Codeshare: 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.
Codeshare
Largest movements
- Cash +€48,517
up €48,517 (+15.2%), from €319,409 to €367,926
mainly Net result for the year (+€77,419) and Receivables within one year (+€18,666)
- Tangible fixed assets +€41,973
up €41,973 (+888%), from €4,725 to €46,698
of which Other tangible fixed assets: +€43,726
- Receivables within one year -€18,666
down €18,666 (-20.7%), from €90,161 to €71,494
of which Trade receivables: -€21,444
- Reserves +€71,517
up €71,517 (+21.1%), from €338,434 to €409,951
- Trade debts +€8,990
up €8,990 (+47.0%), from €19,111 to €28,100
- Staff costs +€127,846
up €127,846 (+60.7%), from €210,577 to €338,423
- Taxes -€23,385
down €23,385 (-92.8%), from €25,206 to €1,821
- Gross operating margin -€17,906
down €17,906 (-4.1%), from €439,885 to €421,979
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.
Derived cash bridge
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 | €418,512 | €493,701 | +€75,189 | +18.0% |
| Fixed assets | 21/28 | €4,725 | €49,797 | +€45,072 | +954% |
| Intangible fixed assets | 21 | - | €3,099 | +€3,099 | |
| Tangible fixed assets | 22/27 | €4,725 | €46,698 | +€41,973 | +888% |
| Plant, machinery and equipment | 23 | €4,725 | €2,972 | -€1,753 | -37.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €43,726 | +€43,726 | |
| Current assets | 29/58 | €413,787 | €443,904 | +€30,117 | +7.3% |
| Amounts receivable within one year | 40/41 | €90,161 | €71,494 | -€18,666 | -20.7% |
| Trade receivables | 40 | €76,404 | €54,960 | -€21,444 | -28.1% |
| Other amounts receivable | 41 | €13,756 | €16,534 | +€2,778 | +20.2% |
| Cash at bank and in hand | 54/58 | €319,409 | €367,926 | +€48,517 | +15.2% |
| Deferred charges and accrued income | 490/1 | €4,218 | €4,484 | +€267 | +6.3% |
| Total equity and liabilities | 10/49 | €418,512 | €493,701 | +€75,189 | +18.0% |
| Equity | 10/15 | €339,934 | €411,751 | +€71,817 | +21.1% |
| Contributions | 10/11 | €1,500 | €1,800 | +€300 | +20.0% |
| Reserves | 13 | €338,434 | €409,951 | +€71,517 | +21.1% |
| Distributable reserves | 133 | €338,434 | €409,951 | +€71,517 | +21.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,578 | €81,950 | +€3,372 | +4.3% |
| Amounts payable within one year | 42/48 | €73,983 | €81,643 | +€7,660 | +10.4% |
| Trade debts | 44 | €19,111 | €28,100 | +€8,990 | +47.0% |
| Suppliers | 440/4 | €19,111 | €28,100 | +€8,990 | +47.0% |
| Taxes, remuneration and social security | 45 | €51,452 | €47,640 | -€3,812 | -7.4% |
| Taxes | 450/3 | €27,407 | €16,932 | -€10,476 | -38.2% |
| Remuneration and social security | 454/9 | €24,045 | €30,708 | +€6,663 | +27.7% |
| Other amounts payable | 47/48 | €3,419 | €5,902 | +€2,483 | +72.6% |
| Accrued charges and deferred income | 492/3 | €4,596 | €308 | -€4,288 | -93.3% |
| Remuneration, social security and pensions | 62 | €210,577 | €338,423 | +€127,846 | +60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,370 | €5,389 | +€3,020 | +127% |
| Other operating charges | 640/8 | €628 | €3,730 | +€3,102 | +494% |
| Gross operating margin | 9900 | €439,885 | €421,979 | -€17,906 | -4.1% |
| Operating profit (loss) | 9901 | €226,310 | €74,437 | -€151,874 | -67.1% |
| Financial income | 75/76B | €3,417 | €5,237 | +€1,820 | +53.3% |
| Recurring financial income | 75 | €3,417 | €5,237 | +€1,820 | +53.3% |
| Financial charges | 65/66B | €340 | €433 | +€93 | +27.3% |
| Recurring financial charges | 65 | €340 | €433 | +€93 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €229,387 | €79,241 | -€150,147 | -65.5% |
| Income taxes | 67/77 | €25,206 | €1,821 | -€23,385 | -92.8% |
| Profit (loss) for the period | 9904 | €204,181 | €77,419 | -€126,762 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €204,181 | €77,419 | -€126,762 | -62.1% |
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 15 October 2026 via checked.be.