Covare: what changed
Two fiscal 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.
Covare
Largest movements
- Cash -€62,833
down €62,833 (-60.9%), from €103,177 to €40,343
mainly Current investments (-€61,590) and Receivables within one year (-€48,040)
- Current investments +€61,590
new in 2025: €61,590
- Receivables within one year +€48,040
up €48,040 (+214.8%), from €22,361 to €70,401
of which Trade receivables: +€33,953
- Tangible fixed assets +€13,914
up €13,914 (+250.8%), from €5,548 to €19,462
of which Furniture and vehicles: +€11,269
- Provisions +€57,779
new in 2025: €57,779
- Tax, wage and social debts -€29,484
down €29,484 (-85.7%), from €34,402 to €4,918
- Trade debts +€18,225
up €18,225 (+1289.4%), from €1,413 to €19,639
- Reserves +€16,892
up €16,892 (+18.7%), from €90,422 to €107,315
- Other debts -€2,804
down €2,804 (-100.0%), from €2,804 to €0
- Provisions +€57,779
new in 2025: €57,779
- Gross operating margin -€34,757
down €34,757 (-29.5%), from €117,953 to €83,196
- Taxes -€20,382
down €20,382 (-79.1%), from €25,774 to €5,392
- Depreciation +€2,919
up €2,919 (+308.3%), from €947 to €3,866
- Financial income +€2,675
new in 2025: €2,675
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.
Cash bridge derived
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 | €132,041 | €192,987 | +€60,946 | +46.2% |
| Fixed assets | 21/28 | €5,548 | €19,462 | +€13,914 | +250.8% |
| Tangible fixed assets | 22/27 | €5,548 | €19,462 | +€13,914 | +250.8% |
| Plant, machinery and equipment | 23 | €4,064 | €6,709 | +€2,645 | +65.1% |
| Furniture and vehicles | 24 | €1,484 | €12,753 | +€11,269 | +759.1% |
| Current assets | 29/58 | €126,493 | €173,525 | +€47,032 | +37.2% |
| Amounts receivable within one year | 40/41 | €22,361 | €70,401 | +€48,040 | +214.8% |
| Trade receivables | 40 | €22,361 | €56,313 | +€33,953 | +151.8% |
| Other amounts receivable | 41 | - | €14,088 | +€14,088 | |
| Current investments | 50/53 | - | €61,590 | +€61,590 | |
| Cash at bank and in hand | 54/58 | €103,177 | €40,343 | -€62,833 | -60.9% |
| Deferred charges and accrued income | 490/1 | €955 | €1,190 | +€235 | +24.6% |
| Total equity and liabilities | 10/49 | €132,041 | €192,987 | +€60,946 | +46.2% |
| Equity | 10/15 | €93,422 | €110,315 | +€16,892 | +18.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €90,422 | €107,315 | +€16,892 | +18.7% |
| Distributable reserves | 133 | €90,422 | €107,315 | +€16,892 | +18.7% |
| Provisions and deferred taxes | 16 | - | €57,779 | +€57,779 | |
| Provisions for liabilities and charges | 160/5 | - | €57,779 | +€57,779 | |
| Other liabilities and charges | 164/5 | - | €57,779 | +€57,779 | |
| Amounts payable | 17/49 | €38,619 | €24,893 | -€13,726 | -35.5% |
| Amounts payable within one year | 42/48 | €38,619 | €24,557 | -€14,062 | -36.4% |
| Trade debts | 44 | €1,413 | €19,639 | +€18,225 | +1289.4% |
| Suppliers | 440/4 | €1,413 | €19,639 | +€18,225 | +1289.4% |
| Taxes, remuneration and social security | 45 | €34,402 | €4,918 | -€29,484 | -85.7% |
| Taxes | 450/3 | €34,402 | €4,918 | -€29,484 | -85.7% |
| Other amounts payable | 47/48 | €2,804 | €0 | -€2,804 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €336 | +€336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €3,866 | +€2,919 | +308.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €57,779 | +€57,779 | |
| Other operating charges | 640/8 | €552 | €267 | -€286 | -51.7% |
| Gross operating margin | 9900 | €117,953 | €83,196 | -€34,757 | -29.5% |
| Operating profit (loss) | 9901 | €116,454 | €21,285 | -€95,169 | -81.7% |
| Financial income | 75/76B | - | €2,675 | +€2,675 | |
| Recurring financial income | 75 | - | €2,675 | +€2,675 | |
| Financial charges | 65/66B | €258 | €1,675 | +€1,418 | +550.6% |
| Recurring financial charges | 65 | €258 | €1,675 | +€1,418 | +550.6% |
| Profit (loss) for the period before taxes | 9903 | €116,197 | €22,285 | -€93,912 | -80.8% |
| Income taxes | 67/77 | €25,774 | €5,392 | -€20,382 | -79.1% |
| Profit (loss) for the period | 9904 | €90,422 | €16,892 | -€73,530 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,422 | €16,892 | -€73,530 | -81.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.