CoDe+Ar: 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.
CoDe+Ar
Largest movements
- Cash +€30,334
up €30,334 (+8.2%), from €368,937 to €399,271
mainly Other debts (+€44,584) and Net result for the year (+€31,440)
- Receivables within one year -€14,872
down €14,872 (-72.5%), from €20,508 to €5,636
of which Other amounts receivable: -€20,000
- Tangible fixed assets -€7,875
down €7,875 (-25.6%), from €30,779 to €22,904
- Profit (loss) carried forward -€60,000
down €60,000 (-21.1%), from €284,274 to €224,274
- Other debts +€44,584
up €44,584 (+604.5%), from €7,375 to €51,959
- Reserves +€31,440
up €31,440 (+38.4%), from €81,860 to €113,300
- Trade debts -€11,802
down €11,802 (-62.2%), from €18,973 to €7,171
- Gross operating margin +€10,494
up €10,494 (+25.2%), from €41,646 to €52,140
- Financial income -€2,183
down €2,183 (-34.5%), from €6,334 to €4,151
- Taxes +€1,636
up €1,636 (+11.4%), from €14,391 to €16,027
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 | €420,317 | €427,903 | +€7,586 | +1.8% |
| Fixed assets | 21/28 | €30,872 | €22,997 | -€7,875 | -25.5% |
| Tangible fixed assets | 22/27 | €30,779 | €22,904 | -€7,875 | -25.6% |
| Furniture and vehicles | 24 | €30,779 | €22,904 | -€7,875 | -25.6% |
| Financial fixed assets | 28 | €93 | €93 | -€0 | -0.5% |
| Current assets | 29/58 | €389,445 | €404,906 | +€15,461 | +4.0% |
| Amounts receivable within one year | 40/41 | €20,508 | €5,636 | -€14,872 | -72.5% |
| Trade receivables | 40 | €508 | €5,636 | +€5,128 | +1009.4% |
| Other amounts receivable | 41 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €368,937 | €399,271 | +€30,334 | +8.2% |
| Total equity and liabilities | 10/49 | €420,317 | €427,903 | +€7,586 | +1.8% |
| Equity | 10/15 | €378,534 | €349,974 | -€28,560 | -7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €81,860 | €113,300 | +€31,440 | +38.4% |
| Distributable reserves | 133 | €81,860 | €113,300 | +€31,440 | +38.4% |
| Profit (loss) carried forward | 14 | €284,274 | €224,274 | -€60,000 | -21.1% |
| Amounts payable | 17/49 | €41,783 | €77,929 | +€36,146 | +86.5% |
| Amounts payable within one year | 42/48 | €41,783 | €77,929 | +€36,146 | +86.5% |
| Trade debts | 44 | €18,973 | €7,171 | -€11,802 | -62.2% |
| Suppliers | 440/4 | €18,973 | €7,171 | -€11,802 | -62.2% |
| Taxes, remuneration and social security | 45 | €15,435 | €18,799 | +€3,364 | +21.8% |
| Taxes | 450/3 | €15,435 | €18,799 | +€3,364 | +21.8% |
| Other amounts payable | 47/48 | €7,375 | €51,959 | +€44,584 | +604.5% |
| Non-recurring operating income | 76A | €1,696 | - | -€1,696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,660 | €7,874 | +€214 | +2.8% |
| Other operating charges | 640/8 | €815 | €729 | -€86 | -10.5% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €41,646 | €52,140 | +€10,494 | +25.2% |
| Operating profit (loss) | 9901 | €33,171 | €43,473 | +€10,302 | +31.1% |
| Financial income | 75/76B | €6,334 | €4,151 | -€2,183 | -34.5% |
| Recurring financial income | 75 | €6,334 | €4,151 | -€2,183 | -34.5% |
| Financial charges | 65/66B | €57 | €157 | +€100 | +175.6% |
| Recurring financial charges | 65 | €57 | €157 | +€100 | +175.6% |
| Profit (loss) for the period before taxes | 9903 | €39,448 | €47,468 | +€8,020 | +20.3% |
| Income taxes | 67/77 | €14,391 | €16,027 | +€1,636 | +11.4% |
| Profit (loss) for the period | 9904 | €25,057 | €31,440 | +€6,383 | +25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,057 | €31,440 | +€6,383 | +25.5% |
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 28 September 2026 via checked.be.