CODELA: 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.
CODELA
Largest movements
- Receivables within one year +€85,904
up €85,904 (+23.2%), from €370,784 to €456,688
of which Other amounts receivable: +€83,264
- Tangible fixed assets -€34,576
down €34,576 (-5.1%), from €674,153 to €639,577
of which Land and buildings: -€29,681
- Cash +€32,975
up €32,975 (+34.8%), from €94,890 to €127,865
mainly Net result for the year (+€96,304) and Depreciation (+€37,606)
- Reserves +€96,304
up €96,304 (+3.8%), from €2.5m to €2.6m
of which Distributable reserves: +€96,304
- Financial income -€101,878
down €101,878 (-72.1%), from €141,263 to €39,385
- Taxes -€45,893
down €45,893 (-48.2%), from €95,193 to €49,300
- Gross operating margin +€22,812
up €22,812 (+16.6%), from €137,086 to €159,898
- Depreciation +€6,481
up €6,481 (+20.8%), from €31,125 to €37,606
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 | €2,654,617 | €2,738,234 | +€83,617 | +3.1% |
| Fixed assets | 21/28 | €674,153 | €639,577 | -€34,576 | -5.1% |
| Tangible fixed assets | 22/27 | €674,153 | €639,577 | -€34,576 | -5.1% |
| Land and buildings | 22 | €637,080 | €607,399 | -€29,681 | -4.7% |
| Furniture and vehicles | 24 | €37,073 | €32,178 | -€4,895 | -13.2% |
| Current assets | 29/58 | €1,980,464 | €2,098,657 | +€118,193 | +6.0% |
| Amounts receivable within one year | 40/41 | €370,784 | €456,688 | +€85,904 | +23.2% |
| Trade receivables | 40 | €5,937 | €8,577 | +€2,640 | +44.5% |
| Other amounts receivable | 41 | €364,847 | €448,111 | +€83,264 | +22.8% |
| Current investments | 50/53 | €1,507,837 | €1,507,837 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €94,890 | €127,865 | +€32,975 | +34.8% |
| Deferred charges and accrued income | 490/1 | €6,953 | €6,267 | -€685 | -9.9% |
| Total equity and liabilities | 10/49 | €2,654,617 | €2,738,234 | +€83,617 | +3.1% |
| Equity | 10/15 | €2,551,504 | €2,647,808 | +€96,304 | +3.8% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €2,519,504 | €2,615,808 | +€96,304 | +3.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,519,504 | €2,615,808 | +€96,304 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €103,112 | €90,426 | -€12,687 | -12.3% |
| Amounts payable within one year | 42/48 | €100,844 | €86,663 | -€14,182 | -14.1% |
| Financial debts | 43 | €23,384 | €15,949 | -€7,435 | -31.8% |
| Credit institutions | 430/8 | €23,384 | €15,949 | -€7,435 | -31.8% |
| Trade debts | 44 | €4,684 | €6,612 | +€1,929 | +41.2% |
| Suppliers | 440/4 | €4,684 | €6,612 | +€1,929 | +41.2% |
| Taxes, remuneration and social security | 45 | €33,120 | €24,445 | -€8,675 | -26.2% |
| Taxes | 450/3 | €33,120 | €24,445 | -€8,675 | -26.2% |
| Other amounts payable | 47/48 | €39,656 | €39,656 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,268 | €3,763 | +€1,495 | +65.9% |
| Non-recurring operating income | 76A | €3,025 | €0 | -€3,025 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,125 | €37,606 | +€6,481 | +20.8% |
| Other operating charges | 640/8 | €14,555 | €14,580 | +€25 | +0.2% |
| Gross operating margin | 9900 | €137,086 | €159,898 | +€22,812 | +16.6% |
| Operating profit (loss) | 9901 | €91,406 | €107,712 | +€16,306 | +17.8% |
| Financial income | 75/76B | €141,263 | €39,385 | -€101,878 | -72.1% |
| Recurring financial income | 75 | €141,263 | €39,385 | -€101,878 | -72.1% |
| Financial charges | 65/66B | €2,489 | €1,493 | -€996 | -40.0% |
| Recurring financial charges | 65 | €2,489 | €1,493 | -€996 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €230,180 | €145,604 | -€84,576 | -36.7% |
| Income taxes | 67/77 | €95,193 | €49,300 | -€45,893 | -48.2% |
| Profit (loss) for the period | 9904 | €134,988 | €96,304 | -€38,684 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,988 | €96,304 | -€38,684 | -28.7% |
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 28 September 2026 via checked.be.