COVANCO: 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.
COVANCO
Largest movements
- Current investments -€281,551
down €281,551 (-61.1%), from €460,605 to €179,053
- Cash +€240,653
up €240,653 (+495%), from €48,621 to €289,274
mainly Current investments (+€281,551) and Net result for the year (+€103,764)
- Financial fixed assets -€53,800
no longer reported in 2025 (was €53,800)
- Tangible fixed assets -€35,419
down €35,419 (-12.4%), from €285,649 to €250,229
of which Furniture and vehicles: -€28,271
- Receivables within one year +€9,346
up €9,346 (+282%), from €3,310 to €12,656
of which Other amounts receivable: +€9,865
- Other debts -€125,440
down €125,440 (-27.2%), from €461,868 to €336,428
- Reserves +€15,246
up €15,246 (+4.4%), from €347,905 to €363,151
- Financial income +€26,317
up €26,317 (+307%), from €8,580 to €34,897
- Depreciation +€13,348
up €13,348 (+60.5%), from €22,072 to €35,419
- Financial charges +€5,205
up €5,205, from -€4,058 to €1,147
- Gross operating margin -€4,031
down €4,031 (-2.7%), from €148,663 to €144,631
- Taxes -€2,876
down €2,876 (-7.3%), from €39,623 to €36,747
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 | €853,604 | €733,834 | -€119,770 | -14.0% |
| Fixed assets | 21/28 | €339,449 | €250,229 | -€89,219 | -26.3% |
| Tangible fixed assets | 22/27 | €285,649 | €250,229 | -€35,419 | -12.4% |
| Land and buildings | 22 | €163,585 | €156,729 | -€6,856 | -4.2% |
| Plant, machinery and equipment | 23 | €1,459 | €1,167 | -€292 | -20.0% |
| Furniture and vehicles | 24 | €120,605 | €92,333 | -€28,271 | -23.4% |
| Financial fixed assets | 28 | €53,800 | - | -€53,800 | |
| Current assets | 29/58 | €514,155 | €483,605 | -€30,551 | -5.9% |
| Amounts receivable within one year | 40/41 | €3,310 | €12,656 | +€9,346 | +282% |
| Trade receivables | 40 | €3,310 | €2,791 | -€519 | -15.7% |
| Other amounts receivable | 41 | - | €9,865 | +€9,865 | |
| Current investments | 50/53 | €460,605 | €179,053 | -€281,551 | -61.1% |
| Cash at bank and in hand | 54/58 | €48,621 | €289,274 | +€240,653 | +495% |
| Deferred charges and accrued income | 490/1 | €1,619 | €2,622 | +€1,002 | +61.9% |
| Total equity and liabilities | 10/49 | €853,604 | €733,834 | -€119,770 | -14.0% |
| Equity | 10/15 | €368,465 | €383,711 | +€15,246 | +4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €1,968 | €1,968 | = | 0.0% |
| Reserves | 13 | €347,905 | €363,151 | +€15,246 | +4.4% |
| Distributable reserves | 133 | €347,905 | €363,151 | +€15,246 | +4.4% |
| Amounts payable | 17/49 | €485,139 | €350,123 | -€135,016 | -27.8% |
| Amounts payable within one year | 42/48 | €485,139 | €350,123 | -€135,016 | -27.8% |
| Trade debts | 44 | €4,454 | €1,477 | -€2,978 | -66.9% |
| Suppliers | 440/4 | €4,454 | €1,477 | -€2,978 | -66.9% |
| Taxes, remuneration and social security | 45 | €18,816 | €12,218 | -€6,598 | -35.1% |
| Taxes | 450/3 | €18,816 | €12,218 | -€6,598 | -35.1% |
| Other amounts payable | 47/48 | €461,868 | €336,428 | -€125,440 | -27.2% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,072 | €35,419 | +€13,348 | +60.5% |
| Other operating charges | 640/8 | €2,431 | €2,452 | +€21 | +0.9% |
| Gross operating margin | 9900 | €148,663 | €144,631 | -€4,031 | -2.7% |
| Operating profit (loss) | 9901 | €124,160 | €106,760 | -€17,400 | -14.0% |
| Financial income | 75/76B | €8,580 | €34,897 | +€26,317 | +307% |
| Recurring financial income | 75 | €8,580 | €34,897 | +€26,317 | +307% |
| Financial charges | 65/66B | -€4,058 | €1,147 | +€5,205 | |
| Recurring financial charges | 65 | -€4,058 | €1,147 | +€5,205 | |
| Profit (loss) for the period before taxes | 9903 | €136,799 | €140,511 | +€3,712 | +2.7% |
| Income taxes | 67/77 | €39,623 | €36,747 | -€2,876 | -7.3% |
| Profit (loss) for the period | 9904 | €97,176 | €103,764 | +€6,589 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,176 | €103,764 | +€6,589 | +6.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.