Covalenz: 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.
Covalenz
Largest movements
- Tangible fixed assets +€218,411
up €218,411 (+1592.9%), from €13,712 to €232,122
of which Land and buildings: +€225,924
- Receivables within one year +€44,205
up €44,205 (+114.3%), from €38,667 to €82,872
of which Other amounts receivable: +€25,536
- Debts after one year +€114,421
new in 2025: €114,421
- Reserves +€110,132
up €110,132 (+52.2%), from €211,013 to €321,145
- Trade debts +€13,841
up €13,841 (+437.4%), from €3,164 to €17,005
- Current portion of long-term debt +€7,616
new in 2025: €7,616
- Tax, wage and social debts +€7,471
up €7,471 (+8.3%), from €89,901 to €97,372
- Depreciation +€13,088
up €13,088 (+147.9%), from €8,849 to €21,937
- Gross operating margin +€5,143
up €5,143 (+3.0%), from €174,278 to €179,421
- Taxes -€2,589
down €2,589 (-5.2%), from €49,828 to €47,239
- Financial charges +€2,383
up €2,383 (+5610.4%), from €42 to €2,425
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 | €308,078 | €567,654 | +€259,576 | +84.3% |
| Fixed assets | 21/28 | €13,712 | €232,122 | +€218,411 | +1592.9% |
| Tangible fixed assets | 22/27 | €13,712 | €232,122 | +€218,411 | +1592.9% |
| Land and buildings | 22 | - | €225,924 | +€225,924 | |
| Furniture and vehicles | 24 | €8,828 | - | -€8,828 | |
| Other tangible fixed assets | 26 | €4,884 | €6,199 | +€1,315 | +26.9% |
| Current assets | 29/58 | €294,367 | €335,532 | +€41,165 | +14.0% |
| Amounts receivable within one year | 40/41 | €38,667 | €82,872 | +€44,205 | +114.3% |
| Trade receivables | 40 | - | €18,669 | +€18,669 | |
| Other amounts receivable | 41 | €38,667 | €64,203 | +€25,536 | +66.0% |
| Cash at bank and in hand | 54/58 | €253,968 | €252,660 | -€1,309 | -0.5% |
| Deferred charges and accrued income | 490/1 | €1,731 | - | -€1,731 | |
| Total equity and liabilities | 10/49 | €308,078 | €567,654 | +€259,576 | +84.3% |
| Equity | 10/15 | €215,013 | €325,145 | +€110,132 | +51.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €211,013 | €321,145 | +€110,132 | +52.2% |
| Distributable reserves | 133 | €211,013 | €321,145 | +€110,132 | +52.2% |
| Amounts payable | 17/49 | €93,065 | €242,509 | +€149,443 | +160.6% |
| Amounts payable after more than one year | 17 | - | €114,421 | +€114,421 | |
| Financial debts | 170/4 | - | €114,421 | +€114,421 | |
| Amounts payable within one year | 42/48 | €93,065 | €127,801 | +€34,736 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,616 | +€7,616 | |
| Trade debts | 44 | €3,164 | €17,005 | +€13,841 | +437.4% |
| Suppliers | 440/4 | €3,164 | €17,005 | +€13,841 | +437.4% |
| Taxes, remuneration and social security | 45 | €89,901 | €97,372 | +€7,471 | +8.3% |
| Taxes | 450/3 | €89,901 | €97,372 | +€7,471 | +8.3% |
| Other amounts payable | 47/48 | - | €5,808 | +€5,808 | |
| Accrued charges and deferred income | 492/3 | - | €287 | +€287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,849 | €21,937 | +€13,088 | +147.9% |
| Other operating charges | 640/8 | €662 | €702 | +€39 | +5.9% |
| Gross operating margin | 9900 | €174,278 | €179,421 | +€5,143 | +3.0% |
| Operating profit (loss) | 9901 | €164,767 | €156,782 | -€7,985 | -4.8% |
| Financial income | 75/76B | €1,693 | €3,014 | +€1,321 | +78.0% |
| Recurring financial income | 75 | €1,693 | €3,014 | +€1,321 | +78.0% |
| Financial charges | 65/66B | €42 | €2,425 | +€2,383 | +5610.4% |
| Recurring financial charges | 65 | €42 | €2,425 | +€2,383 | +5610.4% |
| Profit (loss) for the period before taxes | 9903 | €166,418 | €157,371 | -€9,046 | -5.4% |
| Income taxes | 67/77 | €49,828 | €47,239 | -€2,589 | -5.2% |
| Profit (loss) for the period | 9904 | €116,590 | €110,132 | -€6,457 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €116,590 | €110,132 | -€6,457 | -5.5% |
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 5 October 2026 via checked.be.