Codra Benelux: 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.
Codra Benelux
Largest movements
- Cash +€61,127
up €61,127 (+38.2%), from €159,814 to €220,941
mainly Receivables within one year (+€34,056) and Tax, wage and social debts (+€26,351)
- Receivables within one year -€34,056
down €34,056 (-18.5%), from €184,038 to €149,982
of which Trade receivables: -€36,254
- Deferred charges and accrued income +€10,469
up €10,469 (+63.8%), from €16,414 to €26,884
- Tangible fixed assets -€10,091
down €10,091 (-83.4%), from €12,101 to €2,011
of which Furniture and vehicles: -€12,101
- Financial fixed assets +€7,592
up €7,592 (+2282.8%), from €333 to €7,924
- Tax, wage and social debts +€26,351
up €26,351 (+46.6%), from €56,513 to €82,864
of which Remuneration and social security: +€29,606
- Other debts -€24,331
no longer reported in 2025 (was €24,331)
- Profit (loss) carried forward +€17,818
up €17,818 (+148.9%), from €11,965 to €29,782
- Accrued charges and deferred income +€12,652
up €12,652 (+40.5%), from €31,256 to €43,908
- Gross operating margin +€24,201
up €24,201 (+9.8%), from €246,550 to €270,751
- Staff costs +€17,562
up €17,562 (+8.2%), from €214,299 to €231,862
- Depreciation -€5,491
down €5,491 (-90.1%), from €6,095 to €603
- Write-downs +€3,277
new in 2025: €3,277
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 | €372,700 | €407,741 | +€35,041 | +9.4% |
| Fixed assets | 21/28 | €12,434 | €9,935 | -€2,499 | -20.1% |
| Tangible fixed assets | 22/27 | €12,101 | €2,011 | -€10,091 | -83.4% |
| Plant, machinery and equipment | 23 | - | €2,011 | +€2,011 | |
| Furniture and vehicles | 24 | €12,101 | - | -€12,101 | |
| Financial fixed assets | 28 | €333 | €7,924 | +€7,592 | +2282.8% |
| Current assets | 29/58 | €360,266 | €397,806 | +€37,540 | +10.4% |
| Amounts receivable within one year | 40/41 | €184,038 | €149,982 | -€34,056 | -18.5% |
| Trade receivables | 40 | €180,714 | €144,459 | -€36,254 | -20.1% |
| Other amounts receivable | 41 | €3,324 | €5,522 | +€2,198 | +66.1% |
| Cash at bank and in hand | 54/58 | €159,814 | €220,941 | +€61,127 | +38.2% |
| Deferred charges and accrued income | 490/1 | €16,414 | €26,884 | +€10,469 | +63.8% |
| Total equity and liabilities | 10/49 | €372,700 | €407,741 | +€35,041 | +9.4% |
| Equity | 10/15 | €61,965 | €79,782 | +€17,818 | +28.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,965 | €29,782 | +€17,818 | +148.9% |
| Amounts payable | 17/49 | €310,735 | €327,959 | +€17,223 | +5.5% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €179,480 | €184,051 | +€4,571 | +2.5% |
| Trade debts | 44 | €98,635 | €101,187 | +€2,552 | +2.6% |
| Suppliers | 440/4 | €98,635 | €101,187 | +€2,552 | +2.6% |
| Taxes, remuneration and social security | 45 | €56,513 | €82,864 | +€26,351 | +46.6% |
| Taxes | 450/3 | €51,412 | €48,157 | -€3,255 | -6.3% |
| Remuneration and social security | 454/9 | €5,101 | €34,707 | +€29,606 | +580.4% |
| Other amounts payable | 47/48 | €24,331 | - | -€24,331 | |
| Accrued charges and deferred income | 492/3 | €31,256 | €43,908 | +€12,652 | +40.5% |
| Non-recurring operating income | 76A | - | €2,069 | +€2,069 | |
| Remuneration, social security and pensions | 62 | €214,299 | €231,862 | +€17,562 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,095 | €603 | -€5,491 | -90.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,277 | +€3,277 | |
| Other operating charges | 640/8 | €296 | €400 | +€104 | +35.0% |
| Non-recurring operating charges | 66A | €5 | €678 | +€672 | +12832.6% |
| Gross operating margin | 9900 | €246,550 | €270,751 | +€24,201 | +9.8% |
| Operating profit (loss) | 9901 | €25,855 | €33,932 | +€8,077 | +31.2% |
| Financial charges | 65/66B | €6,831 | €7,869 | +€1,037 | +15.2% |
| Recurring financial charges | 65 | €6,831 | €7,869 | +€1,037 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €19,024 | €26,063 | +€7,039 | +37.0% |
| Income taxes | 67/77 | €6,948 | €8,245 | +€1,297 | +18.7% |
| Profit (loss) for the period | 9904 | €12,076 | €17,818 | +€5,742 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,076 | €17,818 | +€5,742 | +47.6% |
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.