CODERMA: 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.
CODERMA
Largest movements
- Receivables within one year +€572,927
up €572,927 (+348.7%), from €164,283 to €737,210
of which Other amounts receivable: +€596,083
- Tangible fixed assets -€233,565
down €233,565 (-81.0%), from €288,306 to €54,741
of which Land and buildings: -€197,718
- Cash -€137,087
down €137,087 (-52.6%), from €260,867 to €123,780
mainly Receivables within one year (-€572,927) and Debts after one year (-€36,238)
- Reserves +€171,200
up €171,200 (+28.4%), from €603,247 to €774,447
- Tax, wage and social debts +€70,502
new in 2025: €70,502
- Debts after one year -€36,238
down €36,238 (-79.9%), from €45,364 to €9,126
- Gross operating margin +€251,389
up €251,389 (+525.4%), from €47,849 to €299,237
- Taxes +€84,763
up €84,763 (+1028.8%), from €8,239 to €93,002
- Depreciation -€5,202
down €5,202 (-11.9%), from €43,643 to €38,441
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 | €827,509 | €1,031,190 | +€203,680 | +24.6% |
| Fixed assets | 21/28 | €363,728 | €130,163 | -€233,565 | -64.2% |
| Tangible fixed assets | 22/27 | €288,306 | €54,741 | -€233,565 | -81.0% |
| Land and buildings | 22 | €197,718 | - | -€197,718 | |
| Plant, machinery and equipment | 23 | €9,625 | €8,237 | -€1,388 | -14.4% |
| Furniture and vehicles | 24 | €80,963 | €45,497 | -€35,467 | -43.8% |
| Other tangible fixed assets | 26 | - | €1,007 | +€1,007 | |
| Financial fixed assets | 28 | €75,422 | €75,422 | = | 0.0% |
| Current assets | 29/58 | €463,781 | €901,027 | +€437,245 | +94.3% |
| Amounts receivable within one year | 40/41 | €164,283 | €737,210 | +€572,927 | +348.7% |
| Trade receivables | 40 | €23,156 | - | -€23,156 | |
| Other amounts receivable | 41 | €141,126 | €737,210 | +€596,083 | +422.4% |
| Current investments | 50/53 | €35,869 | €38,201 | +€2,332 | +6.5% |
| Cash at bank and in hand | 54/58 | €260,867 | €123,780 | -€137,087 | -52.6% |
| Deferred charges and accrued income | 490/1 | €2,762 | €1,835 | -€927 | -33.6% |
| Total equity and liabilities | 10/49 | €827,509 | €1,031,190 | +€203,680 | +24.6% |
| Equity | 10/15 | €740,485 | €911,695 | +€171,211 | +23.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €603,247 | €774,447 | +€171,200 | +28.4% |
| Distributable reserves | 133 | €603,247 | €774,447 | +€171,200 | +28.4% |
| Profit (loss) carried forward | 14 | €118,238 | €118,248 | +€11 | 0.0% |
| Amounts payable | 17/49 | €87,025 | €119,494 | +€32,470 | +37.3% |
| Amounts payable after more than one year | 17 | €45,364 | €9,126 | -€36,238 | -79.9% |
| Financial debts | 170/4 | €45,364 | €9,126 | -€36,238 | -79.9% |
| Amounts payable within one year | 42/48 | €41,661 | €110,368 | +€68,707 | +164.9% |
| Current portion of amounts payable after more than one year | 42 | €35,816 | €36,238 | +€421 | +1.2% |
| Trade debts | 44 | €5,845 | €3,629 | -€2,216 | -37.9% |
| Suppliers | 440/4 | €5,845 | €3,629 | -€2,216 | -37.9% |
| Taxes, remuneration and social security | 45 | - | €70,502 | +€70,502 | |
| Taxes | 450/3 | - | €70,502 | +€70,502 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,643 | €38,441 | -€5,202 | -11.9% |
| Other operating charges | 640/8 | €4,216 | €4,725 | +€509 | +12.1% |
| Gross operating margin | 9900 | €47,849 | €299,237 | +€251,389 | +525.4% |
| Operating profit (loss) | 9901 | -€10 | €256,072 | +€256,082 | |
| Financial income | 75/76B | €8,118 | €9,698 | +€1,579 | +19.5% |
| Recurring financial income | 75 | €8,118 | €9,698 | +€1,579 | +19.5% |
| Financial charges | 65/66B | €1,907 | €1,557 | -€351 | -18.4% |
| Recurring financial charges | 65 | €1,907 | €1,557 | -€351 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €6,200 | €264,212 | +€258,012 | +4161.2% |
| Income taxes | 67/77 | €8,239 | €93,002 | +€84,763 | +1028.8% |
| Profit (loss) for the period | 9904 | -€2,039 | €171,211 | +€173,249 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,039 | €171,211 | +€173,249 |
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 7 October 2026 via checked.be.