COVALUE: 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.
COVALUE
Largest movements
- Cash +€195,643
up €195,643 (+136.9%), from €142,926 to €338,569
mainly Current investments (+€144,253) and Net result for the year (+€121,397)
- Current investments -€144,253
down €144,253 (-49.6%), from €290,793 to €146,540
- Receivables within one year +€6,138
up €6,138 (+10.0%), from €61,593 to €67,731
of which Trade receivables: +€6,149
- Reserves +€61,697
up €61,697 (+13.4%), from €459,560 to €521,257
- Financial income -€9,585
down €9,585 (-49.6%), from €19,327 to €9,742
- Taxes -€1,988
down €1,988 (-3.5%), from €56,975 to €54,987
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 | €513,340 | €574,107 | +€60,767 | +11.8% |
| Fixed assets | 21/28 | €14,092 | €15,864 | +€1,772 | +12.6% |
| Tangible fixed assets | 22/27 | €12,892 | €14,664 | +€1,772 | +13.7% |
| Furniture and vehicles | 24 | €11,739 | €13,721 | +€1,981 | +16.9% |
| Other tangible fixed assets | 26 | €1,152 | €943 | -€209 | -18.1% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €499,248 | €558,243 | +€58,995 | +11.8% |
| Amounts receivable within one year | 40/41 | €61,593 | €67,731 | +€6,138 | +10.0% |
| Trade receivables | 40 | €61,582 | €67,731 | +€6,149 | +10.0% |
| Other amounts receivable | 41 | €11 | €0 | -€11 | -100.0% |
| Current investments | 50/53 | €290,793 | €146,540 | -€144,253 | -49.6% |
| Cash at bank and in hand | 54/58 | €142,926 | €338,569 | +€195,643 | +136.9% |
| Deferred charges and accrued income | 490/1 | €3,936 | €5,402 | +€1,466 | +37.3% |
| Total equity and liabilities | 10/49 | €513,340 | €574,107 | +€60,767 | +11.8% |
| Equity | 10/15 | €466,931 | €528,629 | +€61,697 | +13.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €459,560 | €521,257 | +€61,697 | +13.4% |
| Distributable reserves | 133 | €459,560 | €521,257 | +€61,697 | +13.4% |
| Profit (loss) carried forward | 14 | €1,171 | €1,172 | +€0 | 0.0% |
| Amounts payable | 17/49 | €46,409 | €45,478 | -€930 | -2.0% |
| Amounts payable within one year | 42/48 | €46,409 | €45,478 | -€930 | -2.0% |
| Financial debts | 43 | €2,550 | €2,541 | -€9 | -0.3% |
| Credit institutions | 430/8 | €2,550 | €2,541 | -€9 | -0.3% |
| Trade debts | 44 | €3,160 | €4,374 | +€1,214 | +38.4% |
| Suppliers | 440/4 | €3,160 | €4,374 | +€1,214 | +38.4% |
| Taxes, remuneration and social security | 45 | €31,249 | €34,745 | +€3,496 | +11.2% |
| Taxes | 450/3 | €31,249 | €34,745 | +€3,496 | +11.2% |
| Other amounts payable | 47/48 | €9,451 | €3,819 | -€5,632 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,275 | €2,402 | +€127 | +5.6% |
| Other operating charges | 640/8 | €1,542 | €2,245 | +€702 | +45.5% |
| Gross operating margin | 9900 | €171,913 | €173,213 | +€1,299 | +0.8% |
| Operating profit (loss) | 9901 | €168,096 | €168,566 | +€470 | +0.3% |
| Financial income | 75/76B | €19,327 | €9,742 | -€9,585 | -49.6% |
| Recurring financial income | 75 | €19,327 | €9,742 | -€9,585 | -49.6% |
| Financial charges | 65/66B | €2,716 | €1,924 | -€792 | -29.1% |
| Recurring financial charges | 65 | €2,716 | €1,924 | -€792 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €184,708 | €176,384 | -€8,323 | -4.5% |
| Income taxes | 67/77 | €56,975 | €54,987 | -€1,988 | -3.5% |
| Profit (loss) for the period | 9904 | €127,733 | €121,397 | -€6,335 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,733 | €121,397 | -€6,335 | -5.0% |
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.