COREDO: 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.
COREDO
Largest movements
- Tangible fixed assets +€66,089
up €66,089 (+8.7%), from €761,402 to €827,491
of which Land and buildings: +€87,651
- Receivables within one year -€36,136
down €36,136 (-41.6%), from €86,923 to €50,787
of which Trade receivables: -€35,174
- Debts after one year +€70,910
up €70,910 (+12.6%), from €561,127 to €632,037
- Trade debts -€38,585
down €38,585 (-54.0%), from €71,389 to €32,805
- Other debts -€14,356
down €14,356 (-13.7%), from €104,422 to €90,067
- Current portion of long-term debt +€10,869
up €10,869 (+23.6%), from €45,964 to €56,833
- Gross operating margin +€9,285
up €9,285 (+10.0%), from €93,089 to €102,374
- Depreciation +€7,092
up €7,092 (+13.9%), from €50,906 to €57,998
- Financial charges +€6,128
up €6,128 (+16.6%), from €36,809 to €42,937
- Financial income +€2,776
up €2,776 (+3393.8%), from €82 to €2,858
- Taxes -€1,155
no longer reported in 2025 (was €1,155)
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 | €919,963 | €950,838 | +€30,876 | +3.4% |
| Fixed assets | 21/28 | €806,935 | €879,344 | +€72,408 | +9.0% |
| Intangible fixed assets | 21 | €45,534 | €51,853 | +€6,320 | +13.9% |
| Tangible fixed assets | 22/27 | €761,402 | €827,491 | +€66,089 | +8.7% |
| Land and buildings | 22 | €702,029 | €789,681 | +€87,651 | +12.5% |
| Plant, machinery and equipment | 23 | €13,771 | €11,094 | -€2,677 | -19.4% |
| Furniture and vehicles | 24 | €45,601 | €26,716 | -€18,885 | -41.4% |
| Current assets | 29/58 | €113,028 | €71,495 | -€41,533 | -36.7% |
| Stocks and contracts in progress | 3 | €21,753 | €16,560 | -€5,193 | -23.9% |
| Stocks | 30/36 | €21,753 | €16,560 | -€5,193 | -23.9% |
| Amounts receivable within one year | 40/41 | €86,923 | €50,787 | -€36,136 | -41.6% |
| Trade receivables | 40 | €85,961 | €50,787 | -€35,174 | -40.9% |
| Other amounts receivable | 41 | €962 | - | -€962 | |
| Cash at bank and in hand | 54/58 | €77 | €14 | -€63 | -81.4% |
| Deferred charges and accrued income | 490/1 | €4,274 | €4,134 | -€140 | -3.3% |
| Total equity and liabilities | 10/49 | €919,963 | €950,838 | +€30,876 | +3.4% |
| Equity | 10/15 | €38,313 | €38,347 | +€34 | +0.1% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,813 | €18,847 | +€34 | +0.2% |
| Amounts payable | 17/49 | €881,650 | €912,492 | +€30,841 | +3.5% |
| Amounts payable after more than one year | 17 | €561,127 | €632,037 | +€70,910 | +12.6% |
| Financial debts | 170/4 | €561,127 | €632,037 | +€70,910 | +12.6% |
| Amounts payable within one year | 42/48 | €320,524 | €280,455 | -€40,069 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €45,964 | €56,833 | +€10,869 | +23.6% |
| Financial debts | 43 | €90,193 | €88,078 | -€2,115 | -2.3% |
| Credit institutions | 430/8 | €90,193 | €88,078 | -€2,115 | -2.3% |
| Trade debts | 44 | €71,389 | €32,805 | -€38,585 | -54.0% |
| Suppliers | 440/4 | €71,389 | €32,805 | -€38,585 | -54.0% |
| Taxes, remuneration and social security | 45 | €8,555 | €12,672 | +€4,117 | +48.1% |
| Taxes | 450/3 | €2,655 | €472 | -€2,183 | -82.2% |
| Remuneration and social security | 454/9 | €5,900 | €12,200 | +€6,300 | +106.8% |
| Other amounts payable | 47/48 | €104,422 | €90,067 | -€14,356 | -13.7% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,906 | €57,998 | +€7,092 | +13.9% |
| Other operating charges | 640/8 | €3,952 | €4,263 | +€311 | +7.9% |
| Gross operating margin | 9900 | €93,089 | €102,374 | +€9,285 | +10.0% |
| Operating profit (loss) | 9901 | €38,231 | €40,113 | +€1,882 | +4.9% |
| Financial income | 75/76B | €82 | €2,858 | +€2,776 | +3393.8% |
| Recurring financial income | 75 | €82 | €2,858 | +€2,776 | +3393.8% |
| Financial charges | 65/66B | €36,809 | €42,937 | +€6,128 | +16.6% |
| Recurring financial charges | 65 | €36,809 | €42,937 | +€6,128 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €1,504 | €34 | -€1,470 | -97.7% |
| Income taxes | 67/77 | €1,155 | - | -€1,155 | |
| Profit (loss) for the period | 9904 | €349 | €34 | -€314 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €349 | €34 | -€314 | -90.2% |
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 9 October 2026 via checked.be.