COVERCO: what changed
Two fiscal 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
- Receivables after one year -€55,911
down €55,911 (-12.4%), from €450,825 to €394,914
- Tangible fixed assets +€41,180
up €41,180 (+49.4%), from €83,425 to €124,605
- Cash -€35,941
down €35,941 (-59.3%), from €60,629 to €24,687
mainly Investment in fixed assets (net) (-€45,826) and Net result for the year (-€38,366)
- Reserves -€38,366
down €38,366 (-1.5%), from €2.6m to €2.6m
of which Distributable reserves: -€38,366
- Write-downs -€100,000
no longer reported in 2025 (was €100,000)
- Financial charges +€55,873
up €55,873 (+5936.3%), from €941 to €56,814
- Gross operating margin -€33,573
down €33,573 (-50.5%), from €66,524 to €32,950
- Financial income -€7,229
down €7,229 (-99.9%), from €7,239 to €10
- Depreciation +€4,095
up €4,095 (+743.6%), from €551 to €4,645
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.
Cash bridge derived
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 | €3,251,688 | €3,201,166 | -€50,522 | -1.6% |
| Fixed assets | 21/28 | €2,616,145 | €2,657,325 | +€41,180 | +1.6% |
| Tangible fixed assets | 22/27 | €83,425 | €124,605 | +€41,180 | +49.4% |
| Land and buildings | 22 | €83,425 | €124,605 | +€41,180 | +49.4% |
| Financial fixed assets | 28 | €2,532,720 | €2,532,720 | = | 0.0% |
| Current assets | 29/58 | €635,543 | €543,840 | -€91,702 | -14.4% |
| Amounts receivable after more than one year | 29 | €450,825 | €394,914 | -€55,911 | -12.4% |
| Other amounts receivable | 291 | €450,825 | €394,914 | -€55,911 | -12.4% |
| Amounts receivable within one year | 40/41 | €124,089 | €124,239 | +€150 | +0.1% |
| Trade receivables | 40 | €3,150 | €150 | -€3,000 | -95.2% |
| Other amounts receivable | 41 | €120,939 | €124,089 | +€3,150 | +2.6% |
| Cash at bank and in hand | 54/58 | €60,629 | €24,687 | -€35,941 | -59.3% |
| Total equity and liabilities | 10/49 | €3,251,688 | €3,201,166 | -€50,522 | -1.6% |
| Equity | 10/15 | €3,010,605 | €2,972,240 | -€38,366 | -1.3% |
| Contributions | 10/11 | €410,705 | €410,705 | = | 0.0% |
| Reserves | 13 | €2,599,901 | €2,561,535 | -€38,366 | -1.5% |
| Non-distributable reserves | 130/1 | €110,337 | €110,337 | = | 0.0% |
| Reserves not available under the articles | 1311 | €110,337 | €110,337 | = | 0.0% |
| Distributable reserves | 133 | €2,489,563 | €2,451,197 | -€38,366 | -1.5% |
| Amounts payable | 17/49 | €241,082 | €228,926 | -€12,156 | -5.0% |
| Amounts payable after more than one year | 17 | €43,724 | €36,785 | -€6,939 | -15.9% |
| Financial debts | 170/4 | €43,724 | €36,785 | -€6,939 | -15.9% |
| Amounts payable within one year | 42/48 | €197,358 | €192,141 | -€5,218 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €6,844 | €6,939 | +€95 | +1.4% |
| Trade debts | 44 | €5,314 | €2,062 | -€3,252 | -61.2% |
| Suppliers | 440/4 | €5,314 | €2,062 | -€3,252 | -61.2% |
| Other amounts payable | 47/48 | €185,201 | €183,141 | -€2,060 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €551 | €4,645 | +€4,095 | +743.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100,000 | - | -€100,000 | |
| Other operating charges | 640/8 | €10,707 | €9,867 | -€840 | -7.8% |
| Gross operating margin | 9900 | €66,524 | €32,950 | -€33,573 | -50.5% |
| Operating profit (loss) | 9901 | -€44,734 | €18,438 | +€63,172 | |
| Financial income | 75/76B | €7,239 | €10 | -€7,229 | -99.9% |
| Recurring financial income | 75 | €7,239 | €10 | -€7,229 | -99.9% |
| Financial charges | 65/66B | €941 | €56,814 | +€55,873 | +5936.3% |
| Recurring financial charges | 65 | €941 | €56,814 | +€55,873 | +5936.3% |
| Profit (loss) for the period before taxes | 9903 | -€38,436 | -€38,366 | +€71 | +0.2% |
| Profit (loss) for the period | 9904 | -€38,436 | -€38,366 | +€71 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,436 | -€38,366 | +€71 | +0.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.