COVER GROUP: 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.
COVER GROUP
Largest movements
- Receivables after one year +€638,857
up €638,857 (+1,278%), from €50,000 to €688,857
- Cash -€597,261
down €597,261 (-80.4%), from €742,442 to €145,181
mainly Other debts (-€690,888) and Receivables after one year (-€638,857)
- Tangible fixed assets -€55,296
down €55,296 (-6.5%), from €851,651 to €796,356
of which Land and buildings: -€40,777
- Receivables within one year -€27,420
down €27,420 (-4.9%), from €557,964 to €530,545
of which Other amounts receivable: -€29,609
- Profit (loss) carried forward +€731,979
up €731,979 (+150%), from €488,609 to €1.2m
- Other debts -€690,888
down €690,888 (-92.4%), from €747,546 to €56,658
- Accrued charges and deferred income +€220,397
new in 2025: €220,397
- Debts after one year -€154,622
down €154,622 (-100%), from €154,622 to €0
of which Other amounts payable: -€154,622
- Trade debts -€149,856
down €149,856 (-71.3%), from €210,159 to €60,303
- Staff costs -€123,061
down €123,061 (-18.6%), from €660,323 to €537,262
- Taxes +€27,164
up €27,164 (+11.2%), from €241,664 to €268,828
- Financial charges -€21,962
down €21,962 (-90.8%), from €24,178 to €2,216
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 | €2,429,813 | €2,403,041 | -€26,772 | -1.1% |
| Fixed assets | 21/28 | €1,061,451 | €1,000,731 | -€60,719 | -5.7% |
| Intangible fixed assets | 21 | €48,799 | €43,375 | -€5,424 | -11.1% |
| Tangible fixed assets | 22/27 | €851,651 | €796,356 | -€55,296 | -6.5% |
| Land and buildings | 22 | €780,668 | €739,891 | -€40,777 | -5.2% |
| Plant, machinery and equipment | 23 | €27,417 | €23,399 | -€4,019 | -14.7% |
| Furniture and vehicles | 24 | €43,566 | €33,067 | -€10,500 | -24.1% |
| Financial fixed assets | 28 | €161,000 | €161,000 | = | 0.0% |
| Current assets | 29/58 | €1,368,362 | €1,402,309 | +€33,947 | +2.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €688,857 | +€638,857 | +1,278% |
| Trade receivables | 290 | €50,000 | €688,857 | +€638,857 | +1,278% |
| Amounts receivable within one year | 40/41 | €557,964 | €530,545 | -€27,420 | -4.9% |
| Trade receivables | 40 | €526,629 | €528,819 | +€2,189 | +0.4% |
| Other amounts receivable | 41 | €31,335 | €1,726 | -€29,609 | -94.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €742,442 | €145,181 | -€597,261 | -80.4% |
| Deferred charges and accrued income | 490/1 | €17,956 | €37,726 | +€19,770 | +110% |
| Total equity and liabilities | 10/49 | €2,429,813 | €2,403,041 | -€26,772 | -1.1% |
| Equity | 10/15 | €1,008,010 | €1,739,989 | +€731,979 | +72.6% |
| Contributions | 10/11 | €293,092 | €293,092 | = | 0.0% |
| Reserves | 13 | €226,309 | €226,309 | = | 0.0% |
| Non-distributable reserves | 130/1 | €176,309 | €176,309 | = | 0.0% |
| Reserves not available under the articles | 1311 | €29,309 | €29,309 | = | 0.0% |
| Own shares acquired | 1312 | €147,000 | €147,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €488,609 | €1,220,588 | +€731,979 | +150% |
| Amounts payable | 17/49 | €1,421,803 | €663,052 | -€758,751 | -53.4% |
| Amounts payable after more than one year | 17 | €154,622 | €0 | -€154,622 | -100% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €154,622 | €0 | -€154,622 | -100% |
| Amounts payable within one year | 42/48 | €1,267,181 | €442,655 | -€824,526 | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €0 | -€5,000 | -100% |
| Financial debts | 43 | €212 | €0 | -€212 | -100% |
| Credit institutions | 430/8 | €212 | €0 | -€212 | -100% |
| Trade debts | 44 | €210,159 | €60,303 | -€149,856 | -71.3% |
| Suppliers | 440/4 | €210,159 | €60,303 | -€149,856 | -71.3% |
| Taxes, remuneration and social security | 45 | €304,264 | €325,694 | +€21,430 | +7.0% |
| Taxes | 450/3 | €247,867 | €273,954 | +€26,087 | +10.5% |
| Remuneration and social security | 454/9 | €56,397 | €51,740 | -€4,657 | -8.3% |
| Other amounts payable | 47/48 | €747,546 | €56,658 | -€690,888 | -92.4% |
| Accrued charges and deferred income | 492/3 | - | €220,397 | +€220,397 | |
| Non-recurring operating income | 76A | - | €40,757 | +€40,757 | |
| Remuneration, social security and pensions | 62 | €660,323 | €537,262 | -€123,061 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,140 | €68,355 | -€4,785 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,279 | €27,547 | +€8,268 | +42.9% |
| Other operating charges | 640/8 | €8,306 | €8,423 | +€117 | +1.4% |
| Non-recurring operating charges | 66A | €7,826 | €62,896 | +€55,070 | +704% |
| Gross operating margin | 9900 | €1,673,874 | €1,679,501 | +€5,627 | +0.3% |
| Operating profit (loss) | 9901 | €905,001 | €975,018 | +€70,017 | +7.7% |
| Financial income | 75/76B | €23,343 | €28,005 | +€4,662 | +20.0% |
| Recurring financial income | 75 | €23,343 | €28,005 | +€4,662 | +20.0% |
| Financial charges | 65/66B | €24,178 | €2,216 | -€21,962 | -90.8% |
| Recurring financial charges | 65 | €24,178 | €2,216 | -€21,962 | -90.8% |
| Profit (loss) for the period before taxes | 9903 | €904,167 | €1,000,807 | +€96,641 | +10.7% |
| Income taxes | 67/77 | €241,664 | €268,828 | +€27,164 | +11.2% |
| Profit (loss) for the period | 9904 | €662,503 | €731,979 | +€69,477 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €662,503 | €731,979 | +€69,477 | +10.5% |
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 19 October 2026 via checked.be.