KODEKO: 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.
KODEKO
Largest movements
- Tangible fixed assets +€92,443
up €92,443 (+52.6%), from €175,593 to €268,037
of which Furniture and vehicles: +€63,219
- Stocks and contracts +€55,976
up €55,976 (+20.9%), from €268,348 to €324,324
of which Stocks: +€62,976
- Cash -€53,528
down €53,528 (-14.5%), from €368,321 to €314,793
mainly Investment in fixed assets (net) (-€146,964) and Tax, wage and social debts (-€103,650)
- Receivables within one year +€12,441
new in 2025: €12,441
- Trade debts +€116,451
up €116,451 (+408%), from €28,546 to €144,997
- Tax, wage and social debts -€103,650
down €103,650 (-98.8%), from €104,874 to €1,224
- Reserves +€59,872
up €59,872 (+10.7%), from €557,849 to €617,722
of which Distributable reserves: +€59,872
- Other debts +€47,694
up €47,694 (+86.4%), from €55,182 to €102,876
- Debts after one year -€12,950
down €12,950 (-30.2%), from €42,868 to €29,917
- Gross operating margin -€190,730
down €190,730 (-56.8%), from €335,851 to €145,121
- Taxes -€67,679
down €67,679 (-68.8%), from €98,345 to €30,666
- Depreciation +€10,169
up €10,169 (+22.9%), from €44,351 to €54,520
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 | €814,461 | €922,087 | +€107,625 | +13.2% |
| Fixed assets | 21/28 | €175,593 | €268,037 | +€92,443 | +52.6% |
| Tangible fixed assets | 22/27 | €175,593 | €268,037 | +€92,443 | +52.6% |
| Land and buildings | 22 | €35,712 | €37,623 | +€1,911 | +5.4% |
| Plant, machinery and equipment | 23 | €73,959 | €101,272 | +€27,313 | +36.9% |
| Furniture and vehicles | 24 | €65,922 | €129,141 | +€63,219 | +95.9% |
| Current assets | 29/58 | €638,868 | €654,050 | +€15,182 | +2.4% |
| Stocks and contracts in progress | 3 | €268,348 | €324,324 | +€55,976 | +20.9% |
| Stocks | 30/36 | €236,348 | €299,324 | +€62,976 | +26.6% |
| Contracts in progress | 37 | €32,000 | €25,000 | -€7,000 | -21.9% |
| Amounts receivable within one year | 40/41 | - | €12,441 | +€12,441 | |
| Other amounts receivable | 41 | - | €12,441 | +€12,441 | |
| Cash at bank and in hand | 54/58 | €368,321 | €314,793 | -€53,528 | -14.5% |
| Deferred charges and accrued income | 490/1 | €2,199 | €2,491 | +€293 | +13.3% |
| Total equity and liabilities | 10/49 | €814,461 | €922,087 | +€107,625 | +13.2% |
| Equity | 10/15 | €570,249 | €630,122 | +€59,872 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €557,849 | €617,722 | +€59,872 | +10.7% |
| Tax-exempt reserves | 132 | €19,624 | €19,624 | = | 0.0% |
| Distributable reserves | 133 | €538,225 | €598,097 | +€59,872 | +11.1% |
| Amounts payable | 17/49 | €244,212 | €291,965 | +€47,753 | +19.6% |
| Amounts payable after more than one year | 17 | €42,868 | €29,917 | -€12,950 | -30.2% |
| Financial debts | 170/4 | €42,868 | €29,917 | -€12,950 | -30.2% |
| Amounts payable within one year | 42/48 | €201,344 | €262,047 | +€60,703 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €12,742 | €12,950 | +€208 | +1.6% |
| Trade debts | 44 | €28,546 | €144,997 | +€116,451 | +408% |
| Suppliers | 440/4 | €28,546 | €144,997 | +€116,451 | +408% |
| Taxes, remuneration and social security | 45 | €104,874 | €1,224 | -€103,650 | -98.8% |
| Taxes | 450/3 | €104,874 | €1,224 | -€103,650 | -98.8% |
| Other amounts payable | 47/48 | €55,182 | €102,876 | +€47,694 | +86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,351 | €54,520 | +€10,169 | +22.9% |
| Other operating charges | 640/8 | €1,369 | €1,145 | -€224 | -16.4% |
| Gross operating margin | 9900 | €335,851 | €145,121 | -€190,730 | -56.8% |
| Operating profit (loss) | 9901 | €290,130 | €89,455 | -€200,675 | -69.2% |
| Financial income | 75/76B | €2,655 | €2,135 | -€520 | -19.6% |
| Recurring financial income | 75 | €2,655 | €2,135 | -€520 | -19.6% |
| Financial charges | 65/66B | €1,289 | €1,051 | -€238 | -18.5% |
| Recurring financial charges | 65 | €1,289 | €1,051 | -€238 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €291,495 | €90,538 | -€200,957 | -68.9% |
| Income taxes | 67/77 | €98,345 | €30,666 | -€67,679 | -68.8% |
| Profit (loss) for the period | 9904 | €193,150 | €59,872 | -€133,278 | -69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €193,150 | €59,872 | -€133,278 | -69.0% |
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 13 October 2026 via checked.be.