Covas: 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.
Covas
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+129%), from €1.1m to €2.5m
of which Land and buildings: +€1.5m
- Cash -€54,040
down €54,040 (-22.1%), from €245,080 to €191,040
mainly Investment in fixed assets (net) (-€1.5m) and Stocks and contracts (-€42,475)
- Stocks and contracts +€42,475
new in 2025: €42,475
- Receivables within one year -€38,521
down €38,521 (-67.2%), from €57,282 to €18,761
of which Other amounts receivable: -€28,792
- Debts after one year +€653,727
up €653,727 (+93.8%), from €696,807 to €1.4m
of which Financial debts: +€642,477
- Revaluation surpluses +€638,307
new in 2025: €638,307
- Reserves -€182,000
down €182,000 (-48.3%), from €376,860 to €194,860
- Other debts +€144,721
up €144,721 (+126%), from €114,999 to €259,720
- Current portion of long-term debt +€58,454
up €58,454 (+59.0%), from €99,070 to €157,523
- Gross operating margin +€51,371
up €51,371 (+10.9%), from €469,874 to €521,245
- Depreciation -€47,131
down €47,131 (-28.8%), from €163,913 to €116,782
- Taxes +€25,108
up €25,108 (+71.3%), from €35,208 to €60,316
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 | €1,395,987 | €2,748,294 | +€1.4m | +96.9% |
| Fixed assets | 21/28 | €1,093,049 | €2,495,392 | +€1.4m | +128% |
| Intangible fixed assets | 21 | €1,439 | - | -€1,439 | |
| Tangible fixed assets | 22/27 | €1,091,611 | €2,495,392 | +€1.4m | +129% |
| Land and buildings | 22 | €938,019 | €2,398,474 | +€1.5m | +156% |
| Plant, machinery and equipment | 23 | €9,500 | €9,500 | = | 0.0% |
| Furniture and vehicles | 24 | €144,092 | €87,418 | -€56,674 | -39.3% |
| Current assets | 29/58 | €302,937 | €252,902 | -€50,035 | -16.5% |
| Stocks and contracts in progress | 3 | - | €42,475 | +€42,475 | |
| Contracts in progress | 37 | - | €42,475 | +€42,475 | |
| Amounts receivable within one year | 40/41 | €57,282 | €18,761 | -€38,521 | -67.2% |
| Trade receivables | 40 | €28,490 | €18,761 | -€9,729 | -34.2% |
| Other amounts receivable | 41 | €28,792 | - | -€28,792 | |
| Cash at bank and in hand | 54/58 | €245,080 | €191,040 | -€54,040 | -22.1% |
| Deferred charges and accrued income | 490/1 | €575 | €626 | +€51 | +8.9% |
| Total equity and liabilities | 10/49 | €1,395,987 | €2,748,294 | +€1.4m | +96.9% |
| Equity | 10/15 | €395,552 | €851,768 | +€456,217 | +115% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €638,307 | +€638,307 | |
| Reserves | 13 | €376,860 | €194,860 | -€182,000 | -48.3% |
| Distributable reserves | 133 | €376,860 | €194,860 | -€182,000 | -48.3% |
| Profit (loss) carried forward | 14 | €92 | €1 | -€91 | -98.8% |
| Amounts payable | 17/49 | €1,000,435 | €1,896,525 | +€896,090 | +89.6% |
| Amounts payable after more than one year | 17 | €696,807 | €1,350,534 | +€653,727 | +93.8% |
| Financial debts | 170/4 | €696,807 | €1,339,284 | +€642,477 | +92.2% |
| Other amounts payable | 178/9 | - | €11,250 | +€11,250 | |
| Amounts payable within one year | 42/48 | €303,628 | €545,992 | +€242,364 | +79.8% |
| Current portion of amounts payable after more than one year | 42 | €99,070 | €157,523 | +€58,454 | +59.0% |
| Trade debts | 44 | €42,054 | €14,122 | -€27,932 | -66.4% |
| Suppliers | 440/4 | €42,054 | €14,122 | -€27,932 | -66.4% |
| Advances received on contracts in progress | 46 | - | €51,395 | +€51,395 | |
| Taxes, remuneration and social security | 45 | €47,505 | €63,232 | +€15,727 | +33.1% |
| Taxes | 450/3 | €40,147 | €48,506 | +€8,359 | +20.8% |
| Remuneration and social security | 454/9 | €7,359 | €14,726 | +€7,367 | +100% |
| Other amounts payable | 47/48 | €114,999 | €259,720 | +€144,721 | +126% |
| Non-recurring operating income | 76A | €29,000 | - | -€29,000 | |
| Remuneration, social security and pensions | 62 | €132,717 | €136,741 | +€4,024 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,913 | €116,782 | -€47,131 | -28.8% |
| Other operating charges | 640/8 | €4,504 | €5,398 | +€895 | +19.9% |
| Non-recurring operating charges | 66A | - | €5,182 | +€5,182 | |
| Gross operating margin | 9900 | €469,874 | €521,245 | +€51,371 | +10.9% |
| Operating profit (loss) | 9901 | €168,740 | €257,140 | +€88,400 | +52.4% |
| Financial income | 75/76B | €62 | €636 | +€575 | +929% |
| Recurring financial income | 75 | €62 | €67 | +€5 | +8.7% |
| Non-recurring financial income | 76B | - | €569 | +€569 | |
| Financial charges | 65/66B | €15,623 | €18,951 | +€3,328 | +21.3% |
| Recurring financial charges | 65 | €15,623 | €18,951 | +€3,328 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | €153,179 | €238,826 | +€85,646 | +55.9% |
| Income taxes | 67/77 | €35,208 | €60,316 | +€25,108 | +71.3% |
| Profit (loss) for the period | 9904 | €117,971 | €178,509 | +€60,538 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,971 | €178,509 | +€60,538 | +51.3% |
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 13 October 2026 via checked.be.