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 +€21,552
new in 2025: €21,552
of which Trade receivables: +€19,166
- Cash +€20,371
up €20,371 (+683.3%), from €2,981 to €23,353
mainly Net result for the year (+€54,168) and Debts after one year (+€35,054)
- Other debts -€64,084
down €64,084 (-100.0%), from €64,084 to €0
- Reserves +€54,168
up €54,168 (+37.8%), from €143,120 to €197,289
of which Distributable reserves: +€56,398
- Debts after one year +€35,054
up €35,054 (+22.2%), from €158,107 to €193,161
- Current portion of long-term debt +€11,645
up €11,645 (+23.0%), from €50,591 to €62,236
- Tax, wage and social debts +€4,944
up €4,944 (+63.1%), from €7,829 to €12,773
of which Taxes: +€4,944
- Financial income +€4,000
up €4,000 (+11.1%), from €36,000 to €40,000
- Taxes +€1,499
up €1,499 (+11.4%), from €13,144 to €14,643
- Financial charges -€1,181
down €1,181 (-9.8%), from €12,038 to €10,857
- Staff costs +€960
new in 2025: €960
- Gross operating margin +€473
up €473 (+1.1%), from €42,858 to €43,330
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 | €446,097 | €489,751 | +€43,654 | +9.8% |
| Fixed assets | 21/28 | €443,115 | €444,847 | +€1,731 | +0.4% |
| Tangible fixed assets | 22/27 | €3,115 | €4,847 | +€1,731 | +55.6% |
| Plant, machinery and equipment | 23 | €2,035 | €4,248 | +€2,213 | +108.7% |
| Furniture and vehicles | 24 | €1,080 | €598 | -€482 | -44.6% |
| Financial fixed assets | 28 | €440,000 | €440,000 | = | 0.0% |
| Current assets | 29/58 | €2,981 | €44,904 | +€41,923 | +1406.1% |
| Amounts receivable within one year | 40/41 | - | €21,552 | +€21,552 | |
| Trade receivables | 40 | - | €19,166 | +€19,166 | |
| Other amounts receivable | 41 | - | €2,385 | +€2,385 | |
| Cash at bank and in hand | 54/58 | €2,981 | €23,353 | +€20,371 | +683.3% |
| Total equity and liabilities | 10/49 | €446,097 | €489,751 | +€43,654 | +9.8% |
| Equity | 10/15 | €161,720 | €215,889 | +€54,168 | +33.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,120 | €197,289 | +€54,168 | +37.8% |
| Tax-exempt reserves | 132 | €2,230 | €0 | -€2,230 | -100.0% |
| Distributable reserves | 133 | €140,890 | €197,289 | +€56,398 | +40.0% |
| Amounts payable | 17/49 | €284,376 | €273,862 | -€10,514 | -3.7% |
| Amounts payable after more than one year | 17 | €158,107 | €193,161 | +€35,054 | +22.2% |
| Financial debts | 170/4 | €158,107 | €193,161 | +€35,054 | +22.2% |
| Amounts payable within one year | 42/48 | €126,269 | €80,702 | -€45,567 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €50,591 | €62,236 | +€11,645 | +23.0% |
| Financial debts | 43 | €3,041 | €1,862 | -€1,179 | -38.8% |
| Credit institutions | 430/8 | €3,041 | €1,862 | -€1,179 | -38.8% |
| Trade debts | 44 | €724 | €3,831 | +€3,107 | +429.3% |
| Suppliers | 440/4 | €724 | €3,831 | +€3,107 | +429.3% |
| Taxes, remuneration and social security | 45 | €7,829 | €12,773 | +€4,944 | +63.1% |
| Taxes | 450/3 | €7,829 | €12,773 | +€4,944 | +63.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €64,084 | €0 | -€64,084 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €960 | +€960 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,154 | €1,449 | +€294 | +25.5% |
| Other operating charges | 640/8 | €1,694 | €1,254 | -€441 | -26.0% |
| Non-recurring operating charges | 66A | €184 | €0 | -€184 | -100.0% |
| Gross operating margin | 9900 | €42,858 | €43,330 | +€473 | +1.1% |
| Operating profit (loss) | 9901 | €39,825 | €39,668 | -€157 | -0.4% |
| Financial income | 75/76B | €36,000 | €40,000 | +€4,000 | +11.1% |
| Recurring financial income | 75 | €36,000 | €40,000 | +€4,000 | +11.1% |
| Financial charges | 65/66B | €12,038 | €10,857 | -€1,181 | -9.8% |
| Recurring financial charges | 65 | €12,038 | €10,857 | -€1,181 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €63,787 | €68,811 | +€5,024 | +7.9% |
| Income taxes | 67/77 | €13,144 | €14,643 | +€1,499 | +11.4% |
| Profit (loss) for the period | 9904 | €50,643 | €54,168 | +€3,525 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,643 | €54,168 | +€3,525 | +7.0% |
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 6 October 2026 via checked.be.