COVAI: 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.
COVAI
Largest movements
- Tangible fixed assets +€278,238
up €278,238 (+85.7%), from €324,693 to €602,931
of which Land and buildings: +€291,207
- Cash +€81,677
up €81,677 (+1656.0%), from €4,932 to €86,609
mainly Debts after one year (+€440,152) and Depreciation (+€22,498)
- Receivables within one year +€42,970
up €42,970 (+126.7%), from €33,913 to €76,883
of which Other amounts receivable: +€41,311
- Debts after one year +€440,152
up €440,152 (+392.0%), from €112,297 to €552,449
- Profit (loss) carried forward -€56,037
down €56,037 (-23.3%), from -€240,425 to -€296,462
- Other debts +€20,280
up €20,280 (+10.7%), from €189,515 to €209,795
- Gross operating margin -€8,671
down €8,671 (-45.4%), from -€19,085 to -€27,756
- Other operating charges +€467
up €467 (+16.8%), from €2,774 to €3,240
- Depreciation +€366
up €366 (+1.7%), from €22,132 to €22,498
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 | €374,643 | €782,591 | +€407,947 | +108.9% |
| Fixed assets | 21/28 | €324,693 | €602,931 | +€278,238 | +85.7% |
| Tangible fixed assets | 22/27 | €324,693 | €602,931 | +€278,238 | +85.7% |
| Land and buildings | 22 | €301,183 | €592,390 | +€291,207 | +96.7% |
| Plant, machinery and equipment | 23 | €239 | €1,337 | +€1,098 | +459.8% |
| Furniture and vehicles | 24 | €23,271 | €9,204 | -€14,067 | -60.4% |
| Current assets | 29/58 | €49,950 | €179,660 | +€129,709 | +259.7% |
| Amounts receivable after more than one year | 29 | €9,500 | €9,500 | = | 0.0% |
| Other amounts receivable | 291 | €9,500 | €9,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,913 | €76,883 | +€42,970 | +126.7% |
| Trade receivables | 40 | - | €1,659 | +€1,659 | |
| Other amounts receivable | 41 | €33,913 | €75,224 | +€41,311 | +121.8% |
| Cash at bank and in hand | 54/58 | €4,932 | €86,609 | +€81,677 | +1656.0% |
| Deferred charges and accrued income | 490/1 | €1,605 | €6,668 | +€5,063 | +315.4% |
| Total equity and liabilities | 10/49 | €374,643 | €782,591 | +€407,947 | +108.9% |
| Equity | 10/15 | €59,575 | €3,538 | -€56,037 | -94.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€240,425 | -€296,462 | -€56,037 | -23.3% |
| Amounts payable | 17/49 | €315,069 | €779,053 | +€463,984 | +147.3% |
| Amounts payable after more than one year | 17 | €112,297 | €552,449 | +€440,152 | +392.0% |
| Financial debts | 170/4 | €112,297 | €552,449 | +€440,152 | +392.0% |
| Amounts payable within one year | 42/48 | €200,090 | €221,747 | +€21,658 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €9,731 | €9,848 | +€117 | +1.2% |
| Trade debts | 44 | €248 | €1,468 | +€1,221 | +493.1% |
| Suppliers | 440/4 | €248 | €1,468 | +€1,221 | +493.1% |
| Taxes, remuneration and social security | 45 | €596 | €636 | +€40 | +6.7% |
| Taxes | 450/3 | €596 | €636 | +€40 | +6.7% |
| Other amounts payable | 47/48 | €189,515 | €209,795 | +€20,280 | +10.7% |
| Accrued charges and deferred income | 492/3 | €2,682 | €4,857 | +€2,175 | +81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,132 | €22,498 | +€366 | +1.7% |
| Other operating charges | 640/8 | €2,774 | €3,240 | +€467 | +16.8% |
| Gross operating margin | 9900 | -€19,085 | -€27,756 | -€8,671 | -45.4% |
| Operating profit (loss) | 9901 | -€43,991 | -€53,495 | -€9,503 | -21.6% |
| Financial income | 75/76B | €1,460 | €1,609 | +€148 | +10.2% |
| Recurring financial income | 75 | €1,460 | €1,609 | +€148 | +10.2% |
| Financial charges | 65/66B | €3,368 | €3,510 | +€142 | +4.2% |
| Recurring financial charges | 65 | €3,368 | €3,510 | +€142 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | -€45,899 | -€55,395 | -€9,496 | -20.7% |
| Income taxes | 67/77 | €596 | €642 | +€45 | +7.6% |
| Profit (loss) for the period | 9904 | -€46,495 | -€56,037 | -€9,542 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,495 | -€56,037 | -€9,542 | -20.5% |
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 7 October 2026 via checked.be.