CoVbat: 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.
CoVbat
Largest movements
- Receivables within one year +€514,631
up €514,631 (+487.0%), from €105,675 to €620,306
of which Trade receivables: +€497,711
- Cash +€32,239
up €32,239 (+43.1%), from €74,811 to €107,050
mainly Trade debts (+€469,696) and Tax, wage and social debts (+€47,733)
- Trade debts +€469,696
up €469,696 (+750.6%), from €62,579 to €532,275
- Tax, wage and social debts +€47,733
up €47,733 (+292.9%), from €16,299 to €64,032
- Profit (loss) carried forward +€18,538
up €18,538 (+84.1%), from €22,053 to €40,591
- Other debts +€16,708
up €16,708 (+199.2%), from €8,385 to €25,093
- Debts after one year -€9,164
down €9,164 (-84.3%), from €10,875 to €1,711
- Depreciation +€3,227
up €3,227 (+28.7%), from €11,255 to €14,482
- Gross operating margin -€1,261
down €1,261 (-2.8%), from €45,463 to €44,202
- Financial charges -€972
down €972 (-45.2%), from €2,151 to €1,179
- Financial income +€729
up €729 (+629.3%), from €116 to €845
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 | €212,930 | €756,065 | +€543,135 | +255.1% |
| Fixed assets | 21/28 | €30,779 | €27,100 | -€3,678 | -12.0% |
| Tangible fixed assets | 22/27 | €30,779 | €27,100 | -€3,678 | -12.0% |
| Plant, machinery and equipment | 23 | - | €8,033 | +€8,033 | |
| Furniture and vehicles | 24 | €30,779 | €19,067 | -€11,712 | -38.1% |
| Current assets | 29/58 | €182,152 | €728,965 | +€546,813 | +300.2% |
| Amounts receivable within one year | 40/41 | €105,675 | €620,306 | +€514,631 | +487.0% |
| Trade receivables | 40 | €105,675 | €603,386 | +€497,711 | +471.0% |
| Other amounts receivable | 41 | - | €16,921 | +€16,921 | |
| Cash at bank and in hand | 54/58 | €74,811 | €107,050 | +€32,239 | +43.1% |
| Deferred charges and accrued income | 490/1 | €1,666 | €1,609 | -€57 | -3.4% |
| Total equity and liabilities | 10/49 | €212,930 | €756,065 | +€543,135 | +255.1% |
| Equity | 10/15 | €105,253 | €123,791 | +€18,538 | +17.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €80,700 | €80,700 | = | 0.0% |
| Distributable reserves | 133 | €80,700 | €80,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,053 | €40,591 | +€18,538 | +84.1% |
| Amounts payable | 17/49 | €107,677 | €632,274 | +€524,597 | +487.2% |
| Amounts payable after more than one year | 17 | €10,875 | €1,711 | -€9,164 | -84.3% |
| Financial debts | 170/4 | €10,875 | €1,711 | -€9,164 | -84.3% |
| Amounts payable within one year | 42/48 | €96,802 | €630,563 | +€533,762 | +551.4% |
| Current portion of amounts payable after more than one year | 42 | €9,538 | €9,164 | -€374 | -3.9% |
| Trade debts | 44 | €62,579 | €532,275 | +€469,696 | +750.6% |
| Suppliers | 440/4 | €62,579 | €532,275 | +€469,696 | +750.6% |
| Taxes, remuneration and social security | 45 | €16,299 | €64,032 | +€47,733 | +292.9% |
| Taxes | 450/3 | €16,299 | €64,032 | +€47,733 | +292.9% |
| Other amounts payable | 47/48 | €8,385 | €25,093 | +€16,708 | +199.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,255 | €14,482 | +€3,227 | +28.7% |
| Other operating charges | 640/8 | €3,876 | €4,108 | +€232 | +6.0% |
| Gross operating margin | 9900 | €45,463 | €44,202 | -€1,261 | -2.8% |
| Operating profit (loss) | 9901 | €30,332 | €25,611 | -€4,720 | -15.6% |
| Financial income | 75/76B | €116 | €845 | +€729 | +629.3% |
| Recurring financial income | 75 | €116 | €845 | +€729 | +629.3% |
| Financial charges | 65/66B | €2,151 | €1,179 | -€972 | -45.2% |
| Recurring financial charges | 65 | €2,151 | €1,179 | -€972 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €28,297 | €25,277 | -€3,019 | -10.7% |
| Income taxes | 67/77 | €6,340 | €6,740 | +€400 | +6.3% |
| Profit (loss) for the period | 9904 | €21,957 | €18,538 | -€3,420 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,957 | €18,538 | -€3,420 | -15.6% |
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 8 October 2026 via checked.be.