COVEDE: 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.
COVEDE
Largest movements
- Receivables within one year +€86,796
up €86,796 (+354.4%), from €24,488 to €111,284
of which Trade receivables: +€91,621
- Cash -€36,286
down €36,286 (-31.9%), from €113,889 to €77,603
mainly Contributions, distributions and other (-€176,402) and Receivables within one year (-€86,796)
- Current investments +€7,031
up €7,031 (+4.3%), from €163,589 to €170,620
- Tangible fixed assets -€4,684
down €4,684 (-15.1%), from €31,029 to €26,345
of which Land and buildings: -€2,367
- Other debts +€118,526
up €118,526 (+205.9%), from €57,564 to €176,090
- Reserves -€111,675
down €111,675 (-47.2%), from €236,676 to €125,001
of which Distributable reserves: -€111,675
- Tax, wage and social debts +€40,793
up €40,793 (+195.5%), from €20,867 to €61,660
- Trade debts +€5,214
up €5,214 (+85.1%), from €6,127 to €11,341
- Gross operating margin +€96,661
up €96,661 (+107.3%), from €90,062 to €186,723
- Financial charges +€23,629
up €23,629 (+34.8%), from €67,844 to €91,473
- Taxes +€19,022
up €19,022 (+211.5%), from €8,995 to €28,016
- Financial income -€7,590
down €7,590 (-49.9%), from €15,221 to €7,631
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 | €333,635 | €386,492 | +€52,857 | +15.8% |
| Fixed assets | 21/28 | €31,669 | €26,985 | -€4,684 | -14.8% |
| Tangible fixed assets | 22/27 | €31,029 | €26,345 | -€4,684 | -15.1% |
| Land and buildings | 22 | €12,321 | €9,954 | -€2,367 | -19.2% |
| Furniture and vehicles | 24 | €18,708 | €16,391 | -€2,317 | -12.4% |
| Financial fixed assets | 28 | €640 | €640 | = | 0.0% |
| Current assets | 29/58 | €301,966 | €359,507 | +€57,541 | +19.1% |
| Amounts receivable within one year | 40/41 | €24,488 | €111,284 | +€86,796 | +354.4% |
| Trade receivables | 40 | €19,663 | €111,284 | +€91,621 | +466.0% |
| Other amounts receivable | 41 | €4,826 | €0 | -€4,826 | -100.0% |
| Current investments | 50/53 | €163,589 | €170,620 | +€7,031 | +4.3% |
| Cash at bank and in hand | 54/58 | €113,889 | €77,603 | -€36,286 | -31.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €333,635 | €386,492 | +€52,857 | +15.8% |
| Equity | 10/15 | €249,076 | €137,401 | -€111,675 | -44.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €236,676 | €125,001 | -€111,675 | -47.2% |
| 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 | €234,816 | €123,141 | -€111,675 | -47.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,559 | €249,091 | +€164,533 | +194.6% |
| Amounts payable within one year | 42/48 | €84,559 | €249,091 | +€164,533 | +194.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €6,127 | €11,341 | +€5,214 | +85.1% |
| Suppliers | 440/4 | €6,127 | €11,341 | +€5,214 | +85.1% |
| Taxes, remuneration and social security | 45 | €20,867 | €61,660 | +€40,793 | +195.5% |
| Taxes | 450/3 | €20,867 | €61,660 | +€40,793 | +195.5% |
| Other amounts payable | 47/48 | €57,564 | €176,090 | +€118,526 | +205.9% |
| Remuneration, social security and pensions | 62 | €766 | €0 | -€766 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,304 | €9,145 | -€159 | -1.7% |
| Other operating charges | 640/8 | €2,024 | €994 | -€1,030 | -50.9% |
| Gross operating margin | 9900 | €90,062 | €186,723 | +€96,661 | +107.3% |
| Operating profit (loss) | 9901 | €77,968 | €176,584 | +€98,617 | +126.5% |
| Financial income | 75/76B | €15,221 | €7,631 | -€7,590 | -49.9% |
| Recurring financial income | 75 | €15,221 | €7,631 | -€7,590 | -49.9% |
| Financial charges | 65/66B | €67,844 | €91,473 | +€23,629 | +34.8% |
| Recurring financial charges | 65 | €67,844 | €91,473 | +€23,629 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €25,345 | €92,743 | +€67,398 | +265.9% |
| Income taxes | 67/77 | €8,995 | €28,016 | +€19,022 | +211.5% |
| Profit (loss) for the period | 9904 | €16,350 | €64,726 | +€48,376 | +295.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,350 | €64,726 | +€48,376 | +295.9% |
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 7 October 2026 via checked.be.