CoDeBa: 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.
CoDeBa
Largest movements
- Current investments +€200,862
up €200,862 (+37.0%), from €543,569 to €744,431
- Cash -€118,593
down €118,593 (-37.6%), from €315,098 to €196,505
mainly Current investments (-€200,862) and Receivables within one year (-€22,134)
- Receivables within one year +€22,134
up €22,134 (+45.8%), from €48,339 to €70,473
of which Other amounts receivable: +€13,919
- Reserves +€79,650
up €79,650 (+7.6%), from €1.0m to €1.1m
of which Distributable reserves: +€138,590
- Trade debts +€15,747
up €15,747 (+326.4%), from €4,825 to €20,572
- Gross operating margin -€54,087
down €54,087 (-40.8%), from €132,678 to €78,591
- Financial income +€45,975
up €45,975 (+272.5%), from €16,873 to €62,847
- Taxes +€10,433
up €10,433 (+28.3%), from €36,905 to €47,338
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 | €1,068,856 | €1,160,817 | +€91,961 | +8.6% |
| Fixed assets | 21/28 | €160,246 | €149,407 | -€10,839 | -6.8% |
| Tangible fixed assets | 22/27 | €160,246 | €149,407 | -€10,839 | -6.8% |
| Land and buildings | 22 | €160,246 | €149,407 | -€10,839 | -6.8% |
| Current assets | 29/58 | €908,610 | €1,011,410 | +€102,800 | +11.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €48,339 | €70,473 | +€22,134 | +45.8% |
| Trade receivables | 40 | €40,616 | €48,831 | +€8,215 | +20.2% |
| Other amounts receivable | 41 | €7,723 | €21,642 | +€13,919 | +180.2% |
| Current investments | 50/53 | €543,569 | €744,431 | +€200,862 | +37.0% |
| Cash at bank and in hand | 54/58 | €315,098 | €196,505 | -€118,593 | -37.6% |
| Deferred charges and accrued income | 490/1 | €1,603 | €0 | -€1,603 | -100.0% |
| Total equity and liabilities | 10/49 | €1,068,856 | €1,160,817 | +€91,961 | +8.6% |
| Equity | 10/15 | €1,060,510 | €1,140,160 | +€79,650 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,048,110 | €1,127,760 | +€79,650 | +7.6% |
| Tax-exempt reserves | 132 | €151,560 | €92,620 | -€58,940 | -38.9% |
| Distributable reserves | 133 | €896,550 | €1,035,140 | +€138,590 | +15.5% |
| Amounts payable | 17/49 | €8,347 | €20,657 | +€12,310 | +147.5% |
| Amounts payable within one year | 42/48 | €7,194 | €20,657 | +€13,463 | +187.1% |
| Trade debts | 44 | €4,825 | €20,572 | +€15,747 | +326.4% |
| Suppliers | 440/4 | €4,825 | €20,572 | +€15,747 | +326.4% |
| Taxes, remuneration and social security | 45 | €25 | €85 | +€60 | +240.9% |
| Taxes | 450/3 | €25 | €85 | +€60 | +240.9% |
| Other amounts payable | 47/48 | €2,344 | €0 | -€2,344 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,153 | €0 | -€1,153 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,127 | €10,839 | +€712 | +7.0% |
| Other operating charges | 640/8 | €4,408 | €3,135 | -€1,273 | -28.9% |
| Gross operating margin | 9900 | €132,678 | €78,591 | -€54,087 | -40.8% |
| Operating profit (loss) | 9901 | €118,144 | €64,617 | -€53,527 | -45.3% |
| Financial income | 75/76B | €16,873 | €62,847 | +€45,975 | +272.5% |
| Recurring financial income | 75 | €16,873 | €62,847 | +€45,975 | +272.5% |
| Financial charges | 65/66B | €1,677 | €476 | -€1,201 | -71.6% |
| Recurring financial charges | 65 | €1,677 | €476 | -€1,201 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €133,339 | €126,988 | -€6,351 | -4.8% |
| Income taxes | 67/77 | €36,905 | €47,338 | +€10,433 | +28.3% |
| Profit (loss) for the period | 9904 | €96,434 | €79,650 | -€16,784 | -17.4% |
| Transfer from tax-exempt reserves | 789 | - | €58,940 | +€58,940 | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,334 | €138,590 | +€84,256 | +155.1% |
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 29 September 2026 via checked.be.