COVANDIS: 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.
COVANDIS
Largest movements
- Receivables within one year -€128,141
down €128,141 (-36.8%), from €348,133 to €219,992
of which Trade receivables: -€133,599
- Cash -€95,662
down €95,662 (-32.3%), from €295,987 to €200,326
mainly Other debts (-€290,538) and Tax, wage and social debts (-€30,605)
- Tangible fixed assets -€19,275
down €19,275 (-3.0%), from €647,075 to €627,801
of which Other tangible fixed assets: -€11,028
- Other debts -€290,538
down €290,538 (-66.7%), from €435,860 to €145,322
- Reserves +€56,000
up €56,000 (+9.3%), from €604,321 to €660,321
of which Distributable reserves: +€56,000
- Tax, wage and social debts -€30,605
down €30,605 (-77.7%), from €39,373 to €8,768
- Gross operating margin -€262,980
down €262,980 (-66.0%), from €398,277 to €135,298
- Taxes -€51,426
down €51,426 (-66.0%), from €77,968 to €26,542
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 | €1,291,195 | €1,048,118 | -€243,077 | -18.8% |
| Fixed assets | 21/28 | €647,075 | €627,801 | -€19,275 | -3.0% |
| Tangible fixed assets | 22/27 | €647,075 | €627,801 | -€19,275 | -3.0% |
| Land and buildings | 22 | €182,413 | €175,507 | -€6,906 | -3.8% |
| Furniture and vehicles | 24 | €3,974 | €2,633 | -€1,340 | -33.7% |
| Other tangible fixed assets | 26 | €460,689 | €449,661 | -€11,028 | -2.4% |
| Current assets | 29/58 | €644,120 | €420,318 | -€223,802 | -34.7% |
| Amounts receivable within one year | 40/41 | €348,133 | €219,992 | -€128,141 | -36.8% |
| Trade receivables | 40 | €348,133 | €214,534 | -€133,599 | -38.4% |
| Other amounts receivable | 41 | - | €5,458 | +€5,458 | |
| Cash at bank and in hand | 54/58 | €295,987 | €200,326 | -€95,662 | -32.3% |
| Total equity and liabilities | 10/49 | €1,291,195 | €1,048,118 | -€243,077 | -18.8% |
| Equity | 10/15 | €790,797 | €847,532 | +€56,735 | +7.2% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Reserves | 13 | €604,321 | €660,321 | +€56,000 | +9.3% |
| Non-distributable reserves | 130/1 | €39,321 | €39,321 | = | 0.0% |
| Legal reserve | 130 | €39,321 | €39,321 | = | 0.0% |
| Distributable reserves | 133 | €565,000 | €621,000 | +€56,000 | +9.9% |
| Profit (loss) carried forward | 14 | €476 | €1,211 | +€735 | +154% |
| Amounts payable | 17/49 | €500,398 | €200,586 | -€299,812 | -59.9% |
| Amounts payable within one year | 42/48 | €500,398 | €197,702 | -€302,696 | -60.5% |
| Financial debts | 43 | €17,633 | €26,724 | +€9,091 | +51.6% |
| Credit institutions | 430/8 | €17,633 | €26,724 | +€9,091 | +51.6% |
| Trade debts | 44 | €7,532 | €16,888 | +€9,356 | +124% |
| Suppliers | 440/4 | €7,532 | €16,888 | +€9,356 | +124% |
| Taxes, remuneration and social security | 45 | €39,373 | €8,768 | -€30,605 | -77.7% |
| Taxes | 450/3 | €39,373 | €8,768 | -€30,605 | -77.7% |
| Other amounts payable | 47/48 | €435,860 | €145,322 | -€290,538 | -66.7% |
| Accrued charges and deferred income | 492/3 | - | €2,884 | +€2,884 | |
| Non-recurring operating income | 76A | €225,791 | - | -€225,791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,506 | €46,710 | -€2,796 | -5.6% |
| Other operating charges | 640/8 | €3,164 | €4,489 | +€1,325 | +41.9% |
| Non-recurring operating charges | 66A | €34,585 | - | -€34,585 | |
| Gross operating margin | 9900 | €398,277 | €135,298 | -€262,980 | -66.0% |
| Operating profit (loss) | 9901 | €311,022 | €84,099 | -€226,923 | -73.0% |
| Financial income | 75/76B | €1 | €3 | +€1 | +89.2% |
| Recurring financial income | 75 | €1 | €3 | +€1 | +89.2% |
| Financial charges | 65/66B | €999 | €825 | -€174 | -17.4% |
| Recurring financial charges | 65 | €999 | €825 | -€174 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €310,025 | €83,277 | -€226,748 | -73.1% |
| Income taxes | 67/77 | €77,968 | €26,542 | -€51,426 | -66.0% |
| Profit (loss) for the period | 9904 | €232,057 | €56,735 | -€175,322 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €232,057 | €56,735 | -€175,322 | -75.6% |
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 31 October 2026 via checked.be.