CODELIN: 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.
CODELIN
Largest movements
- Tangible fixed assets -€8,668
down €8,668 (-2.7%), from €324,512 to €315,844
of which Land and buildings: -€9,074
- Receivables within one year +€5,409
up €5,409 (+39.2%), from €13,796 to €19,205
of which Trade receivables: +€3,669
- Debts after one year -€15,284
down €15,284 (-6.2%), from €248,016 to €232,732
- Other debts +€12,657
up €12,657 (+33.3%), from €37,980 to €50,637
- Tax, wage and social debts +€9,425
up €9,425 (+32.4%), from €29,126 to €38,551
- Trade debts -€8,023
down €8,023 (-88.2%), from €9,094 to €1,071
- Gross operating margin -€22,018
down €22,018 (-18.5%), from €119,151 to €97,133
- Taxes -€7,067
down €7,067 (-21.0%), from €33,728 to €26,661
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 | €512,475 | €512,961 | +€487 | +0.1% |
| Fixed assets | 21/28 | €324,542 | €315,874 | -€8,668 | -2.7% |
| Tangible fixed assets | 22/27 | €324,512 | €315,844 | -€8,668 | -2.7% |
| Land and buildings | 22 | €319,933 | €310,860 | -€9,074 | -2.8% |
| Plant, machinery and equipment | 23 | - | €890 | +€890 | |
| Other tangible fixed assets | 26 | €4,579 | €4,095 | -€484 | -10.6% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €187,933 | €197,087 | +€9,155 | +4.9% |
| Amounts receivable within one year | 40/41 | €13,796 | €19,205 | +€5,409 | +39.2% |
| Trade receivables | 40 | €8,598 | €12,267 | +€3,669 | +42.7% |
| Other amounts receivable | 41 | €5,198 | €6,938 | +€1,740 | +33.5% |
| Cash at bank and in hand | 54/58 | €173,099 | €176,743 | +€3,644 | +2.1% |
| Deferred charges and accrued income | 490/1 | €1,038 | €1,139 | +€101 | +9.7% |
| Total equity and liabilities | 10/49 | €512,475 | €512,961 | +€487 | +0.1% |
| Equity | 10/15 | €170,829 | €174,686 | +€3,857 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €152,229 | €156,086 | +€3,857 | +2.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €150,369 | €154,226 | +€3,857 | +2.6% |
| Amounts payable | 17/49 | €341,646 | €338,275 | -€3,371 | -1.0% |
| Amounts payable after more than one year | 17 | €248,016 | €232,732 | -€15,284 | -6.2% |
| Financial debts | 170/4 | €248,016 | €232,732 | -€15,284 | -6.2% |
| Amounts payable within one year | 42/48 | €93,630 | €105,543 | +€11,913 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €17,429 | €15,284 | -€2,145 | -12.3% |
| Trade debts | 44 | €9,094 | €1,071 | -€8,023 | -88.2% |
| Suppliers | 440/4 | €9,094 | €1,071 | -€8,023 | -88.2% |
| Taxes, remuneration and social security | 45 | €29,126 | €38,551 | +€9,425 | +32.4% |
| Taxes | 450/3 | €29,126 | €38,551 | +€9,425 | +32.4% |
| Other amounts payable | 47/48 | €37,980 | €50,637 | +€12,657 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,334 | €10,003 | +€668 | +7.2% |
| Other operating charges | 640/8 | €444 | €423 | -€21 | -4.7% |
| Gross operating margin | 9900 | €119,151 | €97,133 | -€22,018 | -18.5% |
| Operating profit (loss) | 9901 | €109,373 | €86,707 | -€22,666 | -20.7% |
| Financial income | 75/76B | €609 | €1,357 | +€748 | +122.7% |
| Recurring financial income | 75 | €609 | €1,357 | +€748 | +122.7% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,101 | €6,909 | -€192 | -2.7% |
| Recurring financial charges | 65 | €7,101 | €6,909 | -€192 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €102,881 | €81,155 | -€21,726 | -21.1% |
| Income taxes | 67/77 | €33,728 | €26,661 | -€7,067 | -21.0% |
| Profit (loss) for the period | 9904 | €69,153 | €54,494 | -€14,659 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,153 | €54,494 | -€14,659 | -21.2% |
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 7 October 2026 via checked.be.