Covered Bond Label: 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.
Covered Bond Label
Largest movements
- Cash +€248,905
up €248,905 (+11.0%), from €2.3m to €2.5m
mainly Net result for the year (+€197,334) and Accrued charges and deferred income (+€61,000)
- Receivables within one year +€67,795
up €67,795 (+22.6%), from €300,195 to €367,990
of which Trade receivables: +€65,483
- Profit (loss) carried forward +€197,334
up €197,334 (+11.8%), from €1.7m to €1.9m
- Accrued charges and deferred income +€61,000
new in 2025: €61,000
- Trade debts +€43,321
up €43,321 (+4.8%), from €902,265 to €945,586
- Gross operating margin +€133,222
up €133,222 (+566%), from €23,539 to €156,761
- Financial income +€37,905
up €37,905 (+297%), from €12,773 to €50,677
- Other operating charges -€8,532
down €8,532 (-48.8%), from €17,490 to €8,958
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 | €2,577,903 | €2,879,945 | +€302,042 | +11.7% |
| Current assets | 29/58 | €2,577,903 | €2,879,945 | +€302,042 | +11.7% |
| Amounts receivable within one year | 40/41 | €300,195 | €367,990 | +€67,795 | +22.6% |
| Trade receivables | 40 | €293,565 | €359,048 | +€65,483 | +22.3% |
| Other amounts receivable | 41 | €6,630 | €8,942 | +€2,312 | +34.9% |
| Cash at bank and in hand | 54/58 | €2,261,403 | €2,510,308 | +€248,905 | +11.0% |
| Deferred charges and accrued income | 490/1 | €16,305 | €1,647 | -€14,658 | -89.9% |
| Total equity and liabilities | 10/49 | €2,577,903 | €2,879,945 | +€302,042 | +11.7% |
| Equity | 10/15 | €1,667,068 | €1,864,401 | +€197,334 | +11.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Capital | 10 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,666,568 | €1,863,901 | +€197,334 | +11.8% |
| Amounts payable | 17/49 | €910,836 | €1,015,544 | +€104,708 | +11.5% |
| Amounts payable within one year | 42/48 | €910,836 | €954,544 | +€43,708 | +4.8% |
| Trade debts | 44 | €902,265 | €945,586 | +€43,321 | +4.8% |
| Suppliers | 440/4 | €902,265 | €945,586 | +€43,321 | +4.8% |
| Taxes, remuneration and social security | 45 | €8,571 | €8,958 | +€387 | +4.5% |
| Taxes | 450/3 | €8,571 | €8,958 | +€387 | +4.5% |
| Accrued charges and deferred income | 492/3 | - | €61,000 | +€61,000 | |
| Other operating charges | 640/8 | €17,490 | €8,958 | -€8,532 | -48.8% |
| Gross operating margin | 9900 | €23,539 | €156,761 | +€133,222 | +566% |
| Operating profit (loss) | 9901 | €6,049 | €147,803 | +€141,753 | +2,343% |
| Financial income | 75/76B | €12,773 | €50,677 | +€37,905 | +297% |
| Recurring financial income | 75 | €12,773 | €50,677 | +€37,905 | +297% |
| Financial charges | 65/66B | €1,073 | €1,146 | +€73 | +6.8% |
| Recurring financial charges | 65 | €1,073 | €1,146 | +€73 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €17,749 | €197,334 | +€179,585 | +1,012% |
| Profit (loss) for the period | 9904 | €17,749 | €197,334 | +€179,585 | +1,012% |
| Profit (loss) for the period to be appropriated | 9905 | €17,749 | €197,334 | +€179,585 | +1,012% |
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 20 October 2026 via checked.be.