KODIAN: 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.
KODIAN
Largest movements
- Tangible fixed assets +€270,492
up €270,492 (+30.5%), from €886,307 to €1.2m
of which Land and buildings: +€594,350
- Cash -€50,830
down €50,830 (-19.1%), from €265,554 to €214,724
mainly Investment in fixed assets (net) (-€316,950) and Contributions, distributions and other (-€285,804)
- Contributions -€285,804
down €285,804 (-74.0%), from €386,201 to €100,397
- Other debts +€279,259
up €279,259 (+1813.5%), from €15,399 to €294,657
- Debts after one year +€270,468
up €270,468 (+80.5%), from €336,130 to €606,598
- Trade debts -€38,856
down €38,856 (-86.5%), from €44,939 to €6,082
- Reserves -€33,985
down €33,985 (-10.5%), from €324,759 to €290,774
of which Non-distributable reserves: -€38,620
- Depreciation +€15,093
up €15,093 (+48.1%), from €31,365 to €46,458
- Financial charges +€13,080
up €13,080 (+341.7%), from €3,828 to €16,908
- Gross operating margin -€10,518
down €10,518 (-21.1%), from €49,799 to €39,281
- Taxes -€2,349
down €2,349 (-93.7%), from €2,506 to €157
- Financial income -€1,223
down €1,223 (-60.1%), from €2,035 to €811
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 | €1,159,021 | €1,382,582 | +€223,561 | +19.3% |
| Fixed assets | 21/28 | €886,307 | €1,156,799 | +€270,492 | +30.5% |
| Tangible fixed assets | 22/27 | €886,307 | €1,156,799 | +€270,492 | +30.5% |
| Land and buildings | 22 | €540,600 | €1,134,950 | +€594,350 | +109.9% |
| Plant, machinery and equipment | 23 | €16,039 | €13,315 | -€2,724 | -17.0% |
| Furniture and vehicles | 24 | €16,600 | €8,534 | -€8,067 | -48.6% |
| Assets under construction and advance payments | 27 | €313,068 | - | -€313,068 | |
| Current assets | 29/58 | €272,714 | €225,783 | -€46,931 | -17.2% |
| Amounts receivable within one year | 40/41 | €2,947 | €2,947 | = | 0.0% |
| Other amounts receivable | 41 | €2,947 | €2,947 | = | 0.0% |
| Current investments | 50/53 | €500 | €500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €265,554 | €214,724 | -€50,830 | -19.1% |
| Deferred charges and accrued income | 490/1 | €3,713 | €7,612 | +€3,900 | +105.0% |
| Total equity and liabilities | 10/49 | €1,159,021 | €1,382,582 | +€223,561 | +19.3% |
| Equity | 10/15 | €710,960 | €391,171 | -€319,789 | -45.0% |
| Contributions | 10/11 | €386,201 | €100,397 | -€285,804 | -74.0% |
| Capital | 10 | €386,201 | - | -€386,201 | |
| Issued capital | 100 | €386,201 | - | -€386,201 | |
| Reserves | 13 | €324,759 | €290,774 | -€33,985 | -10.5% |
| Non-distributable reserves | 130/1 | €38,620 | - | -€38,620 | |
| Legal reserve | 130 | €38,620 | - | -€38,620 | |
| Tax-exempt reserves | 132 | €93,625 | €90,787 | -€2,837 | -3.0% |
| Distributable reserves | 133 | €192,514 | €199,986 | +€7,472 | +3.9% |
| Provisions and deferred taxes | 16 | €31,208 | €30,262 | -€946 | -3.0% |
| Deferred taxes | 168 | €31,208 | €30,262 | -€946 | -3.0% |
| Amounts payable | 17/49 | €416,853 | €961,149 | +€544,296 | +130.6% |
| Amounts payable after more than one year | 17 | €336,130 | €606,598 | +€270,468 | +80.5% |
| Financial debts | 170/4 | €336,130 | €606,598 | +€270,468 | +80.5% |
| Amounts payable within one year | 42/48 | €80,724 | €354,551 | +€273,828 | +339.2% |
| Current portion of amounts payable after more than one year | 42 | €20,387 | €53,655 | +€33,268 | +163.2% |
| Trade debts | 44 | €44,939 | €6,082 | -€38,856 | -86.5% |
| Suppliers | 440/4 | €44,939 | €6,082 | -€38,856 | -86.5% |
| Taxes, remuneration and social security | 45 | - | €157 | +€157 | |
| Taxes | 450/3 | - | €157 | +€157 | |
| Other amounts payable | 47/48 | €15,399 | €294,657 | +€279,259 | +1813.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,365 | €46,458 | +€15,093 | +48.1% |
| Other operating charges | 640/8 | €11,217 | €11,500 | +€283 | +2.5% |
| Gross operating margin | 9900 | €49,799 | €39,281 | -€10,518 | -21.1% |
| Operating profit (loss) | 9901 | €7,218 | -€18,677 | -€25,895 | |
| Financial income | 75/76B | €2,035 | €811 | -€1,223 | -60.1% |
| Recurring financial income | 75 | €2,035 | €811 | -€1,223 | -60.1% |
| Financial charges | 65/66B | €3,828 | €16,908 | +€13,080 | +341.7% |
| Recurring financial charges | 65 | €3,828 | €16,908 | +€13,080 | +341.7% |
| Profit (loss) for the period before taxes | 9903 | €5,425 | -€34,774 | -€40,198 | |
| Transfer from deferred taxes | 780 | - | €946 | +€946 | |
| Income taxes | 67/77 | €2,506 | €157 | -€2,349 | -93.7% |
| Profit (loss) for the period | 9904 | €2,919 | -€33,985 | -€36,904 | |
| Transfer from tax-exempt reserves | 789 | - | €2,837 | +€2,837 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,919 | -€31,148 | -€34,066 |
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 5 October 2026 via checked.be.