CODEM: 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.
CODEM
Largest movements
- Current investments -€29,703
down €29,703 (-100%), from €29,703 to €0
- Tangible fixed assets -€7,401
down €7,401 (-46.6%), from €15,873 to €8,472
of which Furniture and vehicles: -€6,767
- Cash +€6,215
up €6,215 (+7.9%), from €78,483 to €84,698
mainly Net result for the year (+€46,397) and Current investments (+€29,703)
- Receivables within one year +€1,927
up €1,927 (+13.4%), from €14,387 to €16,314
of which Trade receivables: +€2,136
- Other debts -€32,308
down €32,308 (-38.6%), from €83,751 to €51,444
- Tax, wage and social debts +€3,303
up €3,303 (+31.8%), from €10,378 to €13,681
of which Taxes: +€3,303
- Financial income +€8,148
up €8,148 (+1,089%), from €748 to €8,896
- Gross operating margin -€2,362
down €2,362 (-4.0%), from €59,288 to €56,926
- Taxes -€1,039
down €1,039 (-9.8%), from €10,629 to €9,590
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 | €140,934 | €112,416 | -€28,518 | -20.2% |
| Fixed assets | 21/28 | €15,873 | €8,472 | -€7,401 | -46.6% |
| Tangible fixed assets | 22/27 | €15,873 | €8,472 | -€7,401 | -46.6% |
| Land and buildings | 22 | €1,384 | €750 | -€634 | -45.8% |
| Furniture and vehicles | 24 | €14,489 | €7,722 | -€6,767 | -46.7% |
| Current assets | 29/58 | €125,061 | €103,944 | -€21,117 | -16.9% |
| Amounts receivable within one year | 40/41 | €14,387 | €16,314 | +€1,927 | +13.4% |
| Trade receivables | 40 | €13,778 | €15,914 | +€2,136 | +15.5% |
| Other amounts receivable | 41 | €608 | €400 | -€208 | -34.2% |
| Current investments | 50/53 | €29,703 | €0 | -€29,703 | -100% |
| Cash at bank and in hand | 54/58 | €78,483 | €84,698 | +€6,215 | +7.9% |
| Deferred charges and accrued income | 490/1 | €2,487 | €2,931 | +€444 | +17.8% |
| Total equity and liabilities | 10/49 | €140,934 | €112,416 | -€28,518 | -20.2% |
| Equity | 10/15 | €44,450 | €44,457 | +€7 | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €25,900 | €25,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €25,900 | €25,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €7 | +€7 | |
| Amounts payable | 17/49 | €96,484 | €67,959 | -€28,525 | -29.6% |
| Amounts payable within one year | 42/48 | €96,199 | €67,674 | -€28,525 | -29.7% |
| Trade debts | 44 | €2,070 | €2,549 | +€479 | +23.2% |
| Suppliers | 440/4 | €2,070 | €2,549 | +€479 | +23.2% |
| Taxes, remuneration and social security | 45 | €10,378 | €13,681 | +€3,303 | +31.8% |
| Taxes | 450/3 | €8,378 | €11,681 | +€3,303 | +39.4% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €83,751 | €51,444 | -€32,308 | -38.6% |
| Accrued charges and deferred income | 492/3 | €285 | €285 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,829 | €8,224 | +€395 | +5.0% |
| Other operating charges | 640/8 | €824 | €1,090 | +€266 | +32.3% |
| Gross operating margin | 9900 | €59,288 | €56,926 | -€2,362 | -4.0% |
| Operating profit (loss) | 9901 | €50,635 | €47,612 | -€3,023 | -6.0% |
| Financial income | 75/76B | €748 | €8,896 | +€8,148 | +1,089% |
| Recurring financial income | 75 | €748 | €8,896 | +€8,148 | +1,089% |
| Financial charges | 65/66B | €820 | €521 | -€298 | -36.4% |
| Recurring financial charges | 65 | €820 | €521 | -€298 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €50,563 | €55,987 | +€5,424 | +10.7% |
| Income taxes | 67/77 | €10,629 | €9,590 | -€1,039 | -9.8% |
| Profit (loss) for the period | 9904 | €39,933 | €46,397 | +€6,463 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,933 | €46,397 | +€6,463 | +16.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.