Codex: what changed
Two fiscal 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.
Codex
Largest movements
- Tangible fixed assets -€30,797
down €30,797 (-93.3%), from €32,993 to €2,195
of which Furniture and vehicles: -€30,665
- Cash +€17,570
up €17,570 (+89.2%), from €19,704 to €37,275
mainly Investment in fixed assets (net) (+€28,403) and Other debts (+€18,983)
- Receivables within one year -€7,686
down €7,686 (-38.4%), from €20,028 to €12,342
of which Trade receivables: -€4,046
- Deferred charges and accrued income +€1,143
up €1,143 (+74.6%), from €1,533 to €2,677
- Other debts +€18,983
up €18,983 (+347.9%), from €5,457 to €24,440
- Debts after one year -€16,469
down €16,469 (-100.0%), from €16,469 to €0
- Reserves -€15,236
down €15,236 (-52.4%), from €29,058 to €13,822
- Current portion of long-term debt -€8,508
down €8,508 (-100.0%), from €8,508 to €0
- Tax, wage and social debts +€1,471
up €1,471 (+12.1%), from €12,115 to €13,586
of which Taxes: +€1,554
- Gross operating margin +€8,405
up €8,405 (+21.0%), from €39,981 to €48,387
- Depreciation -€1,976
down €1,976 (-45.2%), from €4,371 to €2,394
- Staff costs -€1,234
down €1,234 (-5.4%), from €22,806 to €21,572
- Financial charges -€1,085
down €1,085 (-17.0%), from €6,384 to €5,299
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 | €74,259 | €54,489 | -€19,770 | -26.6% |
| Fixed assets | 21/28 | €32,993 | €2,195 | -€30,797 | -93.3% |
| Tangible fixed assets | 22/27 | €32,993 | €2,195 | -€30,797 | -93.3% |
| Land and buildings | 22 | €886 | €754 | -€132 | -14.9% |
| Furniture and vehicles | 24 | €32,106 | €1,441 | -€30,665 | -95.5% |
| Current assets | 29/58 | €41,266 | €52,294 | +€11,028 | +26.7% |
| Amounts receivable within one year | 40/41 | €20,028 | €12,342 | -€7,686 | -38.4% |
| Trade receivables | 40 | €16,388 | €12,342 | -€4,046 | -24.7% |
| Other amounts receivable | 41 | €3,640 | €0 | -€3,640 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,704 | €37,275 | +€17,570 | +89.2% |
| Deferred charges and accrued income | 490/1 | €1,533 | €2,677 | +€1,143 | +74.6% |
| Total equity and liabilities | 10/49 | €74,259 | €54,489 | -€19,770 | -26.6% |
| Equity | 10/15 | €31,058 | €15,822 | -€15,236 | -49.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €29,058 | €13,822 | -€15,236 | -52.4% |
| Distributable reserves | 133 | €29,058 | €13,822 | -€15,236 | -52.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,201 | €38,667 | -€4,534 | -10.5% |
| Amounts payable after more than one year | 17 | €16,469 | €0 | -€16,469 | -100.0% |
| Financial debts | 170/4 | €16,469 | €0 | -€16,469 | -100.0% |
| Amounts payable within one year | 42/48 | €26,305 | €38,357 | +€12,052 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €8,508 | €0 | -€8,508 | -100.0% |
| Trade debts | 44 | €225 | €331 | +€106 | +47.0% |
| Suppliers | 440/4 | €225 | €331 | +€106 | +47.0% |
| Taxes, remuneration and social security | 45 | €12,115 | €13,586 | +€1,471 | +12.1% |
| Taxes | 450/3 | €8,914 | €10,468 | +€1,554 | +17.4% |
| Remuneration and social security | 454/9 | €3,201 | €3,118 | -€83 | -2.6% |
| Other amounts payable | 47/48 | €5,457 | €24,440 | +€18,983 | +347.9% |
| Accrued charges and deferred income | 492/3 | €427 | €310 | -€117 | -27.3% |
| Remuneration, social security and pensions | 62 | €22,806 | €21,572 | -€1,234 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,371 | €2,394 | -€1,976 | -45.2% |
| Other operating charges | 640/8 | €710 | €618 | -€92 | -13.0% |
| Non-recurring operating charges | 66A | €0 | €5,824 | +€5,824 | |
| Gross operating margin | 9900 | €39,981 | €48,387 | +€8,405 | +21.0% |
| Operating profit (loss) | 9901 | €12,094 | €17,978 | +€5,884 | +48.7% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100.0% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100.0% |
| Financial charges | 65/66B | €6,384 | €5,299 | -€1,085 | -17.0% |
| Recurring financial charges | 65 | €6,384 | €5,299 | -€1,085 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €5,714 | €12,679 | +€6,965 | +121.9% |
| Income taxes | 67/77 | €4,614 | €4,217 | -€397 | -8.6% |
| Profit (loss) for the period | 9904 | €1,100 | €8,462 | +€7,362 | +669.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,100 | €8,462 | +€7,362 | +669.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.