KODDAERT: 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.
What changed
KODDAERT
NACE 46.820, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€868,321
2024 · -€1.5m+€587,238
Equity
€11.9m
2024 · €12.7m-€868,321
Cash
€1.6m
2024 · €1.0m+€549,308
Balance sheet total
€28.2m
2024 · €32.1m-€3.9m
Largest movements
Assets
- Stocks and contracts -€5.2m
down €5.2m (-24.0%), from €21.5m to €16.3m
- Receivables within one year +€781,322
up €781,322 (+19.7%), from €4.0m to €4.7m
of which Trade receivables: +€558,002
- Cash +€549,308
up €549,308 (+53.2%), from €1.0m to €1.6m
mainly Stocks and contracts (+€5.2m) and Depreciation (+€559,290)
Equity and liabilities
- Short-term financial debts -€1.6m
down €1.6m (-13.0%), from €12.0m to €10.4m
- Trade debts -€1.1m
down €1.1m (-25.7%), from €4.4m to €3.3m
- Reserves -€868,321
down €868,321 (-11.5%), from €7.6m to €6.7m
of which Distributable reserves: -€746,075
Income statement
- Services and other goods -€516,210
down €516,210 (-10.1%), from €5.1m to €4.6m
- Turnover +€395,101
up €395,101 (+1.2%), from €33.3m to €33.6m
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.
Result 2024
-€1.5m
Turnover
+€395,101
Other operating income
+€57,264
Goods and materials
-€166,133
Services and other goods
+€516,210
Staff costs
-€224,604
Depreciation
+€119,776
Provisions
+€47,850
Other operating charges
-€10,899
Other operating items
+€60,860
Financial income
+€14,367
Financial charges
-€222,482
Taxes
-€71
Result 2025
-€868,321
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.
From operations
+€2.6m
Investment
-€471,863
Financing
-€1.6m
Cash 2024
€1.0m
From operations (derived)
+€2.6m
Net result for the year
-€868,321
Depreciation
+€559,290
Receivables after one year
+€20,990
Stocks and contracts
+€5.2m
Receivables within one year
-€781,322
Deferred charges and accrued income
-€19,547
Provisions
-€47,850
Trade debts
-€1.1m
Tax, wage and social debts
+€21,341
Advances received
-€269,402
Other debts
+€2,108
Accrued charges and deferred income
-€36,678
Investment (derived)
-€471,863
Investment in fixed assets (net)
-€471,863
Financing
-€1.6m
Debts after one year
+€148,036
Current portion of long-term debt
-€173,081
Short-term financial debts
-€1.6m
Cash 2025
€1.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,109,797 | €28,199,379 | -€3.9m | -12.2% |
| Fixed assets | 21/28 | €5,306,761 | €5,219,334 | -€87,427 | -1.6% |
| Intangible fixed assets | 21 | €54,845 | €206,255 | +€151,410 | +276.1% |
| Tangible fixed assets | 22/27 | €5,251,916 | €5,013,078 | -€238,838 | -4.5% |
| Land and buildings | 22 | €3,866,089 | €3,731,886 | -€134,203 | -3.5% |
| Plant, machinery and equipment | 23 | €1,150,120 | €846,964 | -€303,156 | -26.4% |
| Furniture and vehicles | 24 | €180,095 | €152,652 | -€27,443 | -15.2% |
| Leasing and similar rights | 25 | €55,613 | €279,502 | +€223,890 | +402.6% |
| Assets under construction and advance payments | 27 | €0 | €2,075 | +€2,075 | |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Affiliated companies | 280/1 | €1 | €1 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €26,803,036 | €22,980,045 | -€3.8m | -14.3% |
| Amounts receivable after more than one year | 29 | €78,615 | €57,625 | -€20,990 | -26.7% |
| Other amounts receivable | 291 | €78,615 | €57,625 | -€20,990 | -26.7% |
| Stocks and contracts in progress | 3 | €21,451,167 | €16,298,990 | -€5.2m | -24.0% |
| Stocks | 30/36 | €21,451,167 | €16,298,990 | -€5.2m | -24.0% |
| Raw materials and consumables | 30/31 | €41,247 | €50,581 | +€9,334 | +22.6% |
| Goods purchased for resale | 34 | €20,898,023 | €16,028,193 | -€4.9m | -23.3% |
| Advance payments | 36 | €511,897 | €220,216 | -€291,682 | -57.0% |
| Amounts receivable within one year | 40/41 | €3,963,302 | €4,744,624 | +€781,322 | +19.7% |
| Trade receivables | 40 | €2,156,719 | €2,714,721 | +€558,002 | +25.9% |
| Other amounts receivable | 41 | €1,806,583 | €2,029,902 | +€223,320 | +12.4% |
| Cash at bank and in hand | 54/58 | €1,031,606 | €1,580,914 | +€549,308 | +53.2% |
| Deferred charges and accrued income | 490/1 | €278,345 | €297,892 | +€19,547 | +7.0% |
| Total equity and liabilities | 10/49 | €32,109,797 | €28,199,379 | -€3.9m | -12.2% |
| Equity | 10/15 | €12,732,813 | €11,864,492 | -€868,321 | -6.8% |
| Contributions | 10/11 | €910,000 | €910,000 | = | 0.0% |
| Capital | 10 | €910,000 | €910,000 | = | 0.0% |
| Issued capital | 100 | €910,000 | €910,000 | = | 0.0% |
