COVARI: 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.
What changed
COVARI
NACE 46.831, Wholesale of construction materials, general range
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€385,061
2024 · €699,222-€314,161
Equity
€7.5m
2024 · €6.6m+€877,561
Cash
€266,201
2024 · €202,600+€63,601
Balance sheet total
€33.2m
2024 · €25.1m+€8.1m
Largest movements
Assets
- Tangible fixed assets +€6.9m
up €6.9m (+38.2%), from €18.0m to €24.9m
of which Plant, machinery and equipment: +€7.0m
- Stocks and contracts +€966,619
up €966,619 (+24.3%), from €4.0m to €5.0m
Equity and liabilities
- Debts after one year +€5.4m
up €5.4m (+66.0%), from €8.2m to €13.7m
of which Financial debts: +€5.4m
- Trade debts +€2.6m
up €2.6m (+48.8%), from €5.2m to €7.8m
- Investment grants +€492,500
new in 2025: €492,500
- Other debts -€452,975
down €452,975 (-42.1%), from €1.1m to €623,606
- Reserves +€385,061
up €385,061 (+5.9%), from €6.6m to €6.9m
of which Tax-exempt reserves: +€345,220
Income statement
- Turnover +€4.6m
up €4.6m (+10.4%), from €44.6m to €49.2m
- Goods and materials +€3.1m
up €3.1m (+10.8%), from €28.6m to €31.7m
of which Purchases: +€3.3m
- Services and other goods +€1.3m
up €1.3m (+15.4%), from €8.5m to €9.8m
- Other operating income +€802,153
up €802,153 (+182.4%), from €439,683 to €1.2m
- Depreciation +€801,856
up €801,856 (+27.6%), from €2.9m to €3.7m
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.
Result 2024
€699,222
Turnover
+€4.6m
Other operating income
+€802,153
Goods and materials
-€3.1m
Services and other goods
-€1.3m
Staff costs
-€464,272
Depreciation
-€801,856
Other operating charges
-€4,239
Other operating items
-€151,943
Financial income
+€84,269
Financial charges
-€132,338
Taxes
+€102,523
Result 2025
€385,061
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.
From operations
+€5.0m
Investment
-€10.5m
Financing
+€5.6m
Cash 2024
€202,600
From operations (derived)
+€5.0m
Net result for the year
+€385,061
Depreciation
+€3.7m
Stocks and contracts
-€966,619
Receivables within one year
-€296,018
Deferred charges and accrued income
+€44,841
Trade debts
+€2.6m
Tax, wage and social debts
+€22,209
Other debts
-€452,975
Investment (derived)
-€10.5m
Investment in fixed assets (net)
-€10.5m
Financing
+€5.6m
Debts after one year
+€5.4m
Current portion of long-term debt
-€345,098
Contributions, distributions and other
+€492,500
Cash 2025
€266,201
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,121,118 | €33,219,565 | +€8.1m | +32.2% |
| Fixed assets | 21/28 | €18,145,857 | €24,962,907 | +€6.8m | +37.6% |
| Intangible fixed assets | 21 | €141,151 | €77,151 | -€64,000 | -45.3% |
| Tangible fixed assets | 22/27 | €18,004,706 | €24,885,756 | +€6.9m | +38.2% |
| Plant, machinery and equipment | 23 | €17,638,933 | €24,616,235 | +€7.0m | +39.6% |
| Furniture and vehicles | 24 | €365,774 | €269,522 | -€96,252 | -26.3% |
| Current assets | 29/58 | €6,975,261 | €8,256,658 | +€1.3m | +18.4% |
| Stocks and contracts in progress | 3 | €3,984,278 | €4,950,898 | +€966,619 | +24.3% |
| Stocks | 30/36 | €3,984,278 | €4,950,898 | +€966,619 | +24.3% |
| Raw materials and consumables | 30/31 | €3,984,278 | €4,950,898 | +€966,619 | +24.3% |
| Amounts receivable within one year | 40/41 | €2,706,382 | €3,002,400 | +€296,018 | +10.9% |
| Trade receivables | 40 | €2,320,030 | €2,180,267 | -€139,764 | -6.0% |
| Other amounts receivable | 41 | €386,352 | €822,133 | +€435,782 | +112.8% |
| Cash at bank and in hand | 54/58 | €202,600 | €266,201 | +€63,601 | +31.4% |
| Deferred charges and accrued income | 490/1 | €82,000 | €37,159 | -€44,841 | -54.7% |
| Total equity and liabilities | 10/49 | €25,121,118 | €33,219,565 | +€8.1m | +32.2% |
