CODL: 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.
What changed
CODL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,353
2024 · -€30+€10,383
Equity
€1.2m
2024 · €1.1m+€10,353
Cash
€30,303
2024 · €5,143+€25,160
Balance sheet total
€4.4m
2024 · €4.5m-€94,566
Largest movements
Assets
- Tangible fixed assets -€109,318
down €109,318 (-2.4%), from €4.5m to €4.4m
of which Land and buildings: -€111,987
Equity and liabilities
- Other debts -€64,351
down €64,351 (-2.3%), from €2.8m to €2.8m
Income statement
- Gross operating margin +€79,728
up €79,728 (+110%), from €72,721 to €152,449
- Depreciation +€70,485
up €70,485 (+143%), from €49,308 to €119,793
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.
Result 2024
-€30
Gross operating margin
+€79,728
Depreciation
-€70,485
Other operating charges
+€282
Financial income
+€0
Financial charges
+€854
Taxes
+€4
Result 2025
€10,353
raises the resultlowers the result
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.
From operations
+€68,195
Investment
-€10,475
Financing
-€32,561
Cash 2024
€5,143
From operations (derived)
+€68,195
Net result for the year
+€10,353
Depreciation
+€119,793
Receivables within one year
+€1,657
Deferred charges and accrued income
+€8,750
Trade debts
-€4,302
Other debts
-€64,351
Accrued charges and deferred income
-€3,705
Investment (derived)
-€10,475
Investment in fixed assets (net)
-€10,475
Financing
-€32,561
Debts after one year
-€33,339
Current portion of long-term debt
+€778
Cash 2025
€30,303
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,494,831 | €4,400,265 | -€94,566 | -2.1% |
| Fixed assets | 21/28 | €4,477,826 | €4,368,508 | -€109,318 | -2.4% |
| Tangible fixed assets | 22/27 | €4,477,826 | €4,368,508 | -€109,318 | -2.4% |
| Land and buildings | 22 | €4,455,460 | €4,343,472 | -€111,987 | -2.5% |
| Furniture and vehicles | 24 | €22,366 | €25,036 | +€2,669 | +11.9% |
| Current assets | 29/58 | €17,005 | €31,757 | +€14,752 | +86.8% |
| Amounts receivable within one year | 40/41 | €2,088 | €431 | -€1,657 | -79.4% |
| Trade receivables | 40 | €1,750 | €0 | -€1,750 | -100% |
| Other amounts receivable | 41 | €338 | €431 | +€93 | +27.4% |
| Cash at bank and in hand | 54/58 | €5,143 | €30,303 | +€25,160 | +489% |
| Deferred charges and accrued income | 490/1 | €9,774 | €1,024 | -€8,750 | -89.5% |
| Total equity and liabilities | 10/49 | €4,494,831 | €4,400,265 | -€94,566 | -2.1% |
| Equity | 10/15 | €1,140,625 | €1,150,978 | +€10,353 | +0.9% |
| Contributions | 10/11 | €1,356,200 | €1,356,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€215,575 | -€205,222 | +€10,353 | +4.8% |
| Amounts payable | 17/49 | €3,354,205 | €3,249,287 | -€104,918 | -3.1% |
| Amounts payable after more than one year | 17 | €464,388 | €431,049 | -€33,339 | -7.2% |
| Financial debts | 170/4 | €464,388 | €431,049 | -€33,339 | -7.2% |
| Amounts payable within one year | 42/48 | €2,882,850 | €2,814,976 | -€67,874 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €32,561 | €33,339 | +€778 | +2.4% |
| Trade debts | 44 | €5,750 | €1,448 | -€4,302 | -74.8% |
| Suppliers | 440/4 | €5,750 | €1,448 | -€4,302 | -74.8% |
| Other amounts payable | 47/48 | €2,844,540 | €2,780,189 | -€64,351 | -2.3% |
| Accrued charges and deferred income | 492/3 | €6,968 | €3,262 | -€3,705 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,308 | €119,793 | +€70,485 | +143% |
| Other operating charges | 640/8 | €10,569 | €10,287 | -€282 | -2.7% |
| Gross operating margin | 9900 | €72,721 | €152,449 | +€79,728 | +110% |
| Operating profit (loss) | 9901 | €12,844 | €22,369 | +€9,525 | +74.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +900% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +900% |
| Financial charges | 65/66B | €12,462 | €11,608 | -€854 | -6.9% |
| Recurring financial charges | 65 | €12,462 | €11,608 | -€854 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €382 | €10,760 | +€10,378 | +2,717% |
| Income taxes | 67/77 | €412 | €407 | -€4 | -1.0% |
| Profit (loss) for the period | 9904 | -€30 | €10,353 | +€10,383 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30 | €10,353 | +€10,383 |
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 27 October 2026 via checked.be.