"COVAMAF": 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.
"COVAMAF"
Largest movements
- Tangible fixed assets -€5,111
down €5,111 (-4.1%), from €126,136 to €121,025
of which Plant, machinery and equipment: -€5,111
- Receivables within one year +€4,397
up €4,397 (+242.1%), from €1,816 to €6,213
of which Trade receivables: +€4,638
No liability line moved by more than 1% of the balance sheet total.
- Taxes +€15,000
no longer reported in 2025 (was -€15,000)
- Gross operating margin +€2,946
up €2,946 (+81.7%), from €3,608 to €6,554
- Depreciation -€616
down €616 (-10.8%), from €5,727 to €5,111
- Other operating charges -€320
down €320 (-11.5%), from €2,792 to €2,472
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 | €141,957 | €141,566 | -€391 | -0.3% |
| Fixed assets | 21/28 | €126,136 | €121,025 | -€5,111 | -4.1% |
| Tangible fixed assets | 22/27 | €126,136 | €121,025 | -€5,111 | -4.1% |
| Land and buildings | 22 | €101,288 | €101,288 | = | 0.0% |
| Plant, machinery and equipment | 23 | €24,848 | €19,737 | -€5,111 | -20.6% |
| Current assets | 29/58 | €15,821 | €20,541 | +€4,720 | +29.8% |
| Amounts receivable within one year | 40/41 | €1,816 | €6,213 | +€4,397 | +242.1% |
| Trade receivables | 40 | €1,170 | €5,808 | +€4,638 | +396.4% |
| Other amounts receivable | 41 | €646 | €405 | -€241 | -37.3% |
| Cash at bank and in hand | 54/58 | €12,567 | €12,686 | +€119 | +0.9% |
| Deferred charges and accrued income | 490/1 | €1,438 | €1,642 | +€204 | +14.2% |
| Total equity and liabilities | 10/49 | €141,957 | €141,566 | -€391 | -0.3% |
| Equity | 10/15 | €140,047 | €138,976 | -€1,071 | -0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,787 | €124,716 | -€1,071 | -0.9% |
| Amounts payable | 17/49 | €1,910 | €2,590 | +€680 | +35.6% |
| Amounts payable within one year | 42/48 | €1,910 | €2,590 | +€680 | +35.6% |
| Trade debts | 44 | €89 | - | -€89 | |
| Suppliers | 440/4 | €89 | - | -€89 | |
| Taxes, remuneration and social security | 45 | - | €538 | +€538 | |
| Taxes | 450/3 | - | €538 | +€538 | |
| Other amounts payable | 47/48 | €1,821 | €2,052 | +€231 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,727 | €5,111 | -€616 | -10.8% |
| Other operating charges | 640/8 | €2,792 | €2,472 | -€320 | -11.5% |
| Gross operating margin | 9900 | €3,608 | €6,554 | +€2,946 | +81.7% |
| Operating profit (loss) | 9901 | -€4,911 | -€1,029 | +€3,882 | +79.0% |
| Financial charges | 65/66B | €40 | €42 | +€2 | +5.0% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,951 | -€1,071 | +€3,880 | +78.4% |
| Income taxes | 67/77 | -€15,000 | - | +€15,000 | |
| Profit (loss) for the period | 9904 | €10,049 | -€1,071 | -€11,120 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,049 | -€1,071 | -€11,120 |
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 9 October 2026 via checked.be.