COVACE: 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.
COVACE
Largest movements
- Receivables within one year -€32,146
down €32,146 (-19.7%), from €163,496 to €131,350
of which Other amounts receivable: -€52,910
- Tangible fixed assets +€2,063
new in 2025: €2,063
- Cash -€1,681
down €1,681 (-70.6%), from €2,380 to €699
mainly Other debts (-€71,950) and Investment in fixed assets (net) (-€2,252)
- Other debts -€71,950
down €71,950 (-84.6%), from €85,010 to €13,060
- Trade debts +€33,630
up €33,630 (+1,148%), from €2,928 to €36,558
- Profit (loss) carried forward +€4,963
up €4,963 (+9.3%), from €53,651 to €58,614
- Tax, wage and social debts +€1,978
up €1,978 (+16.4%), from €12,047 to €14,026
- Gross operating margin -€12,825
down €12,825 (-94.4%), from €13,583 to €758
- Taxes -€4,865
down €4,865 (-64.9%), from €7,498 to €2,632
- Financial income -€2,154
down €2,154 (-22.6%), from €9,512 to €7,358
- Other operating charges -€243
down €243 (-50.4%), from €481 to €239
- Depreciation +€189
new in 2025: €189
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 | €165,876 | €134,113 | -€31,763 | -19.1% |
| Fixed assets | 21/28 | - | €2,063 | +€2,063 | |
| Tangible fixed assets | 22/27 | - | €2,063 | +€2,063 | |
| Furniture and vehicles | 24 | - | €2,063 | +€2,063 | |
| Current assets | 29/58 | €165,876 | €132,049 | -€33,827 | -20.4% |
| Amounts receivable within one year | 40/41 | €163,496 | €131,350 | -€32,146 | -19.7% |
| Trade receivables | 40 | €956 | €21,720 | +€20,764 | +2,172% |
| Other amounts receivable | 41 | €162,540 | €109,630 | -€52,910 | -32.6% |
| Cash at bank and in hand | 54/58 | €2,380 | €699 | -€1,681 | -70.6% |
| Total equity and liabilities | 10/49 | €165,876 | €134,113 | -€31,763 | -19.1% |
| Equity | 10/15 | €65,506 | €70,469 | +€4,963 | +7.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,651 | €58,614 | +€4,963 | +9.3% |
| Amounts payable | 17/49 | €100,370 | €63,644 | -€36,726 | -36.6% |
| Amounts payable within one year | 42/48 | €99,986 | €63,644 | -€36,342 | -36.3% |
| Trade debts | 44 | €2,928 | €36,558 | +€33,630 | +1,148% |
| Suppliers | 440/4 | €2,928 | €36,558 | +€33,630 | +1,148% |
| Taxes, remuneration and social security | 45 | €12,047 | €14,026 | +€1,978 | +16.4% |
| Taxes | 450/3 | €12,047 | €14,026 | +€1,978 | +16.4% |
| Other amounts payable | 47/48 | €85,010 | €13,060 | -€71,950 | -84.6% |
| Accrued charges and deferred income | 492/3 | €384 | - | -€384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €189 | +€189 | |
| Other operating charges | 640/8 | €481 | €239 | -€243 | -50.4% |
| Gross operating margin | 9900 | €13,583 | €758 | -€12,825 | -94.4% |
| Operating profit (loss) | 9901 | €13,101 | €331 | -€12,771 | -97.5% |
| Financial income | 75/76B | €9,512 | €7,358 | -€2,154 | -22.6% |
| Recurring financial income | 75 | €9,512 | €7,358 | -€2,154 | -22.6% |
| Financial charges | 65/66B | €160 | €93 | -€67 | -41.9% |
| Recurring financial charges | 65 | €160 | €93 | -€67 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €22,453 | €7,595 | -€14,858 | -66.2% |
| Income taxes | 67/77 | €7,498 | €2,632 | -€4,865 | -64.9% |
| Profit (loss) for the period | 9904 | €14,956 | €4,963 | -€9,993 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,956 | €4,963 | -€9,993 | -66.8% |
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 23 October 2026 via checked.be.