SVEN CORDEEL: what changed
SVEN CORDEEL
Largest movements
- Tangible fixed assets +€31,978
up €31,978 (+57.5%), from €55,638 to €87,617
of which Leasing and similar rights: +€38,449
- Cash +€27,165
up €27,165 (+35.9%), from €75,617 to €102,782
mainly Net result for the year (+€43,801) and Debts after one year (+€27,950)
- Receivables within one year +€9,495
up €9,495 (+37.2%), from €25,535 to €35,030
of which Trade receivables: +€5,508
- Reserves +€43,801
up €43,801 (+30.0%), from €146,122 to €189,922
- Debts after one year +€27,950
up €27,950 (+677%), from €4,128 to €32,078
- Other debts -€13,524
no longer reported in 2025 (was €13,524)
- Tax, wage and social debts +€8,050
up €8,050 (+86.1%), from €9,346 to €17,397
of which Remuneration and social security: +€5,435
- Trade debts +€4,063
up €4,063 (+25.9%), from €15,710 to €19,772
- Gross operating margin +€65,537
up €65,537 (+39.7%), from €165,203 to €230,739
- Staff costs +€25,603
up €25,603 (+20.5%), from €125,090 to €150,693
- Taxes +€9,489
up €9,489 (+140%), from €6,801 to €16,290
- Depreciation +€2,461
up €2,461 (+16.4%), from €14,977 to €17,438
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 | €207,705 | €276,954 | +€69,249 | +33.3% |
| Fixed assets | 21/28 | €55,663 | €87,647 | +€31,983 | +57.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €55,638 | €87,617 | +€31,978 | +57.5% |
| Land and buildings | 22 | €42,574 | €39,217 | -€3,357 | -7.9% |
| Plant, machinery and equipment | 23 | €4,286 | €7,626 | +€3,340 | +77.9% |
| Furniture and vehicles | 24 | €8,778 | €2,325 | -€6,453 | -73.5% |
| Leasing and similar rights | 25 | - | €38,449 | +€38,449 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €25 | €30 | +€5 | +20.0% |
| Current assets | 29/58 | €152,041 | €189,307 | +€37,266 | +24.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €10,656 | €10,646 | -€10 | -0.1% |
| Stocks | 30/36 | €10,656 | €10,646 | -€10 | -0.1% |
| Amounts receivable within one year | 40/41 | €25,535 | €35,030 | +€9,495 | +37.2% |
| Trade receivables | 40 | €11,163 | €16,671 | +€5,508 | +49.3% |
| Other amounts receivable | 41 | €14,372 | €18,359 | +€3,987 | +27.7% |
| Cash at bank and in hand | 54/58 | €75,617 | €102,782 | +€27,165 | +35.9% |
| Deferred charges and accrued income | 490/1 | €233 | €848 | +€615 | +264% |
| Total equity and liabilities | 10/49 | €207,705 | €276,954 | +€69,249 | +33.3% |
| Equity | 10/15 | €152,322 | €196,122 | +€43,801 | +28.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €146,122 | €189,922 | +€43,801 | +30.0% |
| Distributable reserves | 133 | €146,122 | €189,922 | +€43,801 | +30.0% |
| Amounts payable | 17/49 | €55,383 | €80,831 | +€25,449 | +46.0% |
| Amounts payable after more than one year | 17 | €4,128 | €32,078 | +€27,950 | +677% |
| Financial debts | 170/4 | €4,128 | €32,078 | +€27,950 | +677% |
| Amounts payable within one year | 42/48 | €51,217 | €48,715 | -€2,502 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €12,638 | €11,546 | -€1,091 | -8.6% |
| Trade debts | 44 | €15,710 | €19,772 | +€4,063 | +25.9% |
| Suppliers | 440/4 | €15,710 | €19,772 | +€4,063 | +25.9% |
| Taxes, remuneration and social security | 45 | €9,346 | €17,397 | +€8,050 | +86.1% |
| Taxes | 450/3 | €5,966 | €8,581 | +€2,615 | +43.8% |
| Remuneration and social security | 454/9 | €3,380 | €8,815 | +€5,435 | +161% |
| Other amounts payable | 47/48 | €13,524 | - | -€13,524 | |
| Accrued charges and deferred income | 492/3 | €37 | €38 | +€0 | +0.5% |
| Remuneration, social security and pensions | 62 | €125,090 | €150,693 | +€25,603 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,977 | €17,438 | +€2,461 | +16.4% |
| Other operating charges | 640/8 | €1,951 | €2,616 | +€664 | +34.0% |
| Gross operating margin | 9900 | €165,203 | €230,739 | +€65,537 | +39.7% |
| Operating profit (loss) | 9901 | €23,185 | €59,993 | +€36,808 | +159% |
| Financial income | 75/76B | €1,823 | €1,659 | -€165 | -9.0% |
| Recurring financial income | 75 | €1,823 | €1,659 | -€165 | -9.0% |
| Financial charges | 65/66B | €796 | €1,561 | +€765 | +96.2% |
| Recurring financial charges | 65 | €796 | €1,534 | +€738 | +92.8% |
| Non-recurring financial charges | 66B | - | €27 | +€27 | |
| Profit (loss) for the period before taxes | 9903 | €24,212 | €60,090 | +€35,878 | +148% |
| Income taxes | 67/77 | €6,801 | €16,290 | +€9,489 | +140% |
| Profit (loss) for the period | 9904 | €17,411 | €43,801 | +€26,390 | +152% |
| Profit (loss) for the period to be appropriated | 9905 | €17,411 | €43,801 | +€26,390 | +152% |
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 3 November 2026 via checked.be.