COVAMEN: what changed
What changed
COVAMEN
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€697,837
2024 · €565,060+€132,777
Equity
€2.4m
2024 · €1.7m+€693,293
Cash
€1.4m
2024 · €1.5m-€135,343
Balance sheet total
€8.0m
2024 · €8.2m-€200,183
Largest movements
Assets
- Receivables within one year -€170,733
down €170,733 (-7.0%), from €2.4m to €2.3m
of which Trade receivables: -€91,692
- Tangible fixed assets +€165,406
up €165,406 (+7.8%), from €2.1m to €2.3m
of which Land and buildings: +€161,317
- Cash -€135,343
down €135,343 (-9.1%), from €1.5m to €1.4m
mainly Advances received (-€622,223) and Investment in fixed assets (net) (-€501,013)
Equity and liabilities
- Profit (loss) carried forward +€710,006
up €710,006 (+86.6%), from €819,786 to €1.5m
- Advances received -€622,223
down €622,223 (-29.4%), from €2.1m to €1.5m
- Other debts -€185,432
down €185,432 (-46.2%), from €401,764 to €216,331
- Debts after one year -€88,060
down €88,060 (-5.2%), from €1.7m to €1.6m
Income statement
- Gross operating margin +€356,902
up €356,902 (+19.8%), from €1.8m to €2.2m
- Staff costs +€147,219
up €147,219 (+24.1%), from €611,280 to €758,499
- Depreciation +€66,614
up €66,614 (+21.2%), from €313,581 to €380,195
- Taxes +€36,621
up €36,621 (+18.1%), from €202,575 to €239,196
- Other operating charges -€30,301
down €30,301 (-62.6%), from €48,377 to €18,076
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€565,060
Gross operating margin
+€356,902
Staff costs
-€147,219
Depreciation
-€66,614
Write-downs
-€15,818
Other operating charges
+€30,301
Other operating items
-€289
Financial income
+€1,301
Financial charges
+€8,148
Taxes
-€36,621
Deferred taxes and other
+€2,688
Result 2025
€697,837
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€378,635
Investment
-€501,013
Financing
-€12,965
Cash 2024
€1.5m
From operations (derived)
+€378,635
Net result for the year
+€697,837
Depreciation
+€380,195
Stocks and contracts
-€18,866
Receivables within one year
+€170,733
Deferred charges and accrued income
+€33,791
Provisions
-€9,123
Trade debts
-€58,316
Tax, wage and social debts
-€7,108
Advances received
-€622,223
Other debts
-€185,432
Accrued charges and deferred income
-€2,854
Investment (derived)
-€501,013
Investment in fixed assets (net)
-€501,013
Financing
-€12,965
Debts after one year
-€88,060
Current portion of long-term debt
+€58,028
Short-term financial debts
+€21,612
Contributions, distributions and other
-€4,544
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,190,449 | €7,990,266 | -€200,183 | -2.4% |
| Fixed assets | 21/28 | €2,374,838 | €2,495,656 | +€120,818 | +5.1% |
| Intangible fixed assets | 21 | €13,821 | €3,772 | -€10,049 | -72.7% |
| Tangible fixed assets | 22/27 | €2,109,197 | €2,274,603 | +€165,406 | +7.8% |
| Land and buildings | 22 | €106,677 | €267,993 | +€161,317 | +151% |
| Plant, machinery and equipment | 23 | €49,993 | €31,594 | -€18,400 | -36.8% |
| Furniture and vehicles | 24 | €11,436 | €29,171 | +€17,735 | +155% |
| Leasing and similar rights | 25 | €1,941,091 | €1,941,585 | +€494 | 0.0% |
| Assets under construction and advance payments | 27 | - | €4,260 | +€4,260 | |
| Financial fixed assets | 28 | €251,819 | €217,281 | -€34,539 | -13.7% |
| Current assets | 29/58 | €5,815,611 | €5,494,610 | -€321,001 | -5.5% |
| Stocks and contracts in progress | 3 | €1,836,058 | €1,854,923 | +€18,866 | +1.0% |
| Stocks | 30/36 | €742,274 | €829,674 | +€87,400 | +11.8% |
| Contracts in progress | 37 | €1,093,783 | €1,025,249 | -€68,534 | -6.3% |
| Amounts receivable within one year | 40/41 | €2,441,483 | €2,270,750 | -€170,733 | -7.0% |
| Trade receivables | 40 | €1,624,483 | €1,532,791 | -€91,692 | -5.6% |
| Other amounts receivable | 41 | €817,000 | €737,959 | -€79,041 | -9.7% |
