COVERTOIT: 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.
COVERTOIT
Largest movements
- Receivables within one year -€48,967
down €48,967 (-47.7%), from €102,719 to €53,751
of which Other amounts receivable: -€24,595
- Tangible fixed assets -€32,205
down €32,205 (-26.7%), from €120,706 to €88,501
of which Plant, machinery and equipment: -€18,759
- Stocks and contracts -€21,522
down €21,522 (-81.7%), from €26,332 to €4,810
- Cash -€9,661
down €9,661 (-16.1%), from €59,977 to €50,316
mainly Trade debts (-€41,680) and Contributions, distributions and other (-€30,000)
- Trade debts -€41,680
down €41,680 (-55.8%), from €74,659 to €32,979
- Current portion of long-term debt -€25,435
down €25,435 (-69.9%), from €36,374 to €10,939
- Other debts -€24,323
down €24,323 (-50.7%), from €47,973 to €23,650
- Debts after one year -€10,939
down €10,939 (-23.5%), from €46,491 to €35,552
- Tax, wage and social debts -€6,293
down €6,293 (-21.7%), from €28,946 to €22,653
of which Remuneration and social security: -€6,810
- Staff costs -€38,652
down €38,652 (-96.2%), from €40,165 to €1,513
- Gross operating margin -€23,384
down €23,384 (-25.7%), from €91,079 to €67,696
- Depreciation -€14,047
down €14,047 (-37.4%), from €37,567 to €23,520
- Taxes +€5,862
up €5,862 (+1,104%), from €531 to €6,392
- Other operating charges -€5,771
down €5,771 (-53.8%), from €10,720 to €4,949
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 | €324,178 | €210,997 | -€113,181 | -34.9% |
| Fixed assets | 21/28 | €122,106 | €89,901 | -€32,205 | -26.4% |
| Tangible fixed assets | 22/27 | €120,706 | €88,501 | -€32,205 | -26.7% |
| Land and buildings | 22 | €81,265 | €81,265 | = | 0.0% |
| Plant, machinery and equipment | 23 | €20,100 | €1,341 | -€18,759 | -93.3% |
| Furniture and vehicles | 24 | €19,340 | €5,895 | -€13,446 | -69.5% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €202,072 | €121,096 | -€80,976 | -40.1% |
| Stocks and contracts in progress | 3 | €26,332 | €4,810 | -€21,522 | -81.7% |
| Stocks | 30/36 | €26,332 | €4,810 | -€21,522 | -81.7% |
| Amounts receivable within one year | 40/41 | €102,719 | €53,751 | -€48,967 | -47.7% |
| Trade receivables | 40 | €73,985 | €49,613 | -€24,373 | -32.9% |
| Other amounts receivable | 41 | €28,734 | €4,139 | -€24,595 | -85.6% |
| Cash at bank and in hand | 54/58 | €59,977 | €50,316 | -€9,661 | -16.1% |
| Deferred charges and accrued income | 490/1 | €13,044 | €12,218 | -€826 | -6.3% |
| Total equity and liabilities | 10/49 | €324,178 | €210,997 | -€113,181 | -34.9% |
| Equity | 10/15 | €89,736 | €85,224 | -€4,512 | -5.0% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,479 | €2,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,468 | €57,956 | -€4,512 | -7.2% |
| Amounts payable | 17/49 | €234,442 | €125,773 | -€108,669 | -46.4% |
| Amounts payable after more than one year | 17 | €46,491 | €35,552 | -€10,939 | -23.5% |
| Financial debts | 170/4 | €46,491 | €35,552 | -€10,939 | -23.5% |
| Amounts payable within one year | 42/48 | €187,951 | €90,221 | -€97,730 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €36,374 | €10,939 | -€25,435 | -69.9% |
| Trade debts | 44 | €74,659 | €32,979 | -€41,680 | -55.8% |
| Suppliers | 440/4 | €74,659 | €32,979 | -€41,680 | -55.8% |
| Taxes, remuneration and social security | 45 | €28,946 | €22,653 | -€6,293 | -21.7% |
| Taxes | 450/3 | €22,136 | €22,653 | +€517 | +2.3% |
| Remuneration and social security | 454/9 | €6,810 | €0 | -€6,810 | -100% |
| Other amounts payable | 47/48 | €47,973 | €23,650 | -€24,323 | -50.7% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €40,165 | €1,513 | -€38,652 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,567 | €23,520 | -€14,047 | -37.4% |
| Other operating charges | 640/8 | €10,720 | €4,949 | -€5,771 | -53.8% |
| Gross operating margin | 9900 | €91,079 | €67,696 | -€23,384 | -25.7% |
| Operating profit (loss) | 9901 | €2,627 | €37,713 | +€35,086 | +1,336% |
| Financial income | 75/76B | €173 | €38 | -€136 | -78.3% |
| Recurring financial income | 75 | €173 | €38 | -€136 | -78.3% |
| Financial charges | 65/66B | €3,168 | €5,870 | +€2,702 | +85.3% |
| Recurring financial charges | 65 | €3,168 | €5,870 | +€2,702 | +85.3% |
| Profit (loss) for the period before taxes | 9903 | -€368 | €31,881 | +€32,248 | |
| Income taxes | 67/77 | €531 | €6,392 | +€5,862 | +1,104% |
| Profit (loss) for the period | 9904 | -€898 | €25,488 | +€26,387 | |
| Profit (loss) for the period to be appropriated | 9905 | -€898 | €25,488 | +€26,387 |
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 23 October 2026 via checked.be.