COVAX: 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.
COVAX
Largest movements
- Cash -€177,398
down €177,398 (-80.0%), from €221,846 to €44,448
mainly Other debts (-€178,402) and Trade debts (-€42,170)
- Receivables within one year -€55,826
down €55,826 (-15.6%), from €358,212 to €302,386
of which Trade receivables: -€60,413
- Tangible fixed assets -€39,307
down €39,307 (-20.6%), from €190,383 to €151,076
of which Plant, machinery and equipment: -€22,214
- Stocks and contracts -€10,101
down €10,101 (-23.8%), from €42,527 to €32,427
- Other debts -€178,402
down €178,402 (-81.0%), from €220,208 to €41,806
- Trade debts -€42,170
down €42,170 (-29.6%), from €142,583 to €100,413
- Debts after one year -€40,297
down €40,297 (-38.5%), from €104,733 to €64,436
- Tax, wage and social debts -€32,578
down €32,578 (-35.9%), from €90,624 to €58,045
of which Taxes: -€30,202
- Reserves +€9,017
up €9,017 (+5.1%), from €177,860 to €186,877
of which Distributable reserves: +€9,017
- Gross operating margin -€421,852
down €421,852 (-45.5%), from €926,510 to €504,658
- Taxes -€105,341
down €105,341 (-83.8%), from €125,751 to €20,410
- Staff costs -€34,333
down €34,333 (-8.4%), from €408,592 to €374,259
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 | €833,551 | €548,685 | -€284,866 | -34.2% |
| Fixed assets | 21/28 | €191,388 | €152,081 | -€39,307 | -20.5% |
| Tangible fixed assets | 22/27 | €190,383 | €151,076 | -€39,307 | -20.6% |
| Plant, machinery and equipment | 23 | €161,410 | €139,196 | -€22,214 | -13.8% |
| Furniture and vehicles | 24 | €28,868 | €11,880 | -€16,988 | -58.8% |
| Other tangible fixed assets | 26 | €105 | €0 | -€105 | -100.0% |
| Financial fixed assets | 28 | €1,005 | €1,005 | = | 0.0% |
| Current assets | 29/58 | €642,163 | €396,603 | -€245,559 | -38.2% |
| Stocks and contracts in progress | 3 | €42,527 | €32,427 | -€10,101 | -23.8% |
| Stocks | 30/36 | €42,527 | €32,427 | -€10,101 | -23.8% |
| Amounts receivable within one year | 40/41 | €358,212 | €302,386 | -€55,826 | -15.6% |
| Trade receivables | 40 | €348,209 | €287,796 | -€60,413 | -17.3% |
| Other amounts receivable | 41 | €10,004 | €14,590 | +€4,586 | +45.8% |
| Cash at bank and in hand | 54/58 | €221,846 | €44,448 | -€177,398 | -80.0% |
| Deferred charges and accrued income | 490/1 | €19,577 | €17,343 | -€2,234 | -11.4% |
| Total equity and liabilities | 10/49 | €833,551 | €548,685 | -€284,866 | -34.2% |
| Equity | 10/15 | €233,781 | €242,798 | +€9,017 | +3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €177,860 | €186,877 | +€9,017 | +5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €176,000 | €185,017 | +€9,017 | +5.1% |
| Profit (loss) carried forward | 14 | €37,321 | €37,321 | = | 0.0% |
| Amounts payable | 17/49 | €599,769 | €305,887 | -€293,882 | -49.0% |
| Amounts payable after more than one year | 17 | €104,733 | €64,436 | -€40,297 | -38.5% |
| Financial debts | 170/4 | €104,733 | €64,436 | -€40,297 | -38.5% |
| Amounts payable within one year | 42/48 | €494,127 | €241,451 | -€252,677 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €40,712 | €41,187 | +€474 | +1.2% |
| Trade debts | 44 | €142,583 | €100,413 | -€42,170 | -29.6% |
| Suppliers | 440/4 | €142,583 | €100,413 | -€42,170 | -29.6% |
| Taxes, remuneration and social security | 45 | €90,624 | €58,045 | -€32,578 | -35.9% |
| Taxes | 450/3 | €60,230 | €30,028 | -€30,202 | -50.1% |
| Remuneration and social security | 454/9 | €30,394 | €28,018 | -€2,376 | -7.8% |
| Other amounts payable | 47/48 | €220,208 | €41,806 | -€178,402 | -81.0% |
| Accrued charges and deferred income | 492/3 | €909 | €0 | -€909 | -100.0% |
| Remuneration, social security and pensions | 62 | €408,592 | €374,259 | -€34,333 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,570 | €44,818 | +€248 | +0.6% |
| Other operating charges | 640/8 | €1,693 | €2,714 | +€1,021 | +60.3% |
| Gross operating margin | 9900 | €926,510 | €504,658 | -€421,852 | -45.5% |
| Operating profit (loss) | 9901 | €471,655 | €82,867 | -€388,788 | -82.4% |
| Financial income | 75/76B | €8,035 | - | -€8,035 | |
| Recurring financial income | 75 | €8,035 | - | -€8,035 | |
| Financial charges | 65/66B | €10,505 | €12,441 | +€1,936 | +18.4% |
| Recurring financial charges | 65 | €10,505 | €12,441 | +€1,936 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €469,185 | €70,426 | -€398,759 | -85.0% |
| Income taxes | 67/77 | €125,751 | €20,410 | -€105,341 | -83.8% |
| Profit (loss) for the period | 9904 | €343,435 | €50,017 | -€293,418 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €343,435 | €50,017 | -€293,418 | -85.4% |
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 9 October 2026 via checked.be.