CODEER: 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.
CODEER
Largest movements
- Receivables within one year +€75,529
up €75,529 (+76.5%), from €98,680 to €174,209
of which Trade receivables: +€83,826
- Cash -€70,101
down €70,101 (-45.3%), from €154,675 to €84,574
mainly Receivables within one year (-€75,529) and Trade debts (-€67,880)
- Tangible fixed assets -€3,444
down €3,444 (-59.0%), from €5,837 to €2,393
- Trade debts -€67,880
down €67,880 (-55.9%), from €121,481 to €53,601
- Reserves +€42,345
up €42,345 (+39.8%), from €106,388 to €148,734
of which Distributable reserves: +€42,345
- Tax, wage and social debts +€28,615
up €28,615 (+94.6%), from €30,255 to €58,870
of which Taxes: +€35,882
- Gross operating margin +€56,909
up €56,909 (+30.5%), from €186,422 to €243,331
- Taxes +€17,089
up €17,089 (+421%), from €4,061 to €21,150
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.
Derived cash bridge
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 | €269,706 | €272,444 | +€2,738 | +1.0% |
| Fixed assets | 21/28 | €10,637 | €7,193 | -€3,444 | -32.4% |
| Tangible fixed assets | 22/27 | €5,837 | €2,393 | -€3,444 | -59.0% |
| Furniture and vehicles | 24 | €5,837 | €2,393 | -€3,444 | -59.0% |
| Financial fixed assets | 28 | €4,800 | €4,800 | = | 0.0% |
| Current assets | 29/58 | €259,069 | €265,250 | +€6,181 | +2.4% |
| Amounts receivable within one year | 40/41 | €98,680 | €174,209 | +€75,529 | +76.5% |
| Trade receivables | 40 | €80,264 | €164,090 | +€83,826 | +104% |
| Other amounts receivable | 41 | €18,416 | €10,119 | -€8,296 | -45.0% |
| Cash at bank and in hand | 54/58 | €154,675 | €84,574 | -€70,101 | -45.3% |
| Deferred charges and accrued income | 490/1 | €5,714 | €6,467 | +€753 | +13.2% |
| Total equity and liabilities | 10/49 | €269,706 | €272,444 | +€2,738 | +1.0% |
| Equity | 10/15 | €112,588 | €154,934 | +€42,345 | +37.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,388 | €148,734 | +€42,345 | +39.8% |
| Non-distributable reserves | 130/1 | €984 | €984 | = | 0.0% |
| Reserves not available under the articles | 1311 | €984 | €984 | = | 0.0% |
| Distributable reserves | 133 | €105,405 | €147,750 | +€42,345 | +40.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €157,118 | €117,510 | -€39,608 | -25.2% |
| Amounts payable within one year | 42/48 | €156,718 | €117,077 | -€39,641 | -25.3% |
| Financial debts | 43 | €4,982 | €4,606 | -€376 | -7.6% |
| Credit institutions | 430/8 | €4,982 | €4,606 | -€376 | -7.6% |
| Trade debts | 44 | €121,481 | €53,601 | -€67,880 | -55.9% |
| Suppliers | 440/4 | €121,481 | €53,601 | -€67,880 | -55.9% |
| Taxes, remuneration and social security | 45 | €30,255 | €58,870 | +€28,615 | +94.6% |
| Taxes | 450/3 | €4,298 | €40,180 | +€35,882 | +835% |
| Remuneration and social security | 454/9 | €25,957 | €18,690 | -€7,267 | -28.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €399 | €433 | +€34 | +8.4% |
| Remuneration, social security and pensions | 62 | €173,593 | €172,419 | -€1,175 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,859 | €3,444 | +€584 | +20.4% |
| Other operating charges | 640/8 | €2,390 | €3,097 | +€707 | +29.6% |
| Gross operating margin | 9900 | €186,422 | €243,331 | +€56,909 | +30.5% |
| Operating profit (loss) | 9901 | €7,579 | €64,372 | +€56,792 | +749% |
| Financial income | 75/76B | €1 | €1 | -€0 | -4.0% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -4.0% |
| Financial charges | 65/66B | €500 | €877 | +€377 | +75.3% |
| Recurring financial charges | 65 | €500 | €877 | +€377 | +75.3% |
| Profit (loss) for the period before taxes | 9903 | €7,080 | €63,496 | +€56,416 | +797% |
| Income taxes | 67/77 | €4,061 | €21,150 | +€17,089 | +421% |
| Profit (loss) for the period | 9904 | €3,018 | €42,345 | +€39,327 | +1,303% |
| Profit (loss) for the period to be appropriated | 9905 | €3,018 | €42,345 | +€39,327 | +1,303% |
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 15 October 2026 via checked.be.