COVALIM: 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.
What changed
COVALIM
NACE 28.410, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,655
2024 · €323,378-€279,724
Equity
€3.3m
2024 · €3.2m+€43,655
Cash
€305,010
2024 · €286,151+€18,859
Balance sheet total
€6.3m
2024 · €6.0m+€357,068
Largest movements
Assets
- Tangible fixed assets +€276,585
up €276,585 (+272.7%), from €101,415 to €378,001
- Receivables within one year +€247,292
up €247,292 (+8.0%), from €3.1m to €3.3m
of which Other amounts receivable: +€437,782
- Stocks and contracts -€185,668
down €185,668 (-7.4%), from €2.5m to €2.3m
Equity and liabilities
- Other debts +€511,925
up €511,925 (+25.0%), from €2.1m to €2.6m
- Trade debts -€187,464
down €187,464 (-35.6%), from €525,978 to €338,515
Income statement
- Turnover -€7.3m
no longer reported in 2025 (was €7.3m)
- Goods and materials -€5.6m
no longer reported in 2025 (was €5.6m)
- Services and other goods -€806,931
no longer reported in 2025 (was €806,931)
- Gross operating margin +€703,385
new in 2025: €703,385
- Taxes -€93,572
down €93,572 (-83.2%), from €112,453 to €18,881
of which Taxes: -€112,580
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.
Result 2024
€323,378
Turnover
-€7.3m
Other operating income
-€32,792
Goods and materials
+€5.6m
Services and other goods
+€806,931
Staff costs
+€92,716
Depreciation
+€2,922
Other operating charges
-€690
Other operating items
+€439,965
Financial income
-€18,939
Financial charges
-€137
Taxes
+€93,572
Result 2025
€43,655
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.
From operations
+€300,547
Investment
-€281,688
Financing
€0
Cash 2024
€286,151
From operations (derived)
+€300,547
Net result for the year
+€43,655
Depreciation
+€5,103
Stocks and contracts
+€185,668
Receivables within one year
-€247,292
Trade debts
-€187,464
Tax, wage and social debts
-€11,048
Other debts
+€511,925
Investment (derived)
-€281,688
Investment in fixed assets (net)
-€281,688
Cash 2025
€305,010
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,988,662 | €6,345,730 | +€357,068 | +6.0% |
| Fixed assets | 21/28 | €101,415 | €378,001 | +€276,585 | +272.7% |
| Tangible fixed assets | 22/27 | €101,415 | €378,001 | +€276,585 | +272.7% |
| Plant, machinery and equipment | 23 | €101,415 | €378,001 | +€276,585 | +272.7% |
| Current assets | 29/58 | €5,887,247 | €5,967,730 | +€80,483 | +1.4% |
| Stocks and contracts in progress | 3 | €2,513,767 | €2,328,099 | -€185,668 | -7.4% |
| Stocks | 30/36 | €2,513,767 | €2,328,099 | -€185,668 | -7.4% |
| Work in progress | 32 | €2,513,767 | - | -€2.5m | |
| Amounts receivable within one year | 40/41 | €3,087,329 | €3,334,621 | +€247,292 | +8.0% |
| Trade receivables | 40 | €1,979,584 | €1,789,094 | -€190,490 | -9.6% |
| Other amounts receivable | 41 | €1,107,745 | €1,545,527 | +€437,782 | +39.5% |
| Cash at bank and in hand | 54/58 | €286,151 | €305,010 | +€18,859 | +6.6% |
| Total equity and liabilities | 10/49 | €5,988,662 | €6,345,730 | +€357,068 | +6.0% |
| Equity | 10/15 | €3,231,810 | €3,275,464 | +€43,655 | +1.4% |
| Contributions | 10/11 | €1,196,231 | €1,196,231 | = | 0.0% |
| Capital | 10 | €1,196,231 | €1,196,231 | = | 0.0% |
| Issued capital | 100 | €1,196,231 | €1,196,231 | = | 0.0% |
| Reserves | 13 | €2,035,579 | €2,079,234 | +€43,655 | +2.1% |
| Non-distributable reserves | 130/1 | €119,623 | €119,623 | = | 0.0% |
| Legal reserve | 130 | €119,623 | €119,623 | = | 0.0% |
| Distributable reserves | 133 | €1,915,956 | €1,959,611 | +€43,655 | +2.3% |
| Amounts payable | 17/49 | €2,756,852 | €3,070,266 | +€313,414 | +11.4% |
| Amounts payable within one year | 42/48 | €2,756,852 | €3,070,266 | +€313,414 | +11.4% |
| Trade debts | 44 | €525,978 | €338,515 | -€187,464 | -35.6% |
| Suppliers | 440/4 | €525,978 | €338,515 | -€187,464 | -35.6% |
| Taxes, remuneration and social security | 45 | €179,447 | €168,399 | -€11,048 | -6.2% |
| Taxes | 450/3 | €82,202 | €84,014 | +€1,813 | +2.2% |
| Remuneration and social security | 454/9 | €97,245 | €84,385 | -€12,860 | -13.2% |
| Other amounts payable | 47/48 | €2,051,427 | €2,563,352 | +€511,925 | +25.0% |
| Operating income | 70/76A | €7,603,638 | - | -€7.6m | |
| Turnover | 70 | €7,307,426 | - | -€7.3m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €263,420 | - | -€263,420 | |
| Other operating income | 74 | €32,792 | - | -€32,792 | |
| Operating charges | 60/66A | €7,185,992 | - | -€7.2m | |
| Goods for resale, raw materials and consumables | 60 | €5,644,153 | - | -€5.6m | |
| Purchases | 600/8 | €5,644,153 | - | -€5.6m | |
| Services and other goods | 61 | €806,931 | - | -€806,931 | |
| Remuneration, social security and pensions | 62 | €686,543 | €593,827 | -€92,716 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,025 | €5,103 | -€2,922 | -36.4% |
| Other operating charges | 640/8 | €40,340 | €41,030 | +€690 | +1.7% |
| Gross operating margin | 9900 | - | €703,385 | +€703,385 | |
| Operating profit (loss) | 9901 | €417,646 | €63,425 | -€354,220 | -84.8% |
| Financial income | 75/76B | €19,988 | €1,049 | -€18,939 | -94.7% |
| Recurring financial income | 75 | €19,988 | €1,049 | -€18,939 | -94.7% |
| Income from current assets | 751 | €17,401 | - | -€17,401 | |
| Other financial income | 752/9 | €2,587 | - | -€2,587 | |
| Financial charges | 65/66B | €1,803 | €1,939 | +€137 | +7.6% |
| Recurring financial charges | 65 | €1,803 | €1,939 | +€137 | +7.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€516 | - | +€516 | |
| Other financial charges | 652/9 | €2,319 | - | -€2,319 | |
| Profit (loss) for the period before taxes | 9903 | €435,831 | €62,535 | -€373,296 | -85.7% |
| Income taxes | 67/77 | €112,453 | €18,881 | -€93,572 | -83.2% |
| Taxes | 670/3 | €112,580 | - | -€112,580 | |
| Tax adjustments and reversals of tax provisions | 77 | €127 | - | -€127 | |
| Profit (loss) for the period | 9904 | €323,378 | €43,655 | -€279,724 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €323,378 | €43,655 | -€279,724 | -86.5% |
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 6 October 2026 via checked.be.