Vincent 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.
Vincent Cordonnier
Largest movements
- Cash +€143,157
up €143,157 (+86.0%), from €166,399 to €309,556
mainly Net result for the year (+€98,973) and Receivables within one year (+€23,370)
- Receivables within one year -€23,370
down €23,370 (-98.7%), from €23,672 to €303
- Profit (loss) carried forward +€98,973
up €98,973 (+118%), from €83,528 to €182,501
- Trade debts +€14,585
up €14,585 (+106%), from €13,756 to €28,341
- Tax, wage and social debts +€10,785
up €10,785 (+22.7%), from €47,526 to €58,311
of which Taxes: +€10,785
- Turnover +€113,110
up €113,110 (+41.3%), from €273,705 to €386,815
- Purchases and services +€74,037
up €74,037 (+37.9%), from €195,593 to €269,630
- Gross operating margin +€39,356
up €39,356 (+43.6%), from €90,284 to €129,640
- Other operating charges -€6,462
down €6,462 (-83.6%), from €7,726 to €1,264
- Taxes +€4,114
up €4,114 (+16.3%), from €25,196 to €29,310
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 | €190,123 | €311,410 | +€121,287 | +63.8% |
| Fixed assets | 21/28 | €52 | €1,552 | +€1,500 | +2,884% |
| Financial fixed assets | 28 | €52 | €1,552 | +€1,500 | +2,884% |
| Current assets | 29/58 | €190,071 | €309,858 | +€119,787 | +63.0% |
| Amounts receivable within one year | 40/41 | €23,672 | €303 | -€23,370 | -98.7% |
| Trade receivables | 40 | €23,672 | €303 | -€23,370 | -98.7% |
| Cash at bank and in hand | 54/58 | €166,399 | €309,556 | +€143,157 | +86.0% |
| Total equity and liabilities | 10/49 | €190,123 | €311,410 | +€121,287 | +63.8% |
| Equity | 10/15 | €118,528 | €217,501 | +€98,973 | +83.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,528 | €182,501 | +€98,973 | +118% |
| Amounts payable | 17/49 | €71,595 | €93,909 | +€22,314 | +31.2% |
| Amounts payable within one year | 42/48 | €71,529 | €93,842 | +€22,313 | +31.2% |
| Trade debts | 44 | €13,756 | €28,341 | +€14,585 | +106% |
| Suppliers | 440/4 | €13,756 | €28,341 | +€14,585 | +106% |
| Taxes, remuneration and social security | 45 | €47,526 | €58,311 | +€10,785 | +22.7% |
| Taxes | 450/3 | €44,326 | €55,111 | +€10,785 | +24.3% |
| Remuneration and social security | 454/9 | €3,200 | €3,200 | = | 0.0% |
| Other amounts payable | 47/48 | €10,247 | €7,191 | -€3,056 | -29.8% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Turnover | 70 | €273,705 | €386,815 | +€113,110 | +41.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €195,593 | €269,630 | +€74,037 | +37.9% |
| Other operating charges | 640/8 | €7,726 | €1,264 | -€6,462 | -83.6% |
| Gross operating margin | 9900 | €90,284 | €129,640 | +€39,356 | +43.6% |
| Operating profit (loss) | 9901 | €82,558 | €128,376 | +€45,819 | +55.5% |
| Financial income | 75/76B | €0 | €1 | +€1 | +203% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +203% |
| Financial charges | 65/66B | €90 | €94 | +€4 | +4.2% |
| Recurring financial charges | 65 | €90 | €94 | +€4 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €82,468 | €128,284 | +€45,816 | +55.6% |
| Income taxes | 67/77 | €25,196 | €29,310 | +€4,114 | +16.3% |
| Profit (loss) for the period | 9904 | €57,272 | €98,973 | +€41,702 | +72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,272 | €98,973 | +€41,702 | +72.8% |
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 15 October 2026 via checked.be.