COVALI: 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.
COVALI
Largest movements
- Current investments -€79,819
down €79,819 (-100.0%), from €79,819 to €0
- Tangible fixed assets -€16,549
down €16,549 (-3.6%), from €465,996 to €449,447
of which Land and buildings: -€13,849
- Other debts -€75,322
down €75,322 (-52.9%), from €142,488 to €67,166
- Debts after one year -€39,022
down €39,022 (-17.5%), from €222,920 to €183,897
of which Financial debts: -€39,132
- Reserves +€16,500
up €16,500 (+18.8%), from €87,640 to €104,140
of which Distributable reserves: +€16,500
- Gross operating margin -€19,491
down €19,491 (-29.5%), from €65,978 to €46,487
- Taxes -€4,747
down €4,747 (-35.6%), from €13,352 to €8,605
- Financial charges +€2,395
up €2,395 (+52.1%), from €4,598 to €6,993
- Financial income +€1,318
new in 2025: €1,318
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 | €554,652 | €454,779 | -€99,874 | -18.0% |
| Fixed assets | 21/28 | €465,996 | €449,447 | -€16,549 | -3.6% |
| Tangible fixed assets | 22/27 | €465,996 | €449,447 | -€16,549 | -3.6% |
| Land and buildings | 22 | €458,142 | €444,293 | -€13,849 | -3.0% |
| Furniture and vehicles | 24 | €7,854 | €5,155 | -€2,699 | -34.4% |
| Current assets | 29/58 | €88,656 | €5,331 | -€83,325 | -94.0% |
| Amounts receivable within one year | 40/41 | €6,282 | €3,395 | -€2,887 | -46.0% |
| Trade receivables | 40 | €2,279 | €0 | -€2,279 | -100.0% |
| Other amounts receivable | 41 | €4,003 | €3,395 | -€608 | -15.2% |
| Current investments | 50/53 | €79,819 | €0 | -€79,819 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,079 | €1,936 | +€858 | +79.5% |
| Deferred charges and accrued income | 490/1 | €1,476 | €0 | -€1,476 | -100.0% |
| Total equity and liabilities | 10/49 | €554,652 | €454,779 | -€99,874 | -18.0% |
| Equity | 10/15 | €145,456 | €158,071 | +€12,615 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,640 | €104,140 | +€16,500 | +18.8% |
| Non-distributable reserves | 130/1 | €540 | €540 | = | 0.0% |
| Reserves not available under the articles | 1311 | €540 | €540 | = | 0.0% |
| Distributable reserves | 133 | €87,100 | €103,600 | +€16,500 | +18.9% |
| Profit (loss) carried forward | 14 | €39,216 | €35,331 | -€3,885 | -9.9% |
| Amounts payable | 17/49 | €409,196 | €296,707 | -€112,489 | -27.5% |
| Amounts payable after more than one year | 17 | €222,920 | €183,897 | -€39,022 | -17.5% |
| Financial debts | 170/4 | €222,520 | €183,387 | -€39,132 | -17.6% |
| Other amounts payable | 178/9 | €400 | €510 | +€110 | +27.5% |
| Amounts payable within one year | 42/48 | €186,277 | €112,810 | -€73,467 | -39.4% |
| Current portion of amounts payable after more than one year | 42 | €41,602 | €45,644 | +€4,041 | +9.7% |
| Trade debts | 44 | €834 | €0 | -€834 | -100.0% |
| Suppliers | 440/4 | €834 | €0 | -€834 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,352 | €0 | -€1,352 | -100.0% |
| Taxes | 450/3 | €1,352 | €0 | -€1,352 | -100.0% |
| Other amounts payable | 47/48 | €142,488 | €67,166 | -€75,322 | -52.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,548 | €16,549 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,023 | €3,042 | +€19 | +0.6% |
| Gross operating margin | 9900 | €65,978 | €46,487 | -€19,491 | -29.5% |
| Operating profit (loss) | 9901 | €46,406 | €26,896 | -€19,510 | -42.0% |
| Financial income | 75/76B | - | €1,318 | +€1,318 | |
| Recurring financial income | 75 | - | €1,318 | +€1,318 | |
| Financial charges | 65/66B | €4,598 | €6,993 | +€2,395 | +52.1% |
| Recurring financial charges | 65 | €4,598 | €6,993 | +€2,395 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | €41,809 | €21,221 | -€20,588 | -49.2% |
| Income taxes | 67/77 | €13,352 | €8,605 | -€4,747 | -35.6% |
| Profit (loss) for the period | 9904 | €28,456 | €12,615 | -€15,841 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,456 | €12,615 | -€15,841 | -55.7% |
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 12 October 2026 via checked.be.