| Revaluation surpluses | 12 | €4,268,877 | €4,268,877 | = | 0.0% |
| Reserves | 13 | €7,553,936 | €6,685,615 | -€868,321 | -11.5% |
| Non-distributable reserves | 130/1 | €91,000 | €91,000 | = | 0.0% |
| Legal reserve | 130 | €91,000 | €91,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,178,950 | €1,056,705 | -€122,246 | -10.4% |
| Distributable reserves | 133 | €6,283,986 | €5,537,911 | -€746,075 | -11.9% |
| Provisions and deferred taxes | 16 | €983,968 | €936,119 | -€47,850 | -4.9% |
| Provisions for liabilities and charges | 160/5 | €983,968 | €936,119 | -€47,850 | -4.9% |
| Other liabilities and charges | 164/5 | €983,968 | €936,119 | -€47,850 | -4.9% |
| Amounts payable | 17/49 | €18,393,015 | €15,398,768 | -€3.0m | -16.3% |
| Amounts payable after more than one year | 17 | €133,365 | €281,401 | +€148,036 | +111.0% |
| Financial debts | 170/4 | €133,365 | €281,401 | +€148,036 | +111.0% |
| Leasing and similar obligations | 172 | €41,269 | €238,761 | +€197,492 | +478.5% |
| Credit institutions | 173 | €92,096 | €42,640 | -€49,456 | -53.7% |
| Amounts payable within one year | 42/48 | €18,189,842 | €15,084,236 | -€3.1m | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €262,884 | €89,803 | -€173,081 | -65.8% |
| Financial debts | 43 | €12,000,000 | €10,445,000 | -€1.6m | -13.0% |
| Credit institutions | 430/8 | €12,000,000 | €10,445,000 | -€1.6m | -13.0% |
| Trade debts | 44 | €4,402,821 | €3,271,248 | -€1.1m | -25.7% |
| Suppliers | 440/4 | €4,402,821 | €3,271,248 | -€1.1m | -25.7% |
| Advances received on contracts in progress | 46 | €1,263,067 | €993,665 | -€269,402 | -21.3% |
| Taxes, remuneration and social security | 45 | €181,581 | €202,922 | +€21,341 | +11.8% |
| Taxes | 450/3 | €0 | €106 | +€106 | |
| Remuneration and social security | 454/9 | €181,581 | €202,815 | +€21,235 | +11.7% |
| Other amounts payable | 47/48 | €79,490 | €81,598 | +€2,108 | +2.7% |
| Accrued charges and deferred income | 492/3 | €69,808 | €33,131 | -€36,678 | -52.5% |
| Operating income | 70/76A | €33,522,727 | €34,027,884 | +€505,156 | +1.5% |
| Turnover | 70 | €33,254,412 | €33,649,513 | +€395,101 | +1.2% |
| Own construction capitalised | 72 | - | €165,232 | +€165,232 | |
| Other operating income | 74 | €121,801 | €179,064 | +€57,264 | +47.0% |
| Non-recurring operating income | 76A | €146,515 | €34,075 | -€112,441 | -76.7% |
| Operating charges | 60/66A | €34,181,514 | €33,891,246 | -€290,268 | -0.8% |
| Goods for resale, raw materials and consumables | 60 | €26,308,946 | €26,475,079 | +€166,133 | +0.6% |
| Purchases | 600/8 | €25,683,989 | €21,614,583 | -€4.1m | -15.8% |
| Change in stocks: decrease (increase) | 609 | €624,958 | €4,860,496 | +€4.2m | +677.7% |
| Services and other goods | 61 | €5,108,231 | €4,592,021 | -€516,210 | -10.1% |
| Remuneration, social security and pensions | 62 | €2,027,089 | €2,251,693 | +€224,604 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €679,066 | €559,290 | -€119,776 | -17.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€47,850 | -€47,850 | |
| Other operating charges | 640/8 | €48,121 | €59,020 | +€10,899 | +22.6% |
| Non-recurring operating charges | 66A | €10,062 | €1,994 | -€8,068 | -80.2% |
| Operating profit (loss) | 9901 | -€658,786 | €136,637 | +€795,424 | |
| Financial income | 75/76B | €134,871 | €149,238 | +€14,367 | +10.7% |
| Recurring financial income | 75 | €134,871 | €149,238 | +€14,367 | +10.7% |
| Income from current assets | 751 | €12,138 | €36,671 | +€24,534 | +202.1% |
| Other financial income | 752/9 | €122,733 | €112,566 | -€10,166 | -8.3% |
| Financial charges | 65/66B | €930,260 | €1,152,742 | +€222,482 | +23.9% |
| Recurring financial charges | 65 | €930,260 | €1,152,742 | +€222,482 | +23.9% |
| Debt charges | 650 | €569,291 | €542,707 | -€26,583 | -4.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€99,604 | €0 | +€99,604 | |
| Other financial charges | 652/9 | €460,574 | €610,034 | +€149,460 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,454,176 | -€866,866 | +€587,309 | +40.4% |
| Income taxes | 67/77 | €1,383 | €1,454 | +€71 | +5.1% |
| Taxes | 670/3 | €1,383 | €1,454 | +€71 | +5.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,455,559 | -€868,321 | +€587,238 | +40.3% |
| Transfer from tax-exempt reserves | 789 | €0 | €122,246 | +€122,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,455,559 | -€746,075 | +€709,484 | +48.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.