CODINVEST: 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.
CODINVEST
Largest movements
- Cash +€32,043
up €32,043 (+37.9%), from €84,519 to €116,561
mainly Depreciation (+€30,578) and Net result for the year (+€10,303)
- Tangible fixed assets -€22,960
down €22,960 (-4.6%), from €497,125 to €474,165
of which Land and buildings: -€23,701
- Receivables within one year -€7,226
down €7,226 (-78.4%), from €9,211 to €1,985
of which Other amounts receivable: -€9,200
- Profit (loss) carried forward +€33,164
up €33,164 (+20.0%), from €165,771 to €198,935
- Reserves -€22,861
down €22,861 (-14.2%), from €161,301 to €138,440
of which Tax-exempt reserves: -€22,861
- Other debts -€15,000
down €15,000 (-31.5%), from €47,650 to €32,650
- Gross operating margin -€23,747
down €23,747 (-25.1%), from €94,577 to €70,830
- Depreciation +€1,530
up €1,530 (+5.3%), from €29,048 to €30,578
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 | €591,026 | €593,126 | +€2,100 | +0.4% |
| Fixed assets | 21/28 | €497,125 | €474,165 | -€22,960 | -4.6% |
| Tangible fixed assets | 22/27 | €497,125 | €474,165 | -€22,960 | -4.6% |
| Land and buildings | 22 | €478,968 | €455,268 | -€23,701 | -4.9% |
| Plant, machinery and equipment | 23 | €18,157 | €18,897 | +€741 | +4.1% |
| Current assets | 29/58 | €93,901 | €118,961 | +€25,060 | +26.7% |
| Amounts receivable within one year | 40/41 | €9,211 | €1,985 | -€7,226 | -78.4% |
| Trade receivables | 40 | - | €1,974 | +€1,974 | |
| Other amounts receivable | 41 | €9,211 | €11 | -€9,200 | -99.9% |
| Cash at bank and in hand | 54/58 | €84,519 | €116,561 | +€32,043 | +37.9% |
| Deferred charges and accrued income | 490/1 | €171 | €415 | +€244 | +142.4% |
| Total equity and liabilities | 10/49 | €591,026 | €593,126 | +€2,100 | +0.4% |
| Equity | 10/15 | €529,701 | €540,004 | +€10,303 | +1.9% |
| Contributions | 10/11 | €202,629 | €202,629 | = | 0.0% |
| Reserves | 13 | €161,301 | €138,440 | -€22,861 | -14.2% |
| Tax-exempt reserves | 132 | €37,704 | €14,843 | -€22,861 | -60.6% |
| Distributable reserves | 133 | €123,597 | €123,597 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,771 | €198,935 | +€33,164 | +20.0% |
| Amounts payable | 17/49 | €61,324 | €53,122 | -€8,202 | -13.4% |
| Amounts payable after more than one year | 17 | €3,820 | €3,820 | = | 0.0% |
| Other amounts payable | 178/9 | €3,820 | €3,820 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,796 | €46,713 | -€8,084 | -14.8% |
| Trade debts | 44 | €2,275 | €5,291 | +€3,016 | +132.5% |
| Suppliers | 440/4 | €2,275 | €5,291 | +€3,016 | +132.5% |
| Taxes, remuneration and social security | 45 | €4,871 | €8,771 | +€3,901 | +80.1% |
| Taxes | 450/3 | €4,871 | €8,771 | +€3,901 | +80.1% |
| Other amounts payable | 47/48 | €47,650 | €32,650 | -€15,000 | -31.5% |
| Accrued charges and deferred income | 492/3 | €2,708 | €2,590 | -€119 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,048 | €30,578 | +€1,530 | +5.3% |
| Other operating charges | 640/8 | €18,291 | €18,900 | +€609 | +3.3% |
| Gross operating margin | 9900 | €94,577 | €70,830 | -€23,747 | -25.1% |
| Operating profit (loss) | 9901 | €47,238 | €21,352 | -€25,885 | -54.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1 | €117 | +€116 | +12893.3% |
| Recurring financial charges | 65 | €1 | €117 | +€116 | +12893.3% |
| Profit (loss) for the period before taxes | 9903 | €47,237 | €21,236 | -€26,000 | -55.0% |
| Income taxes | 67/77 | €10,789 | €10,934 | +€145 | +1.3% |
| Profit (loss) for the period | 9904 | €36,448 | €10,303 | -€26,145 | -71.7% |
| Transfer from tax-exempt reserves | 789 | - | €22,861 | +€22,861 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,448 | €33,164 | -€3,284 | -9.0% |
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 29 September 2026 via checked.be.