COVIBEL: 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.
COVIBEL
Largest movements
- Financial fixed assets +€2.3m
up €2.3m (+2,858%), from €80,000 to €2.4m
- Debts after one year +€2.0m
new in 2025: €2.0m
of which Other amounts payable: +€1.1m
- Current portion of long-term debt +€166,280
new in 2025: €166,280
- Trade debts +€53,421
up €53,421 (+7,751%), from €689 to €54,110
- Other debts +€47,212
up €47,212 (+55.3%), from €85,337 to €132,549
- Profit (loss) carried forward -€27,829
down €27,829 (-184%), from -€15,122 to -€42,951
- Financial income +€80,000
new in 2025: €80,000
- Gross operating margin -€53,611
down €53,611 (-1,963%), from -€2,730 to -€56,342
- Financial charges +€46,259
up €46,259 (+885%), from €5,228 to €51,487
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 | €90,795 | €2,369,950 | +€2.3m | +2,510% |
| Fixed assets | 21/28 | €80,000 | €2,366,389 | +€2.3m | +2,858% |
| Financial fixed assets | 28 | €80,000 | €2,366,389 | +€2.3m | +2,858% |
| Current assets | 29/58 | €10,795 | €3,561 | -€7,234 | -67.0% |
| Amounts receivable within one year | 40/41 | - | €1,500 | +€1,500 | |
| Other amounts receivable | 41 | - | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €10,795 | €2,061 | -€8,734 | -80.9% |
| Total equity and liabilities | 10/49 | €90,795 | €2,369,950 | +€2.3m | +2,510% |
| Equity | 10/15 | -€122 | -€27,951 | -€27,829 | -22,831% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,122 | -€42,951 | -€27,829 | -184% |
| Amounts payable | 17/49 | €90,916 | €2,397,900 | +€2.3m | +2,537% |
| Amounts payable after more than one year | 17 | - | €2,044,961 | +€2.0m | |
| Financial debts | 170/4 | - | €907,359 | +€907,359 | |
| Other amounts payable | 178/9 | - | €1,137,603 | +€1.1m | |
| Amounts payable within one year | 42/48 | €86,026 | €352,939 | +€266,912 | +310% |
| Current portion of amounts payable after more than one year | 42 | - | €166,280 | +€166,280 | |
| Trade debts | 44 | €689 | €54,110 | +€53,421 | +7,751% |
| Suppliers | 440/4 | €689 | €54,110 | +€53,421 | +7,751% |
| Other amounts payable | 47/48 | €85,337 | €132,549 | +€47,212 | +55.3% |
| Accrued charges and deferred income | 492/3 | €4,890 | €0 | -€4,890 | -100% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | -€2,730 | -€56,342 | -€53,611 | -1,963% |
| Operating profit (loss) | 9901 | -€2,730 | -€56,342 | -€53,611 | -1,963% |
| Financial income | 75/76B | - | €80,000 | +€80,000 | |
| Recurring financial income | 75 | - | €80,000 | +€80,000 | |
| Financial charges | 65/66B | €5,228 | €51,487 | +€46,259 | +885% |
| Recurring financial charges | 65 | €5,228 | €51,487 | +€46,259 | +885% |
| Profit (loss) for the period before taxes | 9903 | -€7,959 | -€27,829 | -€19,870 | -250% |
| Profit (loss) for the period | 9904 | -€7,959 | -€27,829 | -€19,870 | -250% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,959 | -€27,829 | -€19,870 | -250% |
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 26 October 2026 via checked.be.