Codius: 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.
Codius
Largest movements
- Current investments -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Tangible fixed assets -€903,732
down €903,732 (-34.9%), from €2.6m to €1.7m
of which Land and buildings: -€782,218
- Deferred charges and accrued income +€633,047
up €633,047 (+1560.0%), from €40,581 to €673,627
- Cash -€417,763
down €417,763 (-35.2%), from €1.2m to €769,463
mainly Contributions, distributions and other (-€2.7m) and Deferred charges and accrued income (-€633,047)
- Receivables within one year +€159,852
up €159,852 (+17.9%), from €894,405 to €1.1m
of which Trade receivables: +€151,808
- Reserves -€1.9m
down €1.9m (-40.5%), from €4.8m to €2.9m
of which Distributable reserves: -€1.5m
- Other debts +€303,595
up €303,595 (+352.4%), from €86,158 to €389,753
- Trade debts +€134,561
up €134,561 (+72.8%), from €184,832 to €319,393
- Debts after one year -€132,347
down €132,347 (-13.4%), from €988,688 to €856,341
- Gross operating margin -€1.8m
down €1.8m (-37.2%), from €4.8m to €3.0m
- Taxes -€605,563
down €605,563 (-69.0%), from €877,948 to €272,385
- Staff costs +€295,708
up €295,708 (+20.4%), from €1.5m to €1.7m
- Financial charges -€61,902
down €61,902 (-47.1%), from €131,326 to €69,423
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 | €6,773,451 | €5,154,707 | -€1.6m | -23.9% |
| Fixed assets | 21/28 | €2,602,936 | €1,718,015 | -€884,921 | -34.0% |
| Intangible fixed assets | 21 | €6,919 | €25,730 | +€18,811 | +271.9% |
| Tangible fixed assets | 22/27 | €2,590,442 | €1,686,710 | -€903,732 | -34.9% |
| Land and buildings | 22 | €2,055,223 | €1,273,005 | -€782,218 | -38.1% |
| Plant, machinery and equipment | 23 | €192,521 | €148,925 | -€43,596 | -22.6% |
| Furniture and vehicles | 24 | €342,697 | €264,779 | -€77,917 | -22.7% |
| Financial fixed assets | 28 | €5,575 | €5,575 | = | 0.0% |
| Current assets | 29/58 | €4,170,514 | €3,436,693 | -€733,822 | -17.6% |
| Stocks and contracts in progress | 3 | €1,032,304 | €939,346 | -€92,958 | -9.0% |
| Stocks | 30/36 | €1,032,304 | €939,346 | -€92,958 | -9.0% |
| Amounts receivable within one year | 40/41 | €894,405 | €1,054,257 | +€159,852 | +17.9% |
| Trade receivables | 40 | €891,178 | €1,042,986 | +€151,808 | +17.0% |
| Other amounts receivable | 41 | €3,226 | €11,271 | +€8,044 | +249.3% |
| Current investments | 50/53 | €1,016,000 | €0 | -€1.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,187,226 | €769,463 | -€417,763 | -35.2% |
| Deferred charges and accrued income | 490/1 | €40,581 | €673,627 | +€633,047 | +1560.0% |
| Total equity and liabilities | 10/49 | €6,773,451 | €5,154,707 | -€1.6m | -23.9% |
| Equity | 10/15 | €4,817,254 | €2,863,720 | -€2.0m | -40.6% |
| Contributions | 10/11 | €12,500 | €6,673 | -€5,827 | -46.6% |
| Reserves | 13 | €4,804,754 | €2,857,047 | -€1.9m | -40.5% |
| Tax-exempt reserves | 132 | €1,052,500 | €561,867 | -€490,633 | -46.6% |
| Distributable reserves | 133 | €3,752,254 | €2,295,181 | -€1.5m | -38.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,956,197 | €2,290,987 | +€334,791 | +17.1% |
| Amounts payable after more than one year | 17 | €988,688 | €856,341 | -€132,347 | -13.4% |
| Financial debts | 170/4 | €988,688 | €856,341 | -€132,347 | -13.4% |
| Amounts payable within one year | 42/48 | €959,970 | €1,388,733 | +€428,763 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €152,886 | €133,200 | -€19,686 | -12.9% |
| Trade debts | 44 | €184,832 | €319,393 | +€134,561 | +72.8% |
| Suppliers | 440/4 | €184,832 | €319,393 | +€134,561 | +72.8% |
| Taxes, remuneration and social security | 45 | €536,094 | €546,387 | +€10,294 | +1.9% |
| Taxes | 450/3 | €395,483 | €253,848 | -€141,635 | -35.8% |
| Remuneration and social security | 454/9 | €140,611 | €292,539 | +€151,929 | +108.0% |
| Other amounts payable | 47/48 | €86,158 | €389,753 | +€303,595 | +352.4% |
| Accrued charges and deferred income | 492/3 | €7,538 | €45,912 | +€38,374 | +509.1% |
| Non-recurring operating income | 76A | €413 | €2,000 | +€1,587 | +384.3% |
| Remuneration, social security and pensions | 62 | €1,451,142 | €1,746,850 | +€295,708 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,440 | €205,463 | -€44,978 | -18.0% |
| Other operating charges | 640/8 | €33,048 | €25,907 | -€7,142 | -21.6% |
| Non-recurring operating charges | 66A | - | €433 | +€433 | |
| Gross operating margin | 9900 | €4,799,004 | €3,015,520 | -€1.8m | -37.2% |
| Operating profit (loss) | 9901 | €3,064,373 | €1,036,867 | -€2.0m | -66.2% |
| Financial income | 75/76B | €58,856 | €61,835 | +€2,979 | +5.1% |
| Recurring financial income | 75 | €58,856 | €61,835 | +€2,979 | +5.1% |
| Financial charges | 65/66B | €131,326 | €69,423 | -€61,902 | -47.1% |
| Recurring financial charges | 65 | €131,326 | €69,423 | -€61,902 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €2,991,903 | €1,029,279 | -€2.0m | -65.6% |
| Income taxes | 67/77 | €877,948 | €272,385 | -€605,563 | -69.0% |
| Profit (loss) for the period | 9904 | €2,113,954 | €756,894 | -€1.4m | -64.2% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €0 | -€63,150 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €842,000 | €0 | -€842,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,335,104 | €756,894 | -€578,211 | -43.3% |
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 1 October 2026 via checked.be.