COVER TRADING: what changed
COVER TRADING
Largest movements
- Tangible fixed assets +€77,503
up €77,503 (+157%), from €49,395 to €126,898
of which Furniture and vehicles: +€76,879
- Receivables within one year +€31,916
up €31,916 (+31.6%), from €101,081 to €132,997
of which Other amounts receivable: +€27,885
- Cash +€5,680
up €5,680 (+18.0%), from €31,573 to €37,253
mainly Debts after one year (+€65,194) and Net result for the year (+€32,555)
- Stocks and contracts -€5,130
no longer reported in 2025 (was €5,130)
- Debts after one year +€65,194
new in 2025: €65,194
- Reserves +€32,555
up €32,555 (+24.2%), from €134,436 to €166,991
of which Distributable reserves: +€32,555
- Tax, wage and social debts -€25,533
down €25,533 (-68.3%), from €37,401 to €11,868
- Current portion of long-term debt +€19,240
new in 2025: €19,240
- Accrued charges and deferred income +€13,241
up €13,241 (+1,589%), from €833 to €14,075
- Depreciation +€15,997
up €15,997 (+129%), from €12,359 to €28,356
- Financial charges +€2,235
up €2,235 (+197%), from €1,137 to €3,372
- Financial income +€2,092
up €2,092 (+46.2%), from €4,526 to €6,618
of which Financial income: +€6,618
- Taxes -€1,970
down €1,970 (-7.9%), from €24,992 to €23,023
- Gross operating margin -€1,878
down €1,878 (-2.2%), from €84,019 to €82,141
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,007 | €297,500 | +€108,493 | +57.4% |
| Fixed assets | 21/28 | €49,395 | €126,898 | +€77,503 | +157% |
| Tangible fixed assets | 22/27 | €49,395 | €126,898 | +€77,503 | +157% |
| Plant, machinery and equipment | 23 | €7,554 | €8,870 | +€1,316 | +17.4% |
| Furniture and vehicles | 24 | €23,609 | €100,488 | +€76,879 | +326% |
| Other tangible fixed assets | 26 | €18,232 | €17,540 | -€691 | -3.8% |
| Current assets | 29/58 | €139,611 | €170,602 | +€30,990 | +22.2% |
| Stocks and contracts in progress | 3 | €5,130 | - | -€5,130 | |
| Stocks | 30/36 | €5,130 | - | -€5,130 | |
| Amounts receivable within one year | 40/41 | €101,081 | €132,997 | +€31,916 | +31.6% |
| Trade receivables | 40 | - | €4,031 | +€4,031 | |
| Other amounts receivable | 41 | €101,081 | €128,966 | +€27,885 | +27.6% |
| Cash at bank and in hand | 54/58 | €31,573 | €37,253 | +€5,680 | +18.0% |
| Deferred charges and accrued income | 490/1 | €1,827 | €351 | -€1,476 | -80.8% |
| Total equity and liabilities | 10/49 | €189,007 | €297,500 | +€108,493 | +57.4% |
| Equity | 10/15 | €146,836 | €179,391 | +€32,555 | +22.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €134,436 | €166,991 | +€32,555 | +24.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,563 | €6,563 | = | 0.0% |
| Distributable reserves | 133 | €126,013 | €158,568 | +€32,555 | +25.8% |
| Amounts payable | 17/49 | €42,171 | €118,109 | +€75,938 | +180% |
| Amounts payable after more than one year | 17 | - | €65,194 | +€65,194 | |
| Financial debts | 170/4 | - | €65,194 | +€65,194 | |
| Amounts payable within one year | 42/48 | €41,337 | €38,840 | -€2,498 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | - | €19,240 | +€19,240 | |
| Trade debts | 44 | €3,936 | €7,731 | +€3,795 | +96.4% |
| Suppliers | 440/4 | €3,936 | €7,731 | +€3,795 | +96.4% |
| Taxes, remuneration and social security | 45 | €37,401 | €11,868 | -€25,533 | -68.3% |
| Taxes | 450/3 | €37,401 | €11,868 | -€25,533 | -68.3% |
| Accrued charges and deferred income | 492/3 | €833 | €14,075 | +€13,241 | +1,589% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,359 | €28,356 | +€15,997 | +129% |
| Other operating charges | 640/8 | €701 | €1,453 | +€752 | +107% |
| Gross operating margin | 9900 | €84,019 | €82,141 | -€1,878 | -2.2% |
| Operating profit (loss) | 9901 | €70,959 | €52,331 | -€18,627 | -26.3% |
| Financial income | 75/76B | €4,526 | €6,618 | +€2,092 | +46.2% |
| Recurring financial income | 75 | €0 | €6,618 | +€6,618 | +16,545,600% |
| Non-recurring financial income | 76B | €4,526 | - | -€4,526 | |
| Financial charges | 65/66B | €1,137 | €3,372 | +€2,235 | +197% |
| Recurring financial charges | 65 | €1,137 | €3,372 | +€2,235 | +197% |
| Profit (loss) for the period before taxes | 9903 | €74,348 | €55,577 | -€18,770 | -25.2% |
| Income taxes | 67/77 | €24,992 | €23,023 | -€1,970 | -7.9% |
| Profit (loss) for the period | 9904 | €49,355 | €32,555 | -€16,800 | -34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,355 | €32,555 | -€16,800 | -34.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.