Covemaeker Construct: 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.
Covemaeker Construct
Largest movements
- Current investments +€100,000
up €100,000 (+20.0%), from €500,000 to €600,000
- Receivables within one year -€51,554
down €51,554 (-67.7%), from €76,170 to €24,616
of which Trade receivables: -€27,658
- Tangible fixed assets -€32,952
down €32,952 (-4.1%), from €799,772 to €766,820
of which Plant, machinery and equipment: -€18,764
- Reserves +€58,350
up €58,350 (+5.5%), from €1.1m to €1.1m
of which Distributable reserves: +€60,000
- Tax, wage and social debts -€22,308
down €22,308 (-86.9%), from €25,674 to €3,367
of which Taxes: -€22,107
- Gross operating margin -€60,180
down €60,180 (-10.7%), from €562,608 to €502,429
- Staff costs +€27,456
up €27,456 (+7.8%), from €350,650 to €378,106
- Taxes -€23,136
down €23,136 (-51.1%), from €45,305 to €22,169
- Depreciation +€6,126
up €6,126 (+22.8%), from €26,826 to €32,952
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 | €1,823,708 | €1,857,484 | +€33,776 | +1.9% |
| Fixed assets | 21/28 | €812,041 | €780,689 | -€31,352 | -3.9% |
| Tangible fixed assets | 22/27 | €799,772 | €766,820 | -€32,952 | -4.1% |
| Land and buildings | 22 | €620,230 | €616,572 | -€3,658 | -0.6% |
| Plant, machinery and equipment | 23 | €142,864 | €124,100 | -€18,764 | -13.1% |
| Furniture and vehicles | 24 | €36,679 | €26,149 | -€10,530 | -28.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €12,269 | €13,869 | +€1,600 | +13.0% |
| Current assets | 29/58 | €1,011,666 | €1,076,795 | +€65,128 | +6.4% |
| Stocks and contracts in progress | 3 | €72,233 | €73,967 | +€1,733 | +2.4% |
| Stocks | 30/36 | €72,233 | €73,967 | +€1,733 | +2.4% |
| Amounts receivable within one year | 40/41 | €76,170 | €24,616 | -€51,554 | -67.7% |
| Trade receivables | 40 | €28,173 | €515 | -€27,658 | -98.2% |
| Other amounts receivable | 41 | €47,997 | €24,101 | -€23,897 | -49.8% |
| Current investments | 50/53 | €500,000 | €600,000 | +€100,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €335,623 | €349,524 | +€13,901 | +4.1% |
| Deferred charges and accrued income | 490/1 | €27,640 | €28,688 | +€1,049 | +3.8% |
| Total equity and liabilities | 10/49 | €1,823,708 | €1,857,484 | +€33,776 | +1.9% |
| Equity | 10/15 | €1,738,551 | €1,798,099 | +€59,548 | +3.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,065,469 | €1,123,819 | +€58,350 | +5.5% |
| Tax-exempt reserves | 132 | €5,469 | €3,819 | -€1,650 | -30.2% |
| Distributable reserves | 133 | €1,060,000 | €1,120,000 | +€60,000 | +5.7% |
| Profit (loss) carried forward | 14 | €573,083 | €574,281 | +€1,198 | +0.2% |
| Provisions and deferred taxes | 16 | €1,604 | €1,054 | -€550 | -34.3% |
| Deferred taxes | 168 | €1,604 | €1,054 | -€550 | -34.3% |
| Amounts payable | 17/49 | €83,552 | €58,330 | -€25,221 | -30.2% |
| Amounts payable within one year | 42/48 | €80,162 | €51,305 | -€28,857 | -36.0% |
| Trade debts | 44 | €14,569 | €8,848 | -€5,721 | -39.3% |
| Suppliers | 440/4 | €14,569 | €8,848 | -€5,721 | -39.3% |
| Taxes, remuneration and social security | 45 | €25,674 | €3,367 | -€22,308 | -86.9% |
| Taxes | 450/3 | €25,474 | €3,367 | -€22,107 | -86.8% |
| Remuneration and social security | 454/9 | €200 | €0 | -€200 | -100.0% |
| Other amounts payable | 47/48 | €39,918 | €39,090 | -€828 | -2.1% |
| Accrued charges and deferred income | 492/3 | €3,390 | €7,025 | +€3,635 | +107.2% |
| Remuneration, social security and pensions | 62 | €350,650 | €378,106 | +€27,456 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,826 | €32,952 | +€6,126 | +22.8% |
| Other operating charges | 640/8 | €19,377 | €18,922 | -€455 | -2.3% |
| Gross operating margin | 9900 | €562,608 | €502,429 | -€60,180 | -10.7% |
| Operating profit (loss) | 9901 | €165,756 | €72,449 | -€93,307 | -56.3% |
| Financial income | 75/76B | €11,112 | €11,498 | +€386 | +3.5% |
| Recurring financial income | 75 | €11,112 | €11,498 | +€386 | +3.5% |
| Financial charges | 65/66B | €3,106 | €2,780 | -€326 | -10.5% |
| Recurring financial charges | 65 | €3,106 | €2,780 | -€326 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €173,761 | €81,167 | -€92,594 | -53.3% |
| Transfer from deferred taxes | 780 | €550 | €550 | = | 0.0% |
| Income taxes | 67/77 | €45,305 | €22,169 | -€23,136 | -51.1% |
| Profit (loss) for the period | 9904 | €129,006 | €59,548 | -€69,459 | -53.8% |
| Transfer from tax-exempt reserves | 789 | €1,650 | €1,650 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,656 | €61,198 | -€69,459 | -53.2% |
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.