CODECO: 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.
CODECO
Largest movements
- Receivables within one year -€48,411
down €48,411 (-89.7%), from €53,988 to €5,578
of which Trade receivables: -€50,988
- Current investments -€19,960
down €19,960 (-57.0%), from €35,000 to €15,040
- Cash -€17,175
down €17,175 (-58.2%), from €29,525 to €12,350
mainly Net result for the year (-€61,584) and Contributions, distributions and other (-€25,917)
- Deferred charges and accrued income -€12,382
down €12,382 (-83.2%), from €14,888 to €2,506
- Tangible fixed assets -€1,408
down €1,408 (-20.1%), from €7,009 to €5,601
of which Plant, machinery and equipment: -€809
- Profit (loss) carried forward -€61,584
new in 2025: -€61,584
- Reserves -€25,917
down €25,917 (-21.4%), from €120,889 to €94,972
- Tax, wage and social debts -€5,866
down €5,866 (-67.2%), from €8,724 to €2,857
of which Taxes: -€3,439
- Other debts -€4,215
down €4,215 (-90.4%), from €4,662 to €446
- Trade debts -€2,003
down €2,003 (-59.2%), from €3,386 to €1,383
- Gross operating margin -€69,161
down €69,161, from €12,987 to -€56,174
- Financial charges +€2,912
up €2,912 (+348.2%), from €836 to €3,748
- Taxes -€2,415
down €2,415 (-85.5%), from €2,825 to €410
- Financial income -€626
down €626 (-42.6%), from €1,469 to €844
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 | €140,660 | €41,075 | -€99,585 | -70.8% |
| Fixed assets | 21/28 | €7,259 | €5,601 | -€1,658 | -22.8% |
| Tangible fixed assets | 22/27 | €7,009 | €5,601 | -€1,408 | -20.1% |
| Plant, machinery and equipment | 23 | €1,992 | €1,183 | -€809 | -40.6% |
| Furniture and vehicles | 24 | €51 | - | -€51 | |
| Other tangible fixed assets | 26 | €4,965 | €4,418 | -€548 | -11.0% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €133,401 | €35,474 | -€97,927 | -73.4% |
| Amounts receivable within one year | 40/41 | €53,988 | €5,578 | -€48,411 | -89.7% |
| Trade receivables | 40 | €50,988 | - | -€50,988 | |
| Other amounts receivable | 41 | €3,000 | €5,578 | +€2,578 | +85.9% |
| Current investments | 50/53 | €35,000 | €15,040 | -€19,960 | -57.0% |
| Cash at bank and in hand | 54/58 | €29,525 | €12,350 | -€17,175 | -58.2% |
| Deferred charges and accrued income | 490/1 | €14,888 | €2,506 | -€12,382 | -83.2% |
| Total equity and liabilities | 10/49 | €140,660 | €41,075 | -€99,585 | -70.8% |
| Equity | 10/15 | €123,889 | €36,388 | -€87,501 | -70.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €120,889 | €94,972 | -€25,917 | -21.4% |
| Distributable reserves | 133 | €120,889 | €94,972 | -€25,917 | -21.4% |
| Profit (loss) carried forward | 14 | - | -€61,584 | -€61,584 | |
| Amounts payable | 17/49 | €16,771 | €4,687 | -€12,084 | -72.1% |
| Amounts payable within one year | 42/48 | €16,771 | €4,687 | -€12,084 | -72.1% |
| Trade debts | 44 | €3,386 | €1,383 | -€2,003 | -59.2% |
| Suppliers | 440/4 | €3,386 | €1,383 | -€2,003 | -59.2% |
| Taxes, remuneration and social security | 45 | €8,724 | €2,857 | -€5,866 | -67.2% |
| Taxes | 450/3 | €6,296 | €2,857 | -€3,439 | -54.6% |
| Remuneration and social security | 454/9 | €2,427 | - | -€2,427 | |
| Other amounts payable | 47/48 | €4,662 | €446 | -€4,215 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,321 | €1,408 | +€87 | +6.6% |
| Other operating charges | 640/8 | €739 | €688 | -€51 | -6.9% |
| Gross operating margin | 9900 | €12,987 | -€56,174 | -€69,161 | |
| Operating profit (loss) | 9901 | €10,927 | -€58,270 | -€69,197 | |
| Financial income | 75/76B | €1,469 | €844 | -€626 | -42.6% |
| Recurring financial income | 75 | €1,469 | €844 | -€626 | -42.6% |
| Financial charges | 65/66B | €836 | €3,748 | +€2,912 | +348.2% |
| Recurring financial charges | 65 | €836 | €3,748 | +€2,912 | +348.2% |
| Profit (loss) for the period before taxes | 9903 | €11,560 | -€61,174 | -€72,734 | |
| Income taxes | 67/77 | €2,825 | €410 | -€2,415 | -85.5% |
| Profit (loss) for the period | 9904 | €8,735 | -€61,584 | -€70,320 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,735 | -€61,584 | -€70,320 |
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 1 October 2026 via checked.be.