CODOX: 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.
CODOX
Largest movements
- Cash +€286,371
up €286,371 (+791.7%), from €36,172 to €322,543
mainly Debts after one year (+€414,000) and Other debts (+€21,292)
- Stocks and contracts +€135,695
new in 2025: €135,695
- Receivables within one year +€14,401
up €14,401 (+57.9%), from €24,874 to €39,275
of which Trade receivables: +€7,979
- Tangible fixed assets +€8,811
up €8,811 (+4.8%), from €181,698 to €190,508
of which Land and buildings: +€7,385
- Debts after one year +€414,000
up €414,000 (+1254.5%), from €33,000 to €447,000
- Other debts +€21,292
up €21,292 (+2310.3%), from €922 to €22,214
- Gross operating margin -€116,249
down €116,249 (-56.2%), from €206,708 to €90,459
- Staff costs -€94,174
down €94,174 (-55.5%), from €169,628 to €75,454
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 | €261,872 | €702,695 | +€440,823 | +168.3% |
| Fixed assets | 21/28 | €181,698 | €190,508 | +€8,811 | +4.8% |
| Tangible fixed assets | 22/27 | €181,698 | €190,508 | +€8,811 | +4.8% |
| Land and buildings | 22 | - | €7,385 | +€7,385 | |
| Plant, machinery and equipment | 23 | €2,643 | €1,588 | -€1,055 | -39.9% |
| Furniture and vehicles | 24 | €3,885 | €2,783 | -€1,102 | -28.4% |
| Other tangible fixed assets | 26 | €175,169 | €178,752 | +€3,583 | +2.0% |
| Current assets | 29/58 | €80,174 | €512,186 | +€432,012 | +538.8% |
| Stocks and contracts in progress | 3 | - | €135,695 | +€135,695 | |
| Stocks | 30/36 | - | €135,695 | +€135,695 | |
| Amounts receivable within one year | 40/41 | €24,874 | €39,275 | +€14,401 | +57.9% |
| Trade receivables | 40 | €18,548 | €26,527 | +€7,979 | +43.0% |
| Other amounts receivable | 41 | €6,326 | €12,748 | +€6,422 | +101.5% |
| Cash at bank and in hand | 54/58 | €36,172 | €322,543 | +€286,371 | +791.7% |
| Deferred charges and accrued income | 490/1 | €19,128 | €14,673 | -€4,455 | -23.3% |
| Total equity and liabilities | 10/49 | €261,872 | €702,695 | +€440,823 | +168.3% |
| Equity | 10/15 | €193,990 | €195,813 | +€1,823 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,530 | €175,353 | +€1,823 | +1.1% |
| Amounts payable | 17/49 | €67,882 | €506,881 | +€439,000 | +646.7% |
| Amounts payable after more than one year | 17 | €33,000 | €447,000 | +€414,000 | +1254.5% |
| Financial debts | 170/4 | €33,000 | €447,000 | +€414,000 | +1254.5% |
| Amounts payable within one year | 42/48 | €34,882 | €59,881 | +€25,000 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €11,000 | €11,000 | = | 0.0% |
| Trade debts | 44 | €5,209 | €5,439 | +€231 | +4.4% |
| Suppliers | 440/4 | €5,209 | €5,439 | +€231 | +4.4% |
| Taxes, remuneration and social security | 45 | €17,751 | €21,228 | +€3,477 | +19.6% |
| Taxes | 450/3 | €3,792 | €3,713 | -€79 | -2.1% |
| Remuneration and social security | 454/9 | €13,959 | €17,516 | +€3,556 | +25.5% |
| Other amounts payable | 47/48 | €922 | €22,214 | +€21,292 | +2310.3% |
| Remuneration, social security and pensions | 62 | €169,628 | €75,454 | -€94,174 | -55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,556 | €7,852 | +€1,296 | +19.8% |
| Other operating charges | 640/8 | €745 | €832 | +€87 | +11.6% |
| Gross operating margin | 9900 | €206,708 | €90,459 | -€116,249 | -56.2% |
| Operating profit (loss) | 9901 | €29,779 | €6,321 | -€23,457 | -78.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,744 | €2,693 | +€950 | +54.5% |
| Recurring financial charges | 65 | €1,744 | €2,693 | +€950 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €28,035 | €3,628 | -€24,407 | -87.1% |
| Income taxes | 67/77 | €3,552 | €1,805 | -€1,747 | -49.2% |
| Profit (loss) for the period | 9904 | €24,483 | €1,823 | -€22,660 | -92.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,483 | €1,823 | -€22,660 | -92.6% |
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 10 October 2026 via checked.be.