Cova-Dw: 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.
Cova-Dw
Largest movements
- Tangible fixed assets +€106,281
up €106,281 (+10.8%), from €983,317 to €1.1m
of which Furniture and vehicles: +€116,625
- Cash -€106,131
down €106,131 (-33.4%), from €317,346 to €211,216
mainly Investment in fixed assets (net) (-€261,176) and Debts after one year (-€67,453)
- Receivables within one year +€48,220
up €48,220 (+177%), from €27,301 to €75,522
of which Other amounts receivable: +€49,293
- Stocks and contracts -€43,063
down €43,063 (-42.3%), from €101,793 to €58,730
- Debts after one year -€67,453
down €67,453 (-11.1%), from €610,069 to €542,616
- Trade debts +€40,249
up €40,249 (+58.4%), from €68,868 to €109,117
- Other debts +€29,510
up €29,510 (+22.1%), from €133,639 to €163,148
- Reserves +€22,485
up €22,485 (+5.3%), from €426,362 to €448,847
of which Distributable reserves: +€22,485
- Accrued charges and deferred income -€15,625
down €15,625 (-100%), from €15,625 to €0
- Gross operating margin -€15,099
down €15,099 (-2.8%), from €545,186 to €530,087
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 | €1,445,049 | €1,457,277 | +€12,228 | +0.8% |
| Fixed assets | 21/28 | €984,318 | €1,090,600 | +€106,281 | +10.8% |
| Tangible fixed assets | 22/27 | €983,317 | €1,089,598 | +€106,281 | +10.8% |
| Land and buildings | 22 | €602,916 | €577,502 | -€25,413 | -4.2% |
| Plant, machinery and equipment | 23 | €44,913 | €59,983 | +€15,070 | +33.6% |
| Furniture and vehicles | 24 | €335,488 | €452,112 | +€116,625 | +34.8% |
| Financial fixed assets | 28 | €1,002 | €1,002 | = | 0.0% |
| Current assets | 29/58 | €460,730 | €366,677 | -€94,053 | -20.4% |
| Stocks and contracts in progress | 3 | €101,793 | €58,730 | -€43,063 | -42.3% |
| Stocks | 30/36 | €101,793 | €58,730 | -€43,063 | -42.3% |
| Amounts receivable within one year | 40/41 | €27,301 | €75,522 | +€48,220 | +177% |
| Trade receivables | 40 | €19,017 | €17,944 | -€1,073 | -5.6% |
| Other amounts receivable | 41 | €8,285 | €57,578 | +€49,293 | +595% |
| Current investments | 50/53 | - | €2,299 | +€2,299 | |
| Cash at bank and in hand | 54/58 | €317,346 | €211,216 | -€106,131 | -33.4% |
| Deferred charges and accrued income | 490/1 | €14,289 | €18,911 | +€4,621 | +32.3% |
| Total equity and liabilities | 10/49 | €1,445,049 | €1,457,277 | +€12,228 | +0.8% |
| Equity | 10/15 | €494,532 | €517,017 | +€22,485 | +4.5% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Capital | 10 | €68,171 | €68,171 | = | 0.0% |
| Issued capital | 100 | €68,171 | €68,171 | = | 0.0% |
| Reserves | 13 | €426,362 | €448,847 | +€22,485 | +5.3% |
| Non-distributable reserves | 130/1 | €6,817 | €6,817 | = | 0.0% |
| Legal reserve | 130 | €6,817 | €6,817 | = | 0.0% |
| Distributable reserves | 133 | €419,545 | €442,030 | +€22,485 | +5.4% |
| Amounts payable | 17/49 | €950,516 | €940,260 | -€10,257 | -1.1% |
| Amounts payable after more than one year | 17 | €610,069 | €542,616 | -€67,453 | -11.1% |
| Financial debts | 170/4 | €610,069 | €542,616 | -€67,453 | -11.1% |
| Amounts payable within one year | 42/48 | €324,822 | €397,643 | +€72,821 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €64,318 | €67,453 | +€3,135 | +4.9% |
| Trade debts | 44 | €68,868 | €109,117 | +€40,249 | +58.4% |
| Suppliers | 440/4 | €68,868 | €109,117 | +€40,249 | +58.4% |
| Advances received on contracts in progress | 46 | €17 | €0 | -€17 | -100% |
| Taxes, remuneration and social security | 45 | €57,981 | €57,926 | -€55 | -0.1% |
| Taxes | 450/3 | €9,312 | €3,078 | -€6,234 | -66.9% |
| Remuneration and social security | 454/9 | €48,669 | €54,848 | +€6,179 | +12.7% |
| Other amounts payable | 47/48 | €133,639 | €163,148 | +€29,510 | +22.1% |
| Accrued charges and deferred income | 492/3 | €15,625 | €0 | -€15,625 | -100% |
| Remuneration, social security and pensions | 62 | €294,917 | €293,233 | -€1,685 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,932 | €154,895 | +€964 | +0.6% |
| Other operating charges | 640/8 | €7,126 | €5,328 | -€1,797 | -25.2% |
| Gross operating margin | 9900 | €545,186 | €530,087 | -€15,099 | -2.8% |
| Operating profit (loss) | 9901 | €89,211 | €76,631 | -€12,580 | -14.1% |
| Financial income | 75/76B | €181 | €21 | -€160 | -88.3% |
| Recurring financial income | 75 | €181 | €21 | -€160 | -88.3% |
| Financial charges | 65/66B | €48,117 | €49,409 | +€1,293 | +2.7% |
| Recurring financial charges | 65 | €48,117 | €49,409 | +€1,293 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €41,275 | €27,243 | -€14,032 | -34.0% |
| Income taxes | 67/77 | €4,291 | €4,758 | +€467 | +10.9% |
| Profit (loss) for the period | 9904 | €36,984 | €22,485 | -€14,499 | -39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,984 | €22,485 | -€14,499 | -39.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.