COVEBAT
InactiveFinancials · financial year 2025, full format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€174,848▲ 269%
2024 · €47,400
Working capital
-€1.1m▲ 11.1%
2024 · -€1.2m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 144% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.2m
2025
Net result€0.2m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.0m
2025
Equity-€1.2m
2025
Debt€2.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€1.1m
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)5.3
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.5m--€0.3m▲ 41.7%-€0.4m▼ 32.9%€0.05m€0.06m▲ 22.7%€0.1m▲ 94.6%€0.08m▼ 35.6%€0.2m▲ 144%
Net result-€0.5m--€0.3m▲ 38.3%-€0.4m▼ 32.7%€0.02m€0.04m▲ 106%€0.09m▲ 105%€0.05m▼ 48.0%€0.2m▲ 269%
Equity-€0.9m--€1.2m▼ 33.4%-€1.6m▼ 33.2%-€1.6m▲ 1.4%-€1.5m▲ 2.9%-€1.4m▲ 6.1%-€1.4m▲ 3.3%-€1.2m▲ 12.8%
Total assets€1.5m-€1.4m▼ 3.0%€1.0m▼ 27.8%€1.4m▲ 36.2%€1.1m▼ 20.9%€1.5m▲ 32.5%€0.7m▼ 54.1%€1.0m▲ 44.3%
Debt€2.3m-€2.6m▲ 10.7%€2.6m=€2.9m▲ 13.4%€2.6m▼ 11.4%€2.9m▲ 10.2%€2.0m▼ 29.1%€2.2m▲ 6.0%
Working capital-€1.1m--€1.4m▼ 27.8%-€1.7m▼ 23.1%-€1.7m▲ 0.2%-€1.5m▲ 7.9%-€1.5m▲ 2.4%-€1.2m▲ 17.3%-€1.1m▲ 11.1%
Staff (FTE)12-13.5▲ 12.5%11.5▼ 14.8%10.6▼ 7.8%9.5▼ 10.4%6.7▼ 29.5%5.6▼ 16.4%5.3▼ 5.4%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €966,352
Fixed assets
€53,602 ▼ 26.4%
Current assets
€912,749 ▲ 52.9%
Equity and liabilities
Equity-€1.2m
Debt€2.2m
Equity is negative: debt (€2.2m) exceeds the balance-sheet total (€966,352).
Key figures and ratios
EBITDA
€214,494▲
2024 · €103,237
Cash flow
€191,867▲
2024 · €69,698
Solvency
-123.5%▲
2024 · -204.4%
Current ratio
0.45▲
2024 · 0.33
Quick ratio
0.36▲
2024 · 0.28
ROA
18.1%▲
2024 · 7.1%
Interest coverage
8.26▲
2024 · 3.07
Debt ≤ 1 year
€2.0m▲
2024 · €1.8m
Debt > 1 year
€147,458▼
2024 · €203,074
Income taxes
€296▼
2024 · €1,107
Staff costs
€313,235▼
2024 · €316,085
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €520,229 | €502,017 | €325,963 | €316,085 | €313,235 | ▼ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €90,561 | €85,689 | €78,974 | €74,019 | €45,327 | €57,569 | €22,298 | €17,019 | ▼ 23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,500 | €5,985 | €5,413 | - | - | - |
| Other operating charges640/8 | - | - | - | €13,202 | €37,633 | €15,819 | €16,856 | €4,043 | ▼ 76.0% |
| Gross operating margin9900 | €58,597 | €471,547 | €312,237 | €662,554 | €655,518 | €530,380 | €436,177 | €531,772 | ▲ 21.9% |
| Operating profit (loss)9901 | -€474,539 | -€276,657 | -€367,785 | €52,604 | €64,556 | €125,615 | €80,939 | €197,475 | ▲ 144% |
| Financial income75/76B | - | - | - | €1,328 | €395 | €1,722 | €1,196 | €3,630 | ▲ 203% |
| Recurring financial income75 | €38,700 | €1,017 | €195 | €1,328 | €395 | €1,722 | €1,196 | €3,630 | ▲ 203% |
| Financial charges65/66B | - | - | - | €32,243 | €20,242 | €35,396 | €33,628 | €25,961 | ▼ 22.8% |
| Recurring financial charges65 | €42,076 | €18,849 | €23,574 | €32,243 | €20,242 | €35,396 | €33,628 | €25,961 | ▼ 22.8% |
| Profit (loss) for the period before taxes9903 | -€477,914 | -€294,489 | -€391,164 | €21,689 | €44,708 | €91,941 | €48,507 | €175,144 | ▲ 261% |
| Income taxes67/77 | €650 | €1,012 | €823 | €81 | €175 | €707 | €1,107 | €296 | ▼ 73.3% |
| Profit (loss) for the period9904 | -€478,565 | -€295,500 | -€391,986 | €21,608 | €44,533 | €91,235 | €47,400 | €174,848 | ▲ 269% |
| Profit (loss) for the period to be appropriated9905 | -€478,565 | -€295,500 | -€391,986 | €21,608 | €44,533 | €91,235 | €47,400 | €174,848 | ▲ 269% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.4m | €1.0m | €1.4m | €1.1m | €1.5m | €0.7m | €1.0m | ▲ 44.3% |
| Fixed assets21/28 | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.07m | €0.05m | ▼ 26.4% |
| Intangible fixed assets21 | €0.005m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.06m | €0.03m | ▼ 51.5% |
| Land and buildings22 | - | - | - | €0.5m | €0.4m | €0.4m | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.007m | €0.001m | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.1m | €0.1m | €0.05m | €0.02m | ▼ 55.2% |
| Leasing and similar rights25 | - | - | - | €0.2m | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.01m | €0.007m | ▼ 29.3% |
