COVENAS: 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.
COVENAS
Largest movements
- Cash -€12,938
down €12,938 (-5.8%), from €222,456 to €209,518
mainly Net result for the year (-€11,539) and Receivables within one year (-€9,153)
- Receivables within one year +€9,153
up €9,153 (+161.5%), from €5,668 to €14,821
- Tangible fixed assets -€7,803
down €7,803 (-5.9%), from €132,751 to €124,948
- Profit (loss) carried forward -€11,539
down €11,539 (-53.2%), from -€21,678 to -€33,217
- Gross operating margin +€736
up €736 (+29.3%), from -€2,511 to -€1,775
- Financial income +€346
up €346 (+224.0%), from €155 to €501
- Other operating charges +€195
up €195 (+10.3%), from €1,906 to €2,101
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 | €368,829 | €357,289 | -€11,539 | -3.1% |
| Fixed assets | 21/28 | €132,890 | €125,087 | -€7,803 | -5.9% |
| Tangible fixed assets | 22/27 | €132,751 | €124,948 | -€7,803 | -5.9% |
| Land and buildings | 22 | €132,751 | €124,948 | -€7,803 | -5.9% |
| Financial fixed assets | 28 | €139 | €139 | = | 0.0% |
| Current assets | 29/58 | €235,939 | €232,202 | -€3,736 | -1.6% |
| Amounts receivable within one year | 40/41 | €5,668 | €14,821 | +€9,153 | +161.5% |
| Other amounts receivable | 41 | €5,668 | €14,821 | +€9,153 | +161.5% |
| Current investments | 50/53 | €7,814 | €7,863 | +€49 | +0.6% |
| Cash at bank and in hand | 54/58 | €222,456 | €209,518 | -€12,938 | -5.8% |
| Total equity and liabilities | 10/49 | €368,829 | €357,289 | -€11,539 | -3.1% |
| Equity | 10/15 | €368,829 | €357,289 | -€11,539 | -3.1% |
| Contributions | 10/11 | €245,288 | €245,288 | = | 0.0% |
| Reserves | 13 | €145,218 | €145,218 | = | 0.0% |
| Distributable reserves | 133 | €145,218 | €145,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,678 | -€33,217 | -€11,539 | -53.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,803 | €7,803 | = | 0.0% |
| Other operating charges | 640/8 | €1,906 | €2,101 | +€195 | +10.3% |
| Gross operating margin | 9900 | -€2,511 | -€1,775 | +€736 | +29.3% |
| Operating profit (loss) | 9901 | -€12,220 | -€11,680 | +€540 | +4.4% |
| Financial income | 75/76B | €155 | €501 | +€346 | +224.0% |
| Recurring financial income | 75 | €155 | €501 | +€346 | +224.0% |
| Financial charges | 65/66B | €368 | €361 | -€7 | -2.0% |
| Recurring financial charges | 65 | €368 | €361 | -€7 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,434 | -€11,539 | +€894 | +7.2% |
| Income taxes | 67/77 | €18 | - | -€18 | |
| Profit (loss) for the period | 9904 | -€12,452 | -€11,539 | +€912 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,452 | -€11,539 | +€912 | +7.3% |
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 4 October 2026 via checked.be.