CODEGO: 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.
CODEGO
Largest movements
- Tangible fixed assets +€240,223
up €240,223 (+2,293%), from €10,476 to €250,700
of which Land and buildings: +€243,881
- Cash -€67,818
down €67,818 (-63.5%), from €106,873 to €39,055
mainly Investment in fixed assets (net) (-€279,271) and Receivables within one year (-€12,966)
- Receivables within one year +€12,966
up €12,966 (+65.4%), from €19,839 to €32,805
of which Other amounts receivable: +€7,619
- Debts after one year +€198,407
new in 2025: €198,407
- Tax, wage and social debts -€12,250
down €12,250 (-67.7%), from €18,085 to €5,835
- Other debts -€11,750
down €11,750 (-35.1%), from €33,500 to €21,750
- Current portion of long-term debt +€7,864
new in 2025: €7,864
- Depreciation +€35,721
up €35,721 (+1,074%), from €3,327 to €39,048
- Taxes -€8,270
down €8,270 (-81.3%), from €10,169 to €1,899
- Gross operating margin +€8,175
up €8,175 (+16.0%), from €51,150 to €59,325
- Other operating charges +€7,602
up €7,602 (+1,342%), from €566 to €8,168
- Financial charges +€5,406
up €5,406 (+317%), from €1,706 to €7,112
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 | €138,582 | €323,704 | +€185,122 | +134% |
| Fixed assets | 21/28 | €10,476 | €250,700 | +€240,223 | +2,293% |
| Tangible fixed assets | 22/27 | €10,476 | €250,700 | +€240,223 | +2,293% |
| Land and buildings | 22 | - | €243,881 | +€243,881 | |
| Plant, machinery and equipment | 23 | €849 | €546 | -€303 | -35.7% |
| Furniture and vehicles | 24 | €9,628 | €6,273 | -€3,355 | -34.8% |
| Current assets | 29/58 | €128,106 | €73,004 | -€55,101 | -43.0% |
| Amounts receivable within one year | 40/41 | €19,839 | €32,805 | +€12,966 | +65.4% |
| Trade receivables | 40 | €19,785 | €25,132 | +€5,347 | +27.0% |
| Other amounts receivable | 41 | €54 | €7,673 | +€7,619 | +14,076% |
| Cash at bank and in hand | 54/58 | €106,873 | €39,055 | -€67,818 | -63.5% |
| Deferred charges and accrued income | 490/1 | €1,394 | €1,144 | -€250 | -17.9% |
| Total equity and liabilities | 10/49 | €138,582 | €323,704 | +€185,122 | +134% |
| Equity | 10/15 | €86,277 | €89,376 | +€3,099 | +3.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €56,120 | €56,120 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €55,500 | €55,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,957 | €27,056 | +€3,099 | +12.9% |
| Amounts payable | 17/49 | €52,305 | €234,329 | +€182,023 | +348% |
| Amounts payable after more than one year | 17 | - | €198,407 | +€198,407 | |
| Financial debts | 170/4 | - | €198,407 | +€198,407 | |
| Amounts payable within one year | 42/48 | €52,305 | €35,922 | -€16,383 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,864 | +€7,864 | |
| Trade debts | 44 | €720 | €473 | -€247 | -34.4% |
| Suppliers | 440/4 | €720 | €473 | -€247 | -34.4% |
| Taxes, remuneration and social security | 45 | €18,085 | €5,835 | -€12,250 | -67.7% |
| Taxes | 450/3 | €18,085 | €5,835 | -€12,250 | -67.7% |
| Other amounts payable | 47/48 | €33,500 | €21,750 | -€11,750 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,327 | €39,048 | +€35,721 | +1,074% |
| Other operating charges | 640/8 | €566 | €8,168 | +€7,602 | +1,342% |
| Gross operating margin | 9900 | €51,150 | €59,325 | +€8,175 | +16.0% |
| Operating profit (loss) | 9901 | €47,257 | €12,109 | -€35,148 | -74.4% |
| Financial charges | 65/66B | €1,706 | €7,112 | +€5,406 | +317% |
| Recurring financial charges | 65 | €1,706 | €7,112 | +€5,406 | +317% |
| Profit (loss) for the period before taxes | 9903 | €45,552 | €4,997 | -€40,554 | -89.0% |
| Income taxes | 67/77 | €10,169 | €1,899 | -€8,270 | -81.3% |
| Profit (loss) for the period | 9904 | €35,383 | €3,099 | -€32,284 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,383 | €3,099 | -€32,284 | -91.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.