COVAN INVEST: what changed
What changed
COVAN INVEST
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
-€9,970
2024 · €200-€10,170
Equity
€98,571
2024 · €108,541-€9,970
Cash
€1,376
2024 · €12,126-€10,750
Balance sheet total
€745,681
2024 · €758,205-€12,524
Largest movements
Assets
- Tangible fixed assets -€19,700
down €19,700 (-2.8%), from €713,030 to €693,330
of which Land and buildings: -€18,474
- Stocks and contracts +€11,978
up €11,978 (+2,874%), from €417 to €12,395
of which Contracts in progress: +€9,500
- Cash -€10,750
down €10,750 (-88.7%), from €12,126 to €1,376
mainly Stocks and contracts (-€11,978) and Debts after one year (-€11,661)
Equity and liabilities
- Trade debts +€12,057
up €12,057 (+105%), from €11,485 to €23,542
- Debts after one year -€11,661
down €11,661 (-13.6%), from €85,830 to €74,169
of which Financial debts: -€11,661
- Reserves -€9,970
down €9,970 (-25.8%), from €38,592 to €28,622
of which Distributable reserves: -€9,970
Income statement
- Staff costs +€12,939
new in 2025: €12,939
- Gross operating margin -€7,658
down €7,658 (-13.9%), from €55,045 to €47,387
- Financial charges -€5,761
down €5,761 (-31.0%), from €18,610 to €12,848
- Taxes -€2,975
down €2,975 (-100%), from €2,975 to €0
- Other operating charges -€1,840
down €1,840 (-13.4%), from €13,741 to €11,901
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
€200
Gross operating margin
-€7,658
Staff costs
-€12,939
Depreciation
-€127
Other operating charges
+€1,840
Financial income
-€22
Financial charges
+€5,761
Taxes
+€2,975
Result 2025
-€9,970
raises the resultlowers the result
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
+€5,412
Investment
€0
Financing
-€16,162
Cash 2024
€12,126
From operations (derived)
+€5,412
Net result for the year
-€9,970
Depreciation
+€19,700
Stocks and contracts
-€11,978
Receivables within one year
-€3,422
Deferred charges and accrued income
-€2,527
Trade debts
+€12,057
Tax, wage and social debts
-€3,564
Other debts
+€5,196
Accrued charges and deferred income
-€81
Financing
-€16,162
Debts after one year
-€11,661
Current portion of long-term debt
-€4,085
Short-term financial debts
-€415
Cash 2025
€1,376
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €758,205 | €745,681 | -€12,524 | -1.7% |
| Fixed assets | 21/28 | €713,310 | €693,610 | -€19,700 | -2.8% |
| Tangible fixed assets | 22/27 | €713,030 | €693,330 | -€19,700 | -2.8% |
| Land and buildings | 22 | €708,420 | €689,947 | -€18,474 | -2.6% |
| Plant, machinery and equipment | 23 | €3,168 | €2,408 | -€760 | -24.0% |
| Furniture and vehicles | 24 | €1,442 | €975 | -€466 | -32.3% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €44,895 | €52,071 | +€7,177 | +16.0% |
| Stocks and contracts in progress | 3 | €417 | €12,395 | +€11,978 | +2,874% |
| Stocks | 30/36 | €417 | €2,895 | +€2,478 | +595% |
| Contracts in progress | 37 | - | €9,500 | +€9,500 | |
| Amounts receivable within one year | 40/41 | €27,344 | €30,765 | +€3,422 | +12.5% |
| Trade receivables | 40 | €26,690 | €29,547 | +€2,856 | +10.7% |
| Other amounts receivable | 41 | €653 | €1,218 | +€565 | +86.6% |
| Cash at bank and in hand | 54/58 | €12,126 | €1,376 | -€10,750 | -88.7% |
| Deferred charges and accrued income | 490/1 | €5,008 | €7,535 | +€2,527 | +50.5% |
| Total equity and liabilities | 10/49 | €758,205 | €745,681 | -€12,524 | -1.7% |
| Equity | 10/15 | €108,541 | €98,571 | -€9,970 | -9.2% |
| Contributions | 10/11 | €20,400 | €20,400 | = | 0.0% |
| Revaluation surpluses | 12 | €49,549 | €49,549 | = | 0.0% |
| Reserves | 13 | €38,592 | €28,622 | -€9,970 | -25.8% |
| Non-distributable reserves | 130/1 | €2,040 | €2,040 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,040 | €2,040 | = | 0.0% |
| Distributable reserves | 133 | €36,552 | €26,582 | -€9,970 | -27.3% |
| Amounts payable | 17/49 | €649,664 | €647,110 | -€2,554 | -0.4% |
| Amounts payable after more than one year | 17 | €85,830 | €74,169 | -€11,661 | -13.6% |
| Financial debts | 170/4 | €47,830 | €36,169 | -€11,661 | -24.4% |
| Other amounts payable | 178/9 | €38,000 | €38,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €561,578 | €570,767 | +€9,189 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €15,747 | €11,661 | -€4,085 | -25.9% |
| Financial debts | 43 | €237,478 | €237,063 | -€415 | -0.2% |
| Credit institutions | 430/8 | €237,478 | €237,063 | -€415 | -0.2% |
| Trade debts | 44 | €11,485 | €23,542 | +€12,057 | +105% |
| Suppliers | 440/4 | €11,485 | €23,542 | +€12,057 | +105% |
| Taxes, remuneration and social security | 45 | €4,020 | €456 | -€3,564 | -88.7% |
| Taxes | 450/3 | €4,020 | €456 | -€3,564 | -88.7% |
| Other amounts payable | 47/48 | €292,849 | €298,045 | +€5,196 | +1.8% |
| Accrued charges and deferred income | 492/3 | €2,255 | €2,174 | -€81 | -3.6% |
| Remuneration, social security and pensions | 62 | - | €12,939 | +€12,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,574 | €19,700 | +€127 | +0.6% |
| Other operating charges | 640/8 | €13,741 | €11,901 | -€1,840 | -13.4% |
| Gross operating margin | 9900 | €55,045 | €47,387 | -€7,658 | -13.9% |
| Operating profit (loss) | 9901 | €21,730 | €2,846 | -€18,884 | -86.9% |
| Financial income | 75/76B | €55 | €33 | -€22 | -40.4% |
| Recurring financial income | 75 | €55 | €33 | -€22 | -40.4% |
| Financial charges | 65/66B | €18,610 | €12,848 | -€5,761 | -31.0% |
| Recurring financial charges | 65 | €18,610 | €12,848 | -€5,761 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €3,175 | -€9,970 | -€13,145 | |
| Income taxes | 67/77 | €2,975 | €0 | -€2,975 | -100% |
| Profit (loss) for the period | 9904 | €200 | -€9,970 | -€10,170 | |
| Profit (loss) for the period to be appropriated | 9905 | €200 | -€9,970 | -€10,170 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.