CODERA: 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.
CODERA
Largest movements
- Financial fixed assets +€1.6m
up €1.6m (+1,545%), from €102,000 to €1.7m
- Cash -€499,384
down €499,384 (-36.6%), from €1.4m to €865,791
mainly Investment in fixed assets (net) (-€1.9m) and Contributions, distributions and other (-€1.4m)
- Receivables within one year -€442,874
down €442,874 (-39.4%), from €1.1m to €680,121
- Tangible fixed assets +€54,693
up €54,693 (+26.6%), from €205,738 to €260,432
of which Furniture and vehicles: +€54,693
- Stocks and contracts -€54,401
down €54,401 (-13.7%), from €398,414 to €344,012
- Profit (loss) carried forward -€1.5m
down €1.5m (-64.3%), from €2.3m to €823,181
- Other debts +€1.0m
up €1.0m (+1,333%), from €75,000 to €1.1m
- Tax, wage and social debts +€686,894
new in 2025: €686,894
- Reserves +€210,500
up €210,500 (+20.1%), from €1.0m to €1.3m
of which Tax-exempt reserves: +€210,500
- Provisions +€206,167
new in 2025: €206,167
- Depreciation +€232,945
new in 2025: €232,945
- Gross operating margin +€25,920
up €25,920 (+2.5%), from €1.0m to €1.1m
- Taxes +€19,163
up €19,163 (+15.3%), from €125,000 to €144,163
- Staff costs +€18,229
up €18,229 (+3.5%), from €525,810 to €544,039
- Financial income -€13,295
down €13,295 (-21.4%), from €62,114 to €48,818
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 | €4,122,024 | €4,755,593 | +€633,569 | +15.4% |
| Fixed assets | 21/28 | €307,738 | €1,937,967 | +€1.6m | +530% |
| Tangible fixed assets | 22/27 | €205,738 | €260,432 | +€54,693 | +26.6% |
| Land and buildings | 22 | €195,630 | €195,630 | = | 0.0% |
| Furniture and vehicles | 24 | €10,108 | €64,801 | +€54,693 | +541% |
| Financial fixed assets | 28 | €102,000 | €1,677,536 | +€1.6m | +1,545% |
| Current assets | 29/58 | €3,814,286 | €2,817,626 | -€996,660 | -26.1% |
| Amounts receivable after more than one year | 29 | €21,842 | €21,842 | = | 0.0% |
| Trade receivables | 290 | - | €21,842 | +€21,842 | |
| Other amounts receivable | 291 | €21,842 | - | -€21,842 | |
| Stocks and contracts in progress | 3 | €398,414 | €344,012 | -€54,401 | -13.7% |
| Stocks | 30/36 | €398,414 | €344,012 | -€54,401 | -13.7% |
| Amounts receivable within one year | 40/41 | €1,122,995 | €680,121 | -€442,874 | -39.4% |
| Trade receivables | 40 | €1,122,995 | €680,121 | -€442,874 | -39.4% |
| Cash at bank and in hand | 54/58 | €1,365,175 | €865,791 | -€499,384 | -36.6% |
| Deferred charges and accrued income | 490/1 | €905,860 | €905,860 | = | 0.0% |
| Total equity and liabilities | 10/49 | €4,122,024 | €4,755,593 | +€633,569 | +15.4% |
| Equity | 10/15 | €3,488,109 | €2,214,698 | -€1.3m | -36.5% |
| Contributions | 10/11 | €136,341 | €136,341 | = | 0.0% |
| Reserves | 13 | €1,044,676 | €1,255,176 | +€210,500 | +20.1% |
| Tax-exempt reserves | 132 | €989,350 | €1,199,850 | +€210,500 | +21.3% |
| Distributable reserves | 133 | €55,326 | €55,326 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,307,092 | €823,181 | -€1.5m | -64.3% |
| Provisions and deferred taxes | 16 | - | €206,167 | +€206,167 | |
| Provisions for liabilities and charges | 160/5 | - | €206,167 | +€206,167 | |
| Major repairs and maintenance | 162 | - | €206,167 | +€206,167 | |
| Amounts payable | 17/49 | €633,915 | €2,334,728 | +€1.7m | +268% |
| Amounts payable after more than one year | 17 | €105,695 | €200,695 | +€95,000 | +89.9% |
| Financial debts | 170/4 | €105,695 | €200,695 | +€95,000 | +89.9% |
| Amounts payable within one year | 42/48 | €528,219 | €2,134,033 | +€1.6m | +304% |
| Trade debts | 44 | €453,219 | €372,139 | -€81,080 | -17.9% |
| Suppliers | 440/4 | €453,219 | €372,139 | -€81,080 | -17.9% |
| Taxes, remuneration and social security | 45 | - | €686,894 | +€686,894 | |
| Taxes | 450/3 | - | €686,894 | +€686,894 | |
| Other amounts payable | 47/48 | €75,000 | €1,075,000 | +€1.0m | +1,333% |
| Remuneration, social security and pensions | 62 | €525,810 | €544,039 | +€18,229 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €232,945 | +€232,945 | |
| Other operating charges | 640/8 | €9,156 | €9,937 | +€781 | +8.5% |
| Gross operating margin | 9900 | €1,049,657 | €1,075,577 | +€25,920 | +2.5% |
| Operating profit (loss) | 9901 | €514,691 | €288,656 | -€226,035 | -43.9% |
| Financial income | 75/76B | €62,114 | €48,818 | -€13,295 | -21.4% |
| Recurring financial income | 75 | €62,114 | €48,818 | -€13,295 | -21.4% |
| Financial charges | 65/66B | €39,417 | €38,152 | -€1,265 | -3.2% |
| Recurring financial charges | 65 | €39,417 | €38,152 | -€1,265 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €537,388 | €299,323 | -€238,065 | -44.3% |
| Income taxes | 67/77 | €125,000 | €144,163 | +€19,163 | +15.3% |
| Profit (loss) for the period | 9904 | €412,388 | €155,160 | -€257,228 | -62.4% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €210,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €201,888 | -€55,340 | -€257,228 |
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 29 October 2026 via checked.be.