CODEN TRADE: 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.
CODEN TRADE
Largest movements
- Receivables within one year -€28,636
down €28,636 (-18.1%), from €158,430 to €129,794
of which Trade receivables: -€36,194
- Cash +€22,049
up €22,049 (+22.4%), from €98,455 to €120,504
mainly Short-term financial debts (+€100,000) and Depreciation (+€80,564)
- Tangible fixed assets -€16,250
down €16,250 (-5.6%), from €290,326 to €274,076
of which Furniture and vehicles: -€33,510
- Stocks and contracts +€16,002
up €16,002 (+3.0%), from €534,170 to €550,172
- Short-term financial debts +€100,000
new in 2025: €100,000
- Trade debts -€72,162
down €72,162 (-53.8%), from €134,020 to €61,858
- Debts after one year -€48,566
down €48,566 (-47.0%), from €103,334 to €54,768
- Profit (loss) carried forward +€40,755
up €40,755 (+7.0%), from €582,254 to €623,009
- Other debts -€26,877
down €26,877 (-19.8%), from €135,672 to €108,795
- Gross operating margin +€105,750
up €105,750 (+32.5%), from €325,747 to €431,497
- Staff costs +€49,090
up €49,090 (+27.1%), from €181,154 to €230,244
- Taxes +€8,489
up €8,489 (+62.7%), from €13,529 to €22,018
- Write-downs +€6,044
new in 2025: €6,044
- Financial charges -€4,611
down €4,611 (-27.4%), from €16,821 to €12,210
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 | €1,089,660 | €1,088,569 | -€1,091 | -0.1% |
| Fixed assets | 21/28 | €297,980 | €277,165 | -€20,815 | -7.0% |
| Intangible fixed assets | 21 | €7,165 | €2,600 | -€4,565 | -63.7% |
| Tangible fixed assets | 22/27 | €290,326 | €274,076 | -€16,250 | -5.6% |
| Land and buildings | 22 | €101,873 | €99,317 | -€2,556 | -2.5% |
| Plant, machinery and equipment | 23 | €72,909 | €92,725 | +€19,816 | +27.2% |
| Furniture and vehicles | 24 | €115,544 | €82,034 | -€33,510 | -29.0% |
| Financial fixed assets | 28 | €489 | €489 | = | 0.0% |
| Current assets | 29/58 | €791,680 | €811,404 | +€19,724 | +2.5% |
| Stocks and contracts in progress | 3 | €534,170 | €550,172 | +€16,002 | +3.0% |
| Stocks | 30/36 | €534,170 | €550,172 | +€16,002 | +3.0% |
| Amounts receivable within one year | 40/41 | €158,430 | €129,794 | -€28,636 | -18.1% |
| Trade receivables | 40 | €151,596 | €115,402 | -€36,194 | -23.9% |
| Other amounts receivable | 41 | €6,834 | €14,392 | +€7,558 | +110.6% |
| Cash at bank and in hand | 54/58 | €98,455 | €120,504 | +€22,049 | +22.4% |
| Deferred charges and accrued income | 490/1 | €625 | €10,934 | +€10,309 | +1649.4% |
| Total equity and liabilities | 10/49 | €1,089,660 | €1,088,569 | -€1,091 | -0.1% |
| Equity | 10/15 | €590,314 | €631,069 | +€40,755 | +6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €582,254 | €623,009 | +€40,755 | +7.0% |
| Amounts payable | 17/49 | €499,346 | €457,500 | -€41,846 | -8.4% |
| Amounts payable after more than one year | 17 | €103,334 | €54,768 | -€48,566 | -47.0% |
| Financial debts | 170/4 | €103,334 | €54,768 | -€48,566 | -47.0% |
| Amounts payable within one year | 42/48 | €393,948 | €402,732 | +€8,784 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €51,180 | €48,566 | -€2,614 | -5.1% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €134,020 | €61,858 | -€72,162 | -53.8% |
| Suppliers | 440/4 | €134,020 | €61,858 | -€72,162 | -53.8% |
| Advances received on contracts in progress | 46 | - | €6,812 | +€6,812 | |
| Taxes, remuneration and social security | 45 | €73,076 | €76,701 | +€3,625 | +5.0% |
| Taxes | 450/3 | €42,403 | €33,097 | -€9,306 | -21.9% |
| Remuneration and social security | 454/9 | €30,673 | €43,604 | +€12,931 | +42.2% |
| Other amounts payable | 47/48 | €135,672 | €108,795 | -€26,877 | -19.8% |
| Accrued charges and deferred income | 492/3 | €2,064 | - | -€2,064 | |
| Remuneration, social security and pensions | 62 | €181,154 | €230,244 | +€49,090 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,071 | €80,564 | +€493 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,044 | +€6,044 | |
| Other operating charges | 640/8 | €4,264 | €3,523 | -€741 | -17.4% |
| Non-recurring operating charges | 66A | €341 | €190 | -€151 | -44.3% |
| Gross operating margin | 9900 | €325,747 | €431,497 | +€105,750 | +32.5% |
| Operating profit (loss) | 9901 | €59,917 | €110,932 | +€51,015 | +85.1% |
| Financial income | 75/76B | €77 | €51 | -€26 | -33.8% |
| Recurring financial income | 75 | €77 | €51 | -€26 | -33.8% |
| Financial charges | 65/66B | €16,821 | €12,210 | -€4,611 | -27.4% |
| Recurring financial charges | 65 | €16,821 | €12,210 | -€4,611 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €43,173 | €98,773 | +€55,600 | +128.8% |
| Income taxes | 67/77 | €13,529 | €22,018 | +€8,489 | +62.7% |
| Profit (loss) for the period | 9904 | €29,644 | €76,755 | +€47,111 | +158.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,644 | €76,755 | +€47,111 | +158.9% |
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.