CODELI: 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.
CODELI
Largest movements
- Tangible fixed assets -€32,656
down €32,656 (-2.2%), from €1.5m to €1.4m
of which Land and buildings: -€34,781
- Cash -€24,776
down €24,776 (-7.1%), from €348,245 to €323,468
mainly Investment in fixed assets (net) (-€64,273) and Debts after one year (-€35,037)
- Receivables within one year +€18,929
up €18,929, from €0 to €18,929
of which Other amounts receivable: +€18,929
- Debts after one year -€35,037
down €35,037 (-5.8%), from €604,004 to €568,968
of which Financial debts: -€27,667
- Reserves -€24,237
down €24,237 (-4.1%), from €598,365 to €574,129
of which Tax-exempt reserves: -€21,713
- Taxes -€9,160
down €9,160 (-45.3%), from €20,231 to €11,071
- Gross operating margin -€8,695
down €8,695 (-4.5%), from €191,132 to €182,437
- Financial charges +€4,897
up €4,897 (+19.2%), from €25,477 to €30,373
- Depreciation +€4,443
up €4,443 (+4.8%), from €92,486 to €96,929
- Other operating charges +€2,665
up €2,665 (+6.8%), from €39,338 to €42,003
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 | €1,828,363 | €1,777,744 | -€50,618 | -2.8% |
| Fixed assets | 21/28 | €1,466,220 | €1,433,565 | -€32,656 | -2.2% |
| Tangible fixed assets | 22/27 | €1,466,220 | €1,433,565 | -€32,656 | -2.2% |
| Land and buildings | 22 | €1,458,838 | €1,424,058 | -€34,781 | -2.4% |
| Plant, machinery and equipment | 23 | €4,774 | €6,291 | +€1,518 | +31.8% |
| Furniture and vehicles | 24 | €2,608 | €3,216 | +€607 | +23.3% |
| Current assets | 29/58 | €362,142 | €344,180 | -€17,963 | -5.0% |
| Amounts receivable within one year | 40/41 | €0 | €18,929 | +€18,929 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €18,929 | +€18,929 | |
| Cash at bank and in hand | 54/58 | €348,245 | €323,468 | -€24,776 | -7.1% |
| Deferred charges and accrued income | 490/1 | €13,898 | €1,783 | -€12,115 | -87.2% |
| Total equity and liabilities | 10/49 | €1,828,363 | €1,777,744 | -€50,618 | -2.8% |
| Equity | 10/15 | €748,365 | €724,129 | -€24,237 | -3.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €598,365 | €574,129 | -€24,237 | -4.1% |
| Tax-exempt reserves | 132 | €435,731 | €414,018 | -€21,713 | -5.0% |
| Distributable reserves | 133 | €162,634 | €160,110 | -€2,524 | -1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €157,877 | €149,974 | -€7,903 | -5.0% |
| Deferred taxes | 168 | €157,877 | €149,974 | -€7,903 | -5.0% |
| Amounts payable | 17/49 | €922,120 | €903,641 | -€18,479 | -2.0% |
| Amounts payable after more than one year | 17 | €604,004 | €568,968 | -€35,037 | -5.8% |
| Financial debts | 170/4 | €445,604 | €417,937 | -€27,667 | -6.2% |
| Other amounts payable | 178/9 | €158,401 | €151,031 | -€7,370 | -4.7% |
| Amounts payable within one year | 42/48 | €306,183 | €316,923 | +€10,740 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €34,039 | €35,004 | +€965 | +2.8% |
| Trade debts | 44 | €926 | €0 | -€926 | -100% |
| Suppliers | 440/4 | €926 | €0 | -€926 | -100% |
| Taxes, remuneration and social security | 45 | €231 | €0 | -€231 | -100% |
| Taxes | 450/3 | €231 | €0 | -€231 | -100% |
| Other amounts payable | 47/48 | €270,986 | €281,918 | +€10,932 | +4.0% |
| Accrued charges and deferred income | 492/3 | €11,934 | €17,751 | +€5,818 | +48.7% |
| Non-recurring operating income | 76A | €1,780 | €0 | -€1,780 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,486 | €96,929 | +€4,443 | +4.8% |
| Other operating charges | 640/8 | €39,338 | €42,003 | +€2,665 | +6.8% |
| Gross operating margin | 9900 | €191,132 | €182,437 | -€8,695 | -4.5% |
| Operating profit (loss) | 9901 | €59,308 | €43,506 | -€15,802 | -26.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €25,477 | €30,373 | +€4,897 | +19.2% |
| Recurring financial charges | 65 | €25,477 | €30,373 | +€4,897 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €33,831 | €13,132 | -€20,699 | -61.2% |
| Transfer from deferred taxes | 780 | €7,903 | €7,903 | = | 0.0% |
| Income taxes | 67/77 | €20,231 | €11,071 | -€9,160 | -45.3% |
| Profit (loss) for the period | 9904 | €21,503 | €9,963 | -€11,539 | -53.7% |
| Transfer from tax-exempt reserves | 789 | €21,713 | €21,713 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,216 | €31,676 | -€11,539 | -26.7% |
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 13 October 2026 via checked.be.