COVEST: 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.
COVEST
Largest movements
- Financial fixed assets +€709,252
up €709,252 (+118.5%), from €598,467 to €1.3m
- Receivables within one year -€323,501
down €323,501 (-28.9%), from €1.1m to €794,556
of which Trade receivables: -€226,183
- Cash +€143,248
up €143,248 (+2262.4%), from €6,332 to €149,580
mainly Other debts (+€860,421) and Receivables within one year (+€323,501)
- Other debts +€860,421
up €860,421 (+67.7%), from €1.3m to €2.1m
- Short-term financial debts -€412,500
down €412,500 (-55.2%), from €746,750 to €334,250
- Revaluation surpluses +€231,197
new in 2025: €231,197
- Profit (loss) carried forward -€66,306
down €66,306 (-57.2%), from -€115,939 to -€182,245
- Debts after one year -€49,355
down €49,355 (-30.2%), from €163,468 to €114,113
- Purchases and services +€741,666
new in 2025: €741,666
- Turnover +€636,380
new in 2025: €636,380
- Financial income +€73,173
up €73,173 (+1445.7%), from €5,061 to €78,234
- Gross operating margin -€40,095
down €40,095 (-95.8%), from -€41,868 to -€81,963
- Financial charges -€34,095
down €34,095 (-53.4%), from €63,898 to €29,803
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 | €2,400,010 | €2,938,775 | +€538,765 | +22.4% |
| Fixed assets | 21/28 | €630,601 | €1,341,952 | +€711,351 | +112.8% |
| Tangible fixed assets | 22/27 | €32,134 | €34,233 | +€2,099 | +6.5% |
| Plant, machinery and equipment | 23 | €4,678 | €3,221 | -€1,457 | -31.1% |
| Furniture and vehicles | 24 | €19,254 | €23,850 | +€4,596 | +23.9% |
| Other tangible fixed assets | 26 | €8,202 | €7,162 | -€1,040 | -12.7% |
| Financial fixed assets | 28 | €598,467 | €1,307,719 | +€709,252 | +118.5% |
| Current assets | 29/58 | €1,769,409 | €1,596,823 | -€172,586 | -9.8% |
| Stocks and contracts in progress | 3 | €491,367 | €491,367 | +€0 | 0.0% |
| Stocks | 30/36 | €491,367 | €491,367 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €1,118,057 | €794,556 | -€323,501 | -28.9% |
| Trade receivables | 40 | €698,763 | €472,580 | -€226,183 | -32.4% |
| Other amounts receivable | 41 | €419,294 | €321,976 | -€97,318 | -23.2% |
| Cash at bank and in hand | 54/58 | €6,332 | €149,580 | +€143,248 | +2262.4% |
| Deferred charges and accrued income | 490/1 | €153,653 | €161,320 | +€7,667 | +5.0% |
| Total equity and liabilities | 10/49 | €2,400,010 | €2,938,775 | +€538,765 | +22.4% |
| Equity | 10/15 | -€34,533 | €130,359 | +€164,892 | |
| Contributions | 10/11 | €65,700 | €65,700 | = | 0.0% |
| Capital | 10 | €65,700 | €65,700 | = | 0.0% |
| Issued capital | 100 | €65,700 | €65,700 | = | 0.0% |
| Revaluation surpluses | 12 | - | €231,197 | +€231,197 | |
| Reserves | 13 | €15,707 | €15,707 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €6,570 | €6,570 | = | 0.0% |
| Legal reserve | 130 | €6,570 | €6,570 | = | 0.0% |
| Distributable reserves | 133 | €9,137 | €9,137 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€115,939 | -€182,245 | -€66,306 | -57.2% |
| Amounts payable | 17/49 | €2,434,543 | €2,808,416 | +€373,873 | +15.4% |
| Amounts payable after more than one year | 17 | €163,468 | €114,113 | -€49,355 | -30.2% |
| Financial debts | 170/4 | €163,468 | €114,113 | -€49,355 | -30.2% |
| Amounts payable within one year | 42/48 | €2,265,284 | €2,682,334 | +€417,050 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €66,495 | €49,355 | -€17,140 | -25.8% |
| Financial debts | 43 | €746,750 | €334,250 | -€412,500 | -55.2% |
| Credit institutions | 430/8 | €746,750 | €334,250 | -€412,500 | -55.2% |
| Trade debts | 44 | €101,796 | €88,065 | -€13,731 | -13.5% |
| Suppliers | 440/4 | €101,796 | €88,065 | -€13,731 | -13.5% |
| Taxes, remuneration and social security | 45 | €78,929 | €78,929 | +€0 | 0.0% |
| Taxes | 450/3 | €78,929 | €78,929 | +€0 | 0.0% |
| Other amounts payable | 47/48 | €1,271,314 | €2,131,735 | +€860,421 | +67.7% |
| Accrued charges and deferred income | 492/3 | €5,790 | €11,969 | +€6,179 | +106.7% |
| Turnover | 70 | - | €636,380 | +€636,380 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €741,666 | +€741,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,035 | €22,939 | +€904 | +4.1% |
| Other operating charges | 640/8 | €19,168 | €4,315 | -€14,853 | -77.5% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | -€41,868 | -€81,963 | -€40,095 | -95.8% |
| Operating profit (loss) | 9901 | -€83,071 | -€114,217 | -€31,146 | -37.5% |
| Financial income | 75/76B | €5,061 | €78,234 | +€73,173 | +1445.7% |
| Recurring financial income | 75 | €5,061 | €78,234 | +€73,173 | +1445.7% |
| Financial charges | 65/66B | €63,898 | €29,803 | -€34,095 | -53.4% |
| Recurring financial charges | 65 | €63,898 | €29,803 | -€34,095 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | -€141,908 | -€65,786 | +€76,122 | +53.6% |
| Income taxes | 67/77 | €605 | €519 | -€86 | -14.3% |
| Profit (loss) for the period | 9904 | -€142,513 | -€66,305 | +€76,208 | +53.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€142,513 | -€66,305 | +€76,208 | +53.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.