CODEL: 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.
What changed
CODEL
NACE 46.810, Wholesale of solid, liquid and gaseous fuels and related products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€383,660
2024 · -€1.3m+€1.6m
Equity
€2.3m
2024 · €1.9m+€383,660
Cash
€880,254
2024 · €318,533+€561,721
Balance sheet total
€10.6m
2024 · €11.3m-€737,105
Largest movements
Assets
- Financial fixed assets -€1.0m
down €1.0m (-32.6%), from €3.1m to €2.1m
- Deferred charges and accrued income -€595,917
down €595,917 (-49.9%), from €1.2m to €597,903
- Cash +€561,721
up €561,721 (+176%), from €318,533 to €880,254
mainly Investment in fixed assets (net) (+€1.0m) and Deferred charges and accrued income (+€595,917)
- Receivables within one year +€205,155
up €205,155 (+3.1%), from €6.5m to €6.8m
of which Trade receivables: +€747,427
- Stocks and contracts +€129,499
up €129,499 (+140%), from €92,565 to €222,064
Equity and liabilities
- Trade debts -€885,249
down €885,249 (-11.7%), from €7.6m to €6.7m
- Short-term financial debts -€500,000
down €500,000 (-100%), from €500,000 to €0
- Profit (loss) carried forward +€383,660
up €383,660 (+33.7%), from -€1.1m to -€756,108
- Tax, wage and social debts +€143,591
up €143,591 (+572%), from €25,114 to €168,705
of which Taxes: +€142,792
- Accrued charges and deferred income +€120,893
up €120,893 (+9.2%), from €1.3m to €1.4m
Income statement
- Goods and materials -€2.3m
down €2.3m (-8.5%), from €26.5m to €24.3m
of which Purchases: -€1.6m
- Turnover -€1.8m
down €1.8m (-6.1%), from €28.6m to €26.8m
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.
Result 2024
-€1.3m
Turnover
-€1.8m
Other operating income
-€1,622
Goods and materials
+€2.3m
Services and other goods
-€77,244
Staff costs
-€14,190
Depreciation
+€6,946
Write-downs
+€43,726
Other operating charges
-€211,506
Other operating items
+€1.4m
Financial income
-€76,826
Financial charges
+€118,111
Taxes
+€142
Result 2025
€383,660
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€44,796
Investment
+€1.0m
Financing
-€500,000
Cash 2024
€318,533
From operations (derived)
+€44,796
Net result for the year
+€383,660
Depreciation
+€20,638
Stocks and contracts
-€129,499
Receivables within one year
-€205,155
Deferred charges and accrued income
+€595,917
Trade debts
-€885,249
Tax, wage and social debts
+€143,591
Accrued charges and deferred income
+€120,893
Investment (derived)
+€1.0m
Investment in fixed assets (net)
+€1.0m
Financing
-€500,000
Short-term financial debts
-€500,000
Cash 2025
€880,254
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,303,063 | €10,565,958 | -€737,105 | -6.5% |
| Fixed assets | 21/28 | €3,150,014 | €2,112,451 | -€1.0m | -32.9% |
| Intangible fixed assets | 21 | €30,206 | €9,568 | -€20,638 | -68.3% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €3,119,808 | €2,102,883 | -€1.0m | -32.6% |
| Other financial fixed assets | 284/8 | €3,119,808 | €2,102,883 | -€1.0m | -32.6% |
| Amounts receivable and cash guarantees | 285/8 | €3,119,808 | €2,102,883 | -€1.0m | -32.6% |
| Current assets | 29/58 | €8,153,049 | €8,453,507 | +€300,458 | +3.7% |
| Stocks and contracts in progress | 3 | €92,565 | €222,064 | +€129,499 | +140% |
| Stocks | 30/36 | €92,565 | €222,064 | +€129,499 | +140% |
| Goods purchased for resale | 34 | €92,565 | €222,064 | +€129,499 | +140% |
| Amounts receivable within one year | 40/41 | €6,548,132 | €6,753,287 | +€205,155 | +3.1% |
| Trade receivables | 40 | €5,851,617 | €6,599,044 | +€747,427 | +12.8% |
| Other amounts receivable | 41 | €696,515 | €154,243 | -€542,272 | -77.9% |
| Current investments | 50/53 | €0 | €0 | = | |
| Other investments | 51/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €318,533 | €880,254 | +€561,721 | +176% |
