COVAMEX: 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.
What changed
COVAMEX
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,431
2024 · €9,262+€34,169
Equity
€386,847
2024 · €343,416+€43,431
Cash
€47,501
2024 · €37,623+€9,878
Balance sheet total
€1.2m
2024 · €1.3m-€103,075
Largest movements
Assets
- Stocks and contracts -€84,965
down €84,965 (-76.8%), from €110,592 to €25,627
- Receivables within one year -€57,534
down €57,534 (-7.9%), from €730,316 to €672,782
of which Trade receivables: -€112,522
- Tangible fixed assets +€30,830
up €30,830 (+6.9%), from €444,188 to €475,018
of which Land and buildings: +€69,979
Equity and liabilities
- Trade debts -€204,589
down €204,589 (-39.7%), from €515,239 to €310,651
- Other debts +€76,008
up €76,008 (+23,056%), from €330 to €76,337
- Profit (loss) carried forward +€43,431
up €43,431 (+13.9%), from €312,726 to €356,157
- Debts after one year -€35,409
down €35,409 (-9.3%), from €382,620 to €347,211
Income statement
- Gross operating margin +€68,073
up €68,073 (+22.4%), from €303,590 to €371,663
- Staff costs +€29,025
up €29,025 (+12.3%), from €236,623 to €265,648
- Taxes +€9,941
up €9,941 (+183%), from €5,439 to €15,380
- Financial charges -€8,963
down €8,963 (-53.9%), from €16,625 to €7,663
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
€9,262
Gross operating margin
+€68,073
Staff costs
-€29,025
Depreciation
-€1,446
Write-downs
+€3,092
Other operating charges
-€3,140
Other operating items
+€140
Financial income
-€2,546
Financial charges
+€8,963
Taxes
-€9,941
Result 2025
€43,431
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€112,260
Investment
-€71,426
Financing
-€30,956
Cash 2024
€37,623
From operations (derived)
+€112,260
Net result for the year
+€43,431
Depreciation
+€40,596
Stocks and contracts
+€84,965
Receivables within one year
+€57,534
Deferred charges and accrued income
+€1,284
Trade debts
-€204,589
Tax, wage and social debts
+€12,646
Other debts
+€76,008
Accrued charges and deferred income
+€384
Investment (derived)
-€71,426
Investment in fixed assets (net)
-€71,426
Financing
-€30,956
Debts after one year
-€35,409
Current portion of long-term debt
+€395
Short-term financial debts
+€4,058
Cash 2025
€47,501
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,339,557 | €1,236,482 | -€103,075 | -7.7% |
| Fixed assets | 21/28 | €457,693 | €488,522 | +€30,830 | +6.7% |
| Tangible fixed assets | 22/27 | €444,188 | €475,018 | +€30,830 | +6.9% |
| Land and buildings | 22 | - | €69,979 | +€69,979 | |
| Leasing and similar rights | 25 | €444,188 | €405,039 | -€39,150 | -8.8% |
| Financial fixed assets | 28 | €13,505 | €13,505 | = | 0.0% |
| Current assets | 29/58 | €881,865 | €747,960 | -€133,905 | -15.2% |
| Stocks and contracts in progress | 3 | €110,592 | €25,627 | -€84,965 | -76.8% |
| Stocks | 30/36 | €110,592 | €25,627 | -€84,965 | -76.8% |
| Amounts receivable within one year | 40/41 | €730,316 | €672,782 | -€57,534 | -7.9% |
| Trade receivables | 40 | €565,956 | €453,433 | -€112,522 | -19.9% |
| Other amounts receivable | 41 | €164,360 | €219,348 | +€54,988 | +33.5% |
| Cash at bank and in hand | 54/58 | €37,623 | €47,501 | +€9,878 | +26.3% |
| Deferred charges and accrued income | 490/1 | €3,334 | €2,049 | -€1,284 | -38.5% |
| Total equity and liabilities | 10/49 | €1,339,557 | €1,236,482 | -€103,075 | -7.7% |
| Equity | 10/15 | €343,416 | €386,847 | +€43,431 | +12.6% |
| Contributions | 10/11 | €27,900 | €27,900 | = | 0.0% |
| Reserves | 13 | €2,790 | €2,790 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,790 | €2,790 | = | 0.0% |
| Profit (loss) carried forward | 14 | €312,726 | €356,157 | +€43,431 | +13.9% |
| Amounts payable | 17/49 | €996,142 | €849,635 | -€146,507 | -14.7% |
| Amounts payable after more than one year | 17 | €382,620 | €347,211 | -€35,409 | -9.3% |
| Financial debts | 170/4 | €382,620 | €347,211 | -€35,409 | -9.3% |
| Amounts payable within one year | 42/48 | €613,268 | €501,787 | -€111,482 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €36,327 | €36,722 | +€395 | +1.1% |
| Financial debts | 43 | €11,332 | €15,390 | +€4,058 | +35.8% |
| Credit institutions | 430/8 | €11,332 | €15,390 | +€4,058 | +35.8% |
| Trade debts | 44 | €515,239 | €310,651 | -€204,589 | -39.7% |
| Suppliers | 440/4 | €515,239 | €310,651 | -€204,589 | -39.7% |
| Taxes, remuneration and social security | 45 | €50,040 | €62,687 | +€12,646 | +25.3% |
| Taxes | 450/3 | €1,590 | €11,201 | +€9,611 | +605% |
| Remuneration and social security | 454/9 | €48,451 | €51,485 | +€3,035 | +6.3% |
| Other amounts payable | 47/48 | €330 | €76,337 | +€76,008 | +23,056% |
| Accrued charges and deferred income | 492/3 | €254 | €638 | +€384 | +152% |
| Remuneration, social security and pensions | 62 | €236,623 | €265,648 | +€29,025 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,150 | €40,596 | +€1,446 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€3,092 | -€3,092 | |
| Other operating charges | 640/8 | €985 | €4,125 | +€3,140 | +319% |
| Non-recurring operating charges | 66A | €140 | €0 | -€140 | -100% |
| Gross operating margin | 9900 | €303,590 | €371,663 | +€68,073 | +22.4% |
| Operating profit (loss) | 9901 | €26,693 | €64,387 | +€37,694 | +141% |
| Financial income | 75/76B | €4,634 | €2,088 | -€2,546 | -54.9% |
| Recurring financial income | 75 | €4,634 | €2,088 | -€2,546 | -54.9% |
| Financial charges | 65/66B | €16,625 | €7,663 | -€8,963 | -53.9% |
| Recurring financial charges | 65 | €16,625 | €7,663 | -€8,963 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €14,701 | €58,811 | +€44,110 | +300% |
| Income taxes | 67/77 | €5,439 | €15,380 | +€9,941 | +183% |
| Profit (loss) for the period | 9904 | €9,262 | €43,431 | +€34,169 | +369% |
| Profit (loss) for the period to be appropriated | 9905 | €9,262 | €43,431 | +€34,169 | +369% |
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 29 October 2026 via checked.be.