CODELPA: 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.
CODELPA
Largest movements
- Cash -€519,370
down €519,370 (-41.3%), from €1.3m to €738,415
mainly Receivables after one year (-€500,000) and Net result for the year (-€123,400)
- Receivables after one year +€500,000
up €500,000 (+100.0%), from €500,000 to €1.0m
- Tangible fixed assets -€106,063
down €106,063 (-2.9%), from €3.6m to €3.5m
of which Land and buildings: -€105,662
- Profit (loss) carried forward -€100,971
down €100,971 (-10.4%), from €968,081 to €867,110
- Gross operating margin -€27,320
down €27,320 (-31.2%), from €87,477 to €60,157
- Financial charges -€18,130
down €18,130 (-28.6%), from €63,464 to €45,334
- Financial income +€5,421
up €5,421 (+24.8%), from €21,831 to €27,252
- Depreciation -€899
down €899 (-0.6%), from €150,535 to €149,636
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 | €5,411,077 | €5,286,954 | -€124,123 | -2.3% |
| Fixed assets | 21/28 | €3,631,836 | €3,525,772 | -€106,063 | -2.9% |
| Tangible fixed assets | 22/27 | €3,600,368 | €3,494,305 | -€106,063 | -2.9% |
| Land and buildings | 22 | €3,599,967 | €3,494,305 | -€105,662 | -2.9% |
| Furniture and vehicles | 24 | €401 | €0 | -€401 | -100.0% |
| Financial fixed assets | 28 | €31,468 | €31,468 | = | 0.0% |
| Current assets | 29/58 | €1,779,241 | €1,761,182 | -€18,059 | -1.0% |
| Amounts receivable after more than one year | 29 | €500,000 | €1,000,000 | +€500,000 | +100.0% |
| Other amounts receivable | 291 | €500,000 | €1,000,000 | +€500,000 | +100.0% |
| Amounts receivable within one year | 40/41 | €11,906 | €5,267 | -€6,639 | -55.8% |
| Trade receivables | 40 | €6,250 | €0 | -€6,250 | -100.0% |
| Other amounts receivable | 41 | €5,656 | €5,267 | -€389 | -6.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,257,785 | €738,415 | -€519,370 | -41.3% |
| Deferred charges and accrued income | 490/1 | €9,550 | €17,500 | +€7,950 | +83.2% |
| Total equity and liabilities | 10/49 | €5,411,077 | €5,286,954 | -€124,123 | -2.3% |
| Equity | 10/15 | €3,936,650 | €3,813,249 | -€123,400 | -3.1% |
| Contributions | 10/11 | €2,131,736 | €2,131,736 | = | 0.0% |
| Capital | 10 | €2,131,736 | €2,131,736 | = | 0.0% |
| Issued capital | 100 | €2,131,736 | €2,131,736 | = | 0.0% |
| Reserves | 13 | €836,833 | €814,403 | -€22,430 | -2.7% |
| Non-distributable reserves | 130/1 | €213,174 | €213,174 | = | 0.0% |
| Legal reserve | 130 | €213,174 | €213,174 | = | 0.0% |
| Tax-exempt reserves | 132 | €590,655 | €568,225 | -€22,430 | -3.8% |
| Distributable reserves | 133 | €33,004 | €33,004 | = | 0.0% |
| Profit (loss) carried forward | 14 | €968,081 | €867,110 | -€100,971 | -10.4% |
| Provisions and deferred taxes | 16 | €196,885 | €189,408 | -€7,477 | -3.8% |
| Deferred taxes | 168 | €196,885 | €189,408 | -€7,477 | -3.8% |
| Amounts payable | 17/49 | €1,277,542 | €1,284,297 | +€6,755 | +0.5% |
| Amounts payable after more than one year | 17 | €1,250,000 | €1,250,000 | = | 0.0% |
| Financial debts | 170/4 | €1,250,000 | €1,250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,766 | €7,596 | -€1,171 | -13.4% |
| Trade debts | 44 | €8,766 | €7,596 | -€1,171 | -13.4% |
| Suppliers | 440/4 | €8,766 | €7,596 | -€1,171 | -13.4% |
| Accrued charges and deferred income | 492/3 | €18,776 | €26,701 | +€7,925 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,535 | €149,636 | -€899 | -0.6% |
| Other operating charges | 640/8 | €23,657 | €23,316 | -€340 | -1.4% |
| Gross operating margin | 9900 | €87,477 | €60,157 | -€27,320 | -31.2% |
| Operating profit (loss) | 9901 | -€86,715 | -€112,795 | -€26,080 | -30.1% |
| Financial income | 75/76B | €21,831 | €27,252 | +€5,421 | +24.8% |
| Recurring financial income | 75 | €21,831 | €27,252 | +€5,421 | +24.8% |
| Financial charges | 65/66B | €63,464 | €45,334 | -€18,130 | -28.6% |
| Recurring financial charges | 65 | €63,464 | €45,334 | -€18,130 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€128,348 | -€130,877 | -€2,529 | -2.0% |
| Transfer from deferred taxes | 780 | €7,477 | €7,477 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€120,871 | -€123,400 | -€2,529 | -2.1% |
| Transfer from tax-exempt reserves | 789 | €22,430 | €22,430 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,441 | -€100,971 | -€2,529 | -2.6% |
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 9 October 2026 via checked.be.