CO.DE.MA: 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.
CO.DE.MA
Largest movements
- Current investments +€1.2m
up €1.2m (+7.6%), from €15.7m to €16.9m
- Profit (loss) carried forward +€673,106
new in 2025: €673,106
- Reserves +€500,000
up €500,000 (+28.7%), from €1.7m to €2.2m
- Financial income +€903,198
up €903,198 (+141%), from €639,339 to €1.5m
- Financial charges +€46,035
up €46,035 (+62.3%), from €73,868 to €119,903
- Taxes +€33,124
up €33,124 (+91.9%), from €36,045 to €69,169
- Gross operating margin -€14,850
down €14,850 (-11.1%), from -€134,040 to -€148,890
- Other operating charges -€2,633
down €2,633 (-8.4%), from €31,488 to €28,855
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 | €17,263,187 | €18,461,373 | +€1.2m | +6.9% |
| Fixed assets | 21/28 | €1,428,910 | €1,333,175 | -€95,735 | -6.7% |
| Tangible fixed assets | 22/27 | €617,473 | €614,859 | -€2,614 | -0.4% |
| Land and buildings | 22 | €614,883 | €613,539 | -€1,344 | -0.2% |
| Furniture and vehicles | 24 | €2,590 | €1,320 | -€1,270 | -49.0% |
| Financial fixed assets | 28 | €811,437 | €718,317 | -€93,120 | -11.5% |
| Current assets | 29/58 | €15,834,277 | €17,128,198 | +€1.3m | +8.2% |
| Current investments | 50/53 | €15,705,198 | €16,902,432 | +€1.2m | +7.6% |
| Cash at bank and in hand | 54/58 | €129,079 | €225,766 | +€96,687 | +74.9% |
| Total equity and liabilities | 10/49 | €17,263,187 | €18,461,373 | +€1.2m | +6.9% |
| Equity | 10/15 | €16,686,791 | €17,859,897 | +€1.2m | +7.0% |
| Contributions | 10/11 | €14,944,003 | €14,944,003 | = | 0.0% |
| Reserves | 13 | €1,742,788 | €2,242,788 | +€500,000 | +28.7% |
| Distributable reserves | 133 | €1,742,788 | €2,242,788 | +€500,000 | +28.7% |
| Profit (loss) carried forward | 14 | - | €673,106 | +€673,106 | |
| Amounts payable | 17/49 | €576,396 | €601,476 | +€25,080 | +4.4% |
| Amounts payable after more than one year | 17 | €447,970 | €409,599 | -€38,371 | -8.6% |
| Financial debts | 170/4 | €447,970 | €409,599 | -€38,371 | -8.6% |
| Amounts payable within one year | 42/48 | €127,795 | €191,294 | +€63,500 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €40,925 | €41,543 | +€618 | +1.5% |
| Trade debts | 44 | €39,242 | €48,283 | +€9,042 | +23.0% |
| Suppliers | 440/4 | €39,242 | €48,283 | +€9,042 | +23.0% |
| Taxes, remuneration and social security | 45 | €36,029 | €89,678 | +€53,649 | +149% |
| Taxes | 450/3 | €36,029 | €89,678 | +€53,649 | +149% |
| Other amounts payable | 47/48 | €11,599 | €11,791 | +€191 | +1.7% |
| Accrued charges and deferred income | 492/3 | €631 | €583 | -€49 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,605 | €2,614 | -€991 | -27.5% |
| Other operating charges | 640/8 | €31,488 | €28,855 | -€2,633 | -8.4% |
| Gross operating margin | 9900 | -€134,040 | -€148,890 | -€14,850 | -11.1% |
| Operating profit (loss) | 9901 | -€169,133 | -€180,359 | -€11,226 | -6.6% |
| Financial income | 75/76B | €639,339 | €1,542,537 | +€903,198 | +141% |
| Recurring financial income | 75 | €639,339 | €1,542,537 | +€903,198 | +141% |
| Financial charges | 65/66B | €73,868 | €119,903 | +€46,035 | +62.3% |
| Recurring financial charges | 65 | €73,868 | €119,903 | +€46,035 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €396,338 | €1,242,275 | +€845,937 | +213% |
| Income taxes | 67/77 | €36,045 | €69,169 | +€33,124 | +91.9% |
| Profit (loss) for the period | 9904 | €360,293 | €1,173,106 | +€812,813 | +226% |
| Profit (loss) for the period to be appropriated | 9905 | €360,293 | €1,173,106 | +€812,813 | +226% |
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 17 October 2026 via checked.be.