CODELTA: 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.
CODELTA
Largest movements
- Receivables within one year +€59,718
up €59,718 (+65.4%), from €91,329 to €151,047
- Stocks and contracts +€31,645
up €31,645 (+90.2%), from €35,075 to €66,720
- Cash -€24,815
down €24,815 (-76.7%), from €32,340 to €7,525
mainly Receivables within one year (-€59,718) and Stocks and contracts (-€31,645)
- Tangible fixed assets -€3,262
down €3,262 (-53.2%), from €6,129 to €2,867
- Profit (loss) carried forward +€77,651
up €77,651 (+62.0%), from €125,229 to €202,880
- Other debts -€9,201
no longer reported in 2025 (was €9,201)
- Tax, wage and social debts -€5,225
down €5,225 (-18.2%), from €28,660 to €23,435
of which Taxes: -€4,908
- Gross operating margin +€85,707
up €85,707 (+109.1%), from €78,580 to €164,287
- Depreciation -€6,954
down €6,954 (-68.1%), from €10,216 to €3,262
- Staff costs -€1,708
down €1,708 (-2.0%), from €83,536 to €81,828
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 | €164,873 | €228,159 | +€63,286 | +38.4% |
| Fixed assets | 21/28 | €6,129 | €2,867 | -€3,262 | -53.2% |
| Tangible fixed assets | 22/27 | €6,129 | €2,867 | -€3,262 | -53.2% |
| Plant, machinery and equipment | 23 | €6,129 | €2,867 | -€3,262 | -53.2% |
| Current assets | 29/58 | €158,744 | €225,292 | +€66,548 | +41.9% |
| Stocks and contracts in progress | 3 | €35,075 | €66,720 | +€31,645 | +90.2% |
| Stocks | 30/36 | €35,075 | €66,720 | +€31,645 | +90.2% |
| Amounts receivable within one year | 40/41 | €91,329 | €151,047 | +€59,718 | +65.4% |
| Trade receivables | 40 | €91,329 | €151,047 | +€59,718 | +65.4% |
| Cash at bank and in hand | 54/58 | €32,340 | €7,525 | -€24,815 | -76.7% |
| Total equity and liabilities | 10/49 | €164,873 | €228,159 | +€63,286 | +38.4% |
| Equity | 10/15 | €126,458 | €204,109 | +€77,651 | +61.4% |
| Contributions | 10/11 | €1,116 | €1,116 | = | 0.0% |
| Reserves | 13 | €113 | €113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €113 | €113 | = | 0.0% |
| Reserves not available under the articles | 1311 | €113 | €113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,229 | €202,880 | +€77,651 | +62.0% |
| Amounts payable | 17/49 | €38,415 | €24,050 | -€14,365 | -37.4% |
| Amounts payable within one year | 42/48 | €38,415 | €24,050 | -€14,365 | -37.4% |
| Trade debts | 44 | €554 | €615 | +€61 | +11.0% |
| Suppliers | 440/4 | €554 | €615 | +€61 | +11.0% |
| Taxes, remuneration and social security | 45 | €28,660 | €23,435 | -€5,225 | -18.2% |
| Taxes | 450/3 | €22,149 | €17,241 | -€4,908 | -22.2% |
| Remuneration and social security | 454/9 | €6,511 | €6,194 | -€317 | -4.9% |
| Other amounts payable | 47/48 | €9,201 | - | -€9,201 | |
| Remuneration, social security and pensions | 62 | €83,536 | €81,828 | -€1,708 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,216 | €3,262 | -€6,954 | -68.1% |
| Other operating charges | 640/8 | €75 | €635 | +€560 | +746.7% |
| Gross operating margin | 9900 | €78,580 | €164,287 | +€85,707 | +109.1% |
| Operating profit (loss) | 9901 | -€15,247 | €78,562 | +€93,809 | |
| Financial income | 75/76B | €1 | €5 | +€4 | +400.0% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +400.0% |
| Financial charges | 65/66B | €487 | €505 | +€18 | +3.7% |
| Recurring financial charges | 65 | €487 | €505 | +€18 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,733 | €78,062 | +€93,795 | |
| Income taxes | 67/77 | - | €411 | +€411 | |
| Profit (loss) for the period | 9904 | -€15,733 | €77,651 | +€93,384 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,733 | €77,651 | +€93,384 |
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 3 October 2026 via checked.be.