |
| Other amounts payable | 47/48 | €23,940 | €20,281 | -€3,659 | -15.3% |
| Accrued charges and deferred income | 492/3 | €290 | €290 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €249,462 | €239,533 | -€9,929 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,763 | €22,086 | -€4,677 | -17.5% |
| Other operating charges | 640/8 | €6,764 | €5,935 | -€829 | -12.3% |
| Non-recurring operating charges | 66A | €793 | €0 | -€793 | -100.0% |
| Gross operating margin | 9900 | €307,958 | €259,421 | -€48,538 | -15.8% |
| Operating profit (loss) | 9901 | €24,176 | -€8,133 | -€32,309 | |
| Financial income | 75/76B | €2,049 | €2,284 | +€235 | +11.5% |
| Recurring financial income | 75 | €2,049 | €284 | -€1,765 | -86.2% |
| Non-recurring financial income | 76B | - | €2,000 | +€2,000 | |
| Financial charges | 65/66B | €3,313 | €2,187 | -€1,126 | -34.0% |
| Recurring financial charges | 65 | €3,313 | €2,187 | -€1,126 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €22,912 | -€8,036 | -€30,948 | |
| Income taxes | 67/77 | €6,544 | €0 | -€6,544 | -100.0% |
| Profit (loss) for the period | 9904 | €16,367 | -€8,036 | -€24,403 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,367 | -€8,036 | -€24,403 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.