COVICON: 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.
COVICON
Largest movements
- Stocks and contracts +€97,771
up €97,771 (+92.7%), from €105,459 to €203,230
of which Contracts in progress: +€94,171
- Receivables within one year -€41,677
down €41,677 (-18.9%), from €220,586 to €178,909
of which Other amounts receivable: -€132,525
- Tangible fixed assets +€35,344
up €35,344 (+51.4%), from €68,825 to €104,169
- Deferred charges and accrued income +€25,886
up €25,886 (+3,012%), from €859 to €26,745
- Advances received +€118,162
up €118,162 (+99.4%), from €118,831 to €236,993
- Accrued charges and deferred income -€24,404
down €24,404 (-100%), from €24,404 to €0
- Trade debts -€21,160
down €21,160 (-36.6%), from €57,742 to €36,582
- Other debts +€19,748
new in 2025: €19,748
- Reserves +€18,291
up €18,291 (+15.8%), from €115,506 to €133,797
- Staff costs +€72,600
up €72,600 (+59.0%), from €122,998 to €195,599
- Gross operating margin +€35,306
up €35,306 (+17.0%), from €207,787 to €243,093
- Taxes -€16,618
down €16,618 (-97.4%), from €17,066 to €448
- Depreciation +€6,379
up €6,379 (+29.2%), from €21,840 to €28,219
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 | €395,729 | €513,053 | +€117,324 | +29.6% |
| Fixed assets | 21/28 | €68,825 | €104,169 | +€35,344 | +51.4% |
| Tangible fixed assets | 22/27 | €68,825 | €104,169 | +€35,344 | +51.4% |
| Furniture and vehicles | 24 | €68,825 | €104,169 | +€35,344 | +51.4% |
| Current assets | 29/58 | €326,904 | €408,884 | +€81,980 | +25.1% |
| Stocks and contracts in progress | 3 | €105,459 | €203,230 | +€97,771 | +92.7% |
| Stocks | 30/36 | - | €3,600 | +€3,600 | |
| Contracts in progress | 37 | €105,459 | €199,630 | +€94,171 | +89.3% |
| Amounts receivable within one year | 40/41 | €220,586 | €178,909 | -€41,677 | -18.9% |
| Trade receivables | 40 | €73,352 | €164,200 | +€90,848 | +124% |
| Other amounts receivable | 41 | €147,234 | €14,709 | -€132,525 | -90.0% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €859 | €26,745 | +€25,886 | +3,012% |
| Total equity and liabilities | 10/49 | €395,729 | €513,053 | +€117,324 | +29.6% |
| Equity | 10/15 | €165,506 | €183,797 | +€18,291 | +11.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €115,506 | €133,797 | +€18,291 | +15.8% |
| Distributable reserves | 133 | €115,506 | €133,797 | +€18,291 | +15.8% |
| Amounts payable | 17/49 | €230,223 | €329,256 | +€99,033 | +43.0% |
| Amounts payable within one year | 42/48 | €205,820 | €329,256 | +€123,436 | +60.0% |
| Trade debts | 44 | €57,742 | €36,582 | -€21,160 | -36.6% |
| Suppliers | 440/4 | €57,742 | €36,582 | -€21,160 | -36.6% |
| Advances received on contracts in progress | 46 | €118,831 | €236,993 | +€118,162 | +99.4% |
| Taxes, remuneration and social security | 45 | €29,246 | €35,933 | +€6,686 | +22.9% |
| Taxes | 450/3 | €8,625 | €999 | -€7,626 | -88.4% |
| Remuneration and social security | 454/9 | €20,622 | €34,934 | +€14,313 | +69.4% |
| Other amounts payable | 47/48 | - | €19,748 | +€19,748 | |
| Accrued charges and deferred income | 492/3 | €24,404 | €0 | -€24,404 | -100% |
| Remuneration, social security and pensions | 62 | €122,998 | €195,599 | +€72,600 | +59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,840 | €28,219 | +€6,379 | +29.2% |
| Other operating charges | 640/8 | €613 | €1,204 | +€590 | +96.2% |
| Gross operating margin | 9900 | €207,787 | €243,093 | +€35,306 | +17.0% |
| Operating profit (loss) | 9901 | €62,335 | €18,072 | -€44,264 | -71.0% |
| Financial income | 75/76B | €1,739 | €1,061 | -€678 | -39.0% |
| Recurring financial income | 75 | €1,739 | €1,061 | -€678 | -39.0% |
| Financial charges | 65/66B | €288 | €393 | +€105 | +36.4% |
| Recurring financial charges | 65 | €288 | €393 | +€105 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €63,786 | €18,739 | -€45,046 | -70.6% |
| Income taxes | 67/77 | €17,066 | €448 | -€16,618 | -97.4% |
| Profit (loss) for the period | 9904 | €46,720 | €18,291 | -€28,429 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,720 | €18,291 | -€28,429 | -60.8% |
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 25 October 2026 via checked.be.