COVAN GROUP: 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 GROUP
Largest movements
- Receivables within one year -€21,508
down €21,508 (-67.7%), from €31,765 to €10,257
of which Trade receivables: -€21,508
- Cash +€6,648
up €6,648 (+99.9%), from €6,655 to €13,303
mainly Receivables within one year (+€21,508) and Depreciation (+€6,028)
- Tangible fixed assets -€6,028
down €6,028 (-30.1%), from €20,045 to €14,018
of which Furniture and vehicles: -€5,332
- Stocks and contracts +€3,308
up €3,308 (+14.4%), from €23,003 to €26,311
of which Contracts in progress: +€6,000
- Tax, wage and social debts -€8,342
down €8,342 (-22.1%), from €37,671 to €29,330
of which Taxes: -€8,996
- Trade debts -€4,368
down €4,368 (-14.7%), from €29,695 to €25,327
- Debts after one year -€4,174
down €4,174 (-92.1%), from €4,530 to €357
- Other debts -€2,479
down €2,479 (-19.3%), from €12,855 to €10,376
- Profit (loss) carried forward +€1,571
up €1,571, from -€1,571 to €0
- Gross operating margin +€23,920
up €23,920 (+26.7%), from €89,647 to €113,566
- Staff costs +€21,931
up €21,931 (+28.2%), from €77,721 to €99,653
- Taxes +€1,945
up €1,945 (+162%), from €1,203 to €3,148
- Financial charges -€1,164
down €1,164 (-45.4%), from €2,561 to €1,398
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 | €134,663 | €117,161 | -€17,502 | -13.0% |
| Fixed assets | 21/28 | €27,545 | €21,518 | -€6,028 | -21.9% |
| Tangible fixed assets | 22/27 | €20,045 | €14,018 | -€6,028 | -30.1% |
| Land and buildings | 22 | €525 | €394 | -€131 | -25.0% |
| Plant, machinery and equipment | 23 | €706 | €392 | -€314 | -44.4% |
| Furniture and vehicles | 24 | €17,813 | €12,481 | -€5,332 | -29.9% |
| Other tangible fixed assets | 26 | €1,001 | €751 | -€250 | -25.0% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €107,117 | €95,643 | -€11,474 | -10.7% |
| Amounts receivable after more than one year | 29 | €45,319 | €45,772 | +€453 | +1.0% |
| Other amounts receivable | 291 | €45,319 | €45,772 | +€453 | +1.0% |
| Stocks and contracts in progress | 3 | €23,003 | €26,311 | +€3,308 | +14.4% |
| Stocks | 30/36 | €23,003 | €20,311 | -€2,692 | -11.7% |
| Contracts in progress | 37 | - | €6,000 | +€6,000 | |
| Amounts receivable within one year | 40/41 | €31,765 | €10,257 | -€21,508 | -67.7% |
| Trade receivables | 40 | €31,765 | €10,257 | -€21,508 | -67.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €6,655 | €13,303 | +€6,648 | +99.9% |
| Deferred charges and accrued income | 490/1 | €376 | €0 | -€376 | -100% |
| Total equity and liabilities | 10/49 | €134,663 | €117,161 | -€17,502 | -13.0% |
| Equity | 10/15 | €45,929 | €47,598 | +€1,669 | +3.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €22,500 | €22,598 | +€98 | +0.4% |
| Distributable reserves | 133 | €22,500 | €22,598 | +€98 | +0.4% |
| Profit (loss) carried forward | 14 | -€1,571 | €0 | +€1,571 | |
| Amounts payable | 17/49 | €88,734 | €69,563 | -€19,171 | -21.6% |
| Amounts payable after more than one year | 17 | €4,530 | €357 | -€4,174 | -92.1% |
| Financial debts | 170/4 | €4,530 | €357 | -€4,174 | -92.1% |
| Amounts payable within one year | 42/48 | €84,203 | €69,206 | -€14,997 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €3,982 | €4,174 | +€192 | +4.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €29,695 | €25,327 | -€4,368 | -14.7% |
| Suppliers | 440/4 | €29,695 | €25,327 | -€4,368 | -14.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €37,671 | €29,330 | -€8,342 | -22.1% |
| Taxes | 450/3 | €25,878 | €16,882 | -€8,996 | -34.8% |
| Remuneration and social security | 454/9 | €11,793 | €12,448 | +€654 | +5.5% |
| Other amounts payable | 47/48 | €12,855 | €10,376 | -€2,479 | -19.3% |
| Remuneration, social security and pensions | 62 | €77,721 | €99,653 | +€21,931 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,011 | €6,028 | +€17 | +0.3% |
| Other operating charges | 640/8 | €2,277 | €2,125 | -€152 | -6.7% |
| Gross operating margin | 9900 | €89,647 | €113,566 | +€23,920 | +26.7% |
| Operating profit (loss) | 9901 | €3,638 | €5,761 | +€2,123 | +58.4% |
| Financial income | 75/76B | €1,295 | €454 | -€842 | -65.0% |
| Recurring financial income | 75 | €1,295 | €454 | -€842 | -65.0% |
| Financial charges | 65/66B | €2,561 | €1,398 | -€1,164 | -45.4% |
| Recurring financial charges | 65 | €2,561 | €1,398 | -€1,164 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | €2,372 | €4,817 | +€2,446 | +103% |
| Income taxes | 67/77 | €1,203 | €3,148 | +€1,945 | +162% |
| Profit (loss) for the period | 9904 | €1,168 | €1,669 | +€500 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,168 | €1,669 | +€500 | +42.8% |
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 14 October 2026 via checked.be.