COVALI: 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.
COVALI
Largest movements
- Cash -€163,774
down €163,774 (-77.3%), from €211,858 to €48,084
mainly Receivables after one year (-€150,000) and Net result for the year (-€123,514)
- Receivables after one year +€150,000
up €150,000, from €0 to €150,000
- Receivables within one year +€14,347
up €14,347 (+11.3%), from €126,784 to €141,132
of which Other amounts receivable: +€79,130
- Tangible fixed assets -€8,080
down €8,080 (-6.0%), from €134,992 to €126,912
of which Land and buildings: -€5,516
- Debts after one year +€238,029
up €238,029 (+341.6%), from €69,689 to €307,718
- Profit (loss) carried forward -€123,514
down €123,514, from €0 to -€123,514
- Reserves -€100,278
down €100,278 (-100.0%), from €100,278 to €0
- Tax, wage and social debts -€28,008
down €28,008 (-63.4%), from €44,208 to €16,201
- Gross operating margin -€491,891
down €491,891, from €396,252 to -€95,639
- Taxes -€72,578
down €72,578 (-99.4%), from €73,036 to €458
- Write-downs -€68,081
down €68,081 (-100.0%), from €68,081 to €0
- Financial charges -€7,270
down €7,270 (-46.7%), from €15,559 to €8,288
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 | €475,266 | €469,013 | -€6,252 | -1.3% |
| Fixed assets | 21/28 | €135,112 | €127,032 | -€8,080 | -6.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €134,992 | €126,912 | -€8,080 | -6.0% |
| Land and buildings | 22 | €100,402 | €94,886 | -€5,516 | -5.5% |
| Plant, machinery and equipment | 23 | €817 | €446 | -€371 | -45.5% |
| Furniture and vehicles | 24 | €33,772 | €31,580 | -€2,193 | -6.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €340,154 | €341,981 | +€1,827 | +0.5% |
| Amounts receivable after more than one year | 29 | €0 | €150,000 | +€150,000 | |
| Trade receivables | 290 | €0 | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €126,784 | €141,132 | +€14,347 | +11.3% |
| Trade receivables | 40 | €98,495 | €33,712 | -€64,783 | -65.8% |
| Other amounts receivable | 41 | €28,290 | €107,420 | +€79,130 | +279.7% |
| Cash at bank and in hand | 54/58 | €211,858 | €48,084 | -€163,774 | -77.3% |
| Deferred charges and accrued income | 490/1 | €1,512 | €2,765 | +€1,254 | +82.9% |
| Total equity and liabilities | 10/49 | €475,266 | €469,013 | -€6,252 | -1.3% |
| Equity | 10/15 | €118,878 | -€104,914 | -€223,792 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,278 | €0 | -€100,278 | -100.0% |
| Distributable reserves | 133 | €100,278 | €0 | -€100,278 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€123,514 | -€123,514 | |
| Amounts payable | 17/49 | €356,388 | €573,928 | +€217,540 | +61.0% |
| Amounts payable after more than one year | 17 | €69,689 | €307,718 | +€238,029 | +341.6% |
| Financial debts | 170/4 | €69,689 | €307,718 | +€238,029 | +341.6% |
| Amounts payable within one year | 42/48 | €286,699 | €262,874 | -€23,825 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €11,834 | €11,971 | +€137 | +1.2% |
| Trade debts | 44 | €2,471 | €4,084 | +€1,613 | +65.3% |
| Suppliers | 440/4 | €2,471 | €4,084 | +€1,613 | +65.3% |
| Taxes, remuneration and social security | 45 | €44,208 | €16,201 | -€28,008 | -63.4% |
| Taxes | 450/3 | €44,208 | €16,201 | -€28,008 | -63.4% |
| Other amounts payable | 47/48 | €228,186 | €230,619 | +€2,433 | +1.1% |
| Accrued charges and deferred income | 492/3 | - | €3,335 | +€3,335 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,030 | €17,791 | +€1,761 | +11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €68,081 | €0 | -€68,081 | -100.0% |
| Other operating charges | 640/8 | €1,744 | €3,299 | +€1,555 | +89.1% |
| Gross operating margin | 9900 | €396,252 | -€95,639 | -€491,891 | |
| Operating profit (loss) | 9901 | €310,397 | -€116,728 | -€427,126 | |
| Financial income | 75/76B | €1,122 | €1,961 | +€838 | +74.7% |
| Recurring financial income | 75 | €1,122 | €1,961 | +€838 | +74.7% |
| Financial charges | 65/66B | €15,559 | €8,288 | -€7,270 | -46.7% |
| Recurring financial charges | 65 | €15,559 | €8,288 | -€7,270 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €295,961 | -€123,056 | -€419,017 | |
| Income taxes | 67/77 | €73,036 | €458 | -€72,578 | -99.4% |
| Profit (loss) for the period | 9904 | €222,925 | -€123,514 | -€346,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €222,925 | -€123,514 | -€346,439 |
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 7 October 2026 via checked.be.