KORDAN: what changed
Two fiscal 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.
KORDAN
Largest movements
- Cash -€1.5m
down €1.5m (-72.9%), from €2.0m to €550,859
mainly Contributions, distributions and other (-€1.4m) and Investment in fixed assets (net) (-€924,446)
- Current investments +€528,040
up €528,040 (+7.4%), from €7.1m to €7.7m
- Tangible fixed assets +€509,434
up €509,434 (+13.9%), from €3.7m to €4.2m
of which Land and buildings: +€506,790
- Receivables within one year -€361,806
down €361,806 (-52.5%), from €689,359 to €327,553
of which Other amounts receivable: -€408,823
- Financial fixed assets +€207,834
up €207,834 (+20.2%), from €1.0m to €1.2m
- Reserves -€1.1m
down €1.1m (-13.4%), from €8.0m to €6.9m
of which Distributable reserves: -€1.1m
- Other debts +€822,628
new in 2025: €822,628
- Debts after one year -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Financial charges +€142,577
up €142,577, from -€82,689 to €59,888
- Financial income +€115,290
up €115,290 (+38.4%), from €300,193 to €415,483
- Depreciation +€48,525
up €48,525 (+30.6%), from €158,653 to €207,178
- Taxes -€29,900
down €29,900 (-17.4%), from €171,961 to €142,062
- Gross operating margin -€28,307
down €28,307 (-7.1%), from €400,424 to €372,117
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.
Cash bridge derived
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 | €14,790,020 | €14,330,461 | -€459,559 | -3.1% |
| Fixed assets | 21/28 | €4,681,204 | €5,398,472 | +€717,268 | +15.3% |
| Tangible fixed assets | 22/27 | €3,653,062 | €4,162,496 | +€509,434 | +13.9% |
| Land and buildings | 22 | €3,179,244 | €3,686,034 | +€506,790 | +15.9% |
| Plant, machinery and equipment | 23 | €6,391 | €2,966 | -€3,425 | -53.6% |
| Furniture and vehicles | 24 | €16,342 | €19,561 | +€3,219 | +19.7% |
| Other tangible fixed assets | 26 | €451,085 | €453,935 | +€2,850 | +0.6% |
| Financial fixed assets | 28 | €1,028,142 | €1,235,976 | +€207,834 | +20.2% |
| Current assets | 29/58 | €10,108,816 | €8,931,989 | -€1.2m | -11.6% |
| Amounts receivable after more than one year | 29 | €212,188 | €316,010 | +€103,822 | +48.9% |
| Trade receivables | 290 | €193,500 | €219,000 | +€25,500 | +13.2% |
| Other amounts receivable | 291 | €18,688 | €97,010 | +€78,322 | +419.1% |
| Amounts receivable within one year | 40/41 | €689,359 | €327,553 | -€361,806 | -52.5% |
| Trade receivables | 40 | €62,724 | €109,741 | +€47,017 | +75.0% |
| Other amounts receivable | 41 | €626,635 | €217,812 | -€408,823 | -65.2% |
| Current investments | 50/53 | €7,140,359 | €7,668,399 | +€528,040 | +7.4% |
| Cash at bank and in hand | 54/58 | €2,030,371 | €550,859 | -€1.5m | -72.9% |
| Deferred charges and accrued income | 490/1 | €36,540 | €69,168 | +€32,629 | +89.3% |
| Total equity and liabilities | 10/49 | €14,790,020 | €14,330,461 | -€459,559 | -3.1% |
| Equity | 10/15 | €14,208,195 | €13,130,041 | -€1.1m | -7.6% |
| Contributions | 10/11 | €54,255 | €54,255 | = | 0.0% |
| Reserves | 13 | €8,017,341 | €6,939,186 | -€1.1m | -13.4% |
| Tax-exempt reserves | 132 | €84,903 | €81,264 | -€3,639 | -4.3% |
| Distributable reserves | 133 | €7,932,438 | €6,857,922 | -€1.1m | -13.5% |
| Profit (loss) carried forward | 14 | €6,136,600 | €6,136,600 | = | 0.0% |
| Provisions and deferred taxes | 16 | €28,301 | €27,088 | -€1,213 | -4.3% |
| Deferred taxes | 168 | €28,301 | €27,088 | -€1,213 | -4.3% |
| Amounts payable | 17/49 | €553,524 | €1,173,332 | +€619,808 | +112.0% |
| Amounts payable after more than one year | 17 | €200,000 | €0 | -€200,000 | -100.0% |
| Financial debts | 170/4 | €200,000 | €0 | -€200,000 | -100.0% |
| Amounts payable within one year | 42/48 | €350,818 | €1,161,463 | +€810,645 | +231.1% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Trade debts | 44 | €19,637 | €61,027 | +€41,390 | +210.8% |
| Suppliers | 440/4 | €19,637 | €61,027 | +€41,390 | +210.8% |
| Taxes, remuneration and social security | 45 | €81,181 | €77,808 | -€3,373 | -4.2% |
| Taxes | 450/3 | €75,791 | €73,833 | -€1,959 | -2.6% |
| Remuneration and social security | 454/9 | €5,390 | €3,975 | -€1,414 | -26.2% |
| Other amounts payable | 47/48 | - | €822,628 | +€822,628 | |
| Accrued charges and deferred income | 492/3 | €2,705 | €11,868 | +€9,163 | +338.7% |
| Remuneration, social security and pensions | 62 | €10,605 | €13,344 | +€2,739 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,653 | €207,178 | +€48,525 | +30.6% |
| Other operating charges | 640/8 | €19,654 | €21,867 | +€2,213 | +11.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €400,424 | €372,117 | -€28,307 | -7.1% |
| Operating profit (loss) | 9901 | €211,512 | €129,728 | -€81,784 | -38.7% |
| Financial income | 75/76B | €300,193 | €415,483 | +€115,290 | +38.4% |
| Recurring financial income | 75 | €300,193 | €415,483 | +€115,290 | +38.4% |
| Financial charges | 65/66B | -€82,689 | €59,888 | +€142,577 | |
| Recurring financial charges | 65 | -€82,689 | €59,888 | +€142,577 | |
| Profit (loss) for the period before taxes | 9903 | €594,394 | €485,323 | -€109,071 | -18.4% |
| Transfer from deferred taxes | 780 | €1,213 | €1,213 | = | 0.0% |
| Income taxes | 67/77 | €171,961 | €142,062 | -€29,900 | -17.4% |
| Profit (loss) for the period | 9904 | €423,646 | €344,474 | -€79,172 | -18.7% |
| Transfer from tax-exempt reserves | 789 | €3,639 | €3,639 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €427,284 | €348,112 | -€79,172 | -18.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.