CODEC: 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.
CODEC
Largest movements
- Cash +€102,045
up €102,045 (+124.4%), from €82,029 to €184,074
mainly Net result for the year (+€45,954) and Receivables within one year (+€35,353)
- Receivables within one year -€35,353
down €35,353 (-33.5%), from €105,634 to €70,281
of which Trade receivables: -€31,414
- Stocks and contracts -€5,797
down €5,797 (-77.1%), from €7,516 to €1,719
- Reserves +€45,954
up €45,954 (+37.4%), from €122,764 to €168,718
- Trade debts +€24,198
up €24,198 (+131.2%), from €18,448 to €42,645
- Current portion of long-term debt -€7,627
no longer reported in 2025 (was €7,627)
- Debts after one year -€7,062
no longer reported in 2025 (was €7,062)
- Tax, wage and social debts +€4,666
up €4,666 (+17.5%), from €26,667 to €31,333
of which Remuneration and social security: +€4,731
- Gross operating margin -€20,754
down €20,754 (-7.5%), from €277,381 to €256,627
- Staff costs +€20,056
up €20,056 (+13.9%), from €144,438 to €164,494
- Taxes -€16,169
down €16,169 (-42.3%), from €38,214 to €22,044
- Financial income -€3,041
down €3,041 (-74.1%), from €4,103 to €1,062
of which Non-recurring financial income: -€3,039
- Depreciation -€3,031
down €3,031 (-25.0%), from €12,113 to €9,082
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 | €227,377 | €289,678 | +€62,300 | +27.4% |
| Fixed assets | 21/28 | €29,519 | €29,634 | +€115 | +0.4% |
| Tangible fixed assets | 22/27 | €25,099 | €25,214 | +€115 | +0.5% |
| Plant, machinery and equipment | 23 | €2,044 | €1,598 | -€446 | -21.8% |
| Furniture and vehicles | 24 | €23,055 | €23,616 | +€561 | +2.4% |
| Financial fixed assets | 28 | €4,421 | €4,421 | = | 0.0% |
| Current assets | 29/58 | €197,858 | €260,043 | +€62,185 | +31.4% |
| Stocks and contracts in progress | 3 | €7,516 | €1,719 | -€5,797 | -77.1% |
| Stocks | 30/36 | €7,516 | €1,719 | -€5,797 | -77.1% |
| Amounts receivable within one year | 40/41 | €105,634 | €70,281 | -€35,353 | -33.5% |
| Trade receivables | 40 | €100,884 | €69,470 | -€31,414 | -31.1% |
| Other amounts receivable | 41 | €4,750 | €811 | -€3,939 | -82.9% |
| Cash at bank and in hand | 54/58 | €82,029 | €184,074 | +€102,045 | +124.4% |
| Deferred charges and accrued income | 490/1 | €2,680 | €3,970 | +€1,290 | +48.1% |
| Total equity and liabilities | 10/49 | €227,377 | €289,678 | +€62,300 | +27.4% |
| Equity | 10/15 | €167,574 | €213,528 | +€45,954 | +27.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €122,764 | €168,718 | +€45,954 | +37.4% |
| Distributable reserves | 133 | €122,764 | €168,718 | +€45,954 | +37.4% |
| Profit (loss) carried forward | 14 | €24,810 | €24,810 | = | 0.0% |
| Amounts payable | 17/49 | €59,803 | €76,150 | +€16,347 | +27.3% |
| Amounts payable after more than one year | 17 | €7,062 | - | -€7,062 | |
| Financial debts | 170/4 | €7,062 | - | -€7,062 | |
| Amounts payable within one year | 42/48 | €52,742 | €76,150 | +€23,408 | +44.4% |
| Current portion of amounts payable after more than one year | 42 | €7,627 | - | -€7,627 | |
| Trade debts | 44 | €18,448 | €42,645 | +€24,198 | +131.2% |
| Suppliers | 440/4 | €18,448 | €42,645 | +€24,198 | +131.2% |
| Taxes, remuneration and social security | 45 | €26,667 | €31,333 | +€4,666 | +17.5% |
| Taxes | 450/3 | €16,226 | €16,161 | -€65 | -0.4% |
| Remuneration and social security | 454/9 | €10,441 | €15,172 | +€4,731 | +45.3% |
| Other amounts payable | 47/48 | - | €2,171 | +€2,171 | |
| Non-recurring operating income | 76A | €4,536 | €20,138 | +€15,602 | +343.9% |
| Remuneration, social security and pensions | 62 | €144,438 | €164,494 | +€20,056 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,113 | €9,082 | -€3,031 | -25.0% |
| Other operating charges | 640/8 | €1,799 | €2,547 | +€748 | +41.6% |
| Non-recurring operating charges | 66A | - | €5,367 | +€5,367 | |
| Gross operating margin | 9900 | €277,381 | €256,627 | -€20,754 | -7.5% |
| Operating profit (loss) | 9901 | €119,030 | €75,137 | -€43,893 | -36.9% |
| Financial income | 75/76B | €4,103 | €1,062 | -€3,041 | -74.1% |
| Recurring financial income | 75 | €8 | €6 | -€3 | -31.9% |
| Non-recurring financial income | 76B | €4,095 | €1,056 | -€3,039 | -74.2% |
| Financial charges | 65/66B | €5,445 | €8,201 | +€2,756 | +50.6% |
| Recurring financial charges | 65 | €4,323 | €2,628 | -€1,695 | -39.2% |
| Non-recurring financial charges | 66B | €1,123 | €5,573 | +€4,451 | +396.4% |
| Profit (loss) for the period before taxes | 9903 | €117,688 | €67,998 | -€49,690 | -42.2% |
| Income taxes | 67/77 | €38,214 | €22,044 | -€16,169 | -42.3% |
| Profit (loss) for the period | 9904 | €79,475 | €45,954 | -€33,521 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,475 | €45,954 | -€33,521 | -42.2% |
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.