| Cash at bank and in hand | 54/58 | €1,488,533 | €1,353,190 | -€135,343 | -9.1% |
| Deferred charges and accrued income | 490/1 | €49,538 | €15,747 | -€33,791 | -68.2% |
| Total equity and liabilities | 10/49 | €8,190,449 | €7,990,266 | -€200,183 | -2.4% |
| Equity | 10/15 | €1,738,549 | €2,431,842 | +€693,293 | +39.9% |
| Contributions | 10/11 | €208,490 | €208,490 | = | 0.0% |
| Capital | 10 | €208,490 | €208,490 | = | 0.0% |
| Issued capital | 100 | €208,490 | €208,490 | = | 0.0% |
| Reserves | 13 | €691,558 | €679,389 | -€12,168 | -1.8% |
| Non-distributable reserves | 130/1 | €13,714 | €20,849 | +€7,135 | +52.0% |
| Legal reserve | 130 | €13,714 | €20,849 | +€7,135 | +52.0% |
| Tax-exempt reserves | 132 | €675,041 | €655,738 | -€19,303 | -2.9% |
| Distributable reserves | 133 | €2,802 | €2,802 | = | 0.0% |
| Profit (loss) carried forward | 14 | €819,786 | €1,529,792 | +€710,006 | +86.6% |
| Investment grants | 15 | €18,716 | €14,171 | -€4,544 | -24.3% |
| Provisions and deferred taxes | 16 | €73,004 | €63,881 | -€9,123 | -12.5% |
| Deferred taxes | 168 | €73,004 | €63,881 | -€9,123 | -12.5% |
| Amounts payable | 17/49 | €6,378,896 | €5,494,543 | -€884,353 | -13.9% |
| Amounts payable after more than one year | 17 | €1,697,893 | €1,609,833 | -€88,060 | -5.2% |
| Financial debts | 170/4 | €1,697,893 | €1,609,833 | -€88,060 | -5.2% |
| Amounts payable within one year | 42/48 | €4,676,064 | €3,882,625 | -€793,439 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €409,098 | €467,126 | +€58,028 | +14.2% |
| Financial debts | 43 | €308,598 | €330,210 | +€21,612 | +7.0% |
| Credit institutions | 430/8 | €308,598 | €330,210 | +€21,612 | +7.0% |
| Trade debts | 44 | €1,283,927 | €1,225,611 | -€58,316 | -4.5% |
| Suppliers | 440/4 | €1,283,927 | €1,225,611 | -€58,316 | -4.5% |
| Advances received on contracts in progress | 46 | €2,117,798 | €1,495,575 | -€622,223 | -29.4% |
| Taxes, remuneration and social security | 45 | €154,880 | €147,772 | -€7,108 | -4.6% |
| Taxes | 450/3 | €77,881 | €51,693 | -€26,188 | -33.6% |
| Remuneration and social security | 454/9 | €76,998 | €96,079 | +€19,081 | +24.8% |
| Other amounts payable | 47/48 | €401,764 | €216,331 | -€185,432 | -46.2% |
| Accrued charges and deferred income | 492/3 | €4,939 | €2,085 | -€2,854 | -57.8% |
| Remuneration, social security and pensions | 62 | €611,280 | €758,499 | +€147,219 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €313,581 | €380,195 | +€66,614 | +21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,371 | -€3,553 | +€15,818 | +81.7% |
| Other operating charges | 640/8 | €48,377 | €18,076 | -€30,301 | -62.6% |
| Non-recurring operating charges | 66A | €776 | €1,064 | +€289 | +37.2% |
| Gross operating margin | 9900 | €1,798,291 | €2,155,193 | +€356,902 | +19.8% |
| Operating profit (loss) | 9901 | €843,648 | €1,000,910 | +€157,262 | +18.6% |
| Financial income | 75/76B | €22,904 | €24,205 | +€1,301 | +5.7% |
| Recurring financial income | 75 | €22,904 | €24,205 | +€1,301 | +5.7% |
| Financial charges | 65/66B | €105,352 | €97,205 | -€8,148 | -7.7% |
| Recurring financial charges | 65 | €105,352 | €97,205 | -€8,148 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €761,200 | €927,911 | +€166,710 | +21.9% |
| Transfer from deferred taxes | 780 | €6,434 | €9,123 | +€2,688 | +41.8% |
| Income taxes | 67/77 | €202,575 | €239,196 | +€36,621 | +18.1% |
| Profit (loss) for the period | 9904 | €565,060 | €697,837 | +€132,777 | +23.5% |
| Transfer from tax-exempt reserves | 789 | €19,303 | €19,303 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €0 | -€421,000 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €163,363 | €717,140 | +€553,777 | +339% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.