COVALCO: 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.
COVALCO
Largest movements
- Cash +€473,544
up €473,544 (+1102.0%), from €42,972 to €516,515
mainly Net result for the year (+€466,078) and Investment in fixed assets (net) (+€386,181)
- Financial fixed assets -€386,181
no longer reported in 2025 (was €386,181)
- Receivables within one year +€63,593
up €63,593 (+61.5%), from €103,369 to €166,961
of which Other amounts receivable: +€106,972
- Tangible fixed assets -€13,553
down €13,553 (-25.8%), from €52,555 to €39,002
of which Furniture and vehicles: -€12,791
- Other debts +€339,370
up €339,370 (+1645.1%), from €20,630 to €360,000
- Reserves -€100,000
down €100,000 (-24.4%), from €410,000 to €310,000
- Trade debts -€83,366
no longer reported in 2025 (was €83,366)
- Tax, wage and social debts -€20,723
down €20,723 (-62.8%), from €33,011 to €12,289
of which Remuneration and social security: -€14,510
- Financial income +€385,292
up €385,292 (+642.3%), from €59,989 to €445,282
of which Non-recurring financial income: +€441,671
- Gross operating margin -€101,979
down €101,979 (-70.4%), from €144,828 to €42,849
- Taxes -€28,853
down €28,853 (-79.9%), from €36,130 to €7,276
- Financial charges -€2,282
down €2,282 (-75.9%), from €3,005 to €724
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 | €587,662 | €725,314 | +€137,652 | +23.4% |
| Fixed assets | 21/28 | €438,736 | €39,002 | -€399,734 | -91.1% |
| Tangible fixed assets | 22/27 | €52,555 | €39,002 | -€13,553 | -25.8% |
| Plant, machinery and equipment | 23 | €532 | €145 | -€387 | -72.7% |
| Furniture and vehicles | 24 | €51,619 | €38,829 | -€12,791 | -24.8% |
| Assets under construction and advance payments | 27 | €404 | €29 | -€375 | -92.9% |
| Financial fixed assets | 28 | €386,181 | - | -€386,181 | |
| Current assets | 29/58 | €148,926 | €686,312 | +€537,386 | +360.8% |
| Amounts receivable within one year | 40/41 | €103,369 | €166,961 | +€63,593 | +61.5% |
| Trade receivables | 40 | €43,379 | - | -€43,379 | |
| Other amounts receivable | 41 | €59,989 | €166,961 | +€106,972 | +178.3% |
| Cash at bank and in hand | 54/58 | €42,972 | €516,515 | +€473,544 | +1102.0% |
| Deferred charges and accrued income | 490/1 | €2,586 | €2,835 | +€250 | +9.7% |
| Total equity and liabilities | 10/49 | €587,662 | €725,314 | +€137,652 | +23.4% |
| Equity | 10/15 | €434,563 | €340,641 | -€93,922 | -21.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €410,000 | €310,000 | -€100,000 | -24.4% |
| Distributable reserves | 133 | €410,000 | €310,000 | -€100,000 | -24.4% |
| Profit (loss) carried forward | 14 | €5,963 | €12,041 | +€6,078 | +101.9% |
| Amounts payable | 17/49 | €153,099 | €384,674 | +€231,575 | +151.3% |
| Amounts payable after more than one year | 17 | €11,227 | €6,165 | -€5,062 | -45.1% |
| Financial debts | 170/4 | €11,227 | €6,165 | -€5,062 | -45.1% |
| Amounts payable within one year | 42/48 | €141,872 | €378,508 | +€236,637 | +166.8% |
| Current portion of amounts payable after more than one year | 42 | €4,864 | €5,062 | +€197 | +4.1% |
| Financial debts | 43 | - | €1,158 | +€1,158 | |
| Other loans | 439 | - | €1,158 | +€1,158 | |
| Trade debts | 44 | €83,366 | - | -€83,366 | |
| Suppliers | 440/4 | €83,366 | - | -€83,366 | |
| Taxes, remuneration and social security | 45 | €33,011 | €12,289 | -€20,723 | -62.8% |
| Taxes | 450/3 | €18,501 | €12,289 | -€6,213 | -33.6% |
| Remuneration and social security | 454/9 | €14,510 | - | -€14,510 | |
| Other amounts payable | 47/48 | €20,630 | €360,000 | +€339,370 | +1645.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,653 | €13,553 | +€899 | +7.1% |
| Other operating charges | 640/8 | €627 | €500 | -€127 | -20.2% |
| Gross operating margin | 9900 | €144,828 | €42,849 | -€101,979 | -70.4% |
| Operating profit (loss) | 9901 | €131,547 | €28,796 | -€102,751 | -78.1% |
| Financial income | 75/76B | €59,989 | €445,282 | +€385,292 | +642.3% |
| Recurring financial income | 75 | €59,989 | €3,610 | -€56,379 | -94.0% |
| Non-recurring financial income | 76B | - | €441,671 | +€441,671 | |
| Financial charges | 65/66B | €3,005 | €724 | -€2,282 | -75.9% |
| Recurring financial charges | 65 | €3,005 | €724 | -€2,282 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €188,531 | €473,354 | +€284,823 | +151.1% |
| Income taxes | 67/77 | €36,130 | €7,276 | -€28,853 | -79.9% |
| Profit (loss) for the period | 9904 | €152,402 | €466,078 | +€313,676 | +205.8% |
| Profit (loss) for the period to be appropriated | 9905 | €152,402 | €466,078 | +€313,676 | +205.8% |
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 1 October 2026 via checked.be.