COVADA: 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.
COVADA
Largest movements
- Tangible fixed assets +€244,991
up €244,991 (+10.3%), from €2.4m to €2.6m
- Cash -€27,712
down €27,712 (-50.2%), from €55,232 to €27,520
mainly Investment in fixed assets (net) (-€323,155) and Debts after one year (-€98,317)
- Other debts +€350,000
up €350,000 (+44.9%), from €780,000 to €1.1m
- Debts after one year -€98,317
down €98,317 (-9.9%), from €990,372 to €892,055
- Revaluation surpluses -€40,885
down €40,885 (-4.9%), from €840,357 to €799,472
- Trade debts -€28,987
down €28,987 (-67.0%), from €43,263 to €14,275
- Depreciation -€79,152
down €79,152 (-50.3%), from €157,316 to €78,163
- Other operating charges -€23,213
down €23,213 (-92.7%), from €25,034 to €1,822
- Gross operating margin +€5,429
up €5,429 (+4.4%), from €122,142 to €127,571
- Financial charges +€3,062
up €3,062 (+9.2%), from €33,192 to €36,254
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 | €2,435,327 | €2,645,098 | +€209,771 | +8.6% |
| Fixed assets | 21/28 | €2,369,735 | €2,614,726 | +€244,991 | +10.3% |
| Tangible fixed assets | 22/27 | €2,369,735 | €2,614,726 | +€244,991 | +10.3% |
| Land and buildings | 22 | €2,369,735 | €2,614,726 | +€244,991 | +10.3% |
| Current assets | 29/58 | €65,592 | €30,372 | -€35,220 | -53.7% |
| Amounts receivable after more than one year | 29 | €185 | €185 | = | 0.0% |
| Other amounts receivable | 291 | €185 | €185 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,175 | €2,667 | -€7,508 | -73.8% |
| Trade receivables | 40 | €8,800 | - | -€8,800 | |
| Other amounts receivable | 41 | €1,374 | €2,667 | +€1,292 | +94.0% |
| Cash at bank and in hand | 54/58 | €55,232 | €27,520 | -€27,712 | -50.2% |
| Total equity and liabilities | 10/49 | €2,435,327 | €2,645,098 | +€209,771 | +8.6% |
| Equity | 10/15 | €503,613 | €474,060 | -€29,553 | -5.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €840,357 | €799,472 | -€40,885 | -4.9% |
| Reserves | 13 | €15,300 | €15,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,440 | €13,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€364,444 | -€353,111 | +€11,332 | +3.1% |
| Amounts payable | 17/49 | €1,931,714 | €2,171,038 | +€239,324 | +12.4% |
| Amounts payable after more than one year | 17 | €990,372 | €892,055 | -€98,317 | -9.9% |
| Financial debts | 170/4 | €990,372 | €892,055 | -€98,317 | -9.9% |
| Amounts payable within one year | 42/48 | €919,385 | €1,242,592 | +€323,207 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €96,123 | €98,317 | +€2,194 | +2.3% |
| Trade debts | 44 | €43,263 | €14,275 | -€28,987 | -67.0% |
| Suppliers | 440/4 | €43,263 | €14,275 | -€28,987 | -67.0% |
| Other amounts payable | 47/48 | €780,000 | €1,130,000 | +€350,000 | +44.9% |
| Accrued charges and deferred income | 492/3 | €21,957 | €36,391 | +€14,434 | +65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,316 | €78,163 | -€79,152 | -50.3% |
| Other operating charges | 640/8 | €25,034 | €1,822 | -€23,213 | -92.7% |
| Gross operating margin | 9900 | €122,142 | €127,571 | +€5,429 | +4.4% |
| Operating profit (loss) | 9901 | -€60,208 | €47,586 | +€107,794 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €33,192 | €36,254 | +€3,062 | +9.2% |
| Recurring financial charges | 65 | €33,192 | €36,254 | +€3,062 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | -€93,400 | €11,332 | +€104,732 | |
| Profit (loss) for the period | 9904 | -€93,400 | €11,332 | +€104,732 | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,400 | €11,332 | +€104,732 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.