COVAL: 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.
COVAL
Largest movements
- Tangible fixed assets -€16,875
down €16,875 (-18.2%), from €92,604 to €75,729
- Current investments +€10,000
up €10,000 (+11.8%), from €85,000 to €95,000
- Debts after one year -€23,339
down €23,339 (-20.7%), from €112,532 to €89,194
- Reserves +€14,227
up €14,227 (+38.1%), from €37,346 to €51,572
- Trade debts +€4,542
new in 2025: €4,542
- Gross operating margin -€4,988
down €4,988 (-10.7%), from €46,537 to €41,549
- Taxes -€1,345
down €1,345 (-16.8%), from €7,984 to €6,639
- Financial charges -€854
down €854 (-14.8%), from €5,763 to €4,909
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 | €188,251 | €182,914 | -€5,337 | -2.8% |
| Fixed assets | 21/28 | €92,604 | €75,729 | -€16,875 | -18.2% |
| Tangible fixed assets | 22/27 | €92,604 | €75,729 | -€16,875 | -18.2% |
| Land and buildings | 22 | €92,604 | €75,729 | -€16,875 | -18.2% |
| Current assets | 29/58 | €95,646 | €107,184 | +€11,538 | +12.1% |
| Current investments | 50/53 | €85,000 | €95,000 | +€10,000 | +11.8% |
| Cash at bank and in hand | 54/58 | €10,432 | €12,054 | +€1,622 | +15.5% |
| Deferred charges and accrued income | 490/1 | €214 | €131 | -€84 | -39.0% |
| Total equity and liabilities | 10/49 | €188,251 | €182,914 | -€5,337 | -2.8% |
| Equity | 10/15 | €43,546 | €57,772 | +€14,227 | +32.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,346 | €51,572 | +€14,227 | +38.1% |
| Distributable reserves | 133 | €37,346 | €51,572 | +€14,227 | +38.1% |
| Amounts payable | 17/49 | €144,705 | €125,142 | -€19,563 | -13.5% |
| Amounts payable after more than one year | 17 | €112,532 | €89,194 | -€23,339 | -20.7% |
| Financial debts | 170/4 | €112,532 | €89,194 | -€23,339 | -20.7% |
| Amounts payable within one year | 42/48 | €32,173 | €35,948 | +€3,775 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €22,451 | €23,339 | +€888 | +4.0% |
| Trade debts | 44 | - | €4,542 | +€4,542 | |
| Suppliers | 440/4 | - | €4,542 | +€4,542 | |
| Taxes, remuneration and social security | 45 | €7,934 | €6,280 | -€1,654 | -20.8% |
| Taxes | 450/3 | €7,934 | €6,280 | -€1,654 | -20.8% |
| Other amounts payable | 47/48 | €1,788 | €1,788 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,875 | €16,875 | = | 0.0% |
| Other operating charges | 640/8 | €613 | €528 | -€86 | -14.0% |
| Gross operating margin | 9900 | €46,537 | €41,549 | -€4,988 | -10.7% |
| Operating profit (loss) | 9901 | €29,048 | €24,146 | -€4,902 | -16.9% |
| Financial income | 75/76B | €1,183 | €1,628 | +€445 | +37.7% |
| Recurring financial income | 75 | €1,183 | €1,628 | +€445 | +37.7% |
| Financial charges | 65/66B | €5,763 | €4,909 | -€854 | -14.8% |
| Recurring financial charges | 65 | €5,763 | €4,909 | -€854 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €24,468 | €20,866 | -€3,603 | -14.7% |
| Income taxes | 67/77 | €7,984 | €6,639 | -€1,345 | -16.8% |
| Profit (loss) for the period | 9904 | €16,484 | €14,227 | -€2,258 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,484 | €14,227 | -€2,258 | -13.7% |
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 16 October 2026 via checked.be.