CODEMCO: 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.
CODEMCO
Largest movements
- Financial fixed assets -€361,852
down €361,852 (-90.0%), from €401,852 to €40,000
- Stocks and contracts -€189,563
down €189,563 (-13.3%), from €1.4m to €1.2m
- Tangible fixed assets +€164,551
up €164,551 (+60.4%), from €272,563 to €437,114
- Receivables within one year -€91,954
down €91,954 (-41.9%), from €219,622 to €127,669
of which Trade receivables: -€50,820
- Profit (loss) carried forward -€2.0m
down €2.0m (-22176.2%), from -€9,014 to -€2.0m
- Debts after one year +€1.6m
up €1.6m (+198.0%), from €821,420 to €2.4m
- Current portion of long-term debt -€68,721
down €68,721 (-46.9%), from €146,458 to €77,737
- Other debts -€63,850
down €63,850 (-8.6%), from €739,847 to €675,997
- Write-downs +€1.2m
new in 2025: €1.2m
- Gross operating margin -€466,349
down €466,349, from €200,767 to -€265,582
- Financial charges +€416,676
up €416,676 (+2182.4%), from €19,092 to €435,768
of which Non-recurring financial charges: +€401,852
- Other operating charges +€33,713
up €33,713 (+129.1%), from €26,114 to €59,827
- Depreciation +€10,680
up €10,680 (+572.3%), from €1,866 to €12,546
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 | €2,374,989 | €1,875,390 | -€499,599 | -21.0% |
| Fixed assets | 21/28 | €674,415 | €477,114 | -€197,301 | -29.3% |
| Tangible fixed assets | 22/27 | €272,563 | €437,114 | +€164,551 | +60.4% |
| Land and buildings | 22 | €272,563 | €437,114 | +€164,551 | +60.4% |
| Financial fixed assets | 28 | €401,852 | €40,000 | -€361,852 | -90.0% |
| Current assets | 29/58 | €1,700,575 | €1,398,276 | -€302,298 | -17.8% |
| Stocks and contracts in progress | 3 | €1,424,532 | €1,234,969 | -€189,563 | -13.3% |
| Stocks | 30/36 | €1,424,532 | €1,234,969 | -€189,563 | -13.3% |
| Amounts receivable within one year | 40/41 | €219,622 | €127,669 | -€91,954 | -41.9% |
| Trade receivables | 40 | €75,820 | €25,000 | -€50,820 | -67.0% |
| Other amounts receivable | 41 | €143,802 | €102,669 | -€41,134 | -28.6% |
| Cash at bank and in hand | 54/58 | €32,430 | €14,838 | -€17,592 | -54.2% |
| Deferred charges and accrued income | 490/1 | €23,990 | €20,801 | -€3,189 | -13.3% |
| Total equity and liabilities | 10/49 | €2,374,989 | €1,875,390 | -€499,599 | -21.0% |
| Equity | 10/15 | €390,986 | -€1,607,903 | -€2.0m | |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,014 | -€2,007,903 | -€2.0m | -22176.2% |
| Amounts payable | 17/49 | €1,984,003 | €3,483,293 | +€1.5m | +75.6% |
| Amounts payable after more than one year | 17 | €821,420 | €2,447,802 | +€1.6m | +198.0% |
| Financial debts | 170/4 | €821,420 | €2,447,802 | +€1.6m | +198.0% |
| Amounts payable within one year | 42/48 | €1,162,583 | €1,035,491 | -€127,092 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €146,458 | €77,737 | -€68,721 | -46.9% |
| Financial debts | 43 | €270,000 | €270,000 | = | 0.0% |
| Credit institutions | 430/8 | €270,000 | €270,000 | = | 0.0% |
| Trade debts | 44 | €4,928 | €9,057 | +€4,129 | +83.8% |
| Suppliers | 440/4 | €4,928 | €9,057 | +€4,129 | +83.8% |
| Taxes, remuneration and social security | 45 | €1,350 | €2,700 | +€1,350 | +100.0% |
| Taxes | 450/3 | €1,350 | €2,700 | +€1,350 | +100.0% |
| Other amounts payable | 47/48 | €739,847 | €675,997 | -€63,850 | -8.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,866 | €12,546 | +€10,680 | +572.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,225,167 | +€1.2m | |
| Other operating charges | 640/8 | €26,114 | €59,827 | +€33,713 | +129.1% |
| Gross operating margin | 9900 | €200,767 | -€265,582 | -€466,349 | |
| Operating profit (loss) | 9901 | €172,787 | -€1,563,121 | -€1.7m | |
| Financial income | 75/76B | €3,900 | €0 | -€3,900 | -100.0% |
| Recurring financial income | 75 | €3,900 | €0 | -€3,900 | -100.0% |
| Financial charges | 65/66B | €19,092 | €435,768 | +€416,676 | +2182.4% |
| Recurring financial charges | 65 | €19,092 | €33,916 | +€14,824 | +77.6% |
| Non-recurring financial charges | 66B | - | €401,852 | +€401,852 | |
| Profit (loss) for the period before taxes | 9903 | €157,595 | -€1,998,889 | -€2.2m | |
| Profit (loss) for the period | 9904 | €157,595 | -€1,998,889 | -€2.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €157,595 | -€1,998,889 | -€2.2m |
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 11 October 2026 via checked.be.