CODEMA: 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.
CODEMA
Largest movements
- Stocks and contracts -€736,655
down €736,655 (-51.6%), from €1.4m to €692,231
- Receivables within one year -€381,064
down €381,064 (-57.8%), from €659,306 to €278,242
of which Trade receivables: -€372,843
- Cash -€125,394
down €125,394 (-41.6%), from €301,183 to €175,789
mainly Net result for the year (-€1.2m) and Contributions, distributions and other (-€50,000)
- Reserves -€1.3m
down €1.3m (-82.0%), from €1.6m to €282,022
of which Distributable reserves: -€1.3m
- Trade debts +€35,475
up €35,475 (+6.2%), from €572,618 to €608,093
- Write-downs +€577,353
new in 2024: €577,353
- Gross operating margin -€502,149
down €502,149 (-73.0%), from €687,729 to €185,580
- Staff costs +€168,980
up €168,980 (+26.7%), from €633,249 to €802,229
- Taxes -€8,586
down €8,586 (-96.7%), from €8,882 to €295
- Financial income -€8,346
down €8,346 (-85.4%), from €9,771 to €1,424
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,414,916 | €1,159,684 | -€1.3m | -52.0% |
| Fixed assets | 21/28 | €25,541 | €13,422 | -€12,119 | -47.5% |
| Intangible fixed assets | 21 | €5,386 | €3,666 | -€1,720 | -31.9% |
| Tangible fixed assets | 22/27 | €20,155 | €9,755 | -€10,399 | -51.6% |
| Furniture and vehicles | 24 | €20,155 | €9,755 | -€10,399 | -51.6% |
| Current assets | 29/58 | €2,389,375 | €1,146,263 | -€1.2m | -52.0% |
| Stocks and contracts in progress | 3 | €1,428,887 | €692,231 | -€736,655 | -51.6% |
| Stocks | 30/36 | €1,428,887 | €692,231 | -€736,655 | -51.6% |
| Amounts receivable within one year | 40/41 | €659,306 | €278,242 | -€381,064 | -57.8% |
| Trade receivables | 40 | €635,532 | €262,689 | -€372,843 | -58.7% |
| Other amounts receivable | 41 | €23,774 | €15,553 | -€8,221 | -34.6% |
| Cash at bank and in hand | 54/58 | €301,183 | €175,789 | -€125,394 | -41.6% |
| Total equity and liabilities | 10/49 | €2,414,916 | €1,159,684 | -€1.3m | -52.0% |
| Equity | 10/15 | €1,629,305 | €344,022 | -€1.3m | -78.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,567,305 | €282,022 | -€1.3m | -82.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,742 | €25,742 | = | 0.0% |
| Distributable reserves | 133 | €1,535,362 | €250,079 | -€1.3m | -83.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €785,611 | €815,662 | +€30,051 | +3.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €785,611 | €815,662 | +€30,051 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €8,525 | €0 | -€8,525 | -100.0% |
| Credit institutions | 430/8 | €8,525 | €0 | -€8,525 | -100.0% |
| Trade debts | 44 | €572,618 | €608,093 | +€35,475 | +6.2% |
| Suppliers | 440/4 | €572,618 | €608,093 | +€35,475 | +6.2% |
| Taxes, remuneration and social security | 45 | €204,469 | €207,570 | +€3,101 | +1.5% |
| Taxes | 450/3 | €114,071 | €77,513 | -€36,558 | -32.0% |
| Remuneration and social security | 454/9 | €90,398 | €130,056 | +€39,658 | +43.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €21 | +€21 | |
| Remuneration, social security and pensions | 62 | €633,249 | €802,229 | +€168,980 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,877 | €14,062 | +€185 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €577,353 | +€577,353 | |
| Other operating charges | 640/8 | €12,187 | €16,865 | +€4,678 | +38.4% |
| Gross operating margin | 9900 | €687,729 | €185,580 | -€502,149 | -73.0% |
| Operating profit (loss) | 9901 | €28,416 | -€1,224,929 | -€1.3m | |
| Financial income | 75/76B | €9,771 | €1,424 | -€8,346 | -85.4% |
| Recurring financial income | 75 | €9,771 | €1,424 | -€8,346 | -85.4% |
| Financial charges | 65/66B | €10,508 | €11,484 | +€975 | +9.3% |
| Recurring financial charges | 65 | €10,508 | €11,484 | +€975 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €27,678 | -€1,234,988 | -€1.3m | |
| Income taxes | 67/77 | €8,882 | €295 | -€8,586 | -96.7% |
| Profit (loss) for the period | 9904 | €18,797 | -€1,235,283 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €18,797 | -€1,235,283 | -€1.3m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.