CODUVAN: 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.
CODUVAN
Largest movements
- Stocks and contracts -€280,130
down €280,130 (-44.4%), from €631,025 to €350,895
- Receivables within one year +€186,326
up €186,326 (+1100.1%), from €16,937 to €203,263
of which Other amounts receivable: +€156,649
- Cash -€186,194
no longer reported in 2025 (was €186,194)
mainly Trade debts (-€516,722) and Receivables within one year (-€186,326)
- Tangible fixed assets -€18,114
down €18,114 (-3.6%), from €501,909 to €483,795
of which Plant, machinery and equipment: -€34,429
- Trade debts -€516,722
down €516,722 (-75.3%), from €686,548 to €169,825
of which Bills of exchange payable: -€395,156
- Short-term financial debts +€245,486
new in 2025: €245,486
- Debts after one year -€38,369
down €38,369 (-26.5%), from €144,552 to €106,183
- Reserves +€17,884
up €17,884 (+16.9%), from €105,912 to €123,796
of which Distributable reserves: +€20,000
- Purchases and services +€652,584
up €652,584 (+60.3%), from €1.1m to €1.7m
- Turnover +€644,714
up €644,714 (+53.6%), from €1.2m to €1.8m
- Depreciation +€23,647
up €23,647 (+40.0%), from €59,123 to €82,771
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 | €1,336,065 | €1,040,187 | -€295,879 | -22.1% |
| Fixed assets | 21/28 | €501,909 | €483,795 | -€18,114 | -3.6% |
| Tangible fixed assets | 22/27 | €501,909 | €483,795 | -€18,114 | -3.6% |
| Land and buildings | 22 | €206,157 | €239,184 | +€33,027 | +16.0% |
| Plant, machinery and equipment | 23 | €192,611 | €158,182 | -€34,429 | -17.9% |
| Furniture and vehicles | 24 | €998 | - | -€998 | |
| Leasing and similar rights | 25 | €102,143 | €86,429 | -€15,714 | -15.4% |
| Current assets | 29/58 | €834,156 | €556,392 | -€277,765 | -33.3% |
| Stocks and contracts in progress | 3 | €631,025 | €350,895 | -€280,130 | -44.4% |
| Stocks | 30/36 | €631,025 | €350,895 | -€280,130 | -44.4% |
| Amounts receivable within one year | 40/41 | €16,937 | €203,263 | +€186,326 | +1100.1% |
| Trade receivables | 40 | - | €29,677 | +€29,677 | |
| Other amounts receivable | 41 | €16,937 | €173,586 | +€156,649 | +924.9% |
| Cash at bank and in hand | 54/58 | €186,194 | - | -€186,194 | |
| Deferred charges and accrued income | 490/1 | - | €2,233 | +€2,233 | |
| Total equity and liabilities | 10/49 | €1,336,065 | €1,040,187 | -€295,879 | -22.1% |
| Equity | 10/15 | €446,156 | €464,937 | +€18,782 | +4.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €105,912 | €123,796 | +€17,884 | +16.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,053 | €6,937 | -€2,116 | -23.4% |
| Distributable reserves | 133 | €95,000 | €115,000 | +€20,000 | +21.1% |
| Profit (loss) carried forward | 14 | €321,652 | €322,549 | +€897 | +0.3% |
| Provisions and deferred taxes | 16 | €3,366 | €2,486 | -€879 | -26.1% |
| Deferred taxes | 168 | €3,366 | €2,486 | -€879 | -26.1% |
| Amounts payable | 17/49 | €886,544 | €572,763 | -€313,781 | -35.4% |
| Amounts payable after more than one year | 17 | €144,552 | €106,183 | -€38,369 | -26.5% |
| Financial debts | 170/4 | €144,552 | €106,183 | -€38,369 | -26.5% |
| Amounts payable within one year | 42/48 | €741,992 | €466,580 | -€275,412 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €37,820 | €38,369 | +€549 | +1.5% |
| Financial debts | 43 | - | €245,486 | +€245,486 | |
| Credit institutions | 430/8 | - | €245,486 | +€245,486 | |
| Trade debts | 44 | €686,548 | €169,825 | -€516,722 | -75.3% |
| Suppliers | 440/4 | €291,392 | €169,825 | -€121,566 | -41.7% |
| Bills of exchange payable | 441 | €395,156 | - | -€395,156 | |
| Taxes, remuneration and social security | 45 | €15,572 | €12,900 | -€2,672 | -17.2% |
| Taxes | 450/3 | €15,572 | €12,900 | -€2,672 | -17.2% |
| Other amounts payable | 47/48 | €2,053 | - | -€2,053 | |
| Turnover | 70 | €1,203,294 | €1,848,008 | +€644,714 | +53.6% |
| Non-recurring operating income | 76A | - | €11,369 | +€11,369 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,081,437 | €1,734,020 | +€652,584 | +60.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,123 | €82,771 | +€23,647 | +40.0% |
| Other operating charges | 640/8 | €3,925 | €3,472 | -€453 | -11.5% |
| Gross operating margin | 9900 | €121,858 | €125,356 | +€3,499 | +2.9% |
| Operating profit (loss) | 9901 | €58,809 | €39,113 | -€19,696 | -33.5% |
| Financial income | 75/76B | €59 | €536 | +€476 | +805.8% |
| Recurring financial income | 75 | €59 | €166 | +€106 | +180.0% |
| Non-recurring financial income | 76B | - | €370 | +€370 | |
| Financial charges | 65/66B | €15,319 | €14,407 | -€912 | -6.0% |
| Recurring financial charges | 65 | €15,319 | €14,407 | -€912 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €43,550 | €25,242 | -€18,308 | -42.0% |
| Transfer from deferred taxes | 780 | €2,281 | €2,995 | +€714 | +31.3% |
| Income taxes | 67/77 | €5,107 | €7,340 | +€2,232 | +43.7% |
| Profit (loss) for the period | 9904 | €40,723 | €20,897 | -€19,825 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,723 | €20,897 | -€19,825 | -48.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.