CodeWaves: 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.
CodeWaves
Largest movements
- Cash -€41,018
down €41,018 (-45.2%), from €90,799 to €49,781
mainly Contributions, distributions and other (-€51,000) and Other debts (-€28,373)
- Tangible fixed assets -€8,988
down €8,988 (-24.1%), from €37,327 to €28,339
of which Furniture and vehicles: -€11,228
- Receivables within one year +€6,900
up €6,900 (+22.2%), from €31,134 to €38,034
of which Other amounts receivable: +€5,399
- Other debts -€28,373
down €28,373 (-52.2%), from €54,326 to €25,953
- Debts after one year -€8,401
down €8,401 (-66.4%), from €12,654 to €4,253
- Reserves -€6,809
down €6,809 (-13.3%), from €51,134 to €44,325
- Gross operating margin -€7,320
down €7,320 (-9.2%), from €79,701 to €72,382
- Taxes -€1,419
down €1,419 (-10.5%), from €13,523 to €12,104
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 | €159,860 | €117,586 | -€42,274 | -26.4% |
| Fixed assets | 21/28 | €37,927 | €29,134 | -€8,793 | -23.2% |
| Tangible fixed assets | 22/27 | €37,327 | €28,339 | -€8,988 | -24.1% |
| Plant, machinery and equipment | 23 | - | €2,250 | +€2,250 | |
| Furniture and vehicles | 24 | €37,317 | €26,089 | -€11,228 | -30.1% |
| Other tangible fixed assets | 26 | €10 | - | -€10 | |
| Financial fixed assets | 28 | €600 | €795 | +€195 | +32.5% |
| Current assets | 29/58 | €121,933 | €88,452 | -€33,480 | -27.5% |
| Amounts receivable within one year | 40/41 | €31,134 | €38,034 | +€6,900 | +22.2% |
| Trade receivables | 40 | €29,657 | €31,158 | +€1,501 | +5.1% |
| Other amounts receivable | 41 | €1,477 | €6,876 | +€5,399 | +365.7% |
| Cash at bank and in hand | 54/58 | €90,799 | €49,781 | -€41,018 | -45.2% |
| Deferred charges and accrued income | 490/1 | - | €637 | +€637 | |
| Total equity and liabilities | 10/49 | €159,860 | €117,586 | -€42,274 | -26.4% |
| Equity | 10/15 | €69,734 | €62,925 | -€6,809 | -9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,134 | €44,325 | -€6,809 | -13.3% |
| Distributable reserves | 133 | €51,134 | €44,325 | -€6,809 | -13.3% |
| Amounts payable | 17/49 | €90,126 | €54,662 | -€35,465 | -39.3% |
| Amounts payable after more than one year | 17 | €12,654 | €4,253 | -€8,401 | -66.4% |
| Financial debts | 170/4 | €12,654 | €4,253 | -€8,401 | -66.4% |
| Amounts payable within one year | 42/48 | €74,486 | €47,129 | -€27,357 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €8,261 | €8,401 | +€140 | +1.7% |
| Financial debts | 43 | €1 | - | -€1 | |
| Credit institutions | 430/8 | €1 | - | -€1 | |
| Trade debts | 44 | €3,283 | €3,284 | +€1 | 0.0% |
| Suppliers | 440/4 | €3,283 | €3,284 | +€1 | 0.0% |
| Taxes, remuneration and social security | 45 | €8,615 | €9,492 | +€877 | +10.2% |
| Taxes | 450/3 | €8,615 | €9,492 | +€877 | +10.2% |
| Other amounts payable | 47/48 | €54,326 | €25,953 | -€28,373 | -52.2% |
| Accrued charges and deferred income | 492/3 | €2,986 | €3,279 | +€293 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,605 | €11,649 | +€43 | +0.4% |
| Other operating charges | 640/8 | €686 | €782 | +€96 | +14.0% |
| Gross operating margin | 9900 | €79,701 | €72,382 | -€7,320 | -9.2% |
| Operating profit (loss) | 9901 | €67,410 | €59,951 | -€7,459 | -11.1% |
| Financial income | 75/76B | €158 | €0 | -€158 | -100.0% |
| Recurring financial income | 75 | €158 | €0 | -€158 | -100.0% |
| Financial charges | 65/66B | €3,560 | €3,656 | +€95 | +2.7% |
| Recurring financial charges | 65 | €3,560 | €3,656 | +€95 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €64,007 | €56,295 | -€7,712 | -12.0% |
| Income taxes | 67/77 | €13,523 | €12,104 | -€1,419 | -10.5% |
| Profit (loss) for the period | 9904 | €50,484 | €44,191 | -€6,293 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,484 | €44,191 | -€6,293 | -12.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.