CODEWI: 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.
CODEWI
Largest movements
- Tangible fixed assets -€22,536
down €22,536 (-7.4%), from €306,222 to €283,687
- Cash -€6,705
down €6,705 (-10.0%), from €67,293 to €60,588
mainly Debts after one year (-€36,935) and Other debts (-€14,631)
- Debts after one year -€36,935
down €36,935 (-24.5%), from €150,844 to €113,908
- Reserves +€20,795
up €20,795 (+20.6%), from €100,917 to €121,713
of which Distributable reserves: +€20,795
- Other debts -€14,631
down €14,631 (-94.6%), from €15,462 to €831
- Other operating charges -€1,566
down €1,566 (-29.3%), from €5,341 to €3,775
- Depreciation -€989
down €989 (-4.2%), from €23,525 to €22,536
- Gross operating margin +€942
up €942 (+1.6%), from €59,566 to €60,508
- Taxes +€843
up €843 (+9.2%), from €9,127 to €9,970
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 | €373,515 | €344,384 | -€29,131 | -7.8% |
| Fixed assets | 21/28 | €306,222 | €283,687 | -€22,536 | -7.4% |
| Tangible fixed assets | 22/27 | €306,222 | €283,687 | -€22,536 | -7.4% |
| Land and buildings | 22 | €306,222 | €283,687 | -€22,536 | -7.4% |
| Current assets | 29/58 | €67,293 | €60,698 | -€6,595 | -9.8% |
| Amounts receivable within one year | 40/41 | - | €109 | +€109 | |
| Other amounts receivable | 41 | - | €109 | +€109 | |
| Cash at bank and in hand | 54/58 | €67,293 | €60,588 | -€6,705 | -10.0% |
| Total equity and liabilities | 10/49 | €373,515 | €344,384 | -€29,131 | -7.8% |
| Equity | 10/15 | €162,829 | €183,624 | +€20,795 | +12.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €100,917 | €121,713 | +€20,795 | +20.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €94,767 | €115,563 | +€20,795 | +21.9% |
| Profit (loss) carried forward | 14 | €411 | €411 | = | 0.0% |
| Amounts payable | 17/49 | €210,687 | €160,760 | -€49,927 | -23.7% |
| Amounts payable after more than one year | 17 | €150,844 | €113,908 | -€36,935 | -24.5% |
| Financial debts | 170/4 | €150,844 | €113,908 | -€36,935 | -24.5% |
| Amounts payable within one year | 42/48 | €59,138 | €43,145 | -€15,993 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €33,980 | €35,659 | +€1,679 | +4.9% |
| Trade debts | 44 | €313 | €449 | +€135 | +43.1% |
| Suppliers | 440/4 | €313 | €449 | +€135 | +43.1% |
| Taxes, remuneration and social security | 45 | €9,382 | €6,206 | -€3,176 | -33.8% |
| Taxes | 450/3 | €9,382 | €6,206 | -€3,176 | -33.8% |
| Other amounts payable | 47/48 | €15,462 | €831 | -€14,631 | -94.6% |
| Accrued charges and deferred income | 492/3 | €705 | €3,707 | +€3,002 | +425.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,525 | €22,536 | -€989 | -4.2% |
| Other operating charges | 640/8 | €5,341 | €3,775 | -€1,566 | -29.3% |
| Gross operating margin | 9900 | €59,566 | €60,508 | +€942 | +1.6% |
| Operating profit (loss) | 9901 | €30,701 | €34,197 | +€3,496 | +11.4% |
| Financial charges | 65/66B | €2,944 | €3,432 | +€488 | +16.6% |
| Recurring financial charges | 65 | €2,944 | €3,432 | +€488 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €27,757 | €30,765 | +€3,008 | +10.8% |
| Income taxes | 67/77 | €9,127 | €9,970 | +€843 | +9.2% |
| Profit (loss) for the period | 9904 | €18,630 | €20,795 | +€2,165 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,630 | €20,795 | +€2,165 | +11.6% |
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 12 October 2026 via checked.be.