COVAM: 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.
COVAM
Largest movements
- Current investments +€33,000
up €33,000 (+57.1%), from €57,750 to €90,750
- Cash -€28,526
down €28,526 (-50.3%), from €56,715 to €28,189
mainly Current investments (-€33,000) and Tax, wage and social debts (-€13,037)
- Tangible fixed assets -€7,503
down €7,503 (-33.2%), from €22,607 to €15,104
of which Furniture and vehicles: -€6,438
- Receivables within one year +€5,811
up €5,811 (+416%), from €1,398 to €7,209
- Reserves +€17,000
up €17,000 (+14.2%), from €119,500 to €136,500
- Tax, wage and social debts -€13,037
no longer reported in 2025 (was €13,037)
- Other debts -€3,851
down €3,851 (-89.8%), from €4,289 to €438
- Trade debts +€1,651
up €1,651 (+2,496%), from €66 to €1,717
of which Bills of exchange payable: +€1,716
- Gross operating margin +€16,563
up €16,563 (+85.9%), from €19,273 to €35,836
- Taxes +€4,414
up €4,414 (+159%), from €2,779 to €7,193
- Other operating charges +€473
up €473 (+94.1%), from €503 to €976
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 | €138,470 | €141,252 | +€2,782 | +2.0% |
| Fixed assets | 21/28 | €22,607 | €15,104 | -€7,503 | -33.2% |
| Tangible fixed assets | 22/27 | €22,607 | €15,104 | -€7,503 | -33.2% |
| Plant, machinery and equipment | 23 | €1,863 | €798 | -€1,065 | -57.2% |
| Furniture and vehicles | 24 | €20,744 | €14,306 | -€6,438 | -31.0% |
| Current assets | 29/58 | €115,863 | €126,148 | +€10,285 | +8.9% |
| Amounts receivable within one year | 40/41 | €1,398 | €7,209 | +€5,811 | +416% |
| Other amounts receivable | 41 | €1,398 | €7,209 | +€5,811 | +416% |
| Current investments | 50/53 | €57,750 | €90,750 | +€33,000 | +57.1% |
| Cash at bank and in hand | 54/58 | €56,715 | €28,189 | -€28,526 | -50.3% |
| Total equity and liabilities | 10/49 | €138,470 | €141,252 | +€2,782 | +2.0% |
| Equity | 10/15 | €121,077 | €139,097 | +€18,020 | +14.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €119,500 | €136,500 | +€17,000 | +14.2% |
| Distributable reserves | 133 | €119,500 | €136,500 | +€17,000 | +14.2% |
| Profit (loss) carried forward | 14 | €577 | €1,597 | +€1,020 | +177% |
| Amounts payable | 17/49 | €17,393 | €2,154 | -€15,238 | -87.6% |
| Amounts payable within one year | 42/48 | €17,393 | €2,154 | -€15,238 | -87.6% |
| Trade debts | 44 | €66 | €1,717 | +€1,651 | +2,496% |
| Suppliers | 440/4 | €66 | €1 | -€65 | -98.9% |
| Bills of exchange payable | 441 | - | €1,716 | +€1,716 | |
| Taxes, remuneration and social security | 45 | €13,037 | - | -€13,037 | |
| Taxes | 450/3 | €13,037 | - | -€13,037 | |
| Other amounts payable | 47/48 | €4,289 | €438 | -€3,851 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,830 | €9,772 | -€58 | -0.6% |
| Other operating charges | 640/8 | €503 | €976 | +€473 | +94.1% |
| Gross operating margin | 9900 | €19,273 | €35,836 | +€16,563 | +85.9% |
| Operating profit (loss) | 9901 | €8,941 | €25,088 | +€16,147 | +181% |
| Financial income | 75/76B | €426 | €226 | -€199 | -46.8% |
| Recurring financial income | 75 | €426 | €226 | -€199 | -46.8% |
| Financial charges | 65/66B | €41 | €101 | +€60 | +146% |
| Recurring financial charges | 65 | €41 | €101 | +€60 | +146% |
| Profit (loss) for the period before taxes | 9903 | €9,325 | €25,213 | +€15,888 | +170% |
| Income taxes | 67/77 | €2,779 | €7,193 | +€4,414 | +159% |
| Profit (loss) for the period | 9904 | €6,547 | €18,020 | +€11,474 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €6,547 | €18,020 | +€11,474 | +175% |
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 19 October 2026 via checked.be.