COVERS TM: 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.
COVERS TM
Largest movements
- Receivables within one year +€52,407
up €52,407 (+46.4%), from €113,034 to €165,441
of which Other amounts receivable: +€43,850
- Cash -€35,037
down €35,037 (-81.7%), from €42,886 to €7,849
mainly Receivables within one year (-€52,407) and Investment in fixed assets (net) (-€22,463)
- Intangible fixed assets +€5,225
up €5,225 (+11.0%), from €47,504 to €52,729
- Stocks and contracts +€3,580
up €3,580 (+4.6%), from €77,391 to €80,971
- Tax, wage and social debts +€33,025
up €33,025 (+2814.9%), from €1,173 to €34,198
- Profit (loss) carried forward -€10,275
down €10,275 (-3.1%), from -€331,437 to -€341,712
- Trade debts +€6,578
up €6,578 (+10.7%), from €61,322 to €67,900
- Gross operating margin +€48,646
up €48,646, from -€34,059 to €14,587
- Write-downs -€2,840
no longer reported in 2025 (was €2,840)
- Financial charges +€912
up €912 (+11.8%), from €7,740 to €8,652
- Depreciation -€798
down €798 (-5.1%), from €15,773 to €14,975
- Taxes +€620
up €620, from -€331 to €289
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 | €285,296 | €314,348 | +€29,053 | +10.2% |
| Fixed assets | 21/28 | €50,703 | €58,191 | +€7,488 | +14.8% |
| Intangible fixed assets | 21 | €47,504 | €52,729 | +€5,225 | +11.0% |
| Tangible fixed assets | 22/27 | €3,199 | €5,462 | +€2,263 | +70.8% |
| Furniture and vehicles | 24 | €3,199 | €5,462 | +€2,263 | +70.8% |
| Current assets | 29/58 | €234,593 | €256,157 | +€21,564 | +9.2% |
| Stocks and contracts in progress | 3 | €77,391 | €80,971 | +€3,580 | +4.6% |
| Stocks | 30/36 | €77,391 | €80,971 | +€3,580 | +4.6% |
| Amounts receivable within one year | 40/41 | €113,034 | €165,441 | +€52,407 | +46.4% |
| Trade receivables | 40 | €59,979 | €68,536 | +€8,557 | +14.3% |
| Other amounts receivable | 41 | €53,055 | €96,905 | +€43,850 | +82.7% |
| Cash at bank and in hand | 54/58 | €42,886 | €7,849 | -€35,037 | -81.7% |
| Deferred charges and accrued income | 490/1 | €1,282 | €1,896 | +€614 | +47.9% |
| Total equity and liabilities | 10/49 | €285,296 | €314,348 | +€29,053 | +10.2% |
| Equity | 10/15 | €18,558 | €8,283 | -€10,275 | -55.4% |
| Contributions | 10/11 | €349,995 | €349,995 | = | 0.0% |
| Capital | 10 | €349,995 | €349,995 | = | 0.0% |
| Issued capital | 100 | €349,995 | €349,995 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€331,437 | -€341,712 | -€10,275 | -3.1% |
| Amounts payable | 17/49 | €266,738 | €306,065 | +€39,328 | +14.7% |
| Amounts payable after more than one year | 17 | €203,150 | €203,150 | = | 0.0% |
| Financial debts | 170/4 | €185,000 | €185,000 | = | 0.0% |
| Trade debts | 175 | €18,150 | €18,150 | = | 0.0% |
| Amounts payable within one year | 42/48 | €62,495 | €102,098 | +€39,603 | +63.4% |
| Trade debts | 44 | €61,322 | €67,900 | +€6,578 | +10.7% |
| Suppliers | 440/4 | €61,322 | €67,900 | +€6,578 | +10.7% |
| Taxes, remuneration and social security | 45 | €1,173 | €34,198 | +€33,025 | +2814.9% |
| Taxes | 450/3 | €1,173 | €34,198 | +€33,025 | +2814.9% |
| Accrued charges and deferred income | 492/3 | €1,092 | €817 | -€275 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,773 | €14,975 | -€798 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,840 | - | -€2,840 | |
| Other operating charges | 640/8 | €1,337 | €947 | -€390 | -29.2% |
| Gross operating margin | 9900 | -€34,059 | €14,587 | +€48,646 | |
| Operating profit (loss) | 9901 | -€54,009 | -€1,335 | +€52,674 | +97.5% |
| Financial income | 75/76B | €35 | €0 | -€35 | -99.7% |
| Recurring financial income | 75 | €35 | €0 | -€35 | -99.7% |
| Financial charges | 65/66B | €7,740 | €8,652 | +€912 | +11.8% |
| Recurring financial charges | 65 | €7,740 | €8,652 | +€912 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€61,714 | -€9,986 | +€51,727 | +83.8% |
| Income taxes | 67/77 | -€331 | €289 | +€620 | |
| Profit (loss) for the period | 9904 | -€61,383 | -€10,275 | +€51,108 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,383 | -€10,275 | +€51,108 | +83.3% |
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 9 October 2026 via checked.be.