COVALFI GROUP: 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.
COVALFI GROUP
Largest movements
- Receivables within one year -€19,326
down €19,326 (-9.9%), from €194,658 to €175,333
of which Other amounts receivable: -€18,907
- Debts after one year -€25,561
down €25,561 (-1.5%), from €1.8m to €1.7m
of which Financial debts: -€25,061
- Other debts +€10,060
up €10,060 (+197%), from €5,096 to €15,155
- Gross operating margin +€89,989
up €89,989 (+910%), from €9,887 to €99,877
- Financial charges +€5,346
up €5,346 (+43.7%), from €12,247 to €17,593
of which Financial charges: +€6,346
- Other operating charges +€2,537
up €2,537 (+16.6%), from €15,309 to €17,846
- Depreciation +€1,510
up €1,510 (+7.0%), from €21,553 to €23,062
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 | €1,003,778 | €992,586 | -€11,192 | -1.1% |
| Fixed assets | 21/28 | €766,361 | €775,899 | +€9,538 | +1.2% |
| Tangible fixed assets | 22/27 | €765,871 | €775,409 | +€9,538 | +1.2% |
| Land and buildings | 22 | €761,247 | €755,126 | -€6,121 | -0.8% |
| Plant, machinery and equipment | 23 | €4,625 | €2,625 | -€2,000 | -43.2% |
| Assets under construction and advance payments | 27 | - | €17,659 | +€17,659 | |
| Financial fixed assets | 28 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €237,417 | €216,686 | -€20,730 | -8.7% |
| Stocks and contracts in progress | 3 | €36,961 | €36,961 | = | 0.0% |
| Stocks | 30/36 | €36,961 | €36,961 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €194,658 | €175,333 | -€19,326 | -9.9% |
| Trade receivables | 40 | €1,582 | €1,164 | -€419 | -26.5% |
| Other amounts receivable | 41 | €193,076 | €174,169 | -€18,907 | -9.8% |
| Cash at bank and in hand | 54/58 | €4,782 | €3,181 | -€1,601 | -33.5% |
| Deferred charges and accrued income | 490/1 | €1,015 | €1,211 | +€196 | +19.3% |
| Total equity and liabilities | 10/49 | €1,003,778 | €992,586 | -€11,192 | -1.1% |
| Equity | 10/15 | -€766,753 | -€764,354 | +€2,398 | +0.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,766,753 | -€1,764,354 | +€2,398 | +0.1% |
| Amounts payable | 17/49 | €1,770,531 | €1,756,940 | -€13,591 | -0.8% |
| Amounts payable after more than one year | 17 | €1,751,211 | €1,725,650 | -€25,561 | -1.5% |
| Financial debts | 170/4 | €450,711 | €425,650 | -€25,061 | -5.6% |
| Other amounts payable | 178/9 | €1,300,500 | €1,300,000 | -€500 | 0.0% |
| Amounts payable within one year | 42/48 | €18,544 | €29,571 | +€11,027 | +59.5% |
| Trade debts | 44 | €4,747 | €13,921 | +€9,174 | +193% |
| Suppliers | 440/4 | €4,747 | €13,921 | +€9,174 | +193% |
| Taxes, remuneration and social security | 45 | €8,701 | €494 | -€8,206 | -94.3% |
| Taxes | 450/3 | €8,701 | €494 | -€8,206 | -94.3% |
| Other amounts payable | 47/48 | €5,096 | €15,155 | +€10,060 | +197% |
| Accrued charges and deferred income | 492/3 | €776 | €1,720 | +€943 | +122% |
| Non-recurring operating income | 76A | €9,194 | €85,000 | +€75,806 | +824% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,553 | €23,062 | +€1,510 | +7.0% |
| Other operating charges | 640/8 | €15,309 | €17,846 | +€2,537 | +16.6% |
| Non-recurring operating charges | 66A | - | €43,745 | +€43,745 | |
| Gross operating margin | 9900 | €9,887 | €99,877 | +€89,989 | +910% |
| Operating profit (loss) | 9901 | -€26,974 | €15,223 | +€42,198 | |
| Financial income | 75/76B | €4,386 | €4,768 | +€382 | +8.7% |
| Recurring financial income | 75 | €4,386 | €4,768 | +€382 | +8.7% |
| Financial charges | 65/66B | €12,247 | €17,593 | +€5,346 | +43.7% |
| Recurring financial charges | 65 | €11,247 | €17,593 | +€6,346 | +56.4% |
| Non-recurring financial charges | 66B | €1,000 | - | -€1,000 | |
| Profit (loss) for the period before taxes | 9903 | -€34,835 | €2,398 | +€37,233 | |
| Profit (loss) for the period | 9904 | -€34,835 | €2,398 | +€37,233 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,835 | €2,398 | +€37,233 |
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 25 October 2026 via checked.be.