COVARMED FARMA: 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 FARMA
Largest movements
- Current investments -€550,000
down €550,000 (-100%), from €550,000 to €0
- Receivables within one year +€286,498
up €286,498 (+29.2%), from €980,939 to €1.3m
of which Trade receivables: +€286,498
- Cash +€49,000
up €49,000 (+26.2%), from €187,055 to €236,055
mainly Current investments (+€550,000) and Net result for the year (+€309,601)
- Stocks and contracts +€43,377
up €43,377 (+37.4%), from €115,906 to €159,283
- Trade debts -€163,411
down €163,411 (-44.4%), from €368,212 to €204,801
- Reserves +€159,601
up €159,601 (+18.8%), from €848,519 to €1.0m
of which Distributable reserves: +€159,601
- Other debts -€141,372
down €141,372 (-46.2%), from €305,904 to €164,532
- Debts after one year -€28,737
down €28,737 (-28.1%), from €102,122 to €73,386
- Gross operating margin +€168,908
up €168,908 (+47.4%), from €356,254 to €525,162
- Taxes +€39,141
up €39,141 (+60.7%), from €64,508 to €103,649
- Staff costs +€12,629
up €12,629 (+13.6%), from €93,009 to €105,638
- Financial income -€5,378
down €5,378 (-41.2%), from €13,058 to €7,680
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 | €1,849,166 | €1,688,090 | -€161,076 | -8.7% |
| Fixed assets | 21/28 | €15,267 | €16,595 | +€1,328 | +8.7% |
| Tangible fixed assets | 22/27 | €10,267 | €11,595 | +€1,328 | +12.9% |
| Furniture and vehicles | 24 | €1,104 | €677 | -€427 | -38.7% |
| Other tangible fixed assets | 26 | €9,163 | €10,918 | +€1,756 | +19.2% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,833,899 | €1,671,495 | -€162,404 | -8.9% |
| Stocks and contracts in progress | 3 | €115,906 | €159,283 | +€43,377 | +37.4% |
| Stocks | 30/36 | €115,906 | €159,283 | +€43,377 | +37.4% |
| Amounts receivable within one year | 40/41 | €980,939 | €1,267,437 | +€286,498 | +29.2% |
| Trade receivables | 40 | €957,779 | €1,244,277 | +€286,498 | +29.9% |
| Other amounts receivable | 41 | €23,160 | €23,160 | = | 0.0% |
| Current investments | 50/53 | €550,000 | €0 | -€550,000 | -100% |
| Cash at bank and in hand | 54/58 | €187,055 | €236,055 | +€49,000 | +26.2% |
| Deferred charges and accrued income | 490/1 | - | €8,721 | +€8,721 | |
| Total equity and liabilities | 10/49 | €1,849,166 | €1,688,090 | -€161,076 | -8.7% |
| Equity | 10/15 | €949,269 | €1,108,870 | +€159,601 | +16.8% |
| Contributions | 10/11 | €100,750 | €100,750 | = | 0.0% |
| Reserves | 13 | €848,519 | €1,008,120 | +€159,601 | +18.8% |
| Non-distributable reserves | 130/1 | €10,075 | €10,075 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,075 | €10,075 | = | 0.0% |
| Tax-exempt reserves | 132 | €562 | €562 | = | 0.0% |
| Distributable reserves | 133 | €837,882 | €997,483 | +€159,601 | +19.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €899,897 | €579,220 | -€320,677 | -35.6% |
| Amounts payable after more than one year | 17 | €102,122 | €73,386 | -€28,737 | -28.1% |
| Financial debts | 170/4 | €102,122 | €73,386 | -€28,737 | -28.1% |
| Amounts payable within one year | 42/48 | €793,659 | €505,834 | -€287,825 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €28,390 | €28,737 | +€346 | +1.2% |
| Trade debts | 44 | €368,212 | €204,801 | -€163,411 | -44.4% |
| Suppliers | 440/4 | €368,212 | €204,801 | -€163,411 | -44.4% |
| Taxes, remuneration and social security | 45 | €91,153 | €107,765 | +€16,612 | +18.2% |
| Taxes | 450/3 | €72,502 | €87,995 | +€15,494 | +21.4% |
| Remuneration and social security | 454/9 | €18,651 | €19,769 | +€1,118 | +6.0% |
| Other amounts payable | 47/48 | €305,904 | €164,532 | -€141,372 | -46.2% |
| Accrued charges and deferred income | 492/3 | €4,116 | €0 | -€4,116 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €93,009 | €105,638 | +€12,629 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,019 | €2,037 | -€982 | -32.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €636 | €1,019 | +€384 | +60.3% |
| Other operating charges | 640/8 | €3,067 | €3,097 | +€30 | +1.0% |
| Gross operating margin | 9900 | €356,254 | €525,162 | +€168,908 | +47.4% |
| Operating profit (loss) | 9901 | €256,523 | €413,370 | +€156,848 | +61.1% |
| Financial income | 75/76B | €13,058 | €7,680 | -€5,378 | -41.2% |
| Recurring financial income | 75 | €13,058 | €7,680 | -€5,378 | -41.2% |
| Financial charges | 65/66B | €12,062 | €7,800 | -€4,262 | -35.3% |
| Recurring financial charges | 65 | €12,062 | €7,800 | -€4,262 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €257,518 | €413,250 | +€155,732 | +60.5% |
| Income taxes | 67/77 | €64,508 | €103,649 | +€39,141 | +60.7% |
| Profit (loss) for the period | 9904 | €193,010 | €309,601 | +€116,591 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €193,010 | €309,601 | +€116,591 | +60.4% |
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 27 October 2026 via checked.be.