CODEFLOW: 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.
CODEFLOW
Largest movements
- Cash +€63,613
up €63,613 (+126.8%), from €50,167 to €113,780
mainly Net result for the year (+€64,363) and Other debts (+€22,500)
- Tangible fixed assets -€12,464
down €12,464 (-25.6%), from €48,730 to €36,266
of which Furniture and vehicles: -€11,684
- Current investments -€10,395
down €10,395 (-4.0%), from €258,829 to €248,434
- Other debts +€22,500
up €22,500 (+97.8%), from €23,000 to €45,500
- Reserves +€18,500
up €18,500 (+7.4%), from €251,500 to €270,000
- Tax, wage and social debts +€9,978
up €9,978 (+77.7%), from €12,834 to €22,812
- Debts after one year -€9,558
down €9,558 (-45.0%), from €21,245 to €11,687
- Financial income +€8,574
up €8,574 (+650.4%), from €1,318 to €9,892
- Taxes +€4,892
up €4,892 (+20.2%), from €24,165 to €29,057
- Gross operating margin -€3,180
down €3,180 (-3.1%), from €103,297 to €100,117
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 | €384,311 | €426,068 | +€41,757 | +10.9% |
| Fixed assets | 21/28 | €48,730 | €36,266 | -€12,464 | -25.6% |
| Tangible fixed assets | 22/27 | €48,730 | €36,266 | -€12,464 | -25.6% |
| Plant, machinery and equipment | 23 | €2,490 | €1,743 | -€746 | -30.0% |
| Furniture and vehicles | 24 | €46,139 | €34,455 | -€11,684 | -25.3% |
| Other tangible fixed assets | 26 | €101 | €67 | -€34 | -33.3% |
| Current assets | 29/58 | €335,581 | €389,803 | +€54,221 | +16.2% |
| Amounts receivable within one year | 40/41 | €26,321 | €27,329 | +€1,008 | +3.8% |
| Trade receivables | 40 | €20,591 | €25,617 | +€5,026 | +24.4% |
| Other amounts receivable | 41 | €5,730 | €1,712 | -€4,018 | -70.1% |
| Current investments | 50/53 | €258,829 | €248,434 | -€10,395 | -4.0% |
| Cash at bank and in hand | 54/58 | €50,167 | €113,780 | +€63,613 | +126.8% |
| Deferred charges and accrued income | 490/1 | €264 | €259 | -€5 | -1.9% |
| Total equity and liabilities | 10/49 | €384,311 | €426,068 | +€41,757 | +10.9% |
| Equity | 10/15 | €316,672 | €335,535 | +€18,863 | +6.0% |
| Reserves | 13 | €251,500 | €270,000 | +€18,500 | +7.4% |
| Distributable reserves | 133 | €251,500 | €270,000 | +€18,500 | +7.4% |
| Profit (loss) carried forward | 14 | €65,172 | €65,535 | +€363 | +0.6% |
| Amounts payable | 17/49 | €67,639 | €90,533 | +€22,894 | +33.8% |
| Amounts payable after more than one year | 17 | €21,245 | €11,687 | -€9,558 | -45.0% |
| Financial debts | 170/4 | €21,245 | €11,687 | -€9,558 | -45.0% |
| Amounts payable within one year | 42/48 | €46,095 | €78,847 | +€32,752 | +71.1% |
| Current portion of amounts payable after more than one year | 42 | €9,153 | €9,558 | +€405 | +4.4% |
| Trade debts | 44 | €1,108 | €976 | -€132 | -11.9% |
| Suppliers | 440/4 | €1,108 | €976 | -€132 | -11.9% |
| Taxes, remuneration and social security | 45 | €12,834 | €22,812 | +€9,978 | +77.7% |
| Taxes | 450/3 | €12,834 | €22,812 | +€9,978 | +77.7% |
| Other amounts payable | 47/48 | €23,000 | €45,500 | +€22,500 | +97.8% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,386 | €15,130 | +€744 | +5.2% |
| Other operating charges | 640/8 | €55 | €0 | -€55 | -99.5% |
| Non-recurring operating charges | 66A | - | €164 | +€164 | |
| Gross operating margin | 9900 | €103,297 | €100,117 | -€3,180 | -3.1% |
| Operating profit (loss) | 9901 | €88,855 | €84,823 | -€4,033 | -4.5% |
| Financial income | 75/76B | €1,318 | €9,892 | +€8,574 | +650.4% |
| Recurring financial income | 75 | €1,318 | €9,892 | +€8,574 | +650.4% |
| Financial charges | 65/66B | €1,870 | €1,294 | -€575 | -30.8% |
| Recurring financial charges | 65 | €1,870 | €1,294 | -€575 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €88,304 | €93,420 | +€5,116 | +5.8% |
| Income taxes | 67/77 | €24,165 | €29,057 | +€4,892 | +20.2% |
| Profit (loss) for the period | 9904 | €64,139 | €64,363 | +€224 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,139 | €64,363 | +€224 | +0.3% |
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 29 September 2026 via checked.be.