CODEMAR: 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.
CODEMAR
Largest movements
- Tangible fixed assets -€17,277
down €17,277 (-3.9%), from €443,871 to €426,595
- Current investments +€9,779
up €9,779 (+64.5%), from €15,172 to €24,951
- Reserves -€6,167
down €6,167 (-2.7%), from €228,260 to €222,093
of which Tax-exempt reserves: -€9,764
- Financial charges -€910
down €910 (-10.7%), from €8,480 to €7,570
- Gross operating margin -€426
down €426 (-2.2%), from €19,038 to €18,611
- Other operating charges -€224
down €224 (-6.3%), from €3,527 to €3,303
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 | €476,326 | €469,081 | -€7,245 | -1.5% |
| Fixed assets | 21/28 | €443,871 | €426,595 | -€17,277 | -3.9% |
| Tangible fixed assets | 22/27 | €443,871 | €426,595 | -€17,277 | -3.9% |
| Land and buildings | 22 | €443,871 | €426,595 | -€17,277 | -3.9% |
| Current assets | 29/58 | €32,455 | €42,487 | +€10,032 | +30.9% |
| Amounts receivable within one year | 40/41 | €21 | €56 | +€35 | +165.0% |
| Other amounts receivable | 41 | €21 | €56 | +€35 | +165.0% |
| Current investments | 50/53 | €15,172 | €24,951 | +€9,779 | +64.5% |
| Cash at bank and in hand | 54/58 | €17,059 | €17,270 | +€210 | +1.2% |
| Deferred charges and accrued income | 490/1 | €202 | €210 | +€7 | +3.7% |
| Total equity and liabilities | 10/49 | €476,326 | €469,081 | -€7,245 | -1.5% |
| Equity | 10/15 | €303,260 | €297,093 | -€6,167 | -2.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €228,260 | €222,093 | -€6,167 | -2.7% |
| Tax-exempt reserves | 132 | €173,988 | €164,224 | -€9,764 | -5.6% |
| Distributable reserves | 133 | €54,273 | €57,869 | +€3,597 | +6.6% |
| Provisions and deferred taxes | 16 | €57,996 | €54,741 | -€3,255 | -5.6% |
| Deferred taxes | 168 | €57,996 | €54,741 | -€3,255 | -5.6% |
| Amounts payable | 17/49 | €115,070 | €117,247 | +€2,177 | +1.9% |
| Amounts payable within one year | 42/48 | €104,503 | €108,632 | +€4,129 | +4.0% |
| Trade debts | 44 | €56 | €84 | +€28 | +50.0% |
| Suppliers | 440/4 | €56 | €84 | +€28 | +50.0% |
| Other amounts payable | 47/48 | €104,447 | €108,548 | +€4,101 | +3.9% |
| Accrued charges and deferred income | 492/3 | €10,566 | €8,615 | -€1,951 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,277 | €17,277 | = | 0.0% |
| Other operating charges | 640/8 | €3,527 | €3,303 | -€224 | -6.3% |
| Gross operating margin | 9900 | €19,038 | €18,611 | -€426 | -2.2% |
| Operating profit (loss) | 9901 | -€1,766 | -€1,968 | -€203 | -11.5% |
| Financial income | 75/76B | €71 | €117 | +€46 | +64.3% |
| Recurring financial income | 75 | €71 | €117 | +€46 | +64.3% |
| Financial charges | 65/66B | €8,480 | €7,570 | -€910 | -10.7% |
| Recurring financial charges | 65 | €8,480 | €7,570 | -€910 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,175 | -€9,422 | +€753 | +7.4% |
| Transfer from deferred taxes | 780 | €3,255 | €3,255 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€6,920 | -€6,167 | +€753 | +10.9% |
| Transfer from tax-exempt reserves | 789 | €9,764 | €9,764 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,844 | €3,597 | +€753 | +26.5% |
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 5 October 2026 via checked.be.