BeCOVER: 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.
BeCOVER
Largest movements
- Current investments -€4.0m
down €4.0m (-22.9%), from €17.5m to €13.5m
- Receivables within one year +€2.0m
up €2.0m (+71.2%), from €2.8m to €4.8m
of which Other amounts receivable: +€1.4m
- Tangible fixed assets +€1.2m
up €1.2m (+3.0%), from €41.3m to €42.6m
of which Plant, machinery and equipment: +€1.3m
- Cash +€717,896
up €717,896 (+72.8%), from €985,997 to €1.7m
mainly Current investments (+€4.0m) and Accrued charges and deferred income (+€3.3m)
- Trade debts -€4.5m
down €4.5m (-86.3%), from €5.2m to €714,835
- Accrued charges and deferred income +€3.3m
up €3.3m (+341588.2%), from €968 to €3.3m
- Taxes -€470,700
down €470,700, from €99,290 to -€371,410
- Financial income -€215,935
down €215,935 (-43.2%), from €500,258 to €284,323
- Financial charges +€161,818
up €161,818 (+395.9%), from €40,876 to €202,695
- Gross operating margin +€136,260
up €136,260 (+63.4%), from €214,873 to €351,133
- Staff costs +€84,729
up €84,729 (+31.4%), from €270,106 to €354,835
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 | €62,717,395 | €62,661,555 | -€55,840 | -0.1% |
| Formation expenses | 20 | €2,037 | €596 | -€1,441 | -70.7% |
| Fixed assets | 21/28 | €41,317,461 | €42,564,250 | +€1.2m | +3.0% |
| Intangible fixed assets | 21 | - | €6,714 | +€6,714 | |
| Tangible fixed assets | 22/27 | €41,317,461 | €42,557,536 | +€1.2m | +3.0% |
| Land and buildings | 22 | €19,495,295 | €19,495,295 | = | 0.0% |
| Plant, machinery and equipment | 23 | €21,710,254 | €22,988,732 | +€1.3m | +5.9% |
| Furniture and vehicles | 24 | €87,674 | €73,509 | -€14,165 | -16.2% |
| Assets under construction and advance payments | 27 | €24,237 | €0 | -€24,237 | -100.0% |
| Current assets | 29/58 | €21,397,898 | €20,096,709 | -€1.3m | -6.1% |
| Stocks and contracts in progress | 3 | - | €17,756 | +€17,756 | |
| Stocks | 30/36 | - | €17,756 | +€17,756 | |
| Amounts receivable within one year | 40/41 | €2,775,784 | €4,752,570 | +€2.0m | +71.2% |
| Trade receivables | 40 | €17,500 | €629,432 | +€611,932 | +3496.8% |
| Other amounts receivable | 41 | €2,758,284 | €4,123,138 | +€1.4m | +49.5% |
| Current investments | 50/53 | €17,500,000 | €13,500,000 | -€4.0m | -22.9% |
| Cash at bank and in hand | 54/58 | €985,997 | €1,703,893 | +€717,896 | +72.8% |
| Deferred charges and accrued income | 490/1 | €136,117 | €122,491 | -€13,626 | -10.0% |
| Total equity and liabilities | 10/49 | €62,717,395 | €62,661,555 | -€55,840 | -0.1% |
| Equity | 10/15 | €53,791,478 | €54,192,761 | +€401,284 | +0.7% |
| Contributions | 10/11 | €50,000,000 | €50,000,000 | = | 0.0% |
| Capital | 10 | €50,000,000 | €50,000,000 | = | 0.0% |
| Issued capital | 100 | €50,000,000 | €50,000,000 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | - | €21,000 | +€21,000 | |
| Non-distributable reserves | 130/1 | - | €21,000 | +€21,000 | |
| Legal reserve | 130 | - | €21,000 | +€21,000 | |
| Profit (loss) carried forward | 14 | €241,478 | €621,761 | +€380,284 | +157.5% |
| Investment grants | 15 | €3,550,000 | €3,550,000 | = | 0.0% |
| Amounts payable | 17/49 | €8,925,918 | €8,468,794 | -€457,124 | -5.1% |
| Amounts payable after more than one year | 17 | €3,650,000 | €4,024,860 | +€374,860 | +10.3% |
| Financial debts | 170/4 | €3,650,000 | €4,024,860 | +€374,860 | +10.3% |
| Amounts payable within one year | 42/48 | €5,274,950 | €1,138,033 | -€4.1m | -78.4% |
| Current portion of amounts payable after more than one year | 42 | - | €387,871 | +€387,871 | |
| Trade debts | 44 | €5,231,163 | €714,835 | -€4.5m | -86.3% |
| Suppliers | 440/4 | €5,231,163 | €714,835 | -€4.5m | -86.3% |
| Taxes, remuneration and social security | 45 | €43,788 | €35,327 | -€8,461 | -19.3% |
| Remuneration and social security | 454/9 | €43,788 | €35,327 | -€8,461 | -19.3% |
| Accrued charges and deferred income | 492/3 | €968 | €3,305,901 | +€3.3m | +341588.2% |
| Remuneration, social security and pensions | 62 | €270,106 | €354,835 | +€84,729 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,369 | €46,614 | +€28,245 | +153.8% |
| Other operating charges | 640/8 | €1,218 | €1,438 | +€221 | +18.1% |
| Gross operating margin | 9900 | €214,873 | €351,133 | +€136,260 | +63.4% |
| Operating profit (loss) | 9901 | -€74,820 | -€51,755 | +€23,065 | +30.8% |
| Financial income | 75/76B | €500,258 | €284,323 | -€215,935 | -43.2% |
| Recurring financial income | 75 | €500,258 | €284,323 | -€215,935 | -43.2% |
| Financial charges | 65/66B | €40,876 | €202,695 | +€161,818 | +395.9% |
| Recurring financial charges | 65 | €40,876 | €202,695 | +€161,818 | +395.9% |
| Profit (loss) for the period before taxes | 9903 | €384,562 | €29,874 | -€354,688 | -92.2% |
| Income taxes | 67/77 | €99,290 | -€371,410 | -€470,700 | |
| Profit (loss) for the period | 9904 | €285,272 | €401,284 | +€116,012 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €285,272 | €401,284 | +€116,012 | +40.7% |
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 6 October 2026 via checked.be.