CORDY & CDM: 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.
CORDY & CDM
Largest movements
- Stocks and contracts -€70,936
down €70,936 (-19.4%), from €366,333 to €295,397
- Cash -€68,078
down €68,078 (-84.4%), from €80,678 to €12,599
mainly Net result for the year (-€142,323) and Debts after one year (-€44,112)
- Receivables within one year +€25,341
up €25,341 (+12.1%), from €208,622 to €233,963
of which Trade receivables: +€29,732
- Tangible fixed assets -€21,841
down €21,841 (-34.4%), from €63,521 to €41,680
of which Plant, machinery and equipment: -€21,800
- Profit (loss) carried forward -€142,323
down €142,323 (-25.7%), from -€554,851 to -€697,175
- Debts after one year -€44,112
down €44,112 (-51.3%), from €85,961 to €41,849
- Tax, wage and social debts +€17,011
up €17,011 (+12.8%), from €133,281 to €150,292
of which Remuneration and social security: +€17,115
- Current portion of long-term debt +€14,680
up €14,680 (+38.9%), from €37,729 to €52,409
- Short-term financial debts +€14,473
up €14,473 (+97.7%), from €14,819 to €29,292
of which Other loans: +€14,473
- Gross operating margin -€16,121
down €16,121 (-2.9%), from €546,511 to €530,389
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €735,750 | €599,967 | -€135,783 | -18.5% |
| Fixed assets | 21/28 | €63,769 | €41,928 | -€21,841 | -34.3% |
| Tangible fixed assets | 22/27 | €63,521 | €41,680 | -€21,841 | -34.4% |
| Plant, machinery and equipment | 23 | €63,400 | €41,599 | -€21,800 | -34.4% |
| Furniture and vehicles | 24 | €122 | €81 | -€41 | -33.3% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €671,981 | €558,039 | -€113,942 | -17.0% |
| Stocks and contracts in progress | 3 | €366,333 | €295,397 | -€70,936 | -19.4% |
| Stocks | 30/36 | €366,333 | €295,397 | -€70,936 | -19.4% |
| Amounts receivable within one year | 40/41 | €208,622 | €233,963 | +€25,341 | +12.1% |
| Trade receivables | 40 | €203,983 | €233,716 | +€29,732 | +14.6% |
| Other amounts receivable | 41 | €4,639 | €247 | -€4,391 | -94.7% |
| Current investments | 50/53 | €664 | €664 | +€0 | +0.1% |
| Cash at bank and in hand | 54/58 | €80,678 | €12,599 | -€68,078 | -84.4% |
| Deferred charges and accrued income | 490/1 | €15,684 | €15,416 | -€269 | -1.7% |
| Total equity and liabilities | 10/49 | €735,750 | €599,967 | -€135,783 | -18.5% |
| Equity | 10/15 | €200,596 | €58,273 | -€142,323 | -71.0% |
| Contributions | 10/11 | €512,000 | €512,000 | = | 0.0% |
| Capital | 10 | €512,000 | €512,000 | = | 0.0% |
| Issued capital | 100 | €512,000 | €512,000 | = | 0.0% |
| Reserves | 13 | €243,448 | €243,448 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,677 | €6,677 | = | 0.0% |
| Legal reserve | 130 | €6,677 | €6,677 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €180,521 | €180,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€554,851 | -€697,175 | -€142,323 | -25.7% |
| Amounts payable | 17/49 | €535,154 | €541,694 | +€6,541 | +1.2% |
| Amounts payable after more than one year | 17 | €85,961 | €41,849 | -€44,112 | -51.3% |
| Financial debts | 170/4 | €85,961 | €41,849 | -€44,112 | -51.3% |
| Amounts payable within one year | 42/48 | €449,192 | €498,772 | +€49,580 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €37,729 | €52,409 | +€14,680 | +38.9% |
| Financial debts | 43 | €14,819 | €29,292 | +€14,473 | +97.7% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €14,819 | €29,292 | +€14,473 | +97.7% |
| Trade debts | 44 | €80,279 | €91,784 | +€11,505 | +14.3% |
| Suppliers | 440/4 | €80,279 | €91,784 | +€11,505 | +14.3% |
| Taxes, remuneration and social security | 45 | €133,281 | €150,292 | +€17,011 | +12.8% |
| Taxes | 450/3 | €19,096 | €18,993 | -€104 | -0.5% |
| Remuneration and social security | 454/9 | €114,185 | €131,299 | +€17,115 | +15.0% |
| Other amounts payable | 47/48 | €183,084 | €174,995 | -€8,089 | -4.4% |
| Accrued charges and deferred income | 492/3 | - | €1,073 | +€1,073 | |
| Remuneration, social security and pensions | 62 | €637,191 | €636,640 | -€551 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,364 | €26,883 | +€519 | +2.0% |
| Other operating charges | 640/8 | €7,111 | €2,910 | -€4,201 | -59.1% |
| Non-recurring operating charges | 66A | - | €4,316 | +€4,316 | |
| Gross operating margin | 9900 | €546,511 | €530,389 | -€16,121 | -2.9% |
| Operating profit (loss) | 9901 | -€124,155 | -€140,361 | -€16,205 | -13.1% |
| Financial income | 75/76B | €8,188 | €3,284 | -€4,904 | -59.9% |
| Recurring financial income | 75 | €8,188 | €3,284 | -€4,904 | -59.9% |
| Financial charges | 65/66B | €2,599 | €4,569 | +€1,969 | +75.8% |
| Recurring financial charges | 65 | €2,599 | €4,569 | +€1,969 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | -€118,567 | -€141,645 | -€23,078 | -19.5% |
| Income taxes | 67/77 | €1,815 | €679 | -€1,137 | -62.6% |
| Profit (loss) for the period | 9904 | -€120,382 | -€142,323 | -€21,941 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,382 | -€142,323 | -€21,941 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.