Dux Cordis: 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.
Dux Cordis
Largest movements
- Receivables within one year +€118,779
up €118,779 (+195%), from €61,020 to €179,799
of which Other amounts receivable: +€118,823
- Cash -€90,030
down €90,030 (-71.5%), from €125,889 to €35,859
mainly Receivables within one year (-€118,779) and Deferred charges and accrued income (-€20,660)
- Deferred charges and accrued income +€20,660
up €20,660 (+106%), from €19,454 to €40,114
- Reserves +€208,213
new in 2025: €208,213
- Profit (loss) carried forward -€187,646
no longer reported in 2025 (was €187,646)
- Provisions +€36,026
new in 2025: €36,026
- Tax, wage and social debts -€11,598
down €11,598 (-39.0%), from €29,774 to €18,177
- Trade debts +€3,344
new in 2025: €3,344
- Gross operating margin -€57,428
down €57,428 (-44.7%), from €128,598 to €71,170
- Provisions +€36,026
new in 2025: €36,026
- Taxes -€11,530
down €11,530 (-42.9%), from €26,857 to €15,327
- Financial income +€4,570
up €4,570 (+208%), from €2,199 to €6,769
- Depreciation +€1,891
up €1,891 (+133%), from €1,424 to €3,314
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 | €217,421 | €265,761 | +€48,340 | +22.2% |
| Fixed assets | 21/28 | €11,057 | €9,988 | -€1,069 | -9.7% |
| Tangible fixed assets | 22/27 | €11,057 | €9,988 | -€1,069 | -9.7% |
| Land and buildings | 22 | €1,712 | €2,446 | +€734 | +42.9% |
| Furniture and vehicles | 24 | €9,096 | €7,292 | -€1,804 | -19.8% |
| Other tangible fixed assets | 26 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €206,364 | €255,772 | +€49,409 | +23.9% |
| Amounts receivable within one year | 40/41 | €61,020 | €179,799 | +€118,779 | +195% |
| Trade receivables | 40 | €45 | - | -€45 | |
| Other amounts receivable | 41 | €60,976 | €179,799 | +€118,823 | +195% |
| Cash at bank and in hand | 54/58 | €125,889 | €35,859 | -€90,030 | -71.5% |
| Deferred charges and accrued income | 490/1 | €19,454 | €40,114 | +€20,660 | +106% |
| Total equity and liabilities | 10/49 | €217,421 | €265,761 | +€48,340 | +22.2% |
| Equity | 10/15 | €187,647 | €208,214 | +€20,567 | +11.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | - | €208,213 | +€208,213 | |
| Distributable reserves | 133 | - | €208,213 | +€208,213 | |
| Profit (loss) carried forward | 14 | €187,646 | - | -€187,646 | |
| Provisions and deferred taxes | 16 | - | €36,026 | +€36,026 | |
| Provisions for liabilities and charges | 160/5 | - | €36,026 | +€36,026 | |
| Other liabilities and charges | 164/5 | - | €36,026 | +€36,026 | |
| Amounts payable | 17/49 | €29,774 | €21,521 | -€8,254 | -27.7% |
| Amounts payable within one year | 42/48 | €29,774 | €21,521 | -€8,254 | -27.7% |
| Trade debts | 44 | - | €3,344 | +€3,344 | |
| Suppliers | 440/4 | - | €3,344 | +€3,344 | |
| Taxes, remuneration and social security | 45 | €29,774 | €18,177 | -€11,598 | -39.0% |
| Taxes | 450/3 | €29,774 | €18,177 | -€11,598 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,424 | €3,314 | +€1,891 | +133% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,026 | +€36,026 | |
| Other operating charges | 640/8 | €780 | €345 | -€435 | -55.8% |
| Non-recurring operating charges | 66A | €1,011 | - | -€1,011 | |
| Gross operating margin | 9900 | €128,598 | €71,170 | -€57,428 | -44.7% |
| Operating profit (loss) | 9901 | €125,382 | €31,484 | -€93,899 | -74.9% |
| Financial income | 75/76B | €2,199 | €6,769 | +€4,570 | +208% |
| Recurring financial income | 75 | €2,199 | €6,769 | +€4,570 | +208% |
| Financial charges | 65/66B | €2,662 | €2,359 | -€304 | -11.4% |
| Recurring financial charges | 65 | €2,662 | €2,359 | -€304 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €124,919 | €35,894 | -€89,025 | -71.3% |
| Income taxes | 67/77 | €26,857 | €15,327 | -€11,530 | -42.9% |
| Profit (loss) for the period | 9904 | €98,062 | €20,567 | -€77,495 | -79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €98,062 | €20,567 | -€77,495 | -79.0% |
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 22 October 2026 via checked.be.