CODUGRAIN: 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.
CODUGRAIN
Largest movements
- Receivables within one year -€21,476
down €21,476 (-92.4%), from €23,247 to €1,770
of which Trade receivables: -€19,061
- Current investments +€20,000
new in 2025: €20,000
- Stocks and contracts -€5,970
down €5,970 (-9.7%), from €61,391 to €55,422
- Tangible fixed assets -€3,080
down €3,080 (-10.0%), from €30,735 to €27,655
of which Furniture and vehicles: -€6,000
- Profit (loss) carried forward +€27,697
up €27,697 (+35.8%), from €77,351 to €105,047
- Tax, wage and social debts -€17,580
down €17,580 (-62.2%), from €28,267 to €10,687
- Trade debts -€14,221
down €14,221 (-35.5%), from €40,067 to €25,846
- Other debts -€7,075
down €7,075 (-84.8%), from €8,346 to €1,271
- Gross operating margin -€7,622
down €7,622 (-12.9%), from €59,252 to €51,630
- Depreciation +€3,051
up €3,051 (+30.6%), from €9,983 to €13,034
- Taxes -€1,965
down €1,965 (-17.0%), from €11,529 to €9,563
- Other operating charges -€1,473
down €1,473 (-63.2%), from €2,333 to €859
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.
Derived cash bridge
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 | €157,031 | €145,851 | -€11,180 | -7.1% |
| Formation expenses | 20 | €1,830 | €1,371 | -€459 | -25.1% |
| Fixed assets | 21/28 | €30,735 | €27,655 | -€3,080 | -10.0% |
| Tangible fixed assets | 22/27 | €30,735 | €27,655 | -€3,080 | -10.0% |
| Land and buildings | 22 | €6,213 | €4,808 | -€1,405 | -22.6% |
| Plant, machinery and equipment | 23 | €11,348 | €15,673 | +€4,324 | +38.1% |
| Furniture and vehicles | 24 | €13,174 | €7,174 | -€6,000 | -45.5% |
| Current assets | 29/58 | €124,466 | €116,825 | -€7,641 | -6.1% |
| Stocks and contracts in progress | 3 | €61,391 | €55,422 | -€5,970 | -9.7% |
| Stocks | 30/36 | €61,391 | €55,422 | -€5,970 | -9.7% |
| Amounts receivable within one year | 40/41 | €23,247 | €1,770 | -€21,476 | -92.4% |
| Trade receivables | 40 | €20,832 | €1,770 | -€19,061 | -91.5% |
| Other amounts receivable | 41 | €2,415 | - | -€2,415 | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €39,329 | €39,114 | -€215 | -0.5% |
| Deferred charges and accrued income | 490/1 | €499 | €519 | +€20 | +4.0% |
| Total equity and liabilities | 10/49 | €157,031 | €145,851 | -€11,180 | -7.1% |
| Equity | 10/15 | €80,351 | €108,047 | +€27,697 | +34.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,351 | €105,047 | +€27,697 | +35.8% |
| Amounts payable | 17/49 | €76,680 | €37,804 | -€38,877 | -50.7% |
| Amounts payable within one year | 42/48 | €76,680 | €37,804 | -€38,877 | -50.7% |
| Trade debts | 44 | €40,067 | €25,846 | -€14,221 | -35.5% |
| Suppliers | 440/4 | €40,067 | €25,846 | -€14,221 | -35.5% |
| Taxes, remuneration and social security | 45 | €28,267 | €10,687 | -€17,580 | -62.2% |
| Taxes | 450/3 | €28,267 | €10,687 | -€17,580 | -62.2% |
| Other amounts payable | 47/48 | €8,346 | €1,271 | -€7,075 | -84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,983 | €13,034 | +€3,051 | +30.6% |
| Other operating charges | 640/8 | €2,333 | €859 | -€1,473 | -63.2% |
| Gross operating margin | 9900 | €59,252 | €51,630 | -€7,622 | -12.9% |
| Operating profit (loss) | 9901 | €46,937 | €37,737 | -€9,200 | -19.6% |
| Financial income | 75/76B | €1 | €193 | +€192 | +32,068% |
| Recurring financial income | 75 | €1 | €193 | +€192 | +32,068% |
| Financial charges | 65/66B | €852 | €670 | -€182 | -21.4% |
| Recurring financial charges | 65 | €852 | €670 | -€182 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €46,085 | €37,260 | -€8,825 | -19.1% |
| Income taxes | 67/77 | €11,529 | €9,563 | -€1,965 | -17.0% |
| Profit (loss) for the period | 9904 | €34,556 | €27,697 | -€6,860 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,556 | €27,697 | -€6,860 | -19.9% |
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 13 October 2026 via checked.be.