COVERCO: 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.
COVERCO
Largest movements
- Cash +€15.0m
up €15.0m (+516%), from €2.9m to €17.9m
mainly Net result for the year (+€15.1m) and Depreciation (+€1.4m)
- Tangible fixed assets -€1.2m
down €1.2m (-6.0%), from €20.3m to €19.1m
of which Leasing and similar rights: -€1.4m
- Financial fixed assets -€989,468
down €989,468 (-49.0%), from €2.0m to €1.0m
- Reserves +€13.4m
up €13.4m (+235%), from €5.7m to €19.1m
of which Distributable reserves: +€13.8m
- Contributions -€1.7m
down €1.7m (-96.5%), from €1.8m to €62,000
- Tax, wage and social debts +€1.4m
up €1.4m (+20,492%), from €6,785 to €1.4m
of which Taxes: +€1.4m
- Debts after one year -€1.1m
down €1.1m (-6.4%), from €16.7m to €15.6m
of which Financial debts: -€643,872
- Profit (loss) carried forward +€904,024
no longer reported in 2025 (was -€904,024)
- Financial income +€17.2m
up €17.2m (+23,190%), from €73,992 to €17.2m
of which Non-recurring financial income: +€17.1m
- Taxes +€1.4m
up €1.4m (+8,072%), from €16,889 to €1.4m
- Gross operating margin -€329,701
down €329,701 (-19.5%), from €1.7m to €1.4m
- Staff costs -€253,275
down €253,275 (-68.4%), from €370,295 to €117,020
- Financial charges -€58,509
down €58,509 (-7.8%), from €747,078 to €688,569
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 | €25,818,229 | €38,611,613 | +€12.8m | +49.6% |
| Fixed assets | 21/28 | €22,320,551 | €20,117,733 | -€2.2m | -9.9% |
| Tangible fixed assets | 22/27 | €20,303,051 | €19,089,701 | -€1.2m | -6.0% |
| Land and buildings | 22 | €1,425,370 | €1,581,622 | +€156,253 | +11.0% |
| Furniture and vehicles | 24 | €6,087 | €1,823 | -€4,265 | -70.1% |
| Leasing and similar rights | 25 | €18,871,594 | €17,506,256 | -€1.4m | -7.2% |
| Financial fixed assets | 28 | €2,017,500 | €1,028,033 | -€989,468 | -49.0% |
| Current assets | 29/58 | €3,497,678 | €18,493,880 | +€15.0m | +429% |
| Amounts receivable within one year | 40/41 | €594,382 | €625,400 | +€31,018 | +5.2% |
| Trade receivables | 40 | €529,695 | €90,163 | -€439,532 | -83.0% |
| Other amounts receivable | 41 | €64,687 | €535,237 | +€470,550 | +727% |
| Cash at bank and in hand | 54/58 | €2,902,970 | €17,868,480 | +€15.0m | +516% |
| Deferred charges and accrued income | 490/1 | €326 | - | -€326 | |
| Total equity and liabilities | 10/49 | €25,818,229 | €38,611,613 | +€12.8m | +49.6% |
| Equity | 10/15 | €6,567,117 | €19,156,279 | +€12.6m | +192% |
| Contributions | 10/11 | €1,770,000 | €62,000 | -€1.7m | -96.5% |
| Capital | 10 | €1,770,000 | €62,000 | -€1.7m | -96.5% |
| Issued capital | 100 | €1,770,000 | €62,000 | -€1.7m | -96.5% |
| Reserves | 13 | €5,701,141 | €19,094,279 | +€13.4m | +235% |
| Non-distributable reserves | 130/1 | €177,000 | €177,000 | = | 0.0% |
| Legal reserve | 130 | €177,000 | €177,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,524,141 | €5,118,329 | -€405,813 | -7.3% |
| Distributable reserves | 133 | - | €13,798,951 | +€13.8m | |
| Profit (loss) carried forward | 14 | -€904,024 | - | +€904,024 | |
| Provisions and deferred taxes | 16 | €2,010,880 | €1,875,610 | -€135,271 | -6.7% |
| Provisions for liabilities and charges | 160/5 | €169,500 | €169,500 | = | 0.0% |
| Pensions and similar obligations | 160 | €169,500 | €169,500 | = | 0.0% |
| Deferred taxes | 168 | €1,841,380 | €1,706,110 | -€135,271 | -7.3% |
| Amounts payable | 17/49 | €17,240,231 | €17,579,724 | +€339,493 | +2.0% |
| Amounts payable after more than one year | 17 | €16,662,688 | €15,599,231 | -€1.1m | -6.4% |
| Financial debts | 170/4 | €16,243,103 | €15,599,231 | -€643,872 | -4.0% |
| Other amounts payable | 178/9 | €419,585 | - | -€419,585 | |
| Amounts payable within one year | 42/48 | €577,544 | €1,980,493 | +€1.4m | +243% |
| Current portion of amounts payable after more than one year | 42 | €10,030 | €6,222 | -€3,808 | -38.0% |
| Financial debts | 43 | €250,000 | - | -€250,000 | |
| Credit institutions | 430/8 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €203,915 | €22,063 | -€181,852 | -89.2% |
| Suppliers | 440/4 | €203,915 | €22,063 | -€181,852 | -89.2% |
| Taxes, remuneration and social security | 45 | €6,785 | €1,397,184 | +€1.4m | +20,492% |
| Taxes | 450/3 | €4,407 | €1,384,087 | +€1.4m | +31,307% |
| Remuneration and social security | 454/9 | €2,378 | €13,097 | +€10,719 | +451% |
| Other amounts payable | 47/48 | €106,813 | €555,024 | +€448,211 | +420% |
| Remuneration, social security and pensions | 62 | €370,295 | €117,020 | -€253,275 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,384,724 | €1,394,729 | +€10,005 | +0.7% |
| Other operating charges | 640/8 | €6,219 | €6,536 | +€317 | +5.1% |
| Non-recurring operating charges | 66A | €3,554 | - | -€3,554 | |
| Gross operating margin | 9900 | €1,687,805 | €1,358,104 | -€329,701 | -19.5% |
| Operating profit (loss) | 9901 | -€76,986 | -€160,181 | -€83,194 | -108% |
| Financial income | 75/76B | €73,992 | €17,232,762 | +€17.2m | +23,190% |
| Recurring financial income | 75 | €73,992 | €115,512 | +€41,520 | +56.1% |
| Non-recurring financial income | 76B | - | €17,117,250 | +€17.1m | |
| Financial charges | 65/66B | €747,078 | €688,569 | -€58,509 | -7.8% |
| Recurring financial charges | 65 | €747,078 | €688,569 | -€58,509 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€750,073 | €16,384,012 | +€17.1m | |
| Transfer from deferred taxes | 780 | €135,271 | €135,271 | = | 0.0% |
| Income taxes | 67/77 | €16,889 | €1,380,120 | +€1.4m | +8,072% |
| Profit (loss) for the period | 9904 | -€631,691 | €15,139,163 | +€15.8m | |
| Transfer from tax-exempt reserves | 789 | €405,813 | €405,813 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€225,878 | €15,544,976 | +€15.8m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.