COVANA: 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.
COVANA
Largest movements
- Current investments -€175,000
no longer reported in 2025 (was €175,000)
- Cash -€96,967
down €96,967 (-58.8%), from €164,903 to €67,936
mainly Contributions, distributions and other (-€300,000) and Tax, wage and social debts (-€108,453)
- Receivables within one year -€94,054
down €94,054 (-14.3%), from €658,499 to €564,445
of which Other amounts receivable: -€94,608
- Tangible fixed assets -€28,525
down €28,525 (-34.1%), from €83,679 to €55,154
of which Furniture and vehicles: -€26,630
- Profit (loss) carried forward -€188,071
down €188,071 (-18.0%), from €1.0m to €855,702
- Tax, wage and social debts -€108,453
down €108,453 (-96.6%), from €112,291 to €3,838
of which Taxes: -€107,127
- Other debts -€80,063
down €80,063 (-13.3%), from €602,561 to €522,498
- Gross operating margin -€38,546
down €38,546 (-17.6%), from €219,243 to €180,697
- Taxes -€9,032
down €9,032 (-18.3%), from €49,443 to €40,411
- Depreciation +€3,278
up €3,278 (+12.4%), from €26,345 to €29,623
- Financial income -€2,586
down €2,586 (-47.1%), from €5,492 to €2,906
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 | €1,808,913 | €1,416,371 | -€392,542 | -21.7% |
| Fixed assets | 21/28 | €810,179 | €781,654 | -€28,525 | -3.5% |
| Tangible fixed assets | 22/27 | €83,679 | €55,154 | -€28,525 | -34.1% |
| Plant, machinery and equipment | 23 | €13,464 | €11,569 | -€1,895 | -14.1% |
| Furniture and vehicles | 24 | €70,215 | €43,585 | -€26,630 | -37.9% |
| Financial fixed assets | 28 | €726,500 | €726,500 | = | 0.0% |
| Current assets | 29/58 | €998,734 | €634,717 | -€364,017 | -36.4% |
| Amounts receivable within one year | 40/41 | €658,499 | €564,445 | -€94,054 | -14.3% |
| Trade receivables | 40 | €23,892 | €24,446 | +€554 | +2.3% |
| Other amounts receivable | 41 | €634,607 | €539,999 | -€94,608 | -14.9% |
| Current investments | 50/53 | €175,000 | - | -€175,000 | |
| Cash at bank and in hand | 54/58 | €164,903 | €67,936 | -€96,967 | -58.8% |
| Deferred charges and accrued income | 490/1 | €333 | €2,336 | +€2,004 | +602% |
| Total equity and liabilities | 10/49 | €1,808,913 | €1,416,371 | -€392,542 | -21.7% |
| Equity | 10/15 | €1,064,234 | €876,162 | -€188,071 | -17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,043,774 | €855,702 | -€188,071 | -18.0% |
| Amounts payable | 17/49 | €744,680 | €540,209 | -€204,471 | -27.5% |
| Amounts payable after more than one year | 17 | €10,865 | - | -€10,865 | |
| Financial debts | 170/4 | €10,865 | - | -€10,865 | |
| Amounts payable within one year | 42/48 | €733,814 | €540,209 | -€193,606 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €16,158 | €10,865 | -€5,293 | -32.8% |
| Financial debts | 43 | €128 | - | -€128 | |
| Credit institutions | 430/8 | €128 | - | -€128 | |
| Trade debts | 44 | €2,675 | €3,007 | +€332 | +12.4% |
| Suppliers | 440/4 | €2,675 | €3,007 | +€332 | +12.4% |
| Taxes, remuneration and social security | 45 | €112,291 | €3,838 | -€108,453 | -96.6% |
| Taxes | 450/3 | €110,964 | €3,838 | -€107,127 | -96.5% |
| Remuneration and social security | 454/9 | €1,327 | - | -€1,327 | |
| Other amounts payable | 47/48 | €602,561 | €522,498 | -€80,063 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,345 | €29,623 | +€3,278 | +12.4% |
| Other operating charges | 640/8 | €2,604 | €1,156 | -€1,449 | -55.6% |
| Gross operating margin | 9900 | €219,243 | €180,697 | -€38,546 | -17.6% |
| Operating profit (loss) | 9901 | €190,294 | €149,918 | -€40,375 | -21.2% |
| Financial income | 75/76B | €5,492 | €2,906 | -€2,586 | -47.1% |
| Recurring financial income | 75 | €5,492 | €2,906 | -€2,586 | -47.1% |
| Financial charges | 65/66B | €729 | €485 | -€244 | -33.5% |
| Recurring financial charges | 65 | €729 | €485 | -€244 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €195,057 | €152,340 | -€42,717 | -21.9% |
| Income taxes | 67/77 | €49,443 | €40,411 | -€9,032 | -18.3% |
| Profit (loss) for the period | 9904 | €145,614 | €111,929 | -€33,685 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €145,614 | €111,929 | -€33,685 | -23.1% |
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 23 October 2026 via checked.be.