CODEL: 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.
CODEL
Largest movements
- Receivables within one year +€22,139
up €22,139 (+45.5%), from €48,631 to €70,771
of which Other amounts receivable: +€20,802
- Tangible fixed assets -€6,685
down €6,685 (-49.1%), from €13,611 to €6,926
of which Furniture and vehicles: -€6,325
- Cash -€4,983
down €4,983 (-52.0%), from €9,587 to €4,605
mainly Receivables within one year (-€22,139) and Tax, wage and social debts (-€9,210)
- Advances received +€14,000
up €14,000 (+5894.7%), from €238 to €14,238
- Reserves +€11,365
up €11,365 (+122.5%), from €9,276 to €20,641
of which Distributable reserves: +€11,365
- Tax, wage and social debts -€9,210
down €9,210 (-57.3%), from €16,065 to €6,856
- Current portion of long-term debt -€3,840
down €3,840 (-66.3%), from €5,788 to €1,949
- Debts after one year -€1,949
no longer reported in 2025 (was €1,949)
- Gross operating margin -€10,204
down €10,204 (-31.4%), from €32,543 to €22,340
- Depreciation +€1,816
up €1,816 (+37.3%), from €4,869 to €6,685
- Taxes -€1,317
down €1,317 (-19.1%), from €6,899 to €5,582
- Financial income +€866
up €866 (+39.2%), from €2,209 to €3,075
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 | €71,830 | €82,301 | +€10,472 | +14.6% |
| Fixed assets | 21/28 | €13,611 | €6,926 | -€6,685 | -49.1% |
| Tangible fixed assets | 22/27 | €13,611 | €6,926 | -€6,685 | -49.1% |
| Furniture and vehicles | 24 | €10,294 | €3,969 | -€6,325 | -61.4% |
| Other tangible fixed assets | 26 | €3,316 | €2,957 | -€360 | -10.8% |
| Current assets | 29/58 | €58,219 | €75,375 | +€17,157 | +29.5% |
| Amounts receivable within one year | 40/41 | €48,631 | €70,771 | +€22,139 | +45.5% |
| Trade receivables | 40 | €1,624 | €2,960 | +€1,337 | +82.3% |
| Other amounts receivable | 41 | €47,008 | €67,810 | +€20,802 | +44.3% |
| Cash at bank and in hand | 54/58 | €9,587 | €4,605 | -€4,983 | -52.0% |
| Total equity and liabilities | 10/49 | €71,830 | €82,301 | +€10,472 | +14.6% |
| Equity | 10/15 | €46,898 | €58,264 | +€11,365 | +24.2% |
| Reserves | 13 | €9,276 | €20,641 | +€11,365 | +122.5% |
| Tax-exempt reserves | 132 | €6,921 | €6,921 | = | 0.0% |
| Distributable reserves | 133 | €2,355 | €13,720 | +€11,365 | +482.6% |
| Profit (loss) carried forward | 14 | €37,622 | €37,622 | = | 0.0% |
| Amounts payable | 17/49 | €24,931 | €24,038 | -€894 | -3.6% |
| Amounts payable after more than one year | 17 | €1,949 | - | -€1,949 | |
| Financial debts | 170/4 | €1,949 | - | -€1,949 | |
| Amounts payable within one year | 42/48 | €22,983 | €24,038 | +€1,055 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €5,788 | €1,949 | -€3,840 | -66.3% |
| Trade debts | 44 | €891 | €996 | +€105 | +11.7% |
| Suppliers | 440/4 | €891 | €996 | +€105 | +11.7% |
| Advances received on contracts in progress | 46 | €238 | €14,238 | +€14,000 | +5894.7% |
| Taxes, remuneration and social security | 45 | €16,065 | €6,856 | -€9,210 | -57.3% |
| Taxes | 450/3 | €16,065 | €6,856 | -€9,210 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,869 | €6,685 | +€1,816 | +37.3% |
| Other operating charges | 640/8 | €1,118 | €1,233 | +€115 | +10.3% |
| Gross operating margin | 9900 | €32,543 | €22,340 | -€10,204 | -31.4% |
| Operating profit (loss) | 9901 | €26,557 | €14,422 | -€12,135 | -45.7% |
| Financial income | 75/76B | €2,209 | €3,075 | +€866 | +39.2% |
| Recurring financial income | 75 | €2,209 | €3,075 | +€866 | +39.2% |
| Financial charges | 65/66B | €638 | €550 | -€88 | -13.8% |
| Recurring financial charges | 65 | €638 | €550 | -€88 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €28,128 | €16,948 | -€11,180 | -39.7% |
| Income taxes | 67/77 | €6,899 | €5,582 | -€1,317 | -19.1% |
| Profit (loss) for the period | 9904 | €21,229 | €11,365 | -€9,864 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,229 | €11,365 | -€9,864 | -46.5% |
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.