Matthieu de Codt: 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.
Matthieu de Codt
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Receivables within one year -€15,714
down €15,714 (-9.7%), from €162,337 to €146,623
of which Trade receivables: -€15,200
- Cash -€4,109
down €4,109 (-9.0%), from €45,577 to €41,468
mainly Current investments (-€80,000) and Tax, wage and social debts (-€21,631)
- Deferred charges and accrued income -€3,761
down €3,761 (-89.7%), from €4,195 to €434
- Profit (loss) carried forward +€81,176
up €81,176 (+49.4%), from €164,258 to €245,434
- Tax, wage and social debts -€21,631
down €21,631 (-45.8%), from €47,193 to €25,562
- Gross operating margin -€89,119
down €89,119 (-47.2%), from €188,907 to €99,789
- Taxes -€21,631
down €21,631 (-50.5%), from €42,843 to €21,212
- Financial income +€2,560
up €2,560 (+408.7%), from €626 to €3,186
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 | €214,375 | €273,072 | +€58,697 | +27.4% |
| Fixed assets | 21/28 | €2,266 | €4,548 | +€2,281 | +100.7% |
| Tangible fixed assets | 22/27 | €2,266 | €4,548 | +€2,281 | +100.7% |
| Furniture and vehicles | 24 | - | €2,537 | +€2,537 | |
| Other tangible fixed assets | 26 | €2,266 | €2,010 | -€256 | -11.3% |
| Current assets | 29/58 | €212,109 | €268,525 | +€56,416 | +26.6% |
| Amounts receivable within one year | 40/41 | €162,337 | €146,623 | -€15,714 | -9.7% |
| Trade receivables | 40 | €104,826 | €89,626 | -€15,200 | -14.5% |
| Other amounts receivable | 41 | €57,511 | €56,997 | -€514 | -0.9% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €45,577 | €41,468 | -€4,109 | -9.0% |
| Deferred charges and accrued income | 490/1 | €4,195 | €434 | -€3,761 | -89.7% |
| Total equity and liabilities | 10/49 | €214,375 | €273,072 | +€58,697 | +27.4% |
| Equity | 10/15 | €166,258 | €247,434 | +€81,176 | +48.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,258 | €245,434 | +€81,176 | +49.4% |
| Amounts payable | 17/49 | €48,117 | €25,638 | -€22,479 | -46.7% |
| Amounts payable within one year | 42/48 | €48,117 | €25,638 | -€22,479 | -46.7% |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | €65 | €64 | -€1 | -1.4% |
| Suppliers | 440/4 | €65 | €64 | -€1 | -1.4% |
| Taxes, remuneration and social security | 45 | €47,193 | €25,562 | -€21,631 | -45.8% |
| Taxes | 450/3 | €47,193 | €25,562 | -€21,631 | -45.8% |
| Other amounts payable | 47/48 | €859 | €0 | -€859 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256 | €408 | +€152 | +59.5% |
| Other operating charges | 640/8 | €28 | €29 | +€1 | +4.7% |
| Gross operating margin | 9900 | €188,907 | €99,789 | -€89,119 | -47.2% |
| Operating profit (loss) | 9901 | €188,624 | €99,352 | -€89,272 | -47.3% |
| Financial income | 75/76B | €626 | €3,186 | +€2,560 | +408.7% |
| Recurring financial income | 75 | €626 | €3,186 | +€2,560 | +408.7% |
| Financial charges | 65/66B | €159 | €150 | -€9 | -5.4% |
| Recurring financial charges | 65 | €159 | €150 | -€9 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €189,092 | €102,388 | -€86,704 | -45.9% |
| Income taxes | 67/77 | €42,843 | €21,212 | -€21,631 | -50.5% |
| Profit (loss) for the period | 9904 | €146,249 | €81,176 | -€65,073 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €146,249 | €81,176 | -€65,073 | -44.5% |
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 28 September 2026 via checked.be.