Dirk Cordemans: 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.
Dirk Cordemans
Largest movements
- Receivables within one year -€31,887
down €31,887 (-86.4%), from €36,895 to €5,009
of which Other amounts receivable: -€18,257
- Tangible fixed assets +€20,753
up €20,753 (+4.4%), from €468,368 to €489,121
of which Plant, machinery and equipment: +€16,553
- Cash +€14,870
up €14,870 (+7.4%), from €201,519 to €216,389
mainly Net result for the year (+€86,416) and Depreciation (+€36,416)
- Reserves +€55,559
up €55,559 (+25.5%), from €217,773 to €273,332
- Debts after one year -€41,402
down €41,402 (-10.4%), from €396,481 to €355,079
- Trade debts -€19,285
down €19,285 (-74.4%), from €25,923 to €6,638
- Gross operating margin +€20,258
up €20,258 (+13.4%), from €151,223 to €171,482
- Taxes +€5,155
up €5,155 (+19.1%), from €26,948 to €32,104
- Depreciation +€4,220
up €4,220 (+13.1%), from €32,195 to €36,416
- Financial charges -€3,618
down €3,618 (-18.3%), from €19,799 to €16,181
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 | €720,493 | €720,032 | -€461 | -0.1% |
| Fixed assets | 21/28 | €468,373 | €489,126 | +€20,753 | +4.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €468,368 | €489,121 | +€20,753 | +4.4% |
| Land and buildings | 22 | €342,152 | €346,351 | +€4,199 | +1.2% |
| Plant, machinery and equipment | 23 | €126,216 | €142,769 | +€16,553 | +13.1% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €252,120 | €230,907 | -€21,213 | -8.4% |
| Stocks and contracts in progress | 3 | €7,855 | €5,886 | -€1,969 | -25.1% |
| Stocks | 30/36 | €7,855 | €5,886 | -€1,969 | -25.1% |
| Amounts receivable within one year | 40/41 | €36,895 | €5,009 | -€31,887 | -86.4% |
| Trade receivables | 40 | €18,638 | €5,009 | -€13,629 | -73.1% |
| Other amounts receivable | 41 | €18,257 | €0 | -€18,257 | -100% |
| Cash at bank and in hand | 54/58 | €201,519 | €216,389 | +€14,870 | +7.4% |
| Deferred charges and accrued income | 490/1 | €5,851 | €3,623 | -€2,228 | -38.1% |
| Total equity and liabilities | 10/49 | €720,493 | €720,032 | -€461 | -0.1% |
| Equity | 10/15 | €223,973 | €279,532 | +€55,559 | +24.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €217,773 | €273,332 | +€55,559 | +25.5% |
| Distributable reserves | 133 | €217,773 | €273,332 | +€55,559 | +25.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €496,519 | €440,500 | -€56,019 | -11.3% |
| Amounts payable after more than one year | 17 | €396,481 | €355,079 | -€41,402 | -10.4% |
| Financial debts | 170/4 | €396,481 | €355,079 | -€41,402 | -10.4% |
| Amounts payable within one year | 42/48 | €98,394 | €80,507 | -€17,887 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €40,338 | €41,402 | +€1,064 | +2.6% |
| Financial debts | 43 | €3,196 | €7,129 | +€3,932 | +123% |
| Credit institutions | 430/8 | €3,196 | €7,129 | +€3,932 | +123% |
| Trade debts | 44 | €25,923 | €6,638 | -€19,285 | -74.4% |
| Suppliers | 440/4 | €25,923 | €6,638 | -€19,285 | -74.4% |
| Taxes, remuneration and social security | 45 | €28,937 | €25,339 | -€3,598 | -12.4% |
| Taxes | 450/3 | €19,475 | €25,339 | +€5,865 | +30.1% |
| Remuneration and social security | 454/9 | €9,463 | €0 | -€9,463 | -100% |
| Accrued charges and deferred income | 492/3 | €1,644 | €4,914 | +€3,270 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,195 | €36,416 | +€4,220 | +13.1% |
| Other operating charges | 640/8 | €2,207 | €2,198 | -€8 | -0.4% |
| Gross operating margin | 9900 | €151,223 | €171,482 | +€20,258 | +13.4% |
| Operating profit (loss) | 9901 | €116,821 | €132,868 | +€16,047 | +13.7% |
| Financial income | 75/76B | €1,212 | €1,832 | +€620 | +51.1% |
| Recurring financial income | 75 | €1,212 | €1,832 | +€620 | +51.1% |
| Financial charges | 65/66B | €19,799 | €16,181 | -€3,618 | -18.3% |
| Recurring financial charges | 65 | €19,799 | €16,181 | -€3,618 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €98,234 | €118,519 | +€20,285 | +20.6% |
| Income taxes | 67/77 | €26,948 | €32,104 | +€5,155 | +19.1% |
| Profit (loss) for the period | 9904 | €71,286 | €86,416 | +€15,129 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,286 | €86,416 | +€15,129 | +21.2% |
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 18 October 2026 via checked.be.