CODEGCO: 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.
CODEGCO
Largest movements
- Tangible fixed assets +€270,626
up €270,626 (+93.7%), from €288,939 to €559,565
- Cash -€7,365
down €7,365 (-18.0%), from €40,870 to €33,505
mainly Investment in fixed assets (net) (-€297,829) and Contributions, distributions and other (-€70,000)
- Debts after one year +€149,458
up €149,458 (+108%), from €138,685 to €288,143
- Other debts +€108,058
up €108,058 (+661%), from €16,350 to €124,408
- Profit (loss) carried forward -€11,424
down €11,424 (-33.4%), from €34,187 to €22,763
- Current portion of long-term debt +€10,231
up €10,231 (+94.7%), from €10,799 to €21,031
- Turnover -€135,000
no longer reported in 2025 (was €135,000)
- Purchases and services -€48,849
no longer reported in 2025 (was €48,849)
- Depreciation +€21,928
up €21,928 (+416%), from €5,275 to €27,203
- Gross operating margin +€17,037
up €17,037 (+17.4%), from €97,765 to €114,803
- Taxes -€5,294
down €5,294 (-20.6%), from €25,723 to €20,428
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 | €364,610 | €626,697 | +€262,087 | +71.9% |
| Fixed assets | 21/28 | €289,336 | €559,962 | +€270,626 | +93.5% |
| Tangible fixed assets | 22/27 | €288,939 | €559,565 | +€270,626 | +93.7% |
| Other tangible fixed assets | 26 | €288,939 | €559,565 | +€270,626 | +93.7% |
| Financial fixed assets | 28 | €397 | €397 | = | 0.0% |
| Current assets | 29/58 | €75,275 | €66,735 | -€8,539 | -11.3% |
| Amounts receivable within one year | 40/41 | €32,287 | €31,606 | -€681 | -2.1% |
| Trade receivables | 40 | €30,259 | €31,606 | +€1,348 | +4.5% |
| Other amounts receivable | 41 | €2,029 | - | -€2,029 | |
| Cash at bank and in hand | 54/58 | €40,870 | €33,505 | -€7,365 | -18.0% |
| Deferred charges and accrued income | 490/1 | €2,117 | €1,624 | -€494 | -23.3% |
| Total equity and liabilities | 10/49 | €364,610 | €626,697 | +€262,087 | +71.9% |
| Equity | 10/15 | €183,353 | €171,929 | -€11,424 | -6.2% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €147,966 | €147,966 | = | 0.0% |
| Distributable reserves | 133 | €147,966 | €147,966 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,187 | €22,763 | -€11,424 | -33.4% |
| Amounts payable | 17/49 | €181,257 | €454,768 | +€273,511 | +151% |
| Amounts payable after more than one year | 17 | €138,685 | €288,143 | +€149,458 | +108% |
| Financial debts | 170/4 | €138,685 | €288,143 | +€149,458 | +108% |
| Amounts payable within one year | 42/48 | €42,572 | €166,625 | +€124,053 | +291% |
| Current portion of amounts payable after more than one year | 42 | €10,799 | €21,031 | +€10,231 | +94.7% |
| Trade debts | 44 | €2,882 | €3,666 | +€784 | +27.2% |
| Suppliers | 440/4 | €2,882 | €3,666 | +€784 | +27.2% |
| Taxes, remuneration and social security | 45 | €12,541 | €17,521 | +€4,980 | +39.7% |
| Taxes | 450/3 | €10,489 | €15,469 | +€4,980 | +47.5% |
| Remuneration and social security | 454/9 | €2,052 | €2,052 | = | 0.0% |
| Other amounts payable | 47/48 | €16,350 | €124,408 | +€108,058 | +661% |
| Turnover | 70 | €135,000 | - | -€135,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €48,849 | - | -€48,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,275 | €27,203 | +€21,928 | +416% |
| Other operating charges | 640/8 | €2,170 | €2,406 | +€236 | +10.9% |
| Gross operating margin | 9900 | €97,765 | €114,803 | +€17,037 | +17.4% |
| Operating profit (loss) | 9901 | €90,320 | €85,194 | -€5,126 | -5.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,749 | €6,190 | +€3,442 | +125% |
| Recurring financial charges | 65 | €2,749 | €6,190 | +€3,442 | +125% |
| Profit (loss) for the period before taxes | 9903 | €87,572 | €79,004 | -€8,568 | -9.8% |
| Income taxes | 67/77 | €25,723 | €20,428 | -€5,294 | -20.6% |
| Profit (loss) for the period | 9904 | €61,849 | €58,576 | -€3,273 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,849 | €58,576 | -€3,273 | -5.3% |
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 22 October 2026 via checked.be.