KODECK: 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.
KODECK
Largest movements
- Tangible fixed assets +€39,434
up €39,434 (+36.8%), from €107,205 to €146,639
of which Other tangible fixed assets: +€30,446
- Cash +€10,989
up €10,989 (+90.2%), from €12,178 to €23,167
mainly Net result for the year (+€44,208) and Depreciation (+€31,079)
- Financial fixed assets +€3,600
up €3,600 (+200.0%), from €1,800 to €5,400
- Reserves +€41,101
up €41,101 (+240.5%), from €17,090 to €58,191
of which Distributable reserves: +€45,800
- Tax, wage and social debts +€25,993
up €25,993 (+63.4%), from €41,003 to €66,996
of which Taxes: +€19,715
- Debts after one year -€11,135
down €11,135 (-20.8%), from €53,504 to €42,368
- Other debts -€8,000
down €8,000 (-40.0%), from €20,000 to €12,000
- Profit (loss) carried forward +€3,107
up €3,107, from -€3,101 to €7
- Gross operating margin +€136,793
up €136,793 (+80.8%), from €169,325 to €306,118
- Staff costs +€73,277
up €73,277 (+60.3%), from €121,471 to €194,749
- Taxes +€23,334
new in 2025: €23,334
- Depreciation +€7,127
up €7,127 (+29.8%), from €23,952 to €31,079
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 | €178,390 | €231,368 | +€52,978 | +29.7% |
| Fixed assets | 21/28 | €117,023 | €158,162 | +€41,139 | +35.2% |
| Intangible fixed assets | 21 | €8,018 | €6,123 | -€1,895 | -23.6% |
| Tangible fixed assets | 22/27 | €107,205 | €146,639 | +€39,434 | +36.8% |
| Plant, machinery and equipment | 23 | €57,567 | €64,772 | +€7,204 | +12.5% |
| Furniture and vehicles | 24 | €18,650 | €20,434 | +€1,783 | +9.6% |
| Other tangible fixed assets | 26 | €30,987 | €61,433 | +€30,446 | +98.3% |
| Financial fixed assets | 28 | €1,800 | €5,400 | +€3,600 | +200.0% |
| Current assets | 29/58 | €61,367 | €73,207 | +€11,839 | +19.3% |
| Stocks and contracts in progress | 3 | €13,448 | €15,542 | +€2,094 | +15.6% |
| Stocks | 30/36 | €13,448 | €15,542 | +€2,094 | +15.6% |
| Amounts receivable within one year | 40/41 | €31,079 | €32,059 | +€980 | +3.2% |
| Trade receivables | 40 | €630 | €50 | -€580 | -92.1% |
| Other amounts receivable | 41 | €30,449 | €32,009 | +€1,559 | +5.1% |
| Cash at bank and in hand | 54/58 | €12,178 | €23,167 | +€10,989 | +90.2% |
| Deferred charges and accrued income | 490/1 | €4,663 | €2,439 | -€2,224 | -47.7% |
| Total equity and liabilities | 10/49 | €178,390 | €231,368 | +€52,978 | +29.7% |
| Equity | 10/15 | €20,189 | €64,397 | +€44,208 | +219.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €17,090 | €58,191 | +€41,101 | +240.5% |
| Tax-exempt reserves | 132 | €8,970 | €4,271 | -€4,699 | -52.4% |
| Distributable reserves | 133 | €8,120 | €53,920 | +€45,800 | +564.0% |
| Profit (loss) carried forward | 14 | -€3,101 | €7 | +€3,107 | |
| Provisions and deferred taxes | 16 | €2,990 | €1,424 | -€1,566 | -52.4% |
| Deferred taxes | 168 | €2,990 | €1,424 | -€1,566 | -52.4% |
| Amounts payable | 17/49 | €155,211 | €165,548 | +€10,336 | +6.7% |
| Amounts payable after more than one year | 17 | €53,504 | €42,368 | -€11,135 | -20.8% |
| Financial debts | 170/4 | €53,504 | €42,368 | -€11,135 | -20.8% |
| Amounts payable within one year | 42/48 | €97,299 | €116,041 | +€18,742 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €11,687 | €12,097 | +€410 | +3.5% |
| Trade debts | 44 | €24,609 | €24,948 | +€339 | +1.4% |
| Suppliers | 440/4 | €24,609 | €24,948 | +€339 | +1.4% |
| Taxes, remuneration and social security | 45 | €41,003 | €66,996 | +€25,993 | +63.4% |
| Taxes | 450/3 | €11,797 | €31,512 | +€19,715 | +167.1% |
| Remuneration and social security | 454/9 | €29,206 | €35,484 | +€6,278 | +21.5% |
| Other amounts payable | 47/48 | €20,000 | €12,000 | -€8,000 | -40.0% |
| Accrued charges and deferred income | 492/3 | €4,408 | €7,138 | +€2,730 | +61.9% |
| Remuneration, social security and pensions | 62 | €121,471 | €194,749 | +€73,277 | +60.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,952 | €31,079 | +€7,127 | +29.8% |
| Other operating charges | 640/8 | €663 | €685 | +€22 | +3.2% |
| Gross operating margin | 9900 | €169,325 | €306,118 | +€136,793 | +80.8% |
| Operating profit (loss) | 9901 | €23,238 | €79,605 | +€56,368 | +242.6% |
| Financial income | 75/76B | €2,414 | €1,823 | -€592 | -24.5% |
| Recurring financial income | 75 | €2,414 | €1,823 | -€592 | -24.5% |
| Financial charges | 65/66B | €12,996 | €15,452 | +€2,456 | +18.9% |
| Recurring financial charges | 65 | €12,996 | €15,452 | +€2,456 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €12,656 | €65,976 | +€53,320 | +421.3% |
| Transfer from deferred taxes | 780 | €1,697 | €1,566 | -€131 | -7.7% |
| Income taxes | 67/77 | - | €23,334 | +€23,334 | |
| Profit (loss) for the period | 9904 | €14,353 | €44,208 | +€29,855 | +208.0% |
| Transfer from tax-exempt reserves | 789 | €5,091 | €4,699 | -€392 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,444 | €48,907 | +€29,463 | +151.5% |
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 7 October 2026 via checked.be.