CODEX: what changed
CODEX
Largest movements
- Cash +€4,473
up €4,473 (+2,260%), from €198 to €4,671
mainly Net result for the year (+€24,180) and Depreciation (+€1,026)
- Receivables within one year +€3,454
up €3,454 (+86.0%), from €4,014 to €7,467
of which Trade receivables: +€3,594
- Tangible fixed assets -€1,026
down €1,026 (-18.1%), from €5,680 to €4,654
of which Plant, machinery and equipment: -€1,026
- Profit (loss) carried forward +€24,180
up €24,180 (+5.7%), from -€422,599 to -€398,419
- Other debts -€17,393
down €17,393 (-4.7%), from €369,115 to €351,722
- Tax, wage and social debts +€225
up €225 (+22.0%), from €1,025 to €1,250
- Gross operating margin +€19,330
up €19,330 (+277%), from €6,988 to €26,318
- Taxes -€441
no longer reported in 2025 (was €441)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,248 | €17,282 | +€7,034 | +68.6% |
| Fixed assets | 21/28 | €5,854 | €4,953 | -€901 | -15.4% |
| Tangible fixed assets | 22/27 | €5,680 | €4,654 | -€1,026 | -18.1% |
| Plant, machinery and equipment | 23 | €5,680 | €4,654 | -€1,026 | -18.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €174 | €299 | +€125 | +71.7% |
| Current assets | 29/58 | €4,394 | €12,329 | +€7,935 | +181% |
| Amounts receivable within one year | 40/41 | €4,014 | €7,467 | +€3,454 | +86.0% |
| Trade receivables | 40 | €3,873 | €7,467 | +€3,594 | +92.8% |
| Other amounts receivable | 41 | €140 | - | -€140 | |
| Cash at bank and in hand | 54/58 | €198 | €4,671 | +€4,473 | +2,260% |
| Deferred charges and accrued income | 490/1 | €182 | €191 | +€8 | +4.6% |
| Total equity and liabilities | 10/49 | €10,248 | €17,282 | +€7,034 | +68.6% |
| Equity | 10/15 | -€359,891 | -€335,711 | +€24,180 | +6.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €735 | €735 | = | 0.0% |
| Non-distributable reserves | 130/1 | €735 | €735 | = | 0.0% |
| Legal reserve | 130 | €735 | €735 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€422,599 | -€398,419 | +€24,180 | +5.7% |
| Amounts payable | 17/49 | €370,139 | €352,993 | -€17,146 | -4.6% |
| Amounts payable within one year | 42/48 | €370,139 | €352,993 | -€17,146 | -4.6% |
| Trade debts | 44 | €0 | €21 | +€21 | |
| Suppliers | 440/4 | €0 | €21 | +€21 | |
| Taxes, remuneration and social security | 45 | €1,025 | €1,250 | +€225 | +22.0% |
| Taxes | 450/3 | €1,025 | €1,250 | +€225 | +22.0% |
| Other amounts payable | 47/48 | €369,115 | €351,722 | -€17,393 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,151 | €1,026 | -€125 | -10.9% |
| Other operating charges | 640/8 | €1,061 | €1,042 | -€19 | -1.8% |
| Non-recurring operating charges | 66A | €156,421 | - | -€156,421 | |
| Gross operating margin | 9900 | €6,988 | €26,318 | +€19,330 | +277% |
| Operating profit (loss) | 9901 | -€151,645 | €24,250 | +€175,895 | |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €46 | €70 | +€24 | +52.3% |
| Recurring financial charges | 65 | €46 | €70 | +€24 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | -€151,684 | €24,180 | +€175,864 | |
| Income taxes | 67/77 | €441 | - | -€441 | |
| Profit (loss) for the period | 9904 | -€152,124 | €24,180 | +€176,304 | |
| Profit (loss) for the period to be appropriated | 9905 | -€152,124 | €24,180 | +€176,304 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.