KODEMA: 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.
KODEMA
Largest movements
- Tangible fixed assets -€21,875
down €21,875 (-27.6%), from €79,302 to €57,427
of which Furniture and vehicles: -€20,978
- Cash -€1,627
down €1,627 (-3.7%), from €43,492 to €41,865
mainly Net result for the year (-€20,474) and Debts after one year (-€19,640)
- Deferred charges and accrued income +€1,415
up €1,415 (+57.4%), from €2,466 to €3,882
- Profit (loss) carried forward -€20,474
down €20,474 (-187%), from -€10,972 to -€31,446
- Debts after one year -€19,640
down €19,640 (-37.1%), from €53,004 to €33,364
- Other debts +€14,019
up €14,019 (+30.1%), from €46,579 to €60,598
- Gross operating margin -€26,805
down €26,805 (-70.5%), from €38,030 to €11,225
- Depreciation -€756
down €756 (-3.2%), from €23,612 to €22,856
- Other operating charges +€747
up €747 (+49.0%), from €1,526 to €2,273
- Financial charges +€644
up €644 (+12.3%), from €5,246 to €5,889
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 | €125,293 | €103,341 | -€21,952 | -17.5% |
| Fixed assets | 21/28 | €79,302 | €57,427 | -€21,875 | -27.6% |
| Tangible fixed assets | 22/27 | €79,302 | €57,427 | -€21,875 | -27.6% |
| Plant, machinery and equipment | 23 | €897 | €0 | -€897 | -100% |
| Furniture and vehicles | 24 | €78,405 | €57,427 | -€20,978 | -26.8% |
| Current assets | 29/58 | €45,991 | €45,914 | -€77 | -0.2% |
| Amounts receivable within one year | 40/41 | €33 | €167 | +€134 | +405% |
| Trade receivables | 40 | €0 | €167 | +€167 | |
| Other amounts receivable | 41 | €33 | €0 | -€33 | -100% |
| Cash at bank and in hand | 54/58 | €43,492 | €41,865 | -€1,627 | -3.7% |
| Deferred charges and accrued income | 490/1 | €2,466 | €3,882 | +€1,415 | +57.4% |
| Total equity and liabilities | 10/49 | €125,293 | €103,341 | -€21,952 | -17.5% |
| Equity | 10/15 | €3,288 | -€17,186 | -€20,474 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,972 | -€31,446 | -€20,474 | -187% |
| Amounts payable | 17/49 | €122,006 | €120,527 | -€1,479 | -1.2% |
| Amounts payable after more than one year | 17 | €53,004 | €33,364 | -€19,640 | -37.1% |
| Financial debts | 170/4 | €53,004 | €33,364 | -€19,640 | -37.1% |
| Amounts payable within one year | 42/48 | €69,001 | €87,163 | +€18,161 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €18,600 | €19,640 | +€1,040 | +5.6% |
| Financial debts | 43 | €22 | €777 | +€755 | +3,433% |
| Credit institutions | 430/8 | €22 | €777 | +€755 | +3,433% |
| Trade debts | 44 | €199 | €1,418 | +€1,219 | +611% |
| Suppliers | 440/4 | €199 | €1,418 | +€1,219 | +611% |
| Taxes, remuneration and social security | 45 | €3,601 | €4,729 | +€1,129 | +31.3% |
| Taxes | 450/3 | €3,601 | €4,729 | +€1,129 | +31.3% |
| Other amounts payable | 47/48 | €46,579 | €60,598 | +€14,019 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,612 | €22,856 | -€756 | -3.2% |
| Other operating charges | 640/8 | €1,526 | €2,273 | +€747 | +49.0% |
| Gross operating margin | 9900 | €38,030 | €11,225 | -€26,805 | -70.5% |
| Operating profit (loss) | 9901 | €12,892 | -€13,904 | -€26,796 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €5,246 | €5,889 | +€644 | +12.3% |
| Recurring financial charges | 65 | €5,246 | €5,889 | +€644 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €7,646 | -€19,794 | -€27,440 | |
| Income taxes | 67/77 | €548 | €680 | +€132 | +24.1% |
| Profit (loss) for the period | 9904 | €7,098 | -€20,474 | -€27,572 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,098 | -€20,474 | -€27,572 |
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 16 October 2026 via checked.be.