Ets CORDONNIER: 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.
Ets CORDONNIER
Largest movements
- Receivables within one year -€85,022
down €85,022 (-24.6%), from €346,047 to €261,024
of which Trade receivables: -€84,895
- Financial fixed assets +€70,904
up €70,904 (+3.6%), from €2.0m to €2.1m
- Cash +€36,480
up €36,480 (+7,672%), from €476 to €36,955
mainly Net result for the year (+€124,059) and Receivables within one year (+€85,022)
- Stocks and contracts -€29,704
down €29,704 (-22.5%), from €131,772 to €102,068
- Reserves +€114,000
up €114,000 (+16.2%), from €703,227 to €817,227
of which Distributable reserves: +€114,000
- Trade debts -€75,534
down €75,534 (-79.4%), from €95,137 to €19,603
- Write-downs +€103,339
up €103,339 (+8,699%), from €1,188 to €104,527
- Staff costs +€57,386
up €57,386 (+28.0%), from €204,903 to €262,289
- Gross operating margin +€40,047
up €40,047 (+7.7%), from €520,402 to €560,449
- Taxes -€5,727
down €5,727 (-5.5%), from €103,674 to €97,947
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 | €2,552,136 | €2,584,907 | +€32,771 | +1.3% |
| Fixed assets | 21/28 | €2,011,201 | €2,096,685 | +€85,485 | +4.3% |
| Intangible fixed assets | 21 | - | €23,669 | +€23,669 | |
| Tangible fixed assets | 22/27 | €23,005 | €13,916 | -€9,089 | -39.5% |
| Furniture and vehicles | 24 | €23,005 | €13,916 | -€9,089 | -39.5% |
| Financial fixed assets | 28 | €1,988,196 | €2,059,100 | +€70,904 | +3.6% |
| Current assets | 29/58 | €540,935 | €488,222 | -€52,713 | -9.7% |
| Amounts receivable after more than one year | 29 | - | €25,192 | +€25,192 | |
| Trade receivables | 290 | - | €25,192 | +€25,192 | |
| Stocks and contracts in progress | 3 | €131,772 | €102,068 | -€29,704 | -22.5% |
| Stocks | 30/36 | €131,772 | €102,068 | -€29,704 | -22.5% |
| Amounts receivable within one year | 40/41 | €346,047 | €261,024 | -€85,022 | -24.6% |
| Trade receivables | 40 | €345,919 | €261,024 | -€84,895 | -24.5% |
| Other amounts receivable | 41 | €128 | - | -€128 | |
| Cash at bank and in hand | 54/58 | €476 | €36,955 | +€36,480 | +7,672% |
| Deferred charges and accrued income | 490/1 | €62,641 | €62,982 | +€341 | +0.5% |
| Total equity and liabilities | 10/49 | €2,552,136 | €2,584,907 | +€32,771 | +1.3% |
| Equity | 10/15 | €2,095,423 | €2,209,458 | +€114,035 | +5.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €703,227 | €817,227 | +€114,000 | +16.2% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €696,727 | €810,727 | +€114,000 | +16.4% |
| Profit (loss) carried forward | 14 | €1,327,196 | €1,327,231 | +€35 | 0.0% |
| Amounts payable | 17/49 | €456,713 | €375,449 | -€81,263 | -17.8% |
| Amounts payable after more than one year | 17 | - | €6,389 | +€6,389 | |
| Financial debts | 170/4 | - | €6,389 | +€6,389 | |
| Amounts payable within one year | 42/48 | €455,648 | €369,060 | -€86,588 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,654 | +€5,654 | |
| Trade debts | 44 | €95,137 | €19,603 | -€75,534 | -79.4% |
| Suppliers | 440/4 | €95,137 | €19,603 | -€75,534 | -79.4% |
| Taxes, remuneration and social security | 45 | €78,222 | €64,448 | -€13,774 | -17.6% |
| Taxes | 450/3 | €46,420 | €39,297 | -€7,123 | -15.3% |
| Remuneration and social security | 454/9 | €31,802 | €25,151 | -€6,651 | -20.9% |
| Other amounts payable | 47/48 | €282,289 | €279,354 | -€2,935 | -1.0% |
| Accrued charges and deferred income | 492/3 | €1,064 | - | -€1,064 | |
| Remuneration, social security and pensions | 62 | €204,903 | €262,289 | +€57,386 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,697 | €13,212 | -€1,485 | -10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,188 | €104,527 | +€103,339 | +8,699% |
| Other operating charges | 640/8 | €4,383 | €999 | -€3,384 | -77.2% |
| Gross operating margin | 9900 | €520,402 | €560,449 | +€40,047 | +7.7% |
| Operating profit (loss) | 9901 | €295,231 | €179,423 | -€115,808 | -39.2% |
| Financial income | 75/76B | €48,666 | €53,176 | +€4,510 | +9.3% |
| Recurring financial income | 75 | €48,666 | €53,176 | +€4,510 | +9.3% |
| Financial charges | 65/66B | €9,607 | €10,593 | +€986 | +10.3% |
| Recurring financial charges | 65 | €9,607 | €10,593 | +€986 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €334,290 | €222,006 | -€112,284 | -33.6% |
| Income taxes | 67/77 | €103,674 | €97,947 | -€5,727 | -5.5% |
| Profit (loss) for the period | 9904 | €230,616 | €124,059 | -€106,557 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €230,616 | €124,059 | -€106,557 | -46.2% |
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 21 October 2026 via checked.be.