Codin: 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.
Codin
Largest movements
- Cash -€18,977
down €18,977 (-28.6%), from €66,390 to €47,414
mainly Contributions, distributions and other (-€110,000) and Current portion of long-term debt (-€11,765)
- Tangible fixed assets -€13,763
down €13,763 (-43.4%), from €31,689 to €17,926
- Receivables within one year +€1,673
up €1,673 (+9.1%), from €18,358 to €20,031
of which Trade receivables: +€3,511
- Reserves -€60,533
down €60,533 (-78.5%), from €77,071 to €16,537
- Other debts +€39,642
up €39,642 (+6,130%), from €647 to €40,289
- Current portion of long-term debt -€11,765
down €11,765 (-100%), from €11,765 to €0
- Trade debts +€1,365
up €1,365 (+154%), from €884 to €2,248
- Gross operating margin +€9,361
up €9,361 (+13.6%), from €68,929 to €78,291
- Taxes +€1,908
up €1,908 (+16.0%), from €11,918 to €13,826
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.
Derived cash bridge
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 | €117,330 | €86,963 | -€30,368 | -25.9% |
| Fixed assets | 21/28 | €31,689 | €17,926 | -€13,763 | -43.4% |
| Tangible fixed assets | 22/27 | €31,689 | €17,926 | -€13,763 | -43.4% |
| Furniture and vehicles | 24 | €31,689 | €17,926 | -€13,763 | -43.4% |
| Current assets | 29/58 | €85,642 | €69,037 | -€16,605 | -19.4% |
| Amounts receivable within one year | 40/41 | €18,358 | €20,031 | +€1,673 | +9.1% |
| Trade receivables | 40 | €16,135 | €19,646 | +€3,511 | +21.8% |
| Other amounts receivable | 41 | €2,223 | €385 | -€1,838 | -82.7% |
| Cash at bank and in hand | 54/58 | €66,390 | €47,414 | -€18,977 | -28.6% |
| Deferred charges and accrued income | 490/1 | €893 | €1,592 | +€699 | +78.2% |
| Total equity and liabilities | 10/49 | €117,330 | €86,963 | -€30,368 | -25.9% |
| Equity | 10/15 | €95,671 | €35,137 | -€60,533 | -63.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,071 | €16,537 | -€60,533 | -78.5% |
| Distributable reserves | 133 | €77,071 | €16,537 | -€60,533 | -78.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,660 | €51,825 | +€30,166 | +139% |
| Amounts payable within one year | 42/48 | €21,500 | €51,825 | +€30,326 | +141% |
| Current portion of amounts payable after more than one year | 42 | €11,765 | €0 | -€11,765 | -100% |
| Trade debts | 44 | €884 | €2,248 | +€1,365 | +154% |
| Suppliers | 440/4 | €884 | €2,248 | +€1,365 | +154% |
| Taxes, remuneration and social security | 45 | €8,205 | €9,289 | +€1,084 | +13.2% |
| Taxes | 450/3 | €8,205 | €9,289 | +€1,084 | +13.2% |
| Other amounts payable | 47/48 | €647 | €40,289 | +€39,642 | +6,130% |
| Accrued charges and deferred income | 492/3 | €160 | - | -€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,158 | €13,763 | -€395 | -2.8% |
| Other operating charges | 640/8 | €912 | €892 | -€20 | -2.1% |
| Gross operating margin | 9900 | €68,929 | €78,291 | +€9,361 | +13.6% |
| Operating profit (loss) | 9901 | €53,860 | €63,636 | +€9,776 | +18.2% |
| Financial income | 75/76B | €236 | €18 | -€218 | -92.6% |
| Recurring financial income | 75 | €236 | €18 | -€218 | -92.6% |
| Financial charges | 65/66B | €652 | €361 | -€291 | -44.6% |
| Recurring financial charges | 65 | €652 | €361 | -€291 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €53,444 | €63,292 | +€9,849 | +18.4% |
| Income taxes | 67/77 | €11,918 | €13,826 | +€1,908 | +16.0% |
| Profit (loss) for the period | 9904 | €41,526 | €49,467 | +€7,941 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,526 | €49,467 | +€7,941 | +19.1% |
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 14 October 2026 via checked.be.