COVAN: 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.
COVAN
Largest movements
- Cash -€106,657
down €106,657 (-96.1%), from €110,930 to €4,273
mainly Tax, wage and social debts (-€78,180) and Net result for the year (-€76,027)
- Tangible fixed assets +€7,637
up €7,637 (+2.7%), from €282,543 to €290,180
of which Assets under construction and advance payments: +€61,849
- Tax, wage and social debts -€78,180
down €78,180 (-100.0%), from €78,180 to €0
- Profit (loss) carried forward -€76,027
down €76,027 (-206.6%), from -€36,791 to -€112,818
- Trade debts +€38,015
up €38,015 (+1754.7%), from €2,167 to €40,182
- Other debts +€22,232
up €22,232 (+14.1%), from €158,212 to €180,444
- Other operating charges -€79,614
down €79,614 (-86.7%), from €91,829 to €12,216
- Write-downs -€29,544
new in 2025: -€29,544
- Financial charges +€29,482
up €29,482 (+21957.1%), from €134 to €29,616
- Gross operating margin -€12,053
down €12,053, from €2,525 to -€9,527
- Depreciation -€2,853
down €2,853 (-100.0%), from €2,853 to €0
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 | €393,497 | €298,230 | -€95,267 | -24.2% |
| Fixed assets | 21/28 | €282,568 | €290,204 | +€7,637 | +2.7% |
| Tangible fixed assets | 22/27 | €282,543 | €290,180 | +€7,637 | +2.7% |
| Land and buildings | 22 | €282,543 | €228,331 | -€54,212 | -19.2% |
| Assets under construction and advance payments | 27 | - | €61,849 | +€61,849 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €110,930 | €8,026 | -€102,904 | -92.8% |
| Amounts receivable within one year | 40/41 | €0 | €3,753 | +€3,753 | |
| Trade receivables | 40 | - | €3,753 | +€3,753 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €110,930 | €4,273 | -€106,657 | -96.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €393,497 | €298,230 | -€95,267 | -24.2% |
| Equity | 10/15 | -€8,605 | -€84,632 | -€76,027 | -883.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €3,396 | €3,396 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €917 | €917 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€36,791 | -€112,818 | -€76,027 | -206.6% |
| Amounts payable | 17/49 | €402,103 | €382,862 | -€19,240 | -4.8% |
| Amounts payable after more than one year | 17 | €158,736 | €158,736 | = | 0.0% |
| Financial debts | 170/4 | €148,736 | €148,736 | = | 0.0% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €238,558 | €220,626 | -€17,932 | -7.5% |
| Trade debts | 44 | €2,167 | €40,182 | +€38,015 | +1754.7% |
| Suppliers | 440/4 | €2,167 | €40,182 | +€38,015 | +1754.7% |
| Taxes, remuneration and social security | 45 | €78,180 | €0 | -€78,180 | -100.0% |
| Taxes | 450/3 | €78,180 | €0 | -€78,180 | -100.0% |
| Other amounts payable | 47/48 | €158,212 | €180,444 | +€22,232 | +14.1% |
| Accrued charges and deferred income | 492/3 | €4,808 | €3,500 | -€1,308 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,853 | €0 | -€2,853 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€29,544 | -€29,544 | |
| Other operating charges | 640/8 | €91,829 | €12,216 | -€79,614 | -86.7% |
| Non-recurring operating charges | 66A | €0 | €54,212 | +€54,212 | |
| Gross operating margin | 9900 | €2,525 | -€9,527 | -€12,053 | |
| Operating profit (loss) | 9901 | -€92,157 | -€46,411 | +€45,746 | +49.6% |
| Financial charges | 65/66B | €134 | €29,616 | +€29,482 | +21957.1% |
| Recurring financial charges | 65 | €134 | €29,616 | +€29,482 | +21957.1% |
| Profit (loss) for the period before taxes | 9903 | -€92,292 | -€76,027 | +€16,264 | +17.6% |
| Profit (loss) for the period | 9904 | -€92,292 | -€76,027 | +€16,264 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,292 | -€76,027 | +€16,264 | +17.6% |
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.