CODES: 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.
CODES
Largest movements
- Tangible fixed assets +€136,257
up €136,257 (+9.6%), from €1.4m to €1.6m
- Cash -€43,517
down €43,517 (-74.1%), from €58,691 to €15,174
mainly Investment in fixed assets (net) (-€162,939) and Debts after one year (-€87,669)
- Receivables within one year +€25,716
up €25,716 (+71.6%), from €35,894 to €61,610
- Revaluation surpluses +€162,939
up €162,939 (+32.8%), from €496,134 to €659,072
- Debts after one year -€87,669
down €87,669 (-23.6%), from €371,915 to €284,246
- Reserves +€76,845
up €76,845 (+21.2%), from €362,647 to €439,492
- Tax, wage and social debts -€24,820
down €24,820 (-64.1%), from €38,721 to €13,901
- Gross operating margin +€2,938
up €2,938 (+2.1%), from €143,012 to €145,950
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 | €1,516,423 | €1,634,879 | +€118,456 | +7.8% |
| Fixed assets | 21/28 | €1,421,838 | €1,558,095 | +€136,257 | +9.6% |
| Tangible fixed assets | 22/27 | €1,421,638 | €1,557,895 | +€136,257 | +9.6% |
| Land and buildings | 22 | €1,421,638 | €1,557,895 | +€136,257 | +9.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €94,585 | €76,784 | -€17,801 | -18.8% |
| Amounts receivable within one year | 40/41 | €35,894 | €61,610 | +€25,716 | +71.6% |
| Other amounts receivable | 41 | €35,894 | €61,610 | +€25,716 | +71.6% |
| Cash at bank and in hand | 54/58 | €58,691 | €15,174 | -€43,517 | -74.1% |
| Total equity and liabilities | 10/49 | €1,516,423 | €1,634,879 | +€118,456 | +7.8% |
| Equity | 10/15 | €997,686 | €1,237,469 | +€239,783 | +24.0% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Revaluation surpluses | 12 | €496,134 | €659,072 | +€162,939 | +32.8% |
| Reserves | 13 | €362,647 | €439,492 | +€76,845 | +21.2% |
| Distributable reserves | 133 | €362,647 | €439,492 | +€76,845 | +21.2% |
| Profit (loss) carried forward | 14 | €3,905 | €3,905 | = | 0.0% |
| Amounts payable | 17/49 | €518,737 | €397,410 | -€121,327 | -23.4% |
| Amounts payable after more than one year | 17 | €371,915 | €284,246 | -€87,669 | -23.6% |
| Financial debts | 170/4 | €371,915 | €284,246 | -€87,669 | -23.6% |
| Amounts payable within one year | 42/48 | €146,822 | €113,163 | -€33,659 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €86,684 | €87,669 | +€985 | +1.1% |
| Trade debts | 44 | €397 | - | -€397 | |
| Suppliers | 440/4 | €397 | - | -€397 | |
| Taxes, remuneration and social security | 45 | €38,721 | €13,901 | -€24,820 | -64.1% |
| Taxes | 450/3 | €38,721 | €13,901 | -€24,820 | -64.1% |
| Other amounts payable | 47/48 | €21,020 | €11,594 | -€9,426 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,202 | €26,681 | -€521 | -1.9% |
| Other operating charges | 640/8 | €1,153 | €839 | -€313 | -27.2% |
| Gross operating margin | 9900 | €143,012 | €145,950 | +€2,938 | +2.1% |
| Operating profit (loss) | 9901 | €114,657 | €118,430 | +€3,773 | +3.3% |
| Financial charges | 65/66B | €6,939 | €5,724 | -€1,215 | -17.5% |
| Recurring financial charges | 65 | €6,939 | €5,724 | -€1,215 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €107,718 | €112,706 | +€4,988 | +4.6% |
| Income taxes | 67/77 | €35,926 | €35,861 | -€66 | -0.2% |
| Profit (loss) for the period | 9904 | €71,792 | €76,845 | +€5,053 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,792 | €76,845 | +€5,053 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.