COVESS: 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.
COVESS
Largest movements
- Receivables within one year -€485,094
down €485,094 (-84.2%), from €576,363 to €91,269
of which Trade receivables: -€478,419
- Deferred charges and accrued income -€253,917
down €253,917 (-12.6%), from €2.0m to €1.8m
- Tangible fixed assets -€202,033
down €202,033 (-54.2%), from €372,849 to €170,816
of which Plant, machinery and equipment: -€144,435
- Intangible fixed assets -€167,805
down €167,805 (-54.7%), from €306,870 to €139,065
- Current investments -€112,500
down €112,500 (-15.0%), from €750,000 to €637,500
- Profit (loss) carried forward -€987,334
down €987,334, from €50,504 to -€936,830
- Trade debts -€138,818
down €138,818 (-29.2%), from €474,740 to €335,922
- Other debts -€97,242
down €97,242 (-26.7%), from €363,947 to €266,705
- Gross operating margin -€2.3m
down €2.3m, from €2.2m to -€104,125
- Other operating charges +€341,908
up €341,908 (+18422.5%), from €1,856 to €343,764
- Staff costs -€123,858
down €123,858 (-51.5%), from €240,327 to €116,469
- Financial charges -€95,358
down €95,358 (-64.6%), from €147,539 to €52,181
- Depreciation -€51,409
down €51,409 (-12.1%), from €423,228 to €371,818
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 | €4,207,841 | €2,824,107 | -€1.4m | -32.9% |
| Fixed assets | 21/28 | €679,720 | €309,881 | -€369,838 | -54.4% |
| Intangible fixed assets | 21 | €306,870 | €139,065 | -€167,805 | -54.7% |
| Tangible fixed assets | 22/27 | €372,849 | €170,816 | -€202,033 | -54.2% |
| Land and buildings | 22 | €18,531 | €3,781 | -€14,750 | -79.6% |
| Plant, machinery and equipment | 23 | €225,707 | €81,273 | -€144,435 | -64.0% |
| Furniture and vehicles | 24 | €21,821 | €14,261 | -€7,560 | -34.6% |
| Other tangible fixed assets | 26 | €106,790 | €71,502 | -€35,288 | -33.0% |
| Current assets | 29/58 | €3,528,121 | €2,514,226 | -€1.0m | -28.7% |
| Amounts receivable after more than one year | 29 | €15,736 | €15,736 | = | 0.0% |
| Other amounts receivable | 291 | €15,736 | €15,736 | = | 0.0% |
| Stocks and contracts in progress | 3 | €89,662 | - | -€89,662 | |
| Stocks | 30/36 | €89,662 | - | -€89,662 | |
| Amounts receivable within one year | 40/41 | €576,363 | €91,269 | -€485,094 | -84.2% |
| Trade receivables | 40 | €553,670 | €75,251 | -€478,419 | -86.4% |
| Other amounts receivable | 41 | €22,693 | €16,018 | -€6,675 | -29.4% |
| Current investments | 50/53 | €750,000 | €637,500 | -€112,500 | -15.0% |
| Cash at bank and in hand | 54/58 | €87,048 | €14,326 | -€72,722 | -83.5% |
| Deferred charges and accrued income | 490/1 | €2,009,313 | €1,755,395 | -€253,917 | -12.6% |
| Total equity and liabilities | 10/49 | €4,207,841 | €2,824,107 | -€1.4m | -32.9% |
| Equity | 10/15 | €2,544,442 | €1,520,308 | -€1.0m | -40.2% |
| Contributions | 10/11 | €1,561,500 | €1,561,500 | = | 0.0% |
| Capital | 10 | €1,561,500 | €1,561,500 | = | 0.0% |
| Issued capital | 100 | €1,561,500 | €1,561,500 | = | 0.0% |
| Reserves | 13 | €895,638 | €895,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €792,132 | €679,632 | -€112,500 | -14.2% |
| Legal reserve | 130 | €42,132 | €42,132 | = | 0.0% |
| Own shares acquired | 1312 | €750,000 | €637,500 | -€112,500 | -15.0% |
| Distributable reserves | 133 | €103,506 | €216,006 | +€112,500 | +108.7% |
| Profit (loss) carried forward | 14 | €50,504 | -€936,830 | -€987,334 | |
| Investment grants | 15 | €36,800 | - | -€36,800 | |
| Amounts payable | 17/49 | €1,663,399 | €1,303,799 | -€359,600 | -21.6% |
| Amounts payable after more than one year | 17 | €631,903 | €597,903 | -€34,000 | -5.4% |
| Financial debts | 170/4 | €631,903 | €597,903 | -€34,000 | -5.4% |
| Amounts payable within one year | 42/48 | €1,031,496 | €704,858 | -€326,638 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €47,999 | €34,000 | -€13,999 | -29.2% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €474,740 | €335,922 | -€138,818 | -29.2% |
| Suppliers | 440/4 | €474,740 | €335,922 | -€138,818 | -29.2% |
| Advances received on contracts in progress | 46 | €40,000 | - | -€40,000 | |
| Taxes, remuneration and social security | 45 | €54,810 | €18,231 | -€36,579 | -66.7% |
| Taxes | 450/3 | €3,786 | €1,330 | -€2,457 | -64.9% |
| Remuneration and social security | 454/9 | €51,023 | €16,901 | -€34,122 | -66.9% |
| Other amounts payable | 47/48 | €363,947 | €266,705 | -€97,242 | -26.7% |
| Accrued charges and deferred income | 492/3 | - | €1,038 | +€1,038 | |
| Remuneration, social security and pensions | 62 | €240,327 | €116,469 | -€123,858 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €423,228 | €371,818 | -€51,409 | -12.1% |
| Other operating charges | 640/8 | €1,856 | €343,764 | +€341,908 | +18422.5% |
| Gross operating margin | 9900 | €2,207,775 | -€104,125 | -€2.3m | |
| Operating profit (loss) | 9901 | €1,542,364 | -€936,176 | -€2.5m | |
| Financial income | 75/76B | €4,190 | €953 | -€3,237 | -77.3% |
| Recurring financial income | 75 | €4,190 | €953 | -€3,237 | -77.3% |
| Financial charges | 65/66B | €147,539 | €52,181 | -€95,358 | -64.6% |
| Recurring financial charges | 65 | €147,539 | €52,181 | -€95,358 | -64.6% |
| Profit (loss) for the period before taxes | 9903 | €1,399,015 | -€987,404 | -€2.4m | |
| Income taxes | 67/77 | -€735 | -€70 | +€665 | +90.5% |
| Profit (loss) for the period | 9904 | €1,399,750 | -€987,334 | -€2.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,399,750 | -€987,334 | -€2.4m |
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 10 October 2026 via checked.be.