CODULEC: 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.
CODULEC
Largest movements
- Stocks and contracts -€507,180
down €507,180 (-60.3%), from €840,680 to €333,500
- Tangible fixed assets +€445,587
up €445,587 (+252%), from €177,072 to €622,659
of which Plant, machinery and equipment: +€411,829
- Receivables within one year +€188,629
up €188,629 (+13.6%), from €1.4m to €1.6m
of which Trade receivables: +€188,499
- Cash +€125,507
up €125,507 (+606%), from €20,712 to €146,219
mainly Stocks and contracts (+€507,180) and Debts after one year (+€216,594)
- Debts after one year +€216,594
new in 2024: €216,594
- Reserves +€150,363
up €150,363 (+5,776%), from €2,603 to €152,967
of which Distributable reserves: +€150,363
- Short-term financial debts -€150,000
no longer reported in 2024 (was €150,000)
- Profit (loss) carried forward -€63,611
no longer reported in 2024 (was €63,611)
- Trade debts +€41,008
up €41,008 (+2.8%), from €1.5m to €1.5m
- Gross operating margin +€84,376
up €84,376 (+72.2%), from €116,799 to €201,175
- Depreciation +€53,845
up €53,845 (+217%), from €24,779 to €78,624
- Taxes +€9,415
up €9,415 (+74.0%), from €12,731 to €22,146
- Financial charges +€4,118
up €4,118 (+44.7%), from €9,213 to €13,331
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,431,639 | €2,684,674 | +€253,035 | +10.4% |
| Fixed assets | 21/28 | €181,148 | €626,735 | +€445,587 | +246% |
| Tangible fixed assets | 22/27 | €177,072 | €622,659 | +€445,587 | +252% |
| Land and buildings | 22 | €19,331 | €54,106 | +€34,775 | +180% |
| Plant, machinery and equipment | 23 | €150,446 | €562,275 | +€411,829 | +274% |
| Furniture and vehicles | 24 | €7,295 | €6,278 | -€1,017 | -13.9% |
| Financial fixed assets | 28 | €4,076 | €4,076 | = | 0.0% |
| Current assets | 29/58 | €2,250,491 | €2,057,939 | -€192,552 | -8.6% |
| Stocks and contracts in progress | 3 | €840,680 | €333,500 | -€507,180 | -60.3% |
| Stocks | 30/36 | €840,680 | €333,500 | -€507,180 | -60.3% |
| Amounts receivable within one year | 40/41 | €1,386,981 | €1,575,610 | +€188,629 | +13.6% |
| Trade receivables | 40 | €1,232,203 | €1,420,702 | +€188,499 | +15.3% |
| Other amounts receivable | 41 | €154,778 | €154,908 | +€130 | +0.1% |
| Cash at bank and in hand | 54/58 | €20,712 | €146,219 | +€125,507 | +606% |
| Deferred charges and accrued income | 490/1 | €2,118 | €2,611 | +€492 | +23.3% |
| Total equity and liabilities | 10/49 | €2,431,639 | €2,684,674 | +€253,035 | +10.4% |
| Equity | 10/15 | €128,214 | €214,967 | +€86,752 | +67.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,603 | €152,967 | +€150,363 | +5,776% |
| Non-distributable reserves | 130/1 | €2,603 | €2,603 | = | 0.0% |
| Legal reserve | 130 | €2,603 | €2,603 | = | 0.0% |
| Distributable reserves | 133 | - | €150,363 | +€150,363 | |
| Profit (loss) carried forward | 14 | €63,611 | - | -€63,611 | |
| Amounts payable | 17/49 | €2,303,425 | €2,469,707 | +€166,283 | +7.2% |
| Amounts payable after more than one year | 17 | - | €216,594 | +€216,594 | |
| Financial debts | 170/4 | - | €216,594 | +€216,594 | |
| Amounts payable within one year | 42/48 | €2,303,425 | €2,253,113 | -€50,312 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | - | €37,062 | +€37,062 | |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Other loans | 439 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €1,477,998 | €1,519,006 | +€41,008 | +2.8% |
| Suppliers | 440/4 | €1,477,998 | €1,519,006 | +€41,008 | +2.8% |
| Taxes, remuneration and social security | 45 | €55,385 | €58,300 | +€2,915 | +5.3% |
| Taxes | 450/3 | €55,385 | €58,300 | +€2,915 | +5.3% |
| Other amounts payable | 47/48 | €620,042 | €638,744 | +€18,702 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,779 | €78,624 | +€53,845 | +217% |
| Other operating charges | 640/8 | €424 | €321 | -€102 | -24.1% |
| Gross operating margin | 9900 | €116,799 | €201,175 | +€84,376 | +72.2% |
| Operating profit (loss) | 9901 | €91,596 | €122,230 | +€30,634 | +33.4% |
| Financial charges | 65/66B | €9,213 | €13,331 | +€4,118 | +44.7% |
| Recurring financial charges | 65 | €9,213 | €13,331 | +€4,118 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €82,383 | €108,898 | +€26,515 | +32.2% |
| Income taxes | 67/77 | €12,731 | €22,146 | +€9,415 | +74.0% |
| Profit (loss) for the period | 9904 | €69,652 | €86,752 | +€17,100 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,652 | €86,752 | +€17,100 | +24.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.