DR. B. DE CORDIER: what changed
DR. B. DE CORDIER
Largest movements
- Cash +€501,740
up €501,740 (+615%), from €81,645 to €583,384
mainly Net result for the year (+€533,742) and Current investments (+€391,425)
- Current investments -€391,425
down €391,425 (-31.3%), from €1.2m to €858,314
- Receivables within one year +€171,142
up €171,142 (+89.6%), from €190,925 to €362,068
of which Other amounts receivable: +€166,802
- Tangible fixed assets +€89,625
up €89,625 (+5.1%), from €1.8m to €1.9m
of which Assets under construction and advance payments: +€197,459
- Reserves +€533,742
up €533,742 (+19.0%), from €2.8m to €3.3m
of which Distributable reserves: +€786,342
- Tax, wage and social debts -€102,339
down €102,339 (-74.4%), from €137,491 to €35,152
of which Taxes: -€105,910
- Debts after one year -€61,587
down €61,587 (-31.4%), from €196,061 to €134,474
- Gross operating margin +€28,351
up €28,351 (+2.9%), from €961,523 to €989,874
- Staff costs +€18,303
up €18,303 (+39.2%), from €46,664 to €64,967
- Other operating charges +€17,112
up €17,112 (+218%), from €7,853 to €24,966
- Financial income +€16,119
up €16,119 (+79.5%), from €20,286 to €36,405
- Taxes +€13,507
up €13,507 (+5.1%), from €262,397 to €275,905
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,290,525 | €3,661,607 | +€371,082 | +11.3% |
| Fixed assets | 21/28 | €1,768,216 | €1,857,841 | +€89,625 | +5.1% |
| Tangible fixed assets | 22/27 | €1,766,416 | €1,856,041 | +€89,625 | +5.1% |
| Land and buildings | 22 | €1,693,857 | €1,598,217 | -€95,640 | -5.6% |
| Plant, machinery and equipment | 23 | €1,434 | €464 | -€970 | -67.7% |
| Furniture and vehicles | 24 | €71,125 | €49,901 | -€21,224 | -29.8% |
| Other tangible fixed assets | 26 | - | €10,000 | +€10,000 | |
| Assets under construction and advance payments | 27 | - | €197,459 | +€197,459 | |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,522,309 | €1,803,766 | +€281,457 | +18.5% |
| Amounts receivable within one year | 40/41 | €190,925 | €362,068 | +€171,142 | +89.6% |
| Trade receivables | 40 | - | €4,340 | +€4,340 | |
| Other amounts receivable | 41 | €190,925 | €357,728 | +€166,802 | +87.4% |
| Current investments | 50/53 | €1,249,739 | €858,314 | -€391,425 | -31.3% |
| Cash at bank and in hand | 54/58 | €81,645 | €583,384 | +€501,740 | +615% |
| Total equity and liabilities | 10/49 | €3,290,525 | €3,661,607 | +€371,082 | +11.3% |
| Equity | 10/15 | €2,838,720 | €3,372,461 | +€533,742 | +18.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,813,720 | €3,347,461 | +€533,742 | +19.0% |
| Tax-exempt reserves | 132 | €463,100 | €210,500 | -€252,600 | -54.5% |
| Distributable reserves | 133 | €2,350,620 | €3,136,961 | +€786,342 | +33.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €451,805 | €289,145 | -€162,660 | -36.0% |
| Amounts payable after more than one year | 17 | €196,061 | €134,474 | -€61,587 | -31.4% |
| Financial debts | 170/4 | €196,061 | €134,474 | -€61,587 | -31.4% |
| Amounts payable within one year | 42/48 | €255,744 | €154,671 | -€101,073 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €61,162 | €61,587 | +€425 | +0.7% |
| Financial debts | 43 | €51,264 | €50,559 | -€704 | -1.4% |
| Credit institutions | 430/8 | €51,264 | €50,559 | -€704 | -1.4% |
| Trade debts | 44 | €5,828 | €7,373 | +€1,545 | +26.5% |
| Suppliers | 440/4 | €5,828 | €7,373 | +€1,545 | +26.5% |
| Taxes, remuneration and social security | 45 | €137,491 | €35,152 | -€102,339 | -74.4% |
| Taxes | 450/3 | €133,318 | €27,408 | -€105,910 | -79.4% |
| Remuneration and social security | 454/9 | €4,173 | €7,744 | +€3,571 | +85.6% |
| Remuneration, social security and pensions | 62 | €46,664 | €64,967 | +€18,303 | +39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,069 | €117,834 | -€235 | -0.2% |
| Other operating charges | 640/8 | €7,853 | €24,966 | +€17,112 | +218% |
| Gross operating margin | 9900 | €961,523 | €989,874 | +€28,351 | +2.9% |
| Operating profit (loss) | 9901 | €788,936 | €782,107 | -€6,830 | -0.9% |
| Financial income | 75/76B | €20,286 | €36,405 | +€16,119 | +79.5% |
| Recurring financial income | 75 | €20,286 | €36,405 | +€16,119 | +79.5% |
| Financial charges | 65/66B | €12,060 | €8,865 | -€3,195 | -26.5% |
| Recurring financial charges | 65 | €12,060 | €8,865 | -€3,195 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €797,162 | €809,647 | +€12,485 | +1.6% |
| Income taxes | 67/77 | €262,397 | €275,905 | +€13,507 | +5.1% |
| Profit (loss) for the period | 9904 | €534,764 | €533,742 | -€1,023 | -0.2% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €252,600 | +€126,300 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €661,064 | €786,342 | +€125,277 | +19.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.