Immo Cordeel-Aertssen: what changed
Immo Cordeel-Aertssen
Largest movements
- Stocks and contracts -€1.7m
down €1.7m (-17.8%), from €9.3m to €7.6m
of which Stocks: -€2.2m
- Cash -€729,658
down €729,658 (-89.6%), from €814,558 to €84,900
mainly Short-term financial debts (-€1.8m) and Net result for the year (-€442,362)
- Short-term financial debts -€1.8m
down €1.8m (-35.8%), from €5.2m to €3.3m
- Reserves -€983,404
down €983,404 (-70.8%), from €1.4m to €406,160
of which Distributable reserves: -€983,404
- Profit (loss) carried forward +€541,042
up €541,042 (+68.9%), from -€785,447 to -€244,404
- Advances received -€134,842
no longer reported in 2025 (was €134,842)
- Gross operating margin -€283,991
down €283,991, from €52,712 to -€231,279
- Financial charges -€172,327
down €172,327 (-53.9%), from €319,656 to €147,329
- Other operating charges +€56,128
up €56,128 (+435%), from €12,909 to €69,037
- Write-downs -€5,213
down €5,213 (-15,746%), from -€33 to -€5,247
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 | €10,125,957 | €7,720,030 | -€2.4m | -23.8% |
| Current assets | 29/58 | €10,125,957 | €7,720,030 | -€2.4m | -23.8% |
| Stocks and contracts in progress | 3 | €9,253,766 | €7,602,915 | -€1.7m | -17.8% |
| Stocks | 30/36 | €6,289,059 | €4,080,698 | -€2.2m | -35.1% |
| Contracts in progress | 37 | €2,964,707 | €3,522,217 | +€557,510 | +18.8% |
| Amounts receivable within one year | 40/41 | €57,634 | €32,215 | -€25,418 | -44.1% |
| Trade receivables | 40 | €57,634 | €23,109 | -€34,525 | -59.9% |
| Other amounts receivable | 41 | - | €9,107 | +€9,107 | |
| Cash at bank and in hand | 54/58 | €814,558 | €84,900 | -€729,658 | -89.6% |
| Total equity and liabilities | 10/49 | €10,125,957 | €7,720,030 | -€2.4m | -23.8% |
| Equity | 10/15 | €4,604,118 | €4,161,756 | -€442,362 | -9.6% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €1,389,564 | €406,160 | -€983,404 | -70.8% |
| Non-distributable reserves | 130/1 | €406,160 | €406,160 | = | 0.0% |
| Legal reserve | 130 | €406,160 | €406,160 | = | 0.0% |
| Distributable reserves | 133 | €983,404 | - | -€983,404 | |
| Profit (loss) carried forward | 14 | -€785,447 | -€244,404 | +€541,042 | +68.9% |
| Amounts payable | 17/49 | €5,521,839 | €3,558,274 | -€2.0m | -35.6% |
| Amounts payable within one year | 42/48 | €5,521,839 | €3,558,274 | -€2.0m | -35.6% |
| Financial debts | 43 | €5,151,803 | €3,307,999 | -€1.8m | -35.8% |
| Other loans | 439 | €5,151,803 | €3,307,999 | -€1.8m | -35.8% |
| Trade debts | 44 | €149,851 | €250,276 | +€100,425 | +67.0% |
| Suppliers | 440/4 | €149,851 | €250,276 | +€100,425 | +67.0% |
| Advances received on contracts in progress | 46 | €134,842 | - | -€134,842 | |
| Taxes, remuneration and social security | 45 | €85,344 | - | -€85,344 | |
| Taxes | 450/3 | €85,344 | - | -€85,344 | |
| Non-recurring operating income | 76A | €134,036 | €10,000 | -€124,036 | -92.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33 | -€5,247 | -€5,213 | -15,746% |
| Other operating charges | 640/8 | €12,909 | €69,037 | +€56,128 | +435% |
| Gross operating margin | 9900 | €52,712 | -€231,279 | -€283,991 | |
| Operating profit (loss) | 9901 | €39,836 | -€295,069 | -€334,905 | |
| Financial income | 75/76B | €1 | €36 | +€35 | +3,983% |
| Recurring financial income | 75 | €1 | €36 | +€35 | +3,983% |
| Financial charges | 65/66B | €319,656 | €147,329 | -€172,327 | -53.9% |
| Recurring financial charges | 65 | €319,656 | €147,329 | -€172,327 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | -€279,820 | -€442,362 | -€162,542 | -58.1% |
| Profit (loss) for the period | 9904 | -€279,820 | -€442,362 | -€162,542 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€279,820 | -€442,362 | -€162,542 | -58.1% |
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 1 November 2026 via checked.be.