CODELAM BELGIUM: 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
CODELAM BELGIUM
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10,393
2024 · -€90,388+€100,781
Equity
€8.1m
2024 · €8.6m-€443,607
Cash
€122,089
2024 · €119,985+€2,104
Balance sheet total
€10.8m
2024 · €10.4m+€334,675
Largest movements
Assets
- Tangible fixed assets +€301,857
up €301,857 (+9.5%), from €3.2m to €3.5m
of which Plant, machinery and equipment: +€403,304
Equity and liabilities
- Reserves -€443,607
down €443,607 (-43.8%), from €1.0m to €569,240
of which Distributable reserves: -€438,421
- Other debts +€421,040
up €421,040 (+526.3%), from €80,000 to €501,040
- Debts after one year +€406,577
up €406,577 (+25.9%), from €1.6m to €2.0m
of which Financial debts: +€406,577
Income statement
- Financial income +€141,038
up €141,038 (+122.4%), from €115,233 to €256,270
- Depreciation +€26,615
up €26,615 (+21.6%), from €123,072 to €149,687
- Gross operating margin -€8,662
down €8,662 (-33.8%), from €25,642 to €16,980
- Financial charges +€3,227
up €3,227 (+3.9%), from €83,038 to €86,264
- Taxes +€1,070
up €1,070 (+211.6%), from €506 to €1,576
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
-€90,388
Gross operating margin
-€8,662
Depreciation
-€26,615
Other operating charges
-€682
Financial income
+€141,038
Financial charges
-€3,227
Taxes
-€1,070
Result 2025
€10,393
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.
From operations
+€506,848
Investment
-€460,037
Financing
-€44,707
Cash 2024
€119,985
From operations (derived)
+€506,848
Net result for the year
+€10,393
Depreciation
+€149,687
Receivables within one year
-€23,055
Deferred charges and accrued income
+€834
Provisions
-€2,670
Trade debts
-€24,744
Tax, wage and social debts
-€24,636
Other debts
+€421,040
Investment (derived)
-€460,037
Investment in fixed assets (net)
-€451,544
Current investments
-€8,492
Financing
-€44,707
Debts after one year
+€406,577
Current portion of long-term debt
+€2,716
Contributions, distributions and other
-€454,000
Cash 2025
€122,089
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,432,356 | €10,767,031 | +€334,675 | +3.2% |
| Fixed assets | 21/28 | €3,164,937 | €3,466,795 | +€301,857 | +9.5% |
| Tangible fixed assets | 22/27 | €3,164,537 | €3,466,395 | +€301,857 | +9.5% |
| Land and buildings | 22 | €2,871,252 | €2,785,841 | -€85,411 | -3.0% |
| Plant, machinery and equipment | 23 | €210,673 | €613,977 | +€403,304 | +191.4% |
| Furniture and vehicles | 24 | €82,612 | €66,577 | -€16,036 | -19.4% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €7,267,419 | €7,300,237 | +€32,818 | +0.5% |
| Amounts receivable within one year | 40/41 | €99,720 | €122,776 | +€23,055 | +23.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €99,720 | €122,776 | +€23,055 | +23.1% |
| Current investments | 50/53 | €7,043,095 | €7,051,587 | +€8,492 | +0.1% |
| Cash at bank and in hand | 54/58 | €119,985 | €122,089 | +€2,104 | +1.8% |
| Deferred charges and accrued income | 490/1 | €4,619 | €3,785 | -€834 | -18.1% |
| Total equity and liabilities | 10/49 | €10,432,356 | €10,767,031 | +€334,675 | +3.2% |
| Equity | 10/15 | €8,588,584 | €8,144,977 | -€443,607 | -5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,012,847 | €569,240 | -€443,607 | -43.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,142 | €63,957 | -€5,186 | -7.5% |
| Distributable reserves | 133 | €937,505 | €499,083 | -€438,421 | -46.8% |
| Profit (loss) carried forward | 14 | €7,513,737 | €7,513,737 | = | 0.0% |
| Provisions and deferred taxes | 16 | €35,603 | €32,933 | -€2,670 | -7.5% |
| Deferred taxes | 168 | €35,603 | €32,933 | -€2,670 | -7.5% |
| Amounts payable | 17/49 | €1,808,169 | €2,589,121 | +€780,952 | +43.2% |
| Amounts payable after more than one year | 17 | €1,568,737 | €1,975,314 | +€406,577 | +25.9% |
| Financial debts | 170/4 | €1,562,737 | €1,969,314 | +€406,577 | +26.0% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €235,433 | €609,808 | +€374,375 | +159.0% |
| Current portion of amounts payable after more than one year | 42 | €70,612 | €73,328 | +€2,716 | +3.8% |
| Trade debts | 44 | €42,131 | €17,386 | -€24,744 | -58.7% |
| Suppliers | 440/4 | €42,131 | €17,386 | -€24,744 | -58.7% |
| Taxes, remuneration and social security | 45 | €42,690 | €18,054 | -€24,636 | -57.7% |
| Taxes | 450/3 | €36,705 | €2,550 | -€34,155 | -93.1% |
| Remuneration and social security | 454/9 | €5,985 | €15,504 | +€9,518 | +159.0% |
| Other amounts payable | 47/48 | €80,000 | €501,040 | +€421,040 | +526.3% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €21,846 | +€21,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,072 | €149,687 | +€26,615 | +21.6% |
| Other operating charges | 640/8 | €27,318 | €28,000 | +€682 | +2.5% |
| Gross operating margin | 9900 | €25,642 | €16,980 | -€8,662 | -33.8% |
| Operating profit (loss) | 9901 | -€124,748 | -€160,707 | -€35,960 | -28.8% |
| Financial income | 75/76B | €115,233 | €256,270 | +€141,038 | +122.4% |
| Recurring financial income | 75 | €115,233 | €256,270 | +€141,038 | +122.4% |
| Financial charges | 65/66B | €83,038 | €86,264 | +€3,227 | +3.9% |
| Recurring financial charges | 65 | €83,038 | €86,264 | +€3,227 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€92,553 | €9,299 | +€101,852 | |
| Transfer from deferred taxes | 780 | €2,670 | €2,670 | = | 0.0% |
| Income taxes | 67/77 | €506 | €1,576 | +€1,070 | +211.6% |
| Profit (loss) for the period | 9904 | -€90,388 | €10,393 | +€100,781 | |
| Transfer from tax-exempt reserves | 789 | €5,186 | €5,186 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,203 | €15,579 | +€100,781 |
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 10 October 2026 via checked.be.