COVET: 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.
COVET
Largest movements
- Tangible fixed assets +€256,172
up €256,172 (+162%), from €157,721 to €413,893
of which Land and buildings: +€259,123
- Cash -€40,079
down €40,079 (-8.1%), from €496,880 to €456,801
mainly Investment in fixed assets (net) (-€272,606) and Receivables within one year (-€27,357)
- Receivables within one year +€27,357
up €27,357 (+230%), from €11,890 to €39,247
of which Trade receivables: +€27,125
- Stocks and contracts +€11,047
up €11,047 (+129%), from €8,555 to €19,602
- Profit (loss) carried forward +€245,669
up €245,669 (+52.1%), from €471,446 to €717,115
- Trade debts +€14,772
up €14,772 (+102%), from €14,517 to €29,289
of which Bills of exchange payable: +€23,953
- Debts after one year -€9,588
down €9,588 (-13.3%), from €72,040 to €62,452
- Gross operating margin +€11,420
up €11,420 (+3.0%), from €386,824 to €398,244
- Depreciation +€8,902
up €8,902 (+118%), from €7,532 to €16,434
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 | €676,385 | €930,946 | +€254,561 | +37.6% |
| Fixed assets | 21/28 | €158,084 | €414,256 | +€256,172 | +162% |
| Tangible fixed assets | 22/27 | €157,721 | €413,893 | +€256,172 | +162% |
| Land and buildings | 22 | €146,939 | €406,062 | +€259,123 | +176% |
| Plant, machinery and equipment | 23 | €9,870 | €6,225 | -€3,645 | -36.9% |
| Furniture and vehicles | 24 | €912 | €1,606 | +€694 | +76.1% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €518,301 | €516,690 | -€1,611 | -0.3% |
| Stocks and contracts in progress | 3 | €8,555 | €19,602 | +€11,047 | +129% |
| Stocks | 30/36 | €8,555 | €19,602 | +€11,047 | +129% |
| Amounts receivable within one year | 40/41 | €11,890 | €39,247 | +€27,357 | +230% |
| Trade receivables | 40 | €10,961 | €38,086 | +€27,125 | +247% |
| Other amounts receivable | 41 | €929 | €1,161 | +€232 | +25.0% |
| Cash at bank and in hand | 54/58 | €496,880 | €456,801 | -€40,079 | -8.1% |
| Deferred charges and accrued income | 490/1 | €976 | €1,040 | +€64 | +6.6% |
| Total equity and liabilities | 10/49 | €676,385 | €930,946 | +€254,561 | +37.6% |
| Equity | 10/15 | €473,946 | €719,615 | +€245,669 | +51.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €471,446 | €717,115 | +€245,669 | +52.1% |
| Amounts payable | 17/49 | €202,439 | €211,331 | +€8,892 | +4.4% |
| Amounts payable after more than one year | 17 | €72,040 | €62,452 | -€9,588 | -13.3% |
| Financial debts | 170/4 | €72,040 | €62,452 | -€9,588 | -13.3% |
| Amounts payable within one year | 42/48 | €130,399 | €148,879 | +€18,480 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €9,329 | €9,588 | +€259 | +2.8% |
| Trade debts | 44 | €14,517 | €29,289 | +€14,772 | +102% |
| Suppliers | 440/4 | €14,517 | €5,336 | -€9,181 | -63.2% |
| Bills of exchange payable | 441 | - | €23,953 | +€23,953 | |
| Taxes, remuneration and social security | 45 | €105,570 | €108,973 | +€3,403 | +3.2% |
| Taxes | 450/3 | €96,522 | €105,324 | +€8,802 | +9.1% |
| Remuneration and social security | 454/9 | €9,048 | €3,649 | -€5,399 | -59.7% |
| Other amounts payable | 47/48 | €983 | €1,029 | +€46 | +4.7% |
| Remuneration, social security and pensions | 62 | €64,155 | €64,170 | +€15 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,532 | €16,434 | +€8,902 | +118% |
| Other operating charges | 640/8 | €633 | €656 | +€23 | +3.6% |
| Gross operating margin | 9900 | €386,824 | €398,244 | +€11,420 | +3.0% |
| Operating profit (loss) | 9901 | €314,504 | €316,984 | +€2,480 | +0.8% |
| Financial income | 75/76B | €3,129 | €3,648 | +€519 | +16.6% |
| Recurring financial income | 75 | €3,129 | €3,648 | +€519 | +16.6% |
| Financial charges | 65/66B | €5,979 | €6,032 | +€53 | +0.9% |
| Recurring financial charges | 65 | €5,979 | €6,032 | +€53 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €311,654 | €314,600 | +€2,946 | +0.9% |
| Income taxes | 67/77 | €72,283 | €68,931 | -€3,352 | -4.6% |
| Profit (loss) for the period | 9904 | €239,371 | €245,669 | +€6,298 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €239,371 | €245,669 | +€6,298 | +2.6% |
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 18 October 2026 via checked.be.