CODAGEX IMMO: 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.
CODAGEX IMMO
Largest movements
- Cash -€104,548
down €104,548 (-34.8%), from €300,236 to €195,689
mainly Contributions, distributions and other (-€900,000) and Trade debts (-€60,077)
- Tangible fixed assets -€92,515
down €92,515 (-8.2%), from €1.1m to €1.0m
of which Land and buildings: -€90,669
- Receivables within one year +€32,295
up €32,295 (+110.4%), from €29,249 to €61,544
of which Trade receivables: +€34,289
- Contributions -€700,000
down €700,000 (-81.3%), from €860,624 to €160,624
- Debts after one year +€581,294
up €581,294 (+298.6%), from €194,685 to €775,978
- Profit (loss) carried forward -€65,134
down €65,134 (-39.2%), from €166,264 to €101,129
- Trade debts -€60,077
down €60,077 (-99.5%), from €60,387 to €310
- Other debts +€60,000
up €60,000 (+10137.9%), from €592 to €60,592
- Gross operating margin +€56,223
up €56,223 (+22.1%), from €254,073 to €310,296
- Other operating charges +€18,642
up €18,642 (+53.9%), from €34,559 to €53,201
- Financial charges +€15,317
up €15,317 (+138.1%), from €11,088 to €26,404
- Taxes +€7,075
up €7,075 (+23.6%), from €29,972 to €37,047
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 | €1,462,734 | €1,296,898 | -€165,836 | -11.3% |
| Fixed assets | 21/28 | €1,132,180 | €1,039,666 | -€92,515 | -8.2% |
| Tangible fixed assets | 22/27 | €1,132,180 | €1,039,666 | -€92,515 | -8.2% |
| Land and buildings | 22 | €1,128,642 | €1,037,973 | -€90,669 | -8.0% |
| Plant, machinery and equipment | 23 | €3,538 | €878 | -€2,660 | -75.2% |
| Furniture and vehicles | 24 | - | €814 | +€814 | |
| Current assets | 29/58 | €330,553 | €257,232 | -€73,321 | -22.2% |
| Amounts receivable within one year | 40/41 | €29,249 | €61,544 | +€32,295 | +110.4% |
| Trade receivables | 40 | €27,255 | €61,544 | +€34,289 | +125.8% |
| Other amounts receivable | 41 | €1,994 | €0 | -€1,994 | -100.0% |
| Cash at bank and in hand | 54/58 | €300,236 | €195,689 | -€104,548 | -34.8% |
| Deferred charges and accrued income | 490/1 | €1,069 | €0 | -€1,069 | -100.0% |
| Total equity and liabilities | 10/49 | €1,462,734 | €1,296,898 | -€165,836 | -11.3% |
| Equity | 10/15 | €1,135,199 | €336,329 | -€798,871 | -70.4% |
| Contributions | 10/11 | €860,624 | €160,624 | -€700,000 | -81.3% |
| Reserves | 13 | €108,311 | €74,575 | -€33,736 | -31.1% |
| Tax-exempt reserves | 132 | €491 | €491 | = | 0.0% |
| Distributable reserves | 133 | €107,820 | €74,084 | -€33,736 | -31.3% |
| Profit (loss) carried forward | 14 | €166,264 | €101,129 | -€65,134 | -39.2% |
| Amounts payable | 17/49 | €327,534 | €960,570 | +€633,035 | +193.3% |
| Amounts payable after more than one year | 17 | €194,685 | €775,978 | +€581,294 | +298.6% |
| Financial debts | 170/4 | €194,685 | €775,978 | +€581,294 | +298.6% |
| Amounts payable within one year | 42/48 | €132,850 | €184,591 | +€51,742 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €51,727 | €86,643 | +€34,916 | +67.5% |
| Trade debts | 44 | €60,387 | €310 | -€60,077 | -99.5% |
| Suppliers | 440/4 | €60,387 | €310 | -€60,077 | -99.5% |
| Taxes, remuneration and social security | 45 | €20,144 | €37,047 | +€16,903 | +83.9% |
| Taxes | 450/3 | €20,144 | €37,047 | +€16,903 | +83.9% |
| Other amounts payable | 47/48 | €592 | €60,592 | +€60,000 | +10137.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,619 | €92,515 | -€105 | -0.1% |
| Other operating charges | 640/8 | €34,559 | €53,201 | +€18,642 | +53.9% |
| Gross operating margin | 9900 | €254,073 | €310,296 | +€56,223 | +22.1% |
| Operating profit (loss) | 9901 | €126,894 | €164,580 | +€37,686 | +29.7% |
| Financial charges | 65/66B | €11,088 | €26,404 | +€15,317 | +138.1% |
| Recurring financial charges | 65 | €11,088 | €26,404 | +€15,317 | +138.1% |
| Profit (loss) for the period before taxes | 9903 | €115,807 | €138,176 | +€22,369 | +19.3% |
| Income taxes | 67/77 | €29,972 | €37,047 | +€7,075 | +23.6% |
| Profit (loss) for the period | 9904 | €85,835 | €101,129 | +€15,294 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,835 | €101,129 | +€15,294 | +17.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.