| Deferred charges and accrued income | 490/1 | €1,193,819 | €597,903 | -€595,917 | -49.9% |
| Total equity and liabilities | 10/49 | €11,303,063 | €10,565,958 | -€737,105 | -6.5% |
| Equity | 10/15 | €1,887,732 | €2,271,392 | +€383,660 | +20.3% |
| Contributions | 10/11 | €3,025,000 | €3,025,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,139,768 | -€756,108 | +€383,660 | +33.7% |
| Amounts payable | 17/49 | €9,415,331 | €8,294,566 | -€1.1m | -11.9% |
| Amounts payable after more than one year | 17 | €18,765 | €18,765 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Subordinated loans | 170 | €0 | - | = | |
| Other amounts payable | 178/9 | €18,765 | €18,765 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,084,370 | €6,842,712 | -€1.2m | -15.4% |
| Financial debts | 43 | €500,000 | €0 | -€500,000 | -100% |
| Credit institutions | 430/8 | €500,000 | €0 | -€500,000 | -100% |
| Trade debts | 44 | €7,559,256 | €6,674,007 | -€885,249 | -11.7% |
| Suppliers | 440/4 | €7,559,256 | €6,674,007 | -€885,249 | -11.7% |
| Taxes, remuneration and social security | 45 | €25,114 | €168,705 | +€143,591 | +572% |
| Taxes | 450/3 | €5,101 | €147,893 | +€142,792 | +2,799% |
| Remuneration and social security | 454/9 | €20,013 | €20,812 | +€799 | +4.0% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €1,312,196 | €1,433,089 | +€120,893 | +9.2% |
| Operating income | 70/76A | €28,631,788 | €26,816,890 | -€1.8m | -6.3% |
| Turnover | 70 | €28,558,716 | €26,802,743 | -€1.8m | -6.1% |
| Other operating income | 74 | €13,742 | €12,120 | -€1,622 | -11.8% |
| Non-recurring operating income | 76A | €59,331 | €2,027 | -€57,303 | -96.6% |
| Operating charges | 60/66A | €29,839,704 | €26,418,362 | -€3.4m | -11.5% |
| Goods for resale, raw materials and consumables | 60 | €26,542,059 | €24,290,368 | -€2.3m | -8.5% |
| Purchases | 600/8 | €25,987,679 | €24,419,867 | -€1.6m | -6.0% |
| Change in stocks: decrease (increase) | 609 | €554,380 | -€129,499 | -€683,879 | |
| Services and other goods | 61 | €575,024 | €652,268 | +€77,244 | +13.4% |
| Remuneration, social security and pensions | 62 | €137,723 | €151,913 | +€14,190 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,584 | €20,638 | -€6,946 | -25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,562 | -€35,164 | -€43,726 | |
| Other operating charges | 640/8 | €1,126,207 | €1,337,713 | +€211,506 | +18.8% |
| Non-recurring operating charges | 66A | €1,422,545 | €626 | -€1.4m | -100.0% |
| Operating profit (loss) | 9901 | -€1,207,916 | €398,529 | +€1.6m | |
| Financial income | 75/76B | €115,820 | €38,994 | -€76,826 | -66.3% |
| Recurring financial income | 75 | €115,820 | €38,994 | -€76,826 | -66.3% |
| Income from financial fixed assets | 750 | €115,819 | €38,989 | -€76,830 | -66.3% |
| Income from current assets | 751 | - | €0 | +€0 | |
| Other financial income | 752/9 | €1 | €5 | +€5 | +755% |
| Financial charges | 65/66B | €171,371 | €53,261 | -€118,111 | -68.9% |
| Recurring financial charges | 65 | €171,371 | €53,261 | -€118,111 | -68.9% |
| Debt charges | 650 | €126,514 | €16,454 | -€110,059 | -87.0% |
| Other financial charges | 652/9 | €44,858 | €36,806 | -€8,051 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,263,467 | €384,262 | +€1.6m | |
| Income taxes | 67/77 | €744 | €602 | -€142 | -19.1% |
| Taxes | 670/3 | €744 | €738 | -€5 | -0.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €137 | +€137 | |
| Profit (loss) for the period | 9904 | -€1,264,211 | €383,660 | +€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,264,211 | €383,660 | +€1.6m |
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 30 October 2026 via checked.be.