Cover Hedge: 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 Hedge
Largest movements
- Cash +€44,008
up €44,008 (+144%), from €30,541 to €74,549
mainly Net result for the year (+€91,022) and Other debts (+€29,834)
- Tangible fixed assets -€18,786
down €18,786 (-55.4%), from €33,883 to €15,097
of which Furniture and vehicles: -€16,406
- Receivables within one year -€17,576
down €17,576 (-49.6%), from €35,452 to €17,876
of which Other amounts receivable: -€18,288
- Other debts +€29,834
new in 2025: €29,834
- Debts after one year -€22,002
no longer reported in 2025 (was €22,002)
- Current portion of long-term debt -€10,987
no longer reported in 2025 (was €10,987)
- Tax, wage and social debts +€7,318
up €7,318 (+29.3%), from €25,005 to €32,323
- Trade debts +€2,884
up €2,884 (+399%), from €722 to €3,606
- Gross operating margin +€75,158
up €75,158 (+129%), from €58,110 to €133,268
- Taxes +€20,471
up €20,471 (+149%), from €13,708 to €34,179
- Depreciation -€19,406
down €19,406 (-84.7%), from €22,904 to €3,497
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 | €100,741 | €107,788 | +€7,047 | +7.0% |
| Fixed assets | 21/28 | €33,883 | €15,097 | -€18,786 | -55.4% |
| Tangible fixed assets | 22/27 | €33,883 | €15,097 | -€18,786 | -55.4% |
| Land and buildings | 22 | €12,655 | €10,275 | -€2,380 | -18.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €21,228 | €4,822 | -€16,406 | -77.3% |
| Current assets | 29/58 | €66,858 | €92,691 | +€25,833 | +38.6% |
| Amounts receivable within one year | 40/41 | €35,452 | €17,876 | -€17,576 | -49.6% |
| Trade receivables | 40 | €15,379 | €16,091 | +€712 | +4.6% |
| Other amounts receivable | 41 | €20,073 | €1,785 | -€18,288 | -91.1% |
| Cash at bank and in hand | 54/58 | €30,541 | €74,549 | +€44,008 | +144% |
| Deferred charges and accrued income | 490/1 | €865 | €266 | -€599 | -69.2% |
| Total equity and liabilities | 10/49 | €100,741 | €107,788 | +€7,047 | +7.0% |
| Equity | 10/15 | €42,025 | €42,025 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,425 | €23,425 | = | 0.0% |
| Amounts payable | 17/49 | €58,716 | €65,763 | +€7,047 | +12.0% |
| Amounts payable after more than one year | 17 | €22,002 | - | -€22,002 | |
| Financial debts | 170/4 | €22,002 | - | -€22,002 | |
| Amounts payable within one year | 42/48 | €36,713 | €65,763 | +€29,050 | +79.1% |
| Current portion of amounts payable after more than one year | 42 | €10,987 | - | -€10,987 | |
| Trade debts | 44 | €722 | €3,606 | +€2,884 | +399% |
| Suppliers | 440/4 | €722 | €3,606 | +€2,884 | +399% |
| Taxes, remuneration and social security | 45 | €25,005 | €32,323 | +€7,318 | +29.3% |
| Taxes | 450/3 | €25,005 | €32,323 | +€7,318 | +29.3% |
| Other amounts payable | 47/48 | - | €29,834 | +€29,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,904 | €3,497 | -€19,406 | -84.7% |
| Other operating charges | 640/8 | €2,806 | €2,516 | -€290 | -10.3% |
| Gross operating margin | 9900 | €58,110 | €133,268 | +€75,158 | +129% |
| Operating profit (loss) | 9901 | €32,400 | €127,255 | +€94,855 | +293% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €2,009 | €2,053 | +€44 | +2.2% |
| Recurring financial charges | 65 | €2,009 | €1,474 | -€536 | -26.7% |
| Non-recurring financial charges | 66B | - | €580 | +€580 | |
| Profit (loss) for the period before taxes | 9903 | €30,391 | €125,202 | +€94,810 | +312% |
| Income taxes | 67/77 | €13,708 | €34,179 | +€20,471 | +149% |
| Profit (loss) for the period | 9904 | €16,684 | €91,022 | +€74,339 | +446% |
| Profit (loss) for the period to be appropriated | 9905 | €16,684 | €91,022 | +€74,339 | +446% |
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 16 October 2026 via checked.be.