COVER INVEST: 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 INVEST
Largest movements
- Receivables within one year +€56,300
new in 2025: €56,300
- Tangible fixed assets -€28,541
down €28,541 (-3.2%), from €892,241 to €863,700
of which Land and buildings: -€49,049
- Cash +€23,222
up €23,222 (+16.0%), from €145,509 to €168,732
mainly Net result for the year (+€321,209) and Depreciation (+€56,365)
- Profit (loss) carried forward +€254,150
up €254,150 (+21.4%), from €1.2m to €1.4m
- Debts after one year -€180,000
down €180,000 (-25.4%), from €710,000 to €530,000
- Current portion of long-term debt -€40,911
down €40,911 (-18.5%), from €220,911 to €180,000
- Gross operating margin +€51,518
up €51,518 (+11.2%), from €460,844 to €512,362
- Taxes +€16,950
up €16,950 (+19.7%), from €85,828 to €102,778
- Depreciation -€7,157
down €7,157 (-11.3%), from €63,523 to €56,365
- Financial charges -€6,164
down €6,164 (-21.0%), from €29,372 to €23,208
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 | €2,244,911 | €2,296,910 | +€51,999 | +2.3% |
| Fixed assets | 21/28 | €2,098,441 | €2,069,900 | -€28,541 | -1.4% |
| Tangible fixed assets | 22/27 | €892,241 | €863,700 | -€28,541 | -3.2% |
| Land and buildings | 22 | €888,355 | €839,306 | -€49,049 | -5.5% |
| Furniture and vehicles | 24 | €3,886 | €24,394 | +€20,508 | +528% |
| Financial fixed assets | 28 | €1,206,200 | €1,206,200 | = | 0.0% |
| Current assets | 29/58 | €146,470 | €227,010 | +€80,541 | +55.0% |
| Amounts receivable within one year | 40/41 | - | €56,300 | +€56,300 | |
| Trade receivables | 40 | - | €56,300 | +€56,300 | |
| Cash at bank and in hand | 54/58 | €145,509 | €168,732 | +€23,222 | +16.0% |
| Deferred charges and accrued income | 490/1 | €960 | €1,979 | +€1,018 | +106% |
| Total equity and liabilities | 10/49 | €2,244,911 | €2,296,910 | +€51,999 | +2.3% |
| Equity | 10/15 | €1,208,817 | €1,462,967 | +€254,150 | +21.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,188,412 | €1,442,562 | +€254,150 | +21.4% |
| Amounts payable | 17/49 | €1,036,093 | €833,943 | -€202,151 | -19.5% |
| Amounts payable after more than one year | 17 | €710,000 | €530,000 | -€180,000 | -25.4% |
| Financial debts | 170/4 | €710,000 | €530,000 | -€180,000 | -25.4% |
| Amounts payable within one year | 42/48 | €326,094 | €303,943 | -€22,151 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €220,911 | €180,000 | -€40,911 | -18.5% |
| Trade debts | 44 | €2,972 | €2,727 | -€245 | -8.3% |
| Suppliers | 440/4 | €2,972 | €2,727 | -€245 | -8.3% |
| Taxes, remuneration and social security | 45 | €41,684 | €62,129 | +€20,445 | +49.0% |
| Taxes | 450/3 | €41,684 | €62,129 | +€20,445 | +49.0% |
| Other amounts payable | 47/48 | €60,527 | €59,087 | -€1,440 | -2.4% |
| Non-recurring operating income | 76A | €3,176 | €8,377 | +€5,201 | +164% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,523 | €56,365 | -€7,157 | -11.3% |
| Other operating charges | 640/8 | €8,653 | €8,803 | +€150 | +1.7% |
| Gross operating margin | 9900 | €460,844 | €512,362 | +€51,518 | +11.2% |
| Operating profit (loss) | 9901 | €388,668 | €447,193 | +€58,525 | +15.1% |
| Financial income | 75/76B | €746 | €2 | -€744 | -99.7% |
| Recurring financial income | 75 | €746 | €2 | -€744 | -99.7% |
| Financial charges | 65/66B | €29,372 | €23,208 | -€6,164 | -21.0% |
| Recurring financial charges | 65 | €29,372 | €23,208 | -€6,164 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €360,043 | €423,987 | +€63,944 | +17.8% |
| Income taxes | 67/77 | €85,828 | €102,778 | +€16,950 | +19.7% |
| Profit (loss) for the period | 9904 | €274,215 | €321,209 | +€46,994 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €274,215 | €321,209 | +€46,994 | +17.1% |
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 21 October 2026 via checked.be.