KODAVO: 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.
KODAVO
Largest movements
- Receivables within one year +€719,340
up €719,340 (+722.3%), from €99,586 to €818,927
of which Trade receivables: +€721,617
- Tangible fixed assets +€220,151
up €220,151 (+24.2%), from €908,600 to €1.1m
of which Land and buildings: +€281,608
- Cash -€82,341
down €82,341 (-22.3%), from €368,925 to €286,584
mainly Receivables within one year (-€719,340) and Investment in fixed assets (net) (-€372,774)
- Current investments -€50,000
down €50,000 (-16.7%), from €300,000 to €250,000
- Reserves +€602,503
up €602,503 (+52.0%), from €1.2m to €1.8m
- Tax, wage and social debts +€162,194
up €162,194 (+195.8%), from €82,832 to €245,026
- Other debts +€91,189
up €91,189 (+620.3%), from €14,702 to €105,891
- Debts after one year -€26,717
down €26,717 (-5.8%), from €460,810 to €434,093
- Gross operating margin +€558,675
up €558,675 (+73.5%), from €760,017 to €1.3m
- Taxes +€175,659
up €175,659 (+84.2%), from €208,529 to €384,189
- Depreciation +€71,420
up €71,420 (+88.0%), from €81,203 to €152,623
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 | €1,767,974 | €2,592,018 | +€824,044 | +46.6% |
| Fixed assets | 21/28 | €908,600 | €1,128,751 | +€220,151 | +24.2% |
| Tangible fixed assets | 22/27 | €908,600 | €1,128,751 | +€220,151 | +24.2% |
| Land and buildings | 22 | €705,468 | €987,077 | +€281,608 | +39.9% |
| Plant, machinery and equipment | 23 | €3,315 | €2,615 | -€700 | -21.1% |
| Furniture and vehicles | 24 | €119,142 | €69,132 | -€50,010 | -42.0% |
| Other tangible fixed assets | 26 | €80,674 | €69,927 | -€10,747 | -13.3% |
| Current assets | 29/58 | €859,374 | €1,463,267 | +€603,893 | +70.3% |
| Stocks and contracts in progress | 3 | €40,000 | €40,000 | = | 0.0% |
| Stocks | 30/36 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €99,586 | €818,927 | +€719,340 | +722.3% |
| Trade receivables | 40 | €83,623 | €805,240 | +€721,617 | +862.9% |
| Other amounts receivable | 41 | €15,963 | €13,687 | -€2,276 | -14.3% |
| Current investments | 50/53 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Cash at bank and in hand | 54/58 | €368,925 | €286,584 | -€82,341 | -22.3% |
| Deferred charges and accrued income | 490/1 | €50,863 | €67,757 | +€16,894 | +33.2% |
| Total equity and liabilities | 10/49 | €1,767,974 | €2,592,018 | +€824,044 | +46.6% |
| Equity | 10/15 | €1,173,497 | €1,775,367 | +€601,870 | +51.3% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €1,158,864 | €1,761,367 | +€602,503 | +52.0% |
| Distributable reserves | 133 | €1,158,864 | €1,761,367 | +€602,503 | +52.0% |
| Profit (loss) carried forward | 14 | €633 | - | -€633 | |
| Amounts payable | 17/49 | €594,477 | €816,651 | +€222,175 | +37.4% |
| Amounts payable after more than one year | 17 | €460,810 | €434,093 | -€26,717 | -5.8% |
| Financial debts | 170/4 | €460,810 | €434,093 | -€26,717 | -5.8% |
| Amounts payable within one year | 42/48 | €133,313 | €380,815 | +€247,502 | +185.7% |
| Current portion of amounts payable after more than one year | 42 | €25,792 | €26,717 | +€925 | +3.6% |
| Trade debts | 44 | €9,987 | €3,181 | -€6,805 | -68.1% |
| Suppliers | 440/4 | €9,987 | €3,181 | -€6,805 | -68.1% |
| Taxes, remuneration and social security | 45 | €82,832 | €245,026 | +€162,194 | +195.8% |
| Taxes | 450/3 | €82,832 | €245,026 | +€162,194 | +195.8% |
| Other amounts payable | 47/48 | €14,702 | €105,891 | +€91,189 | +620.3% |
| Accrued charges and deferred income | 492/3 | €353 | €1,743 | +€1,389 | +393.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,203 | €152,623 | +€71,420 | +88.0% |
| Other operating charges | 640/8 | €3,240 | €3,022 | -€218 | -6.7% |
| Gross operating margin | 9900 | €760,017 | €1,318,692 | +€558,675 | +73.5% |
| Operating profit (loss) | 9901 | €675,573 | €1,163,047 | +€487,473 | +72.2% |
| Financial income | 75/76B | €1,214 | €2,081 | +€867 | +71.4% |
| Recurring financial income | 75 | €1,214 | €2,081 | +€867 | +71.4% |
| Financial charges | 65/66B | €13,672 | €16,985 | +€3,313 | +24.2% |
| Recurring financial charges | 65 | €13,672 | €16,985 | +€3,313 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €663,116 | €1,148,143 | +€485,027 | +73.1% |
| Income taxes | 67/77 | €208,529 | €384,189 | +€175,659 | +84.2% |
| Profit (loss) for the period | 9904 | €454,586 | €763,954 | +€309,368 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €454,586 | €763,954 | +€309,368 | +68.1% |
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 12 October 2026 via checked.be.