HBS – Codefa Nord: 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.
HBS – Codefa Nord
Largest movements
- Cash +€327,618
up €327,618 (+449%), from €72,916 to €400,534
mainly Short-term financial debts (+€600,000) and Receivables within one year (+€95,775)
- Tangible fixed assets +€270,788
up €270,788 (+53.3%), from €508,114 to €778,901
of which Plant, machinery and equipment: +€162,675
- Receivables within one year -€95,775
down €95,775 (-14.0%), from €683,857 to €588,082
of which Trade receivables: -€235,942
- Short-term financial debts +€600,000
up €600,000 (+400%), from €150,000 to €750,000
- Trade debts -€247,589
down €247,589 (-34.3%), from €720,985 to €473,396
- Profit (loss) carried forward +€74,335
up €74,335 (+180%), from €41,276 to €115,611
- Debts after one year +€44,652
up €44,652 (+37.8%), from €118,181 to €162,833
- Current portion of long-term debt +€21,363
up €21,363 (+33.8%), from €63,245 to €84,608
- Gross operating margin +€181,359
up €181,359 (+172%), from €105,157 to €286,516
- Financial charges +€50,180
up €50,180 (+170%), from €29,514 to €79,693
- Depreciation +€25,742
up €25,742 (+39.7%), from €64,839 to €90,581
- Taxes +€17,283
up €17,283 (+1,278%), from €1,352 to €18,635
- Other operating charges +€15,778
up €15,778 (+441%), from €3,581 to €19,359
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 | €1,400,248 | €1,900,212 | +€499,964 | +35.7% |
| Fixed assets | 21/28 | €508,114 | €778,901 | +€270,788 | +53.3% |
| Tangible fixed assets | 22/27 | €508,114 | €778,901 | +€270,788 | +53.3% |
| Plant, machinery and equipment | 23 | €317,364 | €480,039 | +€162,675 | +51.3% |
| Leasing and similar rights | 25 | €190,750 | €298,862 | +€108,112 | +56.7% |
| Current assets | 29/58 | €892,134 | €1,121,311 | +€229,176 | +25.7% |
| Stocks and contracts in progress | 3 | €117,755 | €132,694 | +€14,939 | +12.7% |
| Stocks | 30/36 | €117,755 | €132,694 | +€14,939 | +12.7% |
| Amounts receivable within one year | 40/41 | €683,857 | €588,082 | -€95,775 | -14.0% |
| Trade receivables | 40 | €629,555 | €393,612 | -€235,942 | -37.5% |
| Other amounts receivable | 41 | €54,303 | €194,470 | +€140,168 | +258% |
| Cash at bank and in hand | 54/58 | €72,916 | €400,534 | +€327,618 | +449% |
| Deferred charges and accrued income | 490/1 | €17,606 | €0 | -€17,606 | -100% |
| Total equity and liabilities | 10/49 | €1,400,248 | €1,900,212 | +€499,964 | +35.7% |
| Equity | 10/15 | €343,449 | €421,696 | +€78,247 | +22.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,172 | €6,085 | +€3,912 | +180% |
| Non-distributable reserves | 130/1 | €2,172 | €6,085 | +€3,912 | +180% |
| Legal reserve | 130 | €2,172 | €6,085 | +€3,912 | +180% |
| Profit (loss) carried forward | 14 | €41,276 | €115,611 | +€74,335 | +180% |
| Amounts payable | 17/49 | €1,056,799 | €1,478,516 | +€421,717 | +39.9% |
| Amounts payable after more than one year | 17 | €118,181 | €162,833 | +€44,652 | +37.8% |
| Financial debts | 170/4 | €118,181 | €162,833 | +€44,652 | +37.8% |
| Amounts payable within one year | 42/48 | €938,039 | €1,312,992 | +€374,952 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €63,245 | €84,608 | +€21,363 | +33.8% |
| Financial debts | 43 | €150,000 | €750,000 | +€600,000 | +400% |
| Credit institutions | 430/8 | €150,000 | €750,000 | +€600,000 | +400% |
| Trade debts | 44 | €720,985 | €473,396 | -€247,589 | -34.3% |
| Suppliers | 440/4 | €720,985 | €473,396 | -€247,589 | -34.3% |
| Taxes, remuneration and social security | 45 | €3,810 | €4,988 | +€1,178 | +30.9% |
| Taxes | 450/3 | €3,810 | €4,988 | +€1,178 | +30.9% |
| Accrued charges and deferred income | 492/3 | €578 | €2,691 | +€2,113 | +365% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,839 | €90,581 | +€25,742 | +39.7% |
| Other operating charges | 640/8 | €3,581 | €19,359 | +€15,778 | +441% |
| Gross operating margin | 9900 | €105,157 | €286,516 | +€181,359 | +172% |
| Operating profit (loss) | 9901 | €36,737 | €176,576 | +€139,839 | +381% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,900% |
| Financial charges | 65/66B | €29,514 | €79,693 | +€50,180 | +170% |
| Recurring financial charges | 65 | €29,514 | €79,693 | +€50,180 | +170% |
| Profit (loss) for the period before taxes | 9903 | €7,223 | €96,883 | +€89,660 | +1,241% |
| Income taxes | 67/77 | €1,352 | €18,635 | +€17,283 | +1,278% |
| Profit (loss) for the period | 9904 | €5,871 | €78,247 | +€72,377 | +1,233% |
| Profit (loss) for the period to be appropriated | 9905 | €5,871 | €78,247 | +€72,377 | +1,233% |
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 14 October 2026 via checked.be.