CODOTRA: what changed
CODOTRA
Largest movements
- Cash +€53,268
new in 2025: €53,268
mainly Current investments (+€48,899) and Receivables within one year (+€16,455)
- Current investments -€48,899
no longer reported in 2025 (was €48,899)
- Receivables within one year -€16,455
down €16,455 (-32.1%), from €51,233 to €34,778
of which Trade receivables: -€9,758
- Tangible fixed assets -€10,699
down €10,699 (-25.5%), from €41,903 to €31,204
- Profit (loss) carried forward -€27,725
down €27,725 (-46.5%), from €59,670 to €31,945
- Accrued charges and deferred income +€11,309
new in 2025: €11,309
- Tax, wage and social debts -€6,445
down €6,445 (-97.9%), from €6,583 to €138
- Gross operating margin -€9,372
down €9,372, from €2,722 to -€6,650
- Financial charges +€8,078
up €8,078 (+530%), from €1,523 to €9,601
- Other operating charges -€670
down €670 (-51.3%), from €1,307 to €637
- Taxes -€365
down €365 (-72.6%), from €503 to €138
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €142,035 | €119,250 | -€22,785 | -16.0% |
| Fixed assets | 21/28 | €41,903 | €31,204 | -€10,699 | -25.5% |
| Tangible fixed assets | 22/27 | €41,903 | €31,204 | -€10,699 | -25.5% |
| Furniture and vehicles | 24 | €41,903 | €31,204 | -€10,699 | -25.5% |
| Current assets | 29/58 | €100,132 | €88,046 | -€12,086 | -12.1% |
| Amounts receivable within one year | 40/41 | €51,233 | €34,778 | -€16,455 | -32.1% |
| Trade receivables | 40 | €30,069 | €20,311 | -€9,758 | -32.5% |
| Other amounts receivable | 41 | €21,164 | €14,467 | -€6,697 | -31.6% |
| Current investments | 50/53 | €48,899 | - | -€48,899 | |
| Cash at bank and in hand | 54/58 | - | €53,268 | +€53,268 | |
| Total equity and liabilities | 10/49 | €142,035 | €119,250 | -€22,785 | -16.0% |
| Equity | 10/15 | €134,038 | €106,313 | -€27,725 | -20.7% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,670 | €31,945 | -€27,725 | -46.5% |
| Amounts payable | 17/49 | €7,997 | €12,937 | +€4,940 | +61.8% |
| Amounts payable within one year | 42/48 | €7,997 | €1,628 | -€6,369 | -79.6% |
| Trade debts | 44 | €1,414 | €1,490 | +€76 | +5.4% |
| Suppliers | 440/4 | €1,414 | €1,490 | +€76 | +5.4% |
| Taxes, remuneration and social security | 45 | €6,583 | €138 | -€6,445 | -97.9% |
| Taxes | 450/3 | €6,583 | €138 | -€6,445 | -97.9% |
| Accrued charges and deferred income | 492/3 | - | €11,309 | +€11,309 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,699 | €10,699 | = | 0.0% |
| Other operating charges | 640/8 | €1,307 | €637 | -€670 | -51.3% |
| Gross operating margin | 9900 | €2,722 | -€6,650 | -€9,372 | |
| Operating profit (loss) | 9901 | -€9,284 | -€17,986 | -€8,702 | -93.7% |
| Financial charges | 65/66B | €1,523 | €9,601 | +€8,078 | +530% |
| Recurring financial charges | 65 | €1,523 | €9,601 | +€8,078 | +530% |
| Profit (loss) for the period before taxes | 9903 | -€10,807 | -€27,587 | -€16,780 | -155% |
| Income taxes | 67/77 | €503 | €138 | -€365 | -72.6% |
| Profit (loss) for the period | 9904 | -€11,310 | -€27,725 | -€16,415 | -145% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,310 | -€27,725 | -€16,415 | -145% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.