| Financial fixed assets28 | €0.003m | €0.007m | €0.006m | €0.006m | €0.006m | €0.007m | €0.01m | €0.02m | ▲ 87.6% |
| Current assets29/58 | €0.5m | €0.6m | €0.3m | €0.7m | €0.5m | €0.9m | €0.6m | €0.9m | ▲ 52.9% |
| Stocks and contracts in progress3 | €0.09m | €0.1m | €0.2m | €0.1m | €0.05m | €0.3m | €0.08m | €0.2m | ▲ 138% |
| Stocks30/36 | - | - | - | €0.1m | €0.05m | €0.3m | €0.08m | €0.2m | ▲ 138% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.06m | €0.4m | €0.4m | €0.6m | €0.5m | €0.7m | ▲ 39.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.4m | €0.5m | €0.4m | €0.7m | ▲ 69.2% |
| Other amounts receivable41 | - | - | - | €0.01m | €108 | €0.02m | €0.1m | €0.02m | ▼ 84.2% |
| Cash at bank and in hand54/58 | €0.02m | €0.06m | €0.07m | €0.2m | €0.03m | €0.06m | €0.02m | €0.03m | ▲ 75.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.01m | €0.01m | €0.001m | €0.001m | ▲ 42.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.0m | €1.4m | €1.1m | €1.5m | €0.7m | €1.0m | ▲ 44.3% |
| Equity10/15 | -€0.9m | -€1.2m | -€1.6m | -€1.6m | -€1.5m | -€1.4m | -€1.4m | -€1.2m | ▲ 12.8% |
| Contributions10/11 | €0.07m | €0.07m | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Contributions outside capital11 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Other1109/19 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Profit (loss) carried forward14 | -€1.0m | -€1.3m | -€1.6m | -€1.6m | -€1.6m | -€1.5m | -€1.4m | -€1.3m | ▲ 12.1% |
| Amounts payable17/49 | €2.3m | €2.6m | €2.6m | €2.9m | €2.6m | €2.9m | €2.0m | €2.2m | ▲ 6.0% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.2m | €0.1m | ▼ 27.4% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.2m | €0.1m | ▼ 27.4% |
| Amounts payable within one year42/48 | €1.6m | €1.9m | €2.0m | €2.4m | €2.1m | €2.4m | €1.8m | €2.0m | ▲ 9.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.1m | €0.1m | €0.05m | €0.06m | ▲ 1.2% |
| Financial debts43 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.2% |
| Credit institutions430/8 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.2% |
| Trade debts44 | €0.5m | €0.4m | €0.2m | €0.2m | €0.2m | €0.4m | €0.2m | €0.4m | ▲ 75.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.4m | €0.2m | €0.4m | ▲ 75.0% |
| Advances received on contracts in progress46 | - | - | - | €0.3m | €0.03m | €0.2m | - | €0.001m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.05m | €0.03m | €0.04m | €0.04m | ▼ 1.5% |
| Taxes450/3 | - | - | - | €0.009m | €0.03m | €0.005m | €0.006m | €0.006m | ▼ 4.4% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.03m | €0.02m | €0.03m | €0.03m | ▼ 0.9% |
| Other amounts payable47/48 | - | - | - | €1.3m | €1.3m | €1.3m | €1.1m | €1.1m | = |
| Accrued charges and deferred income492/3 | - | - | - | €359 | €0.001m | €424 | €0.001m | €62 | ▼ 89.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€478,565 | -€295,500 | -€391,986 | €21,608 | €44,533 | €91,235 | €47,400 | €174,848 | ▲ 269% |
| + Depreciation and write-downs630 | €90,561 | €85,689 | €78,974 | €74,019 | €45,327 | €57,569 | €22,298 | €17,019 | ▼ 23.7% |
| Operating cash flow (approximation) | -€388,004 | -€209,811 | -€313,012 | €95,627 | €89,860 | €148,804 | €69,698 | €191,867 | ▲ 175% |
| Investment in fixed assets (approximation) | - | €2,551 | €27,131 | -€4,588 | €50,702 | -€22,080 | €440,463 | €2,199 | ▼ 99.5% |
| Change in cash | - | €44,295 | €4,047 | €110,416 | -€150,972 | €36,358 | -€45,788 | €11,857 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 47 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00228962 |
| 31-12-2024 | full format | 09-07-2025 | 2025-00256573 |
| 31-12-2023 | full format | 24-06-2024 | 2024-00160737 |
| 31-12-2022 | full format | 14-06-2023 | 2023-00125467 |
| 31-12-2021 | full format | 30-06-2022 | 2022-20159007 |
| 31-12-2020 | full format | 08-07-2021 | 2021-33200468 |
| 31-12-2019 | full format | 30-06-2020 | 2020-24600358 |
| 31-12-2018 | full format | 01-07-2019 | 2019-25900154 |
| 31-12-2017 | full format | 22-08-2018 | 2018-48500588 |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46100068 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.