Covartim: what changed
What changed
Covartim
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
-€149,088
2024 · €243,376-€392,464
Equity
€376,162
2024 · €525,250-€149,088
Cash
€216,425
2024 · €363,911-€147,486
Balance sheet total
€598,877
2024 · €863,041-€264,163
Largest movements
Assets
- Cash -€147,486
down €147,486 (-40.5%), from €363,911 to €216,425
mainly Net result for the year (-€149,088) and Other debts (-€70,205)
- Receivables within one year -€80,698
down €80,698 (-18.8%), from €429,991 to €349,294
of which Trade receivables: -€81,517
- Deferred charges and accrued income -€27,527
down €27,527 (-67.0%), from €41,070 to €13,543
Equity and liabilities
- Profit (loss) carried forward -€149,088
new in 2025: -€149,088
- Other debts -€70,205
down €70,205 (-41.2%), from €170,205 to €100,000
- Trade debts -€23,092
down €23,092 (-64.5%), from €35,786 to €12,694
- Tax, wage and social debts -€20,511
down €20,511 (-15.9%), from €129,079 to €108,568
of which Taxes: -€15,967
Income statement
- Gross operating margin -€475,947
down €475,947 (-39.6%), from €1.2m to €726,037
- Taxes -€116,999
no longer reported in 2025 (was €116,999)
- Other operating charges +€67,210
up €67,210 (+415%), from €16,179 to €83,389
- Financial charges -€38,827
down €38,827 (-93.6%), from €41,464 to €2,637
- Provisions +€31,392
no longer reported in 2025 (was -€31,392)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€243,376
Gross operating margin
-€475,947
Staff costs
+€24,775
Depreciation
+€984
Provisions
-€31,392
Other operating charges
-€67,210
Financial income
+€499
Financial charges
+€38,827
Taxes
+€116,999
Result 2025
-€149,088
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€142,786
Investment
-€3,433
Financing
-€1,267
Cash 2024
€363,911
From operations (derived)
-€142,786
Net result for the year
-€149,088
Depreciation
+€11,886
Receivables within one year
+€80,698
Deferred charges and accrued income
+€27,527
Trade debts
-€23,092
Tax, wage and social debts
-€20,511
Other debts
-€70,205
Investment (derived)
-€3,433
Investment in fixed assets (net)
-€3,433
Financing
-€1,267
Short-term financial debts
-€1,267
Cash 2025
€216,425
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €863,041 | €598,877 | -€264,163 | -30.6% |
| Fixed assets | 21/28 | €28,068 | €19,616 | -€8,453 | -30.1% |
| Intangible fixed assets | 21 | €22 | - | -€22 | |
| Tangible fixed assets | 22/27 | €23,921 | €15,491 | -€8,430 | -35.2% |
| Plant, machinery and equipment | 23 | €1,937 | €1,484 | -€454 | -23.4% |
| Furniture and vehicles | 24 | €20,139 | €12,934 | -€7,206 | -35.8% |
| Other tangible fixed assets | 26 | €1,845 | €1,074 | -€771 | -41.8% |
| Financial fixed assets | 28 | €4,125 | €4,125 | = | 0.0% |
| Current assets | 29/58 | €834,972 | €579,262 | -€255,711 | -30.6% |
| Amounts receivable within one year | 40/41 | €429,991 | €349,294 | -€80,698 | -18.8% |
| Trade receivables | 40 | €426,990 | €345,473 | -€81,517 | -19.1% |
| Other amounts receivable | 41 | €3,001 | €3,820 | +€820 | +27.3% |
| Cash at bank and in hand | 54/58 | €363,911 | €216,425 | -€147,486 | -40.5% |
| Deferred charges and accrued income | 490/1 | €41,070 | €13,543 | -€27,527 | -67.0% |
| Total equity and liabilities | 10/49 | €863,041 | €598,877 | -€264,163 | -30.6% |
| Equity | 10/15 | €525,250 | €376,162 | -€149,088 | -28.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €506,650 | €506,650 | = | 0.0% |
| Distributable reserves | 133 | €506,650 | €506,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€149,088 | -€149,088 | |
| Amounts payable | 17/49 | €337,791 | €222,716 | -€115,075 | -34.1% |
| Amounts payable within one year | 42/48 | €337,791 | €222,716 | -€115,075 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €2,721 | €1,454 | -€1,267 | -46.6% |
| Credit institutions | 430/8 | €2,721 | €1,454 | -€1,267 | -46.6% |
| Trade debts | 44 | €35,786 | €12,694 | -€23,092 | -64.5% |
| Suppliers | 440/4 | €35,786 | €12,694 | -€23,092 | -64.5% |
| Taxes, remuneration and social security | 45 | €129,079 | €108,568 | -€20,511 | -15.9% |
| Taxes | 450/3 | €29,550 | €13,583 | -€15,967 | -54.0% |
| Remuneration and social security | 454/9 | €99,529 | €94,985 | -€4,544 | -4.6% |
| Other amounts payable | 47/48 | €170,205 | €100,000 | -€70,205 | -41.2% |
| Non-recurring operating income | 76A | €2,179 | - | -€2,179 | |
| Remuneration, social security and pensions | 62 | €803,222 | €778,447 | -€24,775 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,870 | €11,886 | -€984 | -7.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€31,392 | - | +€31,392 | |
| Other operating charges | 640/8 | €16,179 | €83,389 | +€67,210 | +415% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,201,984 | €726,037 | -€475,947 | -39.6% |
| Operating profit (loss) | 9901 | €401,105 | -€147,685 | -€548,790 | |
| Financial income | 75/76B | €735 | €1,234 | +€499 | +67.9% |
| Recurring financial income | 75 | €735 | €1,234 | +€499 | +67.9% |
| Financial charges | 65/66B | €41,464 | €2,637 | -€38,827 | -93.6% |
| Recurring financial charges | 65 | €41,464 | €2,637 | -€38,827 | -93.6% |
| Profit (loss) for the period before taxes | 9903 | €360,375 | -€149,088 | -€509,464 | |
| Income taxes | 67/77 | €116,999 | - | -€116,999 | |
| Profit (loss) for the period | 9904 | €243,376 | -€149,088 | -€392,464 | |
| Profit (loss) for the period to be appropriated | 9905 | €243,376 | -€149,088 | -€392,464 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.