CODAN: 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.
What changed
CODAN
NACE 01.430, Raising of horses and other equines
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2023 · €289,187+€1.2m
Equity
€6.3m
2023 · €4.8m+€1.5m
Cash
€610,969
2023 · €614,047-€3,077
Balance sheet total
€9.8m
2023 · €6.1m+€3.7m
Largest movements
Assets
- Current investments +€2.5m
new in 2024: €2.5m
- Financial fixed assets +€1.3m
up €1.3m (+104.2%), from €1.3m to €2.6m
- Tangible fixed assets -€533,003
down €533,003 (-19.7%), from €2.7m to €2.2m
of which Land and buildings: -€591,670
- Receivables within one year +€252,721
up €252,721 (+159.9%), from €158,044 to €410,764
of which Other amounts receivable: +€258,944
- Stocks and contracts +€134,043
up €134,043 (+10.0%), from €1.3m to €1.5m
Equity and liabilities
- Other debts +€2.0m
up €2.0m (+232.9%), from €866,965 to €2.9m
- Reserves +€1.5m
up €1.5m (+39.1%), from €3.9m to €5.4m
of which Tax-exempt reserves: +€1.1m
- Provisions +€277,842
new in 2024: €277,842
Income statement
- Gross operating margin +€1.2m
up €1.2m (+578.6%), from €210,518 to €1.4m
- Financial income +€432,707
up €432,707 (+124.5%), from €347,691 to €780,398
of which Non-recurring financial income: +€331,875
- Write-downs +€51,117
up €51,117, from €0 to €51,117
- Staff costs +€21,222
up €21,222 (+39.5%), from €53,727 to €74,949
- Financial charges -€20,336
down €20,336 (-76.3%), from €26,642 to €6,306
From the 2023 result to the 2024 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.
Result 2023
€289,187
Gross operating margin
+€1.2m
Staff costs
-€21,222
Depreciation
-€7,804
Write-downs
-€51,117
Other operating charges
-€6,750
Other operating items
-€74,616
Financial income
+€432,707
Financial charges
+€20,336
Taxes
-€8,888
Deferred taxes and other
-€277,842
Result 2024
€1.5m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€3.5m
Investment
-€3.4m
Financing
-€55,327
Cash 2023
€614,047
From operations (derived)
+€3.5m
Net result for the year
+€1.5m
Depreciation
+€154,067
Stocks and contracts
-€134,043
Receivables within one year
-€252,721
Deferred charges and accrued income
+€16,273
Provisions
+€277,842
Trade debts
+€17,069
Tax, wage and social debts
-€89,806
Other debts
+€2.0m
Accrued charges and deferred income
-€20,858
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€947,039
Current investments
-€2.5m
Financing
-€55,327
Debts after one year
-€56,667
Short-term financial debts
+€1,340
Cash 2024
€610,969
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,109,168 | €9,769,553 | +€3.7m | +59.9% |
| Fixed assets | 21/28 | €3,974,438 | €4,767,410 | +€792,972 | +20.0% |
| Tangible fixed assets | 22/27 | €2,702,007 | €2,169,004 | -€533,003 | -19.7% |
| Land and buildings | 22 | €2,578,033 | €1,986,363 | -€591,670 | -23.0% |
| Plant, machinery and equipment | 23 | €5,620 | €16,793 | +€11,173 | +198.8% |
| Furniture and vehicles | 24 | €118,354 | €165,848 | +€47,494 | +40.1% |
| Financial fixed assets | 28 | €1,272,431 | €2,598,406 | +€1.3m | +104.2% |
| Current assets | 29/58 | €2,134,730 | €5,002,143 | +€2.9m | +134.3% |
| Stocks and contracts in progress | 3 | €1,340,121 | €1,474,164 | +€134,043 | +10.0% |
| Stocks | 30/36 | €1,340,121 | €1,474,164 | +€134,043 | +10.0% |
| Amounts receivable within one year | 40/41 | €158,044 | €410,764 | +€252,721 | +159.9% |
| Trade receivables | 40 | €26,304 | €20,080 | -€6,224 | -23.7% |
| Other amounts receivable | 41 | €131,740 | €390,684 | +€258,944 | +196.6% |
