COVELAN: 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.
COVELAN
Largest movements
- Cash +€320,405
up €320,405 (+245%), from €130,887 to €451,291
mainly Current investments (+€275,000) and Net result for the year (+€37,775)
- Current investments -€275,000
down €275,000 (-100%), from €275,000 to €0
- Tangible fixed assets +€16,556
up €16,556 (+153%), from €10,831 to €27,387
of which Plant, machinery and equipment: +€18,660
- Reserves +€37,775
up €37,775 (+7.6%), from €495,880 to €533,655
- Other debts +€31,093
up €31,093 (+5.6%), from €550,506 to €581,599
- Financial charges +€11,831
up €11,831 (+46.8%), from €25,282 to €37,113
- Gross operating margin +€10,955
up €10,955 (+12.5%), from €87,461 to €98,416
- Depreciation -€1,013
down €1,013 (-10.7%), from €9,494 to €8,481
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 | €1,093,273 | €1,162,007 | +€68,734 | +6.3% |
| Fixed assets | 21/28 | €662,176 | €678,732 | +€16,556 | +2.5% |
| Tangible fixed assets | 22/27 | €10,831 | €27,387 | +€16,556 | +153% |
| Plant, machinery and equipment | 23 | €8,518 | €27,178 | +€18,660 | +219% |
| Furniture and vehicles | 24 | €2,313 | €209 | -€2,104 | -91.0% |
| Financial fixed assets | 28 | €651,345 | €651,345 | = | 0.0% |
| Current assets | 29/58 | €431,097 | €483,275 | +€52,178 | +12.1% |
| Stocks and contracts in progress | 3 | - | €6,850 | +€6,850 | |
| Stocks | 30/36 | - | €6,850 | +€6,850 | |
| Amounts receivable within one year | 40/41 | €20,494 | €22,802 | +€2,308 | +11.3% |
| Trade receivables | 40 | €15,125 | €21,962 | +€6,837 | +45.2% |
| Other amounts receivable | 41 | €5,369 | €841 | -€4,529 | -84.3% |
| Current investments | 50/53 | €275,000 | €0 | -€275,000 | -100% |
| Cash at bank and in hand | 54/58 | €130,887 | €451,291 | +€320,405 | +245% |
| Deferred charges and accrued income | 490/1 | €4,716 | €2,332 | -€2,385 | -50.6% |
| Total equity and liabilities | 10/49 | €1,093,273 | €1,162,007 | +€68,734 | +6.3% |
| Equity | 10/15 | €515,880 | €553,655 | +€37,775 | +7.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €495,880 | €533,655 | +€37,775 | +7.6% |
| Distributable reserves | 133 | €495,880 | €533,655 | +€37,775 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €577,393 | €608,352 | +€30,959 | +5.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €577,393 | €608,352 | +€30,959 | +5.4% |
| Trade debts | 44 | €2,100 | €855 | -€1,245 | -59.3% |
| Suppliers | 440/4 | €2,100 | €855 | -€1,245 | -59.3% |
| Taxes, remuneration and social security | 45 | €24,787 | €25,898 | +€1,111 | +4.5% |
| Taxes | 450/3 | €24,787 | €25,898 | +€1,111 | +4.5% |
| Other amounts payable | 47/48 | €550,506 | €581,599 | +€31,093 | +5.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,494 | €8,481 | -€1,013 | -10.7% |
| Other operating charges | 640/8 | €2,610 | €2,846 | +€237 | +9.1% |
| Gross operating margin | 9900 | €87,461 | €98,416 | +€10,955 | +12.5% |
| Operating profit (loss) | 9901 | €75,357 | €87,089 | +€11,732 | +15.6% |
| Financial income | 75/76B | €3,601 | €2,797 | -€804 | -22.3% |
| Recurring financial income | 75 | €3,601 | €2,797 | -€804 | -22.3% |
| Financial charges | 65/66B | €25,282 | €37,113 | +€11,831 | +46.8% |
| Recurring financial charges | 65 | €25,282 | €37,113 | +€11,831 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €53,676 | €52,773 | -€903 | -1.7% |
| Income taxes | 67/77 | €15,711 | €14,998 | -€713 | -4.5% |
| Profit (loss) for the period | 9904 | €37,965 | €37,775 | -€190 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,965 | €37,775 | -€190 | -0.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.