CODEFCO: 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.
CODEFCO
Largest movements
- Stocks and contracts +€18,733
up €18,733 (+277.5%), from €6,750 to €25,483
- Current investments +€12,156
up €12,156 (+4.9%), from €249,682 to €261,838
- Tangible fixed assets +€9,471
up €9,471 (+2671.2%), from €355 to €9,826
- Cash -€9,356
down €9,356 (-9.4%), from €100,023 to €90,667
mainly Contributions, distributions and other (-€125,000) and Stocks and contracts (-€18,733)
- Deferred charges and accrued income -€8,162
down €8,162 (-11.1%), from €73,331 to €65,169
- Trade debts +€30,593
up €30,593 (+66.0%), from €46,359 to €76,952
- Profit (loss) carried forward -€21,513
down €21,513 (-8.4%), from €255,198 to €233,685
- Tax, wage and social debts +€8,220
up €8,220 (+58.2%), from €14,133 to €22,353
of which Taxes: +€6,445
- Financial income -€39,985
down €39,985 (-70.1%), from €57,022 to €17,037
- Gross operating margin -€27,772
down €27,772 (-8.7%), from €319,331 to €291,559
- Taxes -€18,440
down €18,440 (-35.9%), from €51,419 to €32,980
- Other operating charges +€3,862
up €3,862 (+97.1%), from €3,976 to €7,838
- Financial charges +€3,733
up €3,733 (+134.5%), from €2,776 to €6,509
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 | €529,578 | €546,912 | +€17,334 | +3.3% |
| Fixed assets | 21/28 | €355 | €9,826 | +€9,471 | +2671.2% |
| Tangible fixed assets | 22/27 | €355 | €9,826 | +€9,471 | +2671.2% |
| Plant, machinery and equipment | 23 | €355 | €9,826 | +€9,471 | +2671.2% |
| Current assets | 29/58 | €529,223 | €537,087 | +€7,863 | +1.5% |
| Stocks and contracts in progress | 3 | €6,750 | €25,483 | +€18,733 | +277.5% |
| Stocks | 30/36 | €6,750 | €25,483 | +€18,733 | +277.5% |
| Amounts receivable within one year | 40/41 | €99,438 | €93,929 | -€5,508 | -5.5% |
| Trade receivables | 40 | €94,764 | €93,607 | -€1,157 | -1.2% |
| Other amounts receivable | 41 | €4,674 | €322 | -€4,352 | -93.1% |
| Current investments | 50/53 | €249,682 | €261,838 | +€12,156 | +4.9% |
| Cash at bank and in hand | 54/58 | €100,023 | €90,667 | -€9,356 | -9.4% |
| Deferred charges and accrued income | 490/1 | €73,331 | €65,169 | -€8,162 | -11.1% |
| Total equity and liabilities | 10/49 | €529,578 | €546,912 | +€17,334 | +3.3% |
| Equity | 10/15 | €468,176 | €446,662 | -€21,513 | -4.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €193,977 | €193,977 | = | 0.0% |
| Tax-exempt reserves | 132 | €128,015 | €128,015 | = | 0.0% |
| Distributable reserves | 133 | €65,962 | €65,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,198 | €233,685 | -€21,513 | -8.4% |
| Amounts payable | 17/49 | €61,402 | €100,250 | +€38,848 | +63.3% |
| Amounts payable within one year | 42/48 | €60,492 | €99,305 | +€38,813 | +64.2% |
| Trade debts | 44 | €46,359 | €76,952 | +€30,593 | +66.0% |
| Suppliers | 440/4 | €46,359 | €76,952 | +€30,593 | +66.0% |
| Taxes, remuneration and social security | 45 | €14,133 | €22,353 | +€8,220 | +58.2% |
| Taxes | 450/3 | €614 | €7,059 | +€6,445 | +1049.6% |
| Remuneration and social security | 454/9 | €13,519 | €15,294 | +€1,775 | +13.1% |
| Accrued charges and deferred income | 492/3 | €910 | €945 | +€35 | +3.8% |
| Remuneration, social security and pensions | 62 | €155,295 | €154,971 | -€324 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €387 | €2,811 | +€2,424 | +626.7% |
| Other operating charges | 640/8 | €3,976 | €7,838 | +€3,862 | +97.1% |
| Gross operating margin | 9900 | €319,331 | €291,559 | -€27,772 | -8.7% |
| Operating profit (loss) | 9901 | €159,673 | €125,938 | -€33,735 | -21.1% |
| Financial income | 75/76B | €57,022 | €17,037 | -€39,985 | -70.1% |
| Recurring financial income | 75 | €57,022 | €17,037 | -€39,985 | -70.1% |
| Financial charges | 65/66B | €2,776 | €6,509 | +€3,733 | +134.5% |
| Recurring financial charges | 65 | €2,776 | €6,509 | +€3,733 | +134.5% |
| Profit (loss) for the period before taxes | 9903 | €213,919 | €136,466 | -€77,453 | -36.2% |
| Income taxes | 67/77 | €51,419 | €32,980 | -€18,440 | -35.9% |
| Profit (loss) for the period | 9904 | €162,500 | €103,487 | -€59,013 | -36.3% |
| Transfer to tax-exempt reserves | 689 | €90,515 | - | -€90,515 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,985 | €103,487 | +€31,502 | +43.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.