| Current investments | 50/53 | - | €2,500,000 | +€2.5m | |
| Cash at bank and in hand | 54/58 | €614,047 | €610,969 | -€3,077 | -0.5% |
| Deferred charges and accrued income | 490/1 | €22,518 | €6,245 | -€16,273 | -72.3% |
| Total equity and liabilities | 10/49 | €6,109,168 | €9,769,553 | +€3.7m | +59.9% |
| Equity | 10/15 | €4,758,363 | €6,270,388 | +€1.5m | +31.8% |
| Contributions | 10/11 | €887,487 | €887,487 | = | 0.0% |
| Capital | 10 | €887,487 | €887,487 | = | 0.0% |
| Issued capital | 100 | €887,487 | €887,487 | = | 0.0% |
| Reserves | 13 | €3,870,876 | €5,382,901 | +€1.5m | +39.1% |
| Non-distributable reserves | 130/1 | €145,753 | €145,753 | = | 0.0% |
| Legal reserve | 130 | €145,753 | €145,753 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,111,367 | +€1.1m | |
| Distributable reserves | 133 | €3,725,123 | €4,125,781 | +€400,658 | +10.8% |
| Provisions and deferred taxes | 16 | - | €277,842 | +€277,842 | |
| Deferred taxes | 168 | - | €277,842 | +€277,842 | |
| Amounts payable | 17/49 | €1,350,805 | €3,221,323 | +€1.9m | +138.5% |
| Amounts payable after more than one year | 17 | €293,056 | €236,389 | -€56,667 | -19.3% |
| Financial debts | 170/4 | €293,056 | €236,389 | -€56,667 | -19.3% |
| Amounts payable within one year | 42/48 | €1,036,892 | €2,984,934 | +€1.9m | +187.9% |
| Current portion of amounts payable after more than one year | 42 | €56,667 | €56,667 | = | 0.0% |
| Financial debts | 43 | - | €1,340 | +€1,340 | |
| Credit institutions | 430/8 | - | €1,340 | +€1,340 | |
| Trade debts | 44 | €13,687 | €30,755 | +€17,069 | +124.7% |
| Suppliers | 440/4 | €13,687 | €30,755 | +€17,069 | +124.7% |
| Taxes, remuneration and social security | 45 | €99,574 | €9,768 | -€89,806 | -90.2% |
| Taxes | 450/3 | €94,662 | €3,456 | -€91,206 | -96.3% |
| Remuneration and social security | 454/9 | €4,912 | €6,312 | +€1,401 | +28.5% |
| Other amounts payable | 47/48 | €866,965 | €2,886,404 | +€2.0m | +232.9% |
| Accrued charges and deferred income | 492/3 | €20,858 | €0 | -€20,858 | -100.0% |
| Non-recurring operating income | 76A | - | €1,422,949 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €53,727 | €74,949 | +€21,222 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,263 | €154,067 | +€7,804 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €51,117 | +€51,117 | |
| Other operating charges | 640/8 | €11,551 | €18,300 | +€6,750 | +58.4% |
| Non-recurring operating charges | 66A | - | €74,616 | +€74,616 | |
| Gross operating margin | 9900 | €210,518 | €1,428,552 | +€1.2m | +578.6% |
| Operating profit (loss) | 9901 | -€1,023 | €1,055,503 | +€1.1m | |
| Financial income | 75/76B | €347,691 | €780,398 | +€432,707 | +124.5% |
| Recurring financial income | 75 | €347,691 | €448,523 | +€100,832 | +29.0% |
| Non-recurring financial income | 76B | - | €331,875 | +€331,875 | |
| Financial charges | 65/66B | €26,642 | €6,306 | -€20,336 | -76.3% |
| Recurring financial charges | 65 | €26,642 | €6,306 | -€20,336 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €320,027 | €1,829,595 | +€1.5m | +471.7% |
| Transfer to deferred taxes | 680 | - | €277,842 | +€277,842 | |
| Income taxes | 67/77 | €30,840 | €39,728 | +€8,888 | +28.8% |
| Profit (loss) for the period | 9904 | €289,187 | €1,512,025 | +€1.2m | +422.9% |
| Transfer to tax-exempt reserves | 689 | - | €1,111,367 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €289,187 | €400,658 | +€111,471 | +38.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.