COVAK: 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.
COVAK
Largest movements
- Receivables within one year -€976
down €976 (-71.9%), from €1,358 to €382
of which Trade receivables: -€880
- Stocks and contracts -€650
down €650 (-61.9%), from €1,050 to €400
- Cash -€287
down €287 (-17.7%), from €1,624 to €1,337
mainly Trade debts (-€1,134) and Other debts (-€944)
- Trade debts -€1,134
down €1,134 (-6.6%), from €17,219 to €16,085
- Other debts -€944
down €944 (-47.8%), from €1,975 to €1,031
- Purchases and services -€1,316
down €1,316 (-42.6%), from €3,086 to €1,770
- Gross operating margin +€732
up €732, from -€119 to €613
- Other operating charges +€611
new in 2025: €611
- Turnover -€584
down €584 (-19.7%), from €2,967 to €2,383
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 | €18,782 | €16,757 | -€2,025 | -10.8% |
| Fixed assets | 21/28 | €14,638 | €14,638 | +€0 | 0.0% |
| Tangible fixed assets | 22/27 | €14,638 | €14,638 | +€0 | 0.0% |
| Furniture and vehicles | 24 | €14,638 | €14,638 | +€0 | 0.0% |
| Current assets | 29/58 | €4,144 | €2,119 | -€2,025 | -48.9% |
| Stocks and contracts in progress | 3 | €1,050 | €400 | -€650 | -61.9% |
| Stocks | 30/36 | €1,050 | €400 | -€650 | -61.9% |
| Amounts receivable within one year | 40/41 | €1,358 | €382 | -€976 | -71.9% |
| Trade receivables | 40 | €1,262 | €382 | -€880 | -69.7% |
| Other amounts receivable | 41 | €97 | - | -€97 | |
| Cash at bank and in hand | 54/58 | €1,624 | €1,337 | -€287 | -17.7% |
| Deferred charges and accrued income | 490/1 | €112 | - | -€112 | |
| Total equity and liabilities | 10/49 | €18,782 | €16,757 | -€2,025 | -10.8% |
| Equity | 10/15 | -€412 | -€443 | -€31 | -7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,012 | -€19,043 | -€31 | -0.2% |
| Amounts payable | 17/49 | €19,194 | €17,200 | -€1,994 | -10.4% |
| Amounts payable within one year | 42/48 | €19,194 | €17,131 | -€2,063 | -10.8% |
| Trade debts | 44 | €17,219 | €16,085 | -€1,134 | -6.6% |
| Suppliers | 440/4 | €17,219 | €16,085 | -€1,134 | -6.6% |
| Taxes, remuneration and social security | 45 | - | €15 | +€15 | |
| Taxes | 450/3 | - | €15 | +€15 | |
| Other amounts payable | 47/48 | €1,975 | €1,031 | -€944 | -47.8% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Turnover | 70 | €2,967 | €2,383 | -€584 | -19.7% |
| Non-recurring operating income | 76A | - | €2 | +€2 | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,086 | €1,770 | -€1,316 | -42.6% |
| Other operating charges | 640/8 | - | €611 | +€611 | |
| Gross operating margin | 9900 | -€119 | €613 | +€732 | |
| Operating profit (loss) | 9901 | -€119 | €2 | +€121 | |
| Financial charges | 65/66B | €30 | €33 | +€3 | +10.0% |
| Recurring financial charges | 65 | €30 | €33 | +€3 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€149 | -€31 | +€118 | +79.1% |
| Profit (loss) for the period | 9904 | -€149 | -€31 | +€118 | +79.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€149 | -€31 | +€118 | +79.1% |
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 10 October 2026 via checked.be.