CoDeMa+: 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.
CoDeMa+
Largest movements
- Cash -€4,778
down €4,778 (-10.4%), from €46,042 to €41,265
mainly Debts after one year (-€10,260) and Short-term financial debts (-€2,912)
- Receivables within one year -€3,243
down €3,243 (-16.4%), from €19,727 to €16,484
of which Trade receivables: -€4,896
- Debts after one year -€10,260
down €10,260 (-40.0%), from €25,665 to €15,405
- Reserves +€6,221
up €6,221 (+78.2%), from €7,955 to €14,176
of which Distributable reserves: +€6,221
- Short-term financial debts -€2,912
down €2,912 (-69.6%), from €4,182 to €1,269
- Tax, wage and social debts -€2,848
down €2,848 (-18.3%), from €15,602 to €12,754
- Gross operating margin -€20,791
down €20,791 (-57.6%), from €36,110 to €15,319
- Financial charges -€12,278
down €12,278 (-78.9%), from €15,565 to €3,287
of which Non-recurring financial charges: -€11,587
- Taxes -€11,139
down €11,139 (-76.7%), from €14,522 to €3,383
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 | €217,708 | €208,194 | -€9,514 | -4.4% |
| Fixed assets | 21/28 | €151,553 | €150,050 | -€1,502 | -1.0% |
| Tangible fixed assets | 22/27 | €2,064 | €562 | -€1,502 | -72.8% |
| Furniture and vehicles | 24 | €2,064 | €562 | -€1,502 | -72.8% |
| Financial fixed assets | 28 | €149,489 | €149,489 | = | 0.0% |
| Current assets | 29/58 | €66,155 | €58,144 | -€8,011 | -12.1% |
| Amounts receivable within one year | 40/41 | €19,727 | €16,484 | -€3,243 | -16.4% |
| Trade receivables | 40 | €19,723 | €14,827 | -€4,896 | -24.8% |
| Other amounts receivable | 41 | €4 | €1,657 | +€1,653 | +43737.6% |
| Cash at bank and in hand | 54/58 | €46,042 | €41,265 | -€4,778 | -10.4% |
| Deferred charges and accrued income | 490/1 | €386 | €395 | +€9 | +2.4% |
| Total equity and liabilities | 10/49 | €217,708 | €208,194 | -€9,514 | -4.4% |
| Equity | 10/15 | €155,094 | €160,455 | +€5,361 | +3.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,955 | €14,176 | +€6,221 | +78.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €7,955 | €14,176 | +€6,221 | +78.2% |
| Profit (loss) carried forward | 14 | €140,939 | €140,079 | -€860 | -0.6% |
| Amounts payable | 17/49 | €62,614 | €47,739 | -€14,875 | -23.8% |
| Amounts payable after more than one year | 17 | €25,665 | €15,405 | -€10,260 | -40.0% |
| Financial debts | 170/4 | €25,665 | €15,405 | -€10,260 | -40.0% |
| Amounts payable within one year | 42/48 | €36,949 | €32,334 | -€4,615 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €9,779 | €10,260 | +€481 | +4.9% |
| Financial debts | 43 | €4,182 | €1,269 | -€2,912 | -69.6% |
| Credit institutions | 430/8 | €4,182 | €1,269 | -€2,912 | -69.6% |
| Trade debts | 44 | €1,544 | €2,427 | +€883 | +57.2% |
| Suppliers | 440/4 | €1,544 | €2,427 | +€883 | +57.2% |
| Taxes, remuneration and social security | 45 | €15,602 | €12,754 | -€2,848 | -18.3% |
| Taxes | 450/3 | €15,602 | €12,754 | -€2,848 | -18.3% |
| Other amounts payable | 47/48 | €5,842 | €5,624 | -€218 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,650 | €1,502 | -€147 | -8.9% |
| Other operating charges | 640/8 | €906 | €1,059 | +€154 | +17.0% |
| Gross operating margin | 9900 | €36,110 | €15,319 | -€20,791 | -57.6% |
| Operating profit (loss) | 9901 | €33,554 | €12,757 | -€20,797 | -62.0% |
| Financial income | 75/76B | €155 | €134 | -€21 | -13.7% |
| Recurring financial income | 75 | €155 | €134 | -€21 | -13.7% |
| Financial charges | 65/66B | €15,565 | €3,287 | -€12,278 | -78.9% |
| Recurring financial charges | 65 | €3,978 | €3,287 | -€692 | -17.4% |
| Non-recurring financial charges | 66B | €11,587 | €0 | -€11,587 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €18,144 | €9,605 | -€8,540 | -47.1% |
| Income taxes | 67/77 | €14,522 | €3,383 | -€11,139 | -76.7% |
| Profit (loss) for the period | 9904 | €3,622 | €6,221 | +€2,599 | +71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,622 | €6,221 | +€2,599 | +71.7% |
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 12 October 2026 via checked.be.