KODEVA: 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.
KODEVA
Largest movements
- Current investments -€543,000
down €543,000 (-24.8%), from €2.2m to €1.7m
- Stocks and contracts +€109,895
up €109,895 (+57.9%), from €189,670 to €299,565
- Cash +€52,376
up €52,376 (+30.5%), from €171,592 to €223,968
mainly Current investments (+€543,000) and Tax, wage and social debts (+€4,229)
- Receivables within one year +€45,146
up €45,146 (+39.1%), from €115,318 to €160,464
of which Other amounts receivable: +€99,500
- Reserves -€196,941
down €196,941 (-10.3%), from €1.9m to €1.7m
of which Distributable reserves: -€196,941
- Trade debts -€137,635
down €137,635 (-38.2%), from €360,227 to €222,591
- Gross operating margin -€2.4m
down €2.4m, from €2.3m to -€12,789
- Taxes -€771,284
down €771,284 (-99.5%), from €774,855 to €3,570
- Provisions +€79,152
up €79,152 (+92.0%), from -€86,026 to -€6,874
- Financial income +€31,456
up €31,456 (+1,429%), from €2,202 to €33,658
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 | €2,674,564 | €2,336,912 | -€337,652 | -12.6% |
| Fixed assets | 21/28 | €2,377 | €1,300 | -€1,077 | -45.3% |
| Tangible fixed assets | 22/27 | €2,153 | €1,077 | -€1,077 | -50.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,153 | €1,077 | -€1,077 | -50.0% |
| Financial fixed assets | 28 | €223 | €223 | = | 0.0% |
| Current assets | 29/58 | €2,672,188 | €2,335,612 | -€336,575 | -12.6% |
| Stocks and contracts in progress | 3 | €189,670 | €299,565 | +€109,895 | +57.9% |
| Stocks | 30/36 | €189,670 | €299,565 | +€109,895 | +57.9% |
| Amounts receivable within one year | 40/41 | €115,318 | €160,464 | +€45,146 | +39.1% |
| Trade receivables | 40 | €63,628 | €9,274 | -€54,354 | -85.4% |
| Other amounts receivable | 41 | €51,690 | €151,190 | +€99,500 | +192% |
| Current investments | 50/53 | €2,193,000 | €1,650,000 | -€543,000 | -24.8% |
| Cash at bank and in hand | 54/58 | €171,592 | €223,968 | +€52,376 | +30.5% |
| Deferred charges and accrued income | 490/1 | €2,607 | €1,615 | -€992 | -38.1% |
| Total equity and liabilities | 10/49 | €2,674,564 | €2,336,912 | -€337,652 | -12.6% |
| Equity | 10/15 | €2,155,876 | €1,958,505 | -€197,371 | -9.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,916,681 | €1,719,740 | -€196,941 | -10.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €1,891,681 | €1,694,740 | -€196,941 | -10.4% |
| Profit (loss) carried forward | 14 | -€10,804 | -€11,234 | -€430 | -4.0% |
| Provisions and deferred taxes | 16 | €41,400 | €34,525 | -€6,874 | -16.6% |
| Provisions for liabilities and charges | 160/5 | €41,400 | €34,525 | -€6,874 | -16.6% |
| Major repairs and maintenance | 162 | €21,405 | €20,839 | -€566 | -2.6% |
| Other liabilities and charges | 164/5 | €19,995 | €13,687 | -€6,308 | -31.5% |
| Amounts payable | 17/49 | €477,288 | €343,882 | -€133,406 | -28.0% |
| Amounts payable within one year | 42/48 | €477,288 | €343,882 | -€133,406 | -28.0% |
| Trade debts | 44 | €360,227 | €222,591 | -€137,635 | -38.2% |
| Suppliers | 440/4 | €360,227 | €222,591 | -€137,635 | -38.2% |
| Taxes, remuneration and social security | 45 | €117,061 | €121,290 | +€4,229 | +3.6% |
| Taxes | 450/3 | €114,855 | €118,425 | +€3,570 | +3.1% |
| Remuneration and social security | 454/9 | €2,207 | €2,866 | +€659 | +29.9% |
| Non-recurring operating income | 76A | €1,988,579 | €420 | -€2.0m | -100.0% |
| Remuneration, social security and pensions | 62 | €14,798 | €17,975 | +€3,177 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,077 | €1,077 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€86,026 | -€6,874 | +€79,152 | +92.0% |
| Other operating charges | 640/8 | €15,016 | €4,951 | -€10,065 | -67.0% |
| Gross operating margin | 9900 | €2,348,845 | -€12,789 | -€2.4m | |
| Operating profit (loss) | 9901 | €2,403,981 | -€29,917 | -€2.4m | |
| Financial income | 75/76B | €2,202 | €33,658 | +€31,456 | +1,429% |
| Recurring financial income | 75 | €2,202 | €33,658 | +€31,456 | +1,429% |
| Financial charges | 65/66B | €2,226 | €600 | -€1,626 | -73.0% |
| Recurring financial charges | 65 | €2,226 | €600 | -€1,626 | -73.0% |
| Profit (loss) for the period before taxes | 9903 | €2,403,957 | €3,140 | -€2.4m | -99.9% |
| Income taxes | 67/77 | €774,855 | €3,570 | -€771,284 | -99.5% |
| Profit (loss) for the period | 9904 | €1,629,102 | -€430 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,629,102 | -€430 | -€1.6m |
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 15 October 2026 via checked.be.