CODEURS: 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.
CODEURS
Largest movements
- Cash -€27,621
down €27,621 (-48.1%), from €57,411 to €29,790
mainly Contributions, distributions and other (-€66,475) and Trade debts (-€42,411)
- Receivables within one year +€14,448
up €14,448 (+8.6%), from €168,742 to €183,191
of which Trade receivables: +€19,813
- Other debts +€52,365
up €52,365 (+2,979%), from €1,758 to €54,122
- Trade debts -€42,411
down €42,411 (-76.2%), from €55,660 to €13,249
- Reserves -€39,064
down €39,064 (-26.8%), from €145,823 to €106,759
- Tax, wage and social debts +€13,899
up €13,899 (+54.1%), from €25,687 to €39,586
of which Taxes: +€18,790
- Gross operating margin -€32,305
down €32,305 (-13.9%), from €233,008 to €200,703
- Staff costs -€16,405
down €16,405 (-10.0%), from €163,914 to €147,510
- Taxes -€3,270
down €3,270 (-18.0%), from €18,117 to €14,847
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 | €247,527 | €233,004 | -€14,523 | -5.9% |
| Fixed assets | 21/28 | €15,290 | €12,919 | -€2,372 | -15.5% |
| Tangible fixed assets | 22/27 | €15,290 | €12,919 | -€2,372 | -15.5% |
| Furniture and vehicles | 24 | €5,357 | €5,497 | +€140 | +2.6% |
| Other tangible fixed assets | 26 | €9,933 | €7,421 | -€2,512 | -25.3% |
| Current assets | 29/58 | €232,237 | €220,085 | -€12,152 | -5.2% |
| Amounts receivable within one year | 40/41 | €168,742 | €183,191 | +€14,448 | +8.6% |
| Trade receivables | 40 | €157,945 | €177,759 | +€19,813 | +12.5% |
| Other amounts receivable | 41 | €10,797 | €5,432 | -€5,365 | -49.7% |
| Cash at bank and in hand | 54/58 | €57,411 | €29,790 | -€27,621 | -48.1% |
| Deferred charges and accrued income | 490/1 | €6,084 | €7,105 | +€1,021 | +16.8% |
| Total equity and liabilities | 10/49 | €247,527 | €233,004 | -€14,523 | -5.9% |
| Equity | 10/15 | €164,423 | €125,359 | -€39,064 | -23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €145,823 | €106,759 | -€39,064 | -26.8% |
| Distributable reserves | 133 | €145,823 | €106,759 | -€39,064 | -26.8% |
| Amounts payable | 17/49 | €83,104 | €107,645 | +€24,541 | +29.5% |
| Amounts payable within one year | 42/48 | €83,104 | €106,957 | +€23,853 | +28.7% |
| Trade debts | 44 | €55,660 | €13,249 | -€42,411 | -76.2% |
| Suppliers | 440/4 | €55,660 | €13,249 | -€42,411 | -76.2% |
| Taxes, remuneration and social security | 45 | €25,687 | €39,586 | +€13,899 | +54.1% |
| Taxes | 450/3 | €6,400 | €25,190 | +€18,790 | +294% |
| Remuneration and social security | 454/9 | €19,287 | €14,396 | -€4,891 | -25.4% |
| Other amounts payable | 47/48 | €1,758 | €54,122 | +€52,365 | +2,979% |
| Accrued charges and deferred income | 492/3 | - | €688 | +€688 | |
| Remuneration, social security and pensions | 62 | €163,914 | €147,510 | -€16,405 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,471 | €4,888 | -€583 | -10.7% |
| Non-recurring operating charges | 66A | - | €1,057 | +€1,057 | |
| Gross operating margin | 9900 | €233,008 | €200,703 | -€32,305 | -13.9% |
| Operating profit (loss) | 9901 | €63,623 | €47,249 | -€16,374 | -25.7% |
| Financial income | 75/76B | €126 | €7 | -€118 | -94.3% |
| Recurring financial income | 75 | €126 | €7 | -€118 | -94.3% |
| Financial charges | 65/66B | €5,994 | €4,998 | -€995 | -16.6% |
| Recurring financial charges | 65 | €5,994 | €4,998 | -€995 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €57,755 | €42,258 | -€15,497 | -26.8% |
| Income taxes | 67/77 | €18,117 | €14,847 | -€3,270 | -18.0% |
| Profit (loss) for the period | 9904 | €39,638 | €27,411 | -€12,227 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,638 | €27,411 | -€12,227 | -30.8% |
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 18 October 2026 via checked.be.