Covarmed: 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.
Covarmed
Largest movements
- Cash +€966,674
up €966,674 (+269.2%), from €359,118 to €1.3m
mainly Current investments (+€950,000) and Net result for the year (+€784,676)
- Current investments -€950,000
down €950,000 (-100.0%), from €950,000 to €0
- Receivables within one year -€135,810
down €135,810 (-24.5%), from €554,375 to €418,565
of which Trade receivables: -€163,766
- Receivables after one year -€89,333
down €89,333 (-4.6%), from €2.0m to €1.9m
of which Other amounts receivable: -€89,333
- Tangible fixed assets +€74,295
up €74,295 (+31.0%), from €239,665 to €313,960
of which Plant, machinery and equipment: +€50,257
- Debts after one year -€246,594
down €246,594 (-27.1%), from €908,980 to €662,386
- Reserves +€184,676
up €184,676 (+6.4%), from €2.9m to €3.1m
of which Distributable reserves: +€184,676
- Staff costs +€148,325
up €148,325 (+21.3%), from €695,165 to €843,490
- Gross operating margin -€126,995
down €126,995 (-6.1%), from €2.1m to €1.9m
- Taxes -€83,683
down €83,683 (-23.6%), from €353,843 to €270,160
- Depreciation +€42,352
up €42,352 (+62.7%), from €67,588 to €109,940
- Financial income -€28,862
down €28,862 (-22.5%), from €128,485 to €99,624
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 | €5,012,320 | €4,930,545 | -€81,775 | -1.6% |
| Fixed assets | 21/28 | €276,248 | €373,716 | +€97,468 | +35.3% |
| Intangible fixed assets | 21 | €36,383 | €59,456 | +€23,073 | +63.4% |
| Tangible fixed assets | 22/27 | €239,665 | €313,960 | +€74,295 | +31.0% |
| Plant, machinery and equipment | 23 | €5,368 | €55,625 | +€50,257 | +936.3% |
| Furniture and vehicles | 24 | €234,298 | €258,336 | +€24,038 | +10.3% |
| Financial fixed assets | 28 | €200 | €300 | +€100 | +50.0% |
| Current assets | 29/58 | €4,736,072 | €4,556,829 | -€179,242 | -3.8% |
| Amounts receivable after more than one year | 29 | €1,961,333 | €1,872,000 | -€89,333 | -4.6% |
| Trade receivables | 290 | €1,800,000 | €1,800,000 | = | 0.0% |
| Other amounts receivable | 291 | €161,333 | €72,000 | -€89,333 | -55.4% |
| Stocks and contracts in progress | 3 | €901,525 | €924,306 | +€22,781 | +2.5% |
| Stocks | 30/36 | €901,525 | €924,306 | +€22,781 | +2.5% |
| Amounts receivable within one year | 40/41 | €554,375 | €418,565 | -€135,810 | -24.5% |
| Trade receivables | 40 | €544,648 | €380,882 | -€163,766 | -30.1% |
| Other amounts receivable | 41 | €9,726 | €37,683 | +€27,956 | +287.4% |
| Current investments | 50/53 | €950,000 | €0 | -€950,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €359,118 | €1,325,792 | +€966,674 | +269.2% |
| Deferred charges and accrued income | 490/1 | €9,721 | €16,167 | +€6,446 | +66.3% |
| Total equity and liabilities | 10/49 | €5,012,320 | €4,930,545 | -€81,775 | -1.6% |
| Equity | 10/15 | €2,924,723 | €3,109,398 | +€184,676 | +6.3% |
| Contributions | 10/11 | €40,800 | €40,800 | = | 0.0% |
| Reserves | 13 | €2,883,923 | €3,068,598 | +€184,676 | +6.4% |
| Non-distributable reserves | 130/1 | €4,080 | €4,080 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,080 | €4,080 | = | 0.0% |
| Tax-exempt reserves | 132 | €141 | €141 | = | 0.0% |
| Distributable reserves | 133 | €2,879,702 | €3,064,378 | +€184,676 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,087,597 | €1,821,147 | -€266,450 | -12.8% |
| Amounts payable after more than one year | 17 | €908,980 | €662,386 | -€246,594 | -27.1% |
| Financial debts | 170/4 | €908,980 | €662,386 | -€246,594 | -27.1% |
| Amounts payable within one year | 42/48 | €1,178,618 | €1,158,761 | -€19,856 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €285,000 | €283,130 | -€1,870 | -0.7% |
| Trade debts | 44 | €135,234 | €114,391 | -€20,843 | -15.4% |
| Suppliers | 440/4 | €135,234 | €114,391 | -€20,843 | -15.4% |
| Taxes, remuneration and social security | 45 | €158,384 | €161,240 | +€2,856 | +1.8% |
| Taxes | 450/3 | €45,780 | €1,401 | -€44,379 | -96.9% |
| Remuneration and social security | 454/9 | €112,604 | €159,839 | +€47,235 | +41.9% |
| Other amounts payable | 47/48 | €600,000 | €600,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €695,165 | €843,490 | +€148,325 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,588 | €109,940 | +€42,352 | +62.7% |
| Other operating charges | 640/8 | €13,049 | €11,045 | -€2,004 | -15.4% |
| Gross operating margin | 9900 | €2,074,439 | €1,947,444 | -€126,995 | -6.1% |
| Operating profit (loss) | 9901 | €1,298,637 | €982,969 | -€315,668 | -24.3% |
| Financial income | 75/76B | €128,485 | €99,624 | -€28,862 | -22.5% |
| Recurring financial income | 75 | €128,485 | €99,624 | -€28,862 | -22.5% |
| Financial charges | 65/66B | €22,056 | €27,757 | +€5,701 | +25.8% |
| Recurring financial charges | 65 | €22,056 | €27,757 | +€5,701 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | €1,405,067 | €1,054,836 | -€350,231 | -24.9% |
| Income taxes | 67/77 | €353,843 | €270,160 | -€83,683 | -23.6% |
| Profit (loss) for the period | 9904 | €1,051,223 | €784,676 | -€266,548 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,051,223 | €784,676 | -€266,548 | -25.4% |
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 11 October 2026 via checked.be.