COVEFAR: 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.
COVEFAR
Largest movements
- Receivables within one year -€151,704
down €151,704 (-32.7%), from €464,233 to €312,529
of which Other amounts receivable: -€150,663
- Cash +€30,425
up €30,425 (+569.1%), from €5,346 to €35,771
mainly Receivables within one year (+€151,704) and Net result for the year (+€116,333)
- Other debts -€243,424
down €243,424 (-65.1%), from €374,105 to €130,681
- Reserves +€116,333
up €116,333 (+16.5%), from €706,816 to €823,149
of which Distributable reserves: +€116,333
- Financial income -€52,073
down €52,073 (-79.8%), from €65,228 to €13,155
- Gross operating margin +€25,730
up €25,730 (+19.3%), from €132,993 to €158,723
- Taxes -€7,971
down €7,971 (-14.1%), from €56,697 to €48,726
- Financial charges -€2,403
down €2,403 (-30.3%), from €7,931 to €5,528
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 | €1,201,300 | €1,078,737 | -€122,563 | -10.2% |
| Fixed assets | 21/28 | €717,741 | €717,741 | = | 0.0% |
| Financial fixed assets | 28 | €717,741 | €717,741 | = | 0.0% |
| Current assets | 29/58 | €483,559 | €360,996 | -€122,563 | -25.3% |
| Amounts receivable within one year | 40/41 | €464,233 | €312,529 | -€151,704 | -32.7% |
| Trade receivables | 40 | €1,041 | €0 | -€1,041 | -100.0% |
| Other amounts receivable | 41 | €463,192 | €312,529 | -€150,663 | -32.5% |
| Current investments | 50/53 | €7,885 | €7,918 | +€33 | +0.4% |
| Cash at bank and in hand | 54/58 | €5,346 | €35,771 | +€30,425 | +569.1% |
| Deferred charges and accrued income | 490/1 | €6,095 | €4,778 | -€1,317 | -21.6% |
| Total equity and liabilities | 10/49 | €1,201,300 | €1,078,737 | -€122,563 | -10.2% |
| Equity | 10/15 | €781,184 | €897,517 | +€116,333 | +14.9% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €706,816 | €823,149 | +€116,333 | +16.5% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €699,379 | €815,712 | +€116,333 | +16.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €420,116 | €181,220 | -€238,896 | -56.9% |
| Amounts payable within one year | 42/48 | €412,563 | €174,923 | -€237,640 | -57.6% |
| Trade debts | 44 | €319 | €23 | -€296 | -92.7% |
| Suppliers | 440/4 | €319 | €23 | -€296 | -92.7% |
| Advances received on contracts in progress | 46 | €3,872 | €3,872 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €34,267 | €40,347 | +€6,080 | +17.7% |
| Taxes | 450/3 | €34,267 | €40,347 | +€6,080 | +17.7% |
| Other amounts payable | 47/48 | €374,105 | €130,681 | -€243,424 | -65.1% |
| Accrued charges and deferred income | 492/3 | €7,553 | €6,297 | -€1,256 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,251 | €1,291 | +€39 | +3.1% |
| Gross operating margin | 9900 | €132,993 | €158,723 | +€25,730 | +19.3% |
| Operating profit (loss) | 9901 | €131,742 | €157,432 | +€25,690 | +19.5% |
| Financial income | 75/76B | €65,228 | €13,155 | -€52,073 | -79.8% |
| Recurring financial income | 75 | €65,228 | €13,155 | -€52,073 | -79.8% |
| Financial charges | 65/66B | €7,931 | €5,528 | -€2,403 | -30.3% |
| Recurring financial charges | 65 | €7,931 | €5,528 | -€2,403 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €189,039 | €165,059 | -€23,980 | -12.7% |
| Income taxes | 67/77 | €56,697 | €48,726 | -€7,971 | -14.1% |
| Profit (loss) for the period | 9904 | €132,341 | €116,333 | -€16,008 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €132,341 | €116,333 | -€16,008 | -12.1% |
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 12 October 2026 via checked.be.