COVAS: what changed
Two fiscal 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.
COVAS
Largest movements
- Tangible fixed assets +€94,504
up €94,504 (+34.5%), from €274,159 to €368,663
- Cash -€26,564
down €26,564 (-72.0%), from €36,878 to €10,314
mainly Investment in fixed assets (net) (-€152,388) and Net result for the year (-€17,675)
- Receivables within one year +€4,943
up €4,943 (+12357.5%), from €40 to €4,983
of which Trade receivables: +€4,893
- Debts after one year +€91,519
up €91,519 (+513.3%), from €17,831 to €109,350
of which Other amounts payable: +€109,350
- Profit (loss) carried forward -€9,362
down €9,362 (-18.4%), from -€50,913 to -€60,275
- Reserves -€8,313
down €8,313 (-3.9%), from €212,948 to €204,635
of which Tax-exempt reserves: -€8,313
- Depreciation +€48,976
up €48,976 (+549.8%), from €8,908 to €57,884
- Gross operating margin +€45,379
up €45,379 (+5204.0%), from €872 to €46,251
- Other operating charges +€4,162
up €4,162 (+222.9%), from €1,867 to €6,029
- Financial charges +€2,297
up €2,297 (+351.8%), from €653 to €2,950
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 | €311,077 | €383,960 | +€72,883 | +23.4% |
| Fixed assets | 21/28 | €274,159 | €368,663 | +€94,504 | +34.5% |
| Tangible fixed assets | 22/27 | €274,159 | €368,663 | +€94,504 | +34.5% |
| Land and buildings | 22 | €274,159 | €368,663 | +€94,504 | +34.5% |
| Current assets | 29/58 | €36,918 | €15,297 | -€21,621 | -58.6% |
| Amounts receivable within one year | 40/41 | €40 | €4,983 | +€4,943 | +12357.5% |
| Trade receivables | 40 | - | €4,893 | +€4,893 | |
| Other amounts receivable | 41 | €40 | €90 | +€50 | +125.0% |
| Cash at bank and in hand | 54/58 | €36,878 | €10,314 | -€26,564 | -72.0% |
| Total equity and liabilities | 10/49 | €311,077 | €383,960 | +€72,883 | +23.4% |
| Equity | 10/15 | €223,535 | €205,860 | -€17,675 | -7.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €212,948 | €204,635 | -€8,313 | -3.9% |
| Non-distributable reserves | 130/1 | €20,846 | €20,846 | = | 0.0% |
| Legal reserve | 130 | €20,846 | €20,846 | = | 0.0% |
| Tax-exempt reserves | 132 | €192,038 | €183,725 | -€8,313 | -4.3% |
| Distributable reserves | 133 | €64 | €64 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,913 | -€60,275 | -€9,362 | -18.4% |
| Provisions and deferred taxes | 16 | €64,013 | €61,242 | -€2,771 | -4.3% |
| Deferred taxes | 168 | €64,013 | €61,242 | -€2,771 | -4.3% |
| Amounts payable | 17/49 | €23,529 | €116,858 | +€93,329 | +396.7% |
| Amounts payable after more than one year | 17 | €17,831 | €109,350 | +€91,519 | +513.3% |
| Financial debts | 170/4 | €17,831 | - | -€17,831 | |
| Other amounts payable | 178/9 | - | €109,350 | +€109,350 | |
| Amounts payable within one year | 42/48 | €5,206 | €5,048 | -€158 | -3.0% |
| Trade debts | 44 | €3,508 | €4,986 | +€1,478 | +42.1% |
| Suppliers | 440/4 | €3,508 | €4,986 | +€1,478 | +42.1% |
| Other amounts payable | 47/48 | €1,698 | €62 | -€1,636 | -96.3% |
| Accrued charges and deferred income | 492/3 | €492 | €2,460 | +€1,968 | +400.0% |
| Non-recurring operating income | 76A | - | €10,841 | +€10,841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,908 | €57,884 | +€48,976 | +549.8% |
| Other operating charges | 640/8 | €1,867 | €6,029 | +€4,162 | +222.9% |
| Gross operating margin | 9900 | €872 | €46,251 | +€45,379 | +5204.0% |
| Operating profit (loss) | 9901 | -€9,903 | -€17,662 | -€7,759 | -78.3% |
| Financial income | 75/76B | €135 | €166 | +€31 | +23.0% |
| Recurring financial income | 75 | €135 | €166 | +€31 | +23.0% |
| Financial charges | 65/66B | €653 | €2,950 | +€2,297 | +351.8% |
| Recurring financial charges | 65 | €653 | €2,950 | +€2,297 | +351.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,421 | -€20,446 | -€10,025 | -96.2% |
| Transfer from deferred taxes | 780 | - | €2,771 | +€2,771 | |
| Profit (loss) for the period | 9904 | -€10,421 | -€17,675 | -€7,254 | -69.6% |
| Transfer from tax-exempt reserves | 789 | - | €8,313 | +€8,313 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,421 | -€9,362 | +€1,059 | +10.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.