CODE CARE: 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.
CODE CARE
Largest movements
- Current investments +€164,835
up €164,835 (+212.5%), from €77,572 to €242,408
- Tangible fixed assets +€145,003
up €145,003 (+25.8%), from €561,825 to €706,828
- Cash +€112,332
up €112,332 (+29.3%), from €383,681 to €496,012
mainly Other debts (+€608,542) and Net result for the year (+€315,774)
- Receivables within one year -€42,568
down €42,568 (-26.3%), from €161,956 to €119,387
of which Trade receivables: -€41,432
- Other debts +€608,542
up €608,542 (+338.0%), from €180,023 to €788,565
- Reserves -€365,000
down €365,000 (-78.5%), from €465,201 to €100,201
of which Distributable reserves: -€365,000
- Debts after one year +€93,398
up €93,398 (+22.7%), from €412,244 to €505,642
- Tax, wage and social debts +€27,742
up €27,742 (+39.4%), from €70,364 to €98,106
of which Taxes: +€19,814
- Gross operating margin +€199,650
up €199,650 (+35.2%), from €567,243 to €766,893
- Staff costs +€115,822
up €115,822 (+80.7%), from €143,457 to €259,279
- Depreciation -€28,340
down €28,340 (-32.0%), from €88,639 to €60,298
- Taxes +€25,614
up €25,614 (+31.7%), from €80,884 to €106,498
- Financial charges +€8,136
up €8,136 (+54.0%), from €15,065 to €23,201
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 | €1,217,221 | €1,579,744 | +€362,523 | +29.8% |
| Fixed assets | 21/28 | €576,763 | €710,948 | +€134,184 | +23.3% |
| Intangible fixed assets | 21 | €14,939 | €4,120 | -€10,819 | -72.4% |
| Tangible fixed assets | 22/27 | €561,825 | €706,828 | +€145,003 | +25.8% |
| Land and buildings | 22 | €463,259 | €487,500 | +€24,241 | +5.2% |
| Plant, machinery and equipment | 23 | €53,228 | €125,722 | +€72,494 | +136.2% |
| Furniture and vehicles | 24 | €12,742 | €8,394 | -€4,348 | -34.1% |
| Leasing and similar rights | 25 | €25,387 | €80,463 | +€55,075 | +216.9% |
| Other tangible fixed assets | 26 | €7,209 | €4,749 | -€2,459 | -34.1% |
| Current assets | 29/58 | €640,458 | €868,797 | +€228,339 | +35.7% |
| Amounts receivable within one year | 40/41 | €161,956 | €119,387 | -€42,568 | -26.3% |
| Trade receivables | 40 | €160,819 | €119,387 | -€41,432 | -25.8% |
| Other amounts receivable | 41 | €1,137 | €0 | -€1,137 | -100.0% |
| Current investments | 50/53 | €77,572 | €242,408 | +€164,835 | +212.5% |
| Cash at bank and in hand | 54/58 | €383,681 | €496,012 | +€112,332 | +29.3% |
| Deferred charges and accrued income | 490/1 | €17,249 | €10,989 | -€6,259 | -36.3% |
| Total equity and liabilities | 10/49 | €1,217,221 | €1,579,744 | +€362,523 | +29.8% |
| Equity | 10/15 | €492,458 | €123,231 | -€369,226 | -75.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €465,201 | €100,201 | -€365,000 | -78.5% |
| Tax-exempt reserves | 132 | €16,341 | €16,341 | = | 0.0% |
| Distributable reserves | 133 | €448,860 | €83,860 | -€365,000 | -81.3% |
| Profit (loss) carried forward | 14 | €8,656 | €4,430 | -€4,226 | -48.8% |
| Amounts payable | 17/49 | €724,763 | €1,456,513 | +€731,750 | +101.0% |
| Amounts payable after more than one year | 17 | €412,244 | €505,642 | +€93,398 | +22.7% |
| Financial debts | 170/4 | €412,244 | €505,642 | +€93,398 | +22.7% |
| Amounts payable within one year | 42/48 | €310,855 | €949,240 | +€638,385 | +205.4% |
| Current portion of amounts payable after more than one year | 42 | €38,757 | €50,773 | +€12,016 | +31.0% |
| Financial debts | 43 | - | €99 | +€99 | |
| Credit institutions | 430/8 | - | €99 | +€99 | |
| Trade debts | 44 | €21,711 | €11,697 | -€10,014 | -46.1% |
| Suppliers | 440/4 | €21,711 | €11,697 | -€10,014 | -46.1% |
| Taxes, remuneration and social security | 45 | €70,364 | €98,106 | +€27,742 | +39.4% |
| Taxes | 450/3 | €49,851 | €69,665 | +€19,814 | +39.7% |
| Remuneration and social security | 454/9 | €20,513 | €28,441 | +€7,928 | +38.6% |
| Other amounts payable | 47/48 | €180,023 | €788,565 | +€608,542 | +338.0% |
| Accrued charges and deferred income | 492/3 | €1,665 | €1,631 | -€34 | -2.0% |
| Remuneration, social security and pensions | 62 | €143,457 | €259,279 | +€115,822 | +80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,639 | €60,298 | -€28,340 | -32.0% |
| Other operating charges | 640/8 | €4,404 | €5,800 | +€1,396 | +31.7% |
| Gross operating margin | 9900 | €567,243 | €766,893 | +€199,650 | +35.2% |
| Operating profit (loss) | 9901 | €330,743 | €441,516 | +€110,773 | +33.5% |
| Financial income | 75/76B | €5,521 | €3,957 | -€1,564 | -28.3% |
| Recurring financial income | 75 | €5,521 | €3,957 | -€1,564 | -28.3% |
| Financial charges | 65/66B | €15,065 | €23,201 | +€8,136 | +54.0% |
| Recurring financial charges | 65 | €15,065 | €23,201 | +€8,136 | +54.0% |
| Profit (loss) for the period before taxes | 9903 | €321,199 | €422,272 | +€101,073 | +31.5% |
| Income taxes | 67/77 | €80,884 | €106,498 | +€25,614 | +31.7% |
| Profit (loss) for the period | 9904 | €240,315 | €315,774 | +€75,459 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €240,315 | €315,774 | +€75,459 | +31.4% |
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 10 October 2026 via checked.be.