| Equity | 10/15 | €6,646,930 | €7,524,491 | +€877,561 | +13.2% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Capital | 10 | €95,000 | €95,000 | = | 0.0% |
| Issued capital | 100 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €6,551,930 | €6,936,991 | +€385,061 | +5.9% |
| Non-distributable reserves | 130/1 | €9,500 | €9,500 | = | 0.0% |
| Legal reserve | 130 | €9,500 | €9,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €349,430 | €694,650 | +€345,220 | +98.8% |
| Distributable reserves | 133 | €6,193,000 | €6,232,841 | +€39,841 | +0.6% |
| Investment grants | 15 | - | €492,500 | +€492,500 | |
| Amounts payable | 17/49 | €18,474,188 | €25,695,074 | +€7.2m | +39.1% |
| Amounts payable after more than one year | 17 | €8,234,911 | €13,669,607 | +€5.4m | +66.0% |
| Financial debts | 170/4 | €734,911 | €6,169,607 | +€5.4m | +739.5% |
| Credit institutions | 173 | €734,911 | €6,169,607 | +€5.4m | +739.5% |
| Other amounts payable | 178/9 | €7,500,000 | €7,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,239,276 | €12,025,467 | +€1.8m | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €3,022,429 | €2,677,331 | -€345,098 | -11.4% |
| Trade debts | 44 | €5,245,521 | €7,807,575 | +€2.6m | +48.8% |
| Suppliers | 440/4 | €5,245,521 | €7,807,575 | +€2.6m | +48.8% |
| Taxes, remuneration and social security | 45 | €894,746 | €916,955 | +€22,209 | +2.5% |
| Taxes | 450/3 | €132,784 | €79,943 | -€52,841 | -39.8% |
| Remuneration and social security | 454/9 | €761,962 | €837,012 | +€75,050 | +9.8% |
| Other amounts payable | 47/48 | €1,076,581 | €623,606 | -€452,975 | -42.1% |
| Operating income | 70/76A | €45,179,255 | €50,465,469 | +€5.3m | +11.7% |
| Turnover | 70 | €44,587,629 | €49,223,633 | +€4.6m | +10.4% |
| Other operating income | 74 | €439,683 | €1,241,836 | +€802,153 | +182.4% |
| Non-recurring operating income | 76A | €151,943 | €0 | -€151,943 | -100.0% |
| Operating charges | 60/66A | €44,615,678 | €50,270,508 | +€5.7m | +12.7% |
| Goods for resale, raw materials and consumables | 60 | €28,644,368 | €31,724,636 | +€3.1m | +10.8% |
| Purchases | 600/8 | €29,434,930 | €32,691,255 | +€3.3m | +11.1% |
| Change in stocks: decrease (increase) | 609 | -€790,563 | -€966,619 | -€176,056 | -22.3% |
| Services and other goods | 61 | €8,462,692 | €9,766,887 | +€1.3m | +15.4% |
| Remuneration, social security and pensions | 62 | €4,533,569 | €4,997,841 | +€464,272 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,901,859 | €3,703,715 | +€801,856 | +27.6% |
| Other operating charges | 640/8 | €73,191 | €77,430 | +€4,239 | +5.8% |
| Operating profit (loss) | 9901 | €563,577 | €194,961 | -€368,616 | -65.4% |
| Financial income | 75/76B | €416,401 | €500,671 | +€84,269 | +20.2% |
| Recurring financial income | 75 | €416,401 | €500,671 | +€84,269 | +20.2% |
| Other financial income | 752/9 | €416,401 | €500,671 | +€84,269 | +20.2% |
| Financial charges | 65/66B | €28,070 | €160,408 | +€132,338 | +471.5% |
| Recurring financial charges | 65 | €28,070 | €160,408 | +€132,338 | +471.5% |
| Debt charges | 650 | €23,517 | €154,139 | +€130,622 | +555.4% |
| Other financial charges | 652/9 | €4,554 | €6,269 | +€1,715 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €951,908 | €535,224 | -€416,684 | -43.8% |
| Income taxes | 67/77 | €252,686 | €150,163 | -€102,523 | -40.6% |
| Taxes | 670/3 | €254,000 | €150,163 | -€103,837 | -40.9% |
| Tax adjustments and reversals of tax provisions | 77 | €1,314 | €0 | -€1,314 | -100.0% |
| Profit (loss) for the period | 9904 | €699,222 | €385,061 | -€314,161 | -44.9% |
| Transfer to tax-exempt reserves | 689 | €349,430 | €345,220 | -€4,210 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €349,792 | €39,841 | -€309,951 | -88.6% |
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 12 October 2026 via checked.be.