CODEX AG: 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 AG
Largest movements
- Cash +€54,902
up €54,902 (+37.0%), from €148,267 to €203,169
mainly Depreciation (+€40,126) and Net result for the year (+€13,005)
- Tangible fixed assets -€40,126
down €40,126 (-3.6%), from €1.1m to €1.1m
of which Land and buildings: -€23,016
- Receivables within one year +€14,541
up €14,541 (+50.0%), from €29,083 to €43,623
of which Trade receivables: +€15,041
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€17,736
up €17,736 (+36.0%), from €49,271 to €67,007
- Taxes +€6,013
up €6,013 (+1405.3%), from €428 to €6,441
- Financial charges +€1,128
up €1,128 (+217.7%), from €518 to €1,646
- Other operating charges +€973
up €973 (+17.9%), from €5,431 to €6,403
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 | €1,296,167 | €1,324,503 | +€28,336 | +2.2% |
| Fixed assets | 21/28 | €1,115,755 | €1,075,630 | -€40,126 | -3.6% |
| Tangible fixed assets | 22/27 | €1,115,755 | €1,075,630 | -€40,126 | -3.6% |
| Land and buildings | 22 | €1,071,424 | €1,048,407 | -€23,016 | -2.1% |
| Plant, machinery and equipment | 23 | €44,332 | €27,222 | -€17,110 | -38.6% |
| Current assets | 29/58 | €180,412 | €248,873 | +€68,461 | +37.9% |
| Stocks and contracts in progress | 3 | €2,406 | €476 | -€1,930 | -80.2% |
| Stocks | 30/36 | €2,406 | €476 | -€1,930 | -80.2% |
| Amounts receivable within one year | 40/41 | €29,083 | €43,623 | +€14,541 | +50.0% |
| Trade receivables | 40 | €28,582 | €43,623 | +€15,041 | +52.6% |
| Other amounts receivable | 41 | €500 | €0 | -€500 | -100.0% |
| Cash at bank and in hand | 54/58 | €148,267 | €203,169 | +€54,902 | +37.0% |
| Deferred charges and accrued income | 490/1 | €657 | €1,605 | +€948 | +144.4% |
| Total equity and liabilities | 10/49 | €1,296,167 | €1,324,503 | +€28,336 | +2.2% |
| Equity | 10/15 | €1,276,716 | €1,289,721 | +€13,005 | +1.0% |
| Contributions | 10/11 | €1,194,000 | €1,194,000 | = | 0.0% |
| Reserves | 13 | €82,716 | €95,721 | +€13,005 | +15.7% |
| Distributable reserves | 133 | €82,716 | €95,721 | +€13,005 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €19,451 | €34,782 | +€15,331 | +78.8% |
| Amounts payable within one year | 42/48 | €19,451 | €34,782 | +€15,331 | +78.8% |
| Trade debts | 44 | €1,990 | €12,555 | +€10,566 | +531.1% |
| Suppliers | 440/4 | €1,990 | €12,555 | +€10,566 | +531.1% |
| Taxes, remuneration and social security | 45 | €1,335 | €9,068 | +€7,734 | +579.5% |
| Taxes | 450/3 | €1,335 | €9,068 | +€7,734 | +579.5% |
| Other amounts payable | 47/48 | €16,127 | €13,159 | -€2,968 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,696 | €40,126 | -€571 | -1.4% |
| Other operating charges | 640/8 | €5,431 | €6,403 | +€973 | +17.9% |
| Gross operating margin | 9900 | €49,271 | €67,007 | +€17,736 | +36.0% |
| Operating profit (loss) | 9901 | €3,144 | €20,478 | +€17,334 | +551.3% |
| Financial income | 75/76B | €61 | €613 | +€553 | +912.4% |
| Recurring financial income | 75 | €61 | €613 | +€553 | +912.4% |
| Financial charges | 65/66B | €518 | €1,646 | +€1,128 | +217.7% |
| Recurring financial charges | 65 | €518 | €1,646 | +€1,128 | +217.7% |
| Profit (loss) for the period before taxes | 9903 | €2,687 | €19,446 | +€16,759 | +623.8% |
| Income taxes | 67/77 | €428 | €6,441 | +€6,013 | +1405.3% |
| Profit (loss) for the period | 9904 | €2,259 | €13,005 | +€10,746 | +475.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,259 | €13,005 | +€10,746 | +475.7% |
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 28 September 2026 via checked.be.