COVARIANCE: 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.
COVARIANCE
Largest movements
- Tangible fixed assets -€27,498
down €27,498 (-8.3%), from €332,669 to €305,171
of which Land and buildings: -€21,353
- Cash +€4,607
up €4,607 (+376%), from €1,224 to €5,831
mainly Depreciation (+€41,083) and Net result for the year (+€26,794)
- Receivables within one year +€4,514
up €4,514 (+38.8%), from €11,626 to €16,140
- Other debts -€32,938
down €32,938 (-51.5%), from €64,010 to €31,072
- Profit (loss) carried forward +€26,794
up €26,794 (+59.3%), from €45,166 to €71,960
- Debts after one year -€14,829
down €14,829 (-7.2%), from €207,070 to €192,241
- Gross operating margin +€36,714
up €36,714 (+86.4%), from €42,480 to €79,194
- Depreciation -€7,125
down €7,125 (-14.8%), from €48,208 to €41,083
- Financial charges -€2,099
down €2,099 (-20.1%), from €10,470 to €8,371
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 | €369,288 | €351,316 | -€17,972 | -4.9% |
| Fixed assets | 21/28 | €334,858 | €307,364 | -€27,494 | -8.2% |
| Tangible fixed assets | 22/27 | €332,669 | €305,171 | -€27,498 | -8.3% |
| Land and buildings | 22 | €305,650 | €284,297 | -€21,353 | -7.0% |
| Plant, machinery and equipment | 23 | €23,702 | €17,313 | -€6,389 | -27.0% |
| Furniture and vehicles | 24 | €1,917 | €3,195 | +€1,278 | +66.7% |
| Other tangible fixed assets | 26 | €1,400 | €366 | -€1,034 | -73.8% |
| Financial fixed assets | 28 | €2,189 | €2,193 | +€4 | +0.2% |
| Current assets | 29/58 | €34,430 | €43,952 | +€9,522 | +27.7% |
| Stocks and contracts in progress | 3 | €20,104 | €20,379 | +€276 | +1.4% |
| Stocks | 30/36 | €20,104 | €20,379 | +€276 | +1.4% |
| Amounts receivable within one year | 40/41 | €11,626 | €16,140 | +€4,514 | +38.8% |
| Trade receivables | 40 | €11,626 | €16,140 | +€4,514 | +38.8% |
| Cash at bank and in hand | 54/58 | €1,224 | €5,831 | +€4,607 | +376% |
| Deferred charges and accrued income | 490/1 | €1,476 | €1,602 | +€126 | +8.5% |
| Total equity and liabilities | 10/49 | €369,288 | €351,316 | -€17,972 | -4.9% |
| Equity | 10/15 | €77,365 | €104,158 | +€26,794 | +34.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,599 | €13,599 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,739 | €11,739 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,166 | €71,960 | +€26,794 | +59.3% |
| Amounts payable | 17/49 | €291,923 | €247,157 | -€44,766 | -15.3% |
| Amounts payable after more than one year | 17 | €207,070 | €192,241 | -€14,829 | -7.2% |
| Financial debts | 170/4 | €207,070 | €192,241 | -€14,829 | -7.2% |
| Amounts payable within one year | 42/48 | €84,457 | €54,558 | -€29,900 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €14,544 | €14,829 | +€285 | +2.0% |
| Trade debts | 44 | €1,292 | €876 | -€416 | -32.2% |
| Suppliers | 440/4 | €1,292 | €876 | -€416 | -32.2% |
| Taxes, remuneration and social security | 45 | €4,612 | €7,781 | +€3,170 | +68.7% |
| Taxes | 450/3 | €4,612 | €7,781 | +€3,170 | +68.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €64,010 | €31,072 | -€32,938 | -51.5% |
| Accrued charges and deferred income | 492/3 | €396 | €358 | -€38 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,208 | €41,083 | -€7,125 | -14.8% |
| Other operating charges | 640/8 | €2,790 | €2,702 | -€88 | -3.1% |
| Gross operating margin | 9900 | €42,480 | €79,194 | +€36,714 | +86.4% |
| Operating profit (loss) | 9901 | -€8,517 | €35,410 | +€43,927 | |
| Financial income | 75/76B | €55 | €133 | +€79 | +143% |
| Recurring financial income | 75 | €55 | €133 | +€79 | +143% |
| Financial charges | 65/66B | €10,470 | €8,371 | -€2,099 | -20.1% |
| Recurring financial charges | 65 | €10,470 | €8,371 | -€2,099 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,933 | €27,172 | +€46,105 | |
| Income taxes | 67/77 | €295 | €379 | +€84 | +28.4% |
| Profit (loss) for the period | 9904 | -€19,227 | €26,794 | +€46,021 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,227 | €26,794 | +€46,021 |
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 16 October 2026 via checked.be.