Corduroy: 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.
Corduroy
Largest movements
- Receivables within one year +€197,124
up €197,124 (+376%), from €52,443 to €249,567
of which Trade receivables: +€187,915
- Cash +€36,556
up €36,556, from €0 to €36,556
mainly Advances received (+€117,273) and Net result for the year (+€45,731)
- Tangible fixed assets -€18,709
down €18,709 (-14.2%), from €131,695 to €112,986
of which Furniture and vehicles: -€9,961
- Advances received +€117,273
new in 2025: €117,273
- Profit (loss) carried forward +€45,731
up €45,731 (+87.2%), from €52,462 to €98,193
- Trade debts +€45,372
up €45,372 (+871%), from €5,208 to €50,581
- Tax, wage and social debts +€41,245
up €41,245 (+247%), from €16,725 to €57,970
of which Taxes: +€26,626
- Debts after one year -€20,422
down €20,422 (-28.5%), from €71,567 to €51,144
- Gross operating margin +€122,144
up €122,144 (+92.1%), from €132,669 to €254,813
- Staff costs +€83,858
up €83,858 (+111%), from €75,683 to €159,541
- Depreciation +€8,349
up €8,349 (+55.7%), from €14,979 to €23,328
- Financial charges +€7,172
up €7,172 (+580%), from €1,236 to €8,408
- Taxes +€6,795
up €6,795 (+80.8%), from €8,406 to €15,202
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 | €194,139 | €406,507 | +€212,367 | +109% |
| Fixed assets | 21/28 | €131,695 | €112,986 | -€18,709 | -14.2% |
| Tangible fixed assets | 22/27 | €131,695 | €112,986 | -€18,709 | -14.2% |
| Land and buildings | 22 | €73,484 | €70,464 | -€3,021 | -4.1% |
| Plant, machinery and equipment | 23 | €316 | €206 | -€110 | -34.8% |
| Furniture and vehicles | 24 | €34,218 | €24,257 | -€9,961 | -29.1% |
| Other tangible fixed assets | 26 | €23,676 | €18,060 | -€5,617 | -23.7% |
| Current assets | 29/58 | €62,444 | €293,521 | +€231,076 | +370% |
| Amounts receivable within one year | 40/41 | €52,443 | €249,567 | +€197,124 | +376% |
| Trade receivables | 40 | €43,943 | €231,858 | +€187,915 | +428% |
| Other amounts receivable | 41 | €8,500 | €17,709 | +€9,209 | +108% |
| Cash at bank and in hand | 54/58 | €0 | €36,556 | +€36,556 | |
| Deferred charges and accrued income | 490/1 | €10,001 | €7,398 | -€2,604 | -26.0% |
| Total equity and liabilities | 10/49 | €194,139 | €406,507 | +€212,367 | +109% |
| Equity | 10/15 | €53,962 | €99,693 | +€45,731 | +84.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,462 | €98,193 | +€45,731 | +87.2% |
| Amounts payable | 17/49 | €140,177 | €306,814 | +€166,637 | +119% |
| Amounts payable after more than one year | 17 | €71,567 | €51,144 | -€20,422 | -28.5% |
| Financial debts | 170/4 | €71,567 | €51,144 | -€20,422 | -28.5% |
| Amounts payable within one year | 42/48 | €68,610 | €251,100 | +€182,489 | +266% |
| Current portion of amounts payable after more than one year | 42 | €22,641 | €22,533 | -€108 | -0.5% |
| Financial debts | 43 | €16,186 | €2,743 | -€13,443 | -83.1% |
| Credit institutions | 430/8 | €16,186 | €2,743 | -€13,443 | -83.1% |
| Trade debts | 44 | €5,208 | €50,581 | +€45,372 | +871% |
| Suppliers | 440/4 | €5,208 | €50,581 | +€45,372 | +871% |
| Advances received on contracts in progress | 46 | - | €117,273 | +€117,273 | |
| Taxes, remuneration and social security | 45 | €16,725 | €57,970 | +€41,245 | +247% |
| Taxes | 450/3 | €10,880 | €37,506 | +€26,626 | +245% |
| Remuneration and social security | 454/9 | €5,845 | €20,464 | +€14,619 | +250% |
| Other amounts payable | 47/48 | €7,851 | €0 | -€7,851 | -100% |
| Accrued charges and deferred income | 492/3 | - | €4,570 | +€4,570 | |
| Non-recurring operating income | 76A | €4,573 | €0 | -€4,573 | -100% |
| Remuneration, social security and pensions | 62 | €75,683 | €159,541 | +€83,858 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,979 | €23,328 | +€8,349 | +55.7% |
| Other operating charges | 640/8 | €858 | €1,389 | +€531 | +61.9% |
| Non-recurring operating charges | 66A | €610 | €1,671 | +€1,061 | +174% |
| Gross operating margin | 9900 | €132,669 | €254,813 | +€122,144 | +92.1% |
| Operating profit (loss) | 9901 | €40,539 | €68,884 | +€28,346 | +69.9% |
| Financial income | 75/76B | €283 | €456 | +€174 | +61.4% |
| Recurring financial income | 75 | €283 | €456 | +€174 | +61.4% |
| Financial charges | 65/66B | €1,236 | €8,408 | +€7,172 | +580% |
| Recurring financial charges | 65 | €1,236 | €8,408 | +€7,172 | +580% |
| Profit (loss) for the period before taxes | 9903 | €39,585 | €60,933 | +€21,348 | +53.9% |
| Income taxes | 67/77 | €8,406 | €15,202 | +€6,795 | +80.8% |
| Profit (loss) for the period | 9904 | €31,179 | €45,731 | +€14,552 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,179 | €45,731 | +€14,552 | +46.7% |
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 30 October 2026 via checked.be.