KODE Management: 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.
KODE Management
Largest movements
- Financial fixed assets +€772,373
up €772,373 (+191.4%), from €403,525 to €1.2m
- Cash -€20,430
down €20,430 (-13.6%), from €150,403 to €129,973
mainly Investment in fixed assets (net) (-€772,373) and Contributions, distributions and other (-€65,578)
- Receivables within one year -€14,958
down €14,958 (-25.0%), from €59,809 to €44,850
of which Other amounts receivable: -€8,607
- Debts after one year +€741,636
up €741,636 (+398.2%), from €186,254 to €927,890
of which Other amounts payable: +€772,373
- Other debts +€29,192
up €29,192 (+544.5%), from €5,361 to €34,553
- Reserves -€27,329
down €27,329 (-8.1%), from €338,486 to €311,156
of which Distributable reserves: -€27,329
- Financial income -€110,122
no longer reported in 2025 (was €110,122)
- Gross operating margin -€20,498
down €20,498 (-24.1%), from €85,125 to €64,627
- Taxes -€17,177
down €17,177 (-54.0%), from €31,818 to €14,641
- Financial charges +€3,645
up €3,645 (+67.6%), from €5,394 to €9,040
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 | €621,576 | €1,356,178 | +€734,602 | +118.2% |
| Fixed assets | 21/28 | €411,072 | €1,181,027 | +€769,955 | +187.3% |
| Tangible fixed assets | 22/27 | €7,547 | €5,129 | -€2,418 | -32.0% |
| Furniture and vehicles | 24 | €7,547 | €5,129 | -€2,418 | -32.0% |
| Financial fixed assets | 28 | €403,525 | €1,175,898 | +€772,373 | +191.4% |
| Current assets | 29/58 | €210,504 | €175,151 | -€35,353 | -16.8% |
| Amounts receivable within one year | 40/41 | €59,809 | €44,850 | -€14,958 | -25.0% |
| Trade receivables | 40 | €27,702 | €21,350 | -€6,352 | -22.9% |
| Other amounts receivable | 41 | €32,107 | €23,500 | -€8,607 | -26.8% |
| Cash at bank and in hand | 54/58 | €150,403 | €129,973 | -€20,430 | -13.6% |
| Deferred charges and accrued income | 490/1 | €292 | €328 | +€35 | +12.1% |
| Total equity and liabilities | 10/49 | €621,576 | €1,356,178 | +€734,602 | +118.2% |
| Equity | 10/15 | €358,486 | €331,156 | -€27,329 | -7.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €338,486 | €311,156 | -€27,329 | -8.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €336,486 | €309,156 | -€27,329 | -8.1% |
| Amounts payable | 17/49 | €263,090 | €1,025,022 | +€761,931 | +289.6% |
| Amounts payable after more than one year | 17 | €186,254 | €927,890 | +€741,636 | +398.2% |
| Financial debts | 170/4 | €186,254 | €155,517 | -€30,737 | -16.5% |
| Other amounts payable | 178/9 | - | €772,373 | +€772,373 | |
| Amounts payable within one year | 42/48 | €76,836 | €97,131 | +€20,295 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €29,901 | €30,737 | +€837 | +2.8% |
| Trade debts | 44 | €2,977 | €3,187 | +€210 | +7.0% |
| Suppliers | 440/4 | €2,977 | €3,187 | +€210 | +7.0% |
| Taxes, remuneration and social security | 45 | €38,597 | €28,654 | -€9,944 | -25.8% |
| Taxes | 450/3 | €33,447 | €28,654 | -€4,793 | -14.3% |
| Remuneration and social security | 454/9 | €5,151 | - | -€5,151 | |
| Other amounts payable | 47/48 | €5,361 | €34,553 | +€29,192 | +544.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,042 | €2,418 | +€377 | +18.4% |
| Other operating charges | 640/8 | - | €279 | +€279 | |
| Gross operating margin | 9900 | €85,125 | €64,627 | -€20,498 | -24.1% |
| Operating profit (loss) | 9901 | €83,083 | €61,930 | -€21,153 | -25.5% |
| Financial income | 75/76B | €110,122 | - | -€110,122 | |
| Recurring financial income | 75 | €110,122 | - | -€110,122 | |
| Financial charges | 65/66B | €5,394 | €9,040 | +€3,645 | +67.6% |
| Recurring financial charges | 65 | €5,394 | €9,040 | +€3,645 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | €187,811 | €52,890 | -€134,921 | -71.8% |
| Income taxes | 67/77 | €31,818 | €14,641 | -€17,177 | -54.0% |
| Profit (loss) for the period | 9904 | €155,993 | €38,249 | -€117,744 | -75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €155,993 | €38,249 | -€117,744 | -75.5% |
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 2 October 2026 via checked.be.