COVARIA: 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.
COVARIA
Largest movements
- Cash +€74,239
up €74,239 (+1009.6%), from €7,353 to €81,592
mainly Other debts (+€26,409) and Depreciation (+€16,872)
- Receivables within one year -€16,625
no longer reported in 2025 (was €16,625)
- Tangible fixed assets -€6,030
down €6,030 (-1.2%), from €509,312 to €503,282
of which Land and buildings: -€9,528
- Other debts +€26,409
up €26,409 (+24.9%), from €106,222 to €132,631
- Profit (loss) carried forward +€19,275
up €19,275 (+30.0%), from -€64,254 to -€44,979
- Tax, wage and social debts +€11,138
up €11,138 (+171.5%), from €6,496 to €17,634
of which Taxes: +€12,926
- Reserves -€6,657
down €6,657 (-3.2%), from €208,599 to €201,942
- Gross operating margin +€45,821
up €45,821, from -€16,964 to €28,858
- Depreciation +€1,644
up €1,644 (+10.8%), from €15,228 to €16,872
- Financial charges -€1,097
down €1,097 (-91.2%), from €1,204 to €106
- Other operating charges +€793
up €793 (+173.3%), from €457 to €1,250
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 | €533,951 | €585,791 | +€51,840 | +9.7% |
| Fixed assets | 21/28 | €509,672 | €503,382 | -€6,290 | -1.2% |
| Tangible fixed assets | 22/27 | €509,312 | €503,282 | -€6,030 | -1.2% |
| Land and buildings | 22 | €507,941 | €498,413 | -€9,528 | -1.9% |
| Plant, machinery and equipment | 23 | €428 | €2,097 | +€1,669 | +390.4% |
| Furniture and vehicles | 24 | €662 | €2,560 | +€1,897 | +286.4% |
| Other tangible fixed assets | 26 | €282 | €213 | -€69 | -24.5% |
| Financial fixed assets | 28 | €360 | €100 | -€260 | -72.2% |
| Current assets | 29/58 | €24,279 | €82,409 | +€58,130 | +239.4% |
| Amounts receivable within one year | 40/41 | €16,625 | - | -€16,625 | |
| Trade receivables | 40 | €16,625 | - | -€16,625 | |
| Cash at bank and in hand | 54/58 | €7,353 | €81,592 | +€74,239 | +1009.6% |
| Deferred charges and accrued income | 490/1 | €300 | €817 | +€517 | +172.2% |
| Total equity and liabilities | 10/49 | €533,951 | €585,791 | +€51,840 | +9.7% |
| Equity | 10/15 | €350,097 | €362,715 | +€12,618 | +3.6% |
| Contributions | 10/11 | €205,752 | €205,752 | = | 0.0% |
| Reserves | 13 | €208,599 | €201,942 | -€6,657 | -3.2% |
| Tax-exempt reserves | 132 | €208,599 | €201,942 | -€6,657 | -3.2% |
| Profit (loss) carried forward | 14 | -€64,254 | -€44,979 | +€19,275 | +30.0% |
| Provisions and deferred taxes | 16 | €69,533 | €67,314 | -€2,219 | -3.2% |
| Deferred taxes | 168 | €69,533 | €67,314 | -€2,219 | -3.2% |
| Amounts payable | 17/49 | €114,321 | €155,762 | +€41,441 | +36.3% |
| Amounts payable within one year | 42/48 | €114,321 | €155,762 | +€41,441 | +36.3% |
| Trade debts | 44 | €1,603 | €4,211 | +€2,607 | +162.6% |
| Suppliers | 440/4 | €1,603 | €4,211 | +€2,607 | +162.6% |
| Advances received on contracts in progress | 46 | - | €1,286 | +€1,286 | |
| Taxes, remuneration and social security | 45 | €6,496 | €17,634 | +€11,138 | +171.5% |
| Taxes | 450/3 | €4,708 | €17,634 | +€12,926 | +274.5% |
| Remuneration and social security | 454/9 | €1,788 | - | -€1,788 | |
| Other amounts payable | 47/48 | €106,222 | €132,631 | +€26,409 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,228 | €16,872 | +€1,644 | +10.8% |
| Other operating charges | 640/8 | €457 | €1,250 | +€793 | +173.3% |
| Gross operating margin | 9900 | -€16,964 | €28,858 | +€45,821 | |
| Operating profit (loss) | 9901 | -€32,649 | €10,736 | +€43,385 | |
| Financial income | 75/76B | €53 | €2 | -€52 | -97.2% |
| Recurring financial income | 75 | €53 | €2 | -€52 | -97.2% |
| Financial charges | 65/66B | €1,204 | €106 | -€1,097 | -91.2% |
| Recurring financial charges | 65 | €1,204 | €106 | -€1,097 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | -€33,800 | €10,631 | +€44,430 | |
| Transfer from deferred taxes | 780 | €2,219 | €2,219 | = | 0.0% |
| Income taxes | 67/77 | €224 | €232 | +€9 | +3.8% |
| Profit (loss) for the period | 9904 | -€31,804 | €12,618 | +€44,422 | |
| Transfer from tax-exempt reserves | 789 | €6,657 | €6,657 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,147 | €19,275 | +€44,422 |
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 9 October 2026 via checked.be.