COVAGE: 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.
COVAGE
Largest movements
- Tangible fixed assets -€18,547
down €18,547 (-4.7%), from €398,364 to €379,817
of which Furniture and vehicles: -€9,831
- Receivables within one year -€18,529
down €18,529 (-80.6%), from €22,996 to €4,467
of which Other amounts receivable: -€13,385
- Debts after one year -€37,651
down €37,651 (-14.3%), from €264,022 to €226,371
of which Financial debts: -€39,094
- Trade debts -€7,528
down €7,528 (-28.7%), from €26,210 to €18,682
- Profit (loss) carried forward +€7,416
up €7,416 (+2.7%), from €273,209 to €280,625
- Taxes +€7,231
up €7,231 (+107%), from €6,786 to €14,017
- Gross operating margin +€6,335
up €6,335 (+7.0%), from €91,002 to €97,336
- Financial charges -€1,319
down €1,319 (-12.4%), from €10,633 to €9,314
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 | €655,395 | €620,400 | -€34,995 | -5.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €401,331 | €382,371 | -€18,960 | -4.7% |
| Intangible fixed assets | 21 | €2,967 | €2,554 | -€413 | -13.9% |
| Tangible fixed assets | 22/27 | €398,364 | €379,817 | -€18,547 | -4.7% |
| Land and buildings | 22 | €336,872 | €332,444 | -€4,427 | -1.3% |
| Plant, machinery and equipment | 23 | €21,462 | €17,173 | -€4,289 | -20.0% |
| Furniture and vehicles | 24 | €40,030 | €30,199 | -€9,831 | -24.6% |
| Financial fixed assets | 28 | - | €0 | = | |
| Current assets | 29/58 | €254,064 | €238,029 | -€16,035 | -6.3% |
| Stocks and contracts in progress | 3 | €12,395 | €12,558 | +€162 | +1.3% |
| Stocks | 30/36 | €12,395 | €12,558 | +€162 | +1.3% |
| Amounts receivable within one year | 40/41 | €22,996 | €4,467 | -€18,529 | -80.6% |
| Trade receivables | 40 | €9,611 | €4,467 | -€5,144 | -53.5% |
| Other amounts receivable | 41 | €13,385 | €0 | -€13,385 | -100% |
| Cash at bank and in hand | 54/58 | €218,673 | €218,973 | +€300 | +0.1% |
| Deferred charges and accrued income | 490/1 | - | €2,031 | +€2,031 | |
| Total equity and liabilities | 10/49 | €655,395 | €620,400 | -€34,995 | -5.3% |
| Equity | 10/15 | €327,937 | €335,353 | +€7,416 | +2.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €34,728 | €34,728 | = | 0.0% |
| Distributable reserves | 133 | €34,728 | €34,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,209 | €280,625 | +€7,416 | +2.7% |
| Amounts payable | 17/49 | €327,458 | €285,047 | -€42,411 | -13.0% |
| Amounts payable after more than one year | 17 | €264,022 | €226,371 | -€37,651 | -14.3% |
| Financial debts | 170/4 | €264,022 | €224,928 | -€39,094 | -14.8% |
| Other amounts payable | 178/9 | - | €1,443 | +€1,443 | |
| Amounts payable within one year | 42/48 | €62,337 | €58,676 | -€3,661 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €36,128 | €39,094 | +€2,966 | +8.2% |
| Trade debts | 44 | €26,210 | €18,682 | -€7,528 | -28.7% |
| Suppliers | 440/4 | €26,210 | €18,682 | -€7,528 | -28.7% |
| Taxes, remuneration and social security | 45 | - | €592 | +€592 | |
| Taxes | 450/3 | - | €592 | +€592 | |
| Other amounts payable | 47/48 | - | €309 | +€309 | |
| Accrued charges and deferred income | 492/3 | €1,100 | - | -€1,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,236 | €62,033 | +€796 | +1.3% |
| Other operating charges | 640/8 | €5,006 | €4,933 | -€74 | -1.5% |
| Gross operating margin | 9900 | €91,002 | €97,336 | +€6,335 | +7.0% |
| Operating profit (loss) | 9901 | €24,759 | €30,371 | +€5,612 | +22.7% |
| Financial income | 75/76B | - | €377 | +€377 | |
| Recurring financial income | 75 | - | €377 | +€377 | |
| Financial charges | 65/66B | €10,633 | €9,314 | -€1,319 | -12.4% |
| Recurring financial charges | 65 | €10,633 | €9,314 | -€1,319 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €14,126 | €21,433 | +€7,307 | +51.7% |
| Income taxes | 67/77 | €6,786 | €14,017 | +€7,231 | +107% |
| Profit (loss) for the period | 9904 | €7,340 | €7,416 | +€76 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,340 | €7,416 | +€76 | +1.0% |
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 17 October 2026 via checked.be.