COVINDIS: what changed
Two fiscal 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.
COVINDIS
Largest movements
- Cash -€122,312
down €122,312 (-64.7%), from €189,040 to €66,728
mainly Trade debts (-€108,222) and Debts after one year (-€42,494)
- Tangible fixed assets -€41,928
down €41,928 (-13.1%), from €318,957 to €277,029
of which Plant, machinery and equipment: -€22,969
- Stocks and contracts +€16,180
up €16,180 (+5.6%), from €291,529 to €307,709
- Receivables within one year +€14,927
up €14,927 (+231.8%), from €6,438 to €21,366
of which Trade receivables: +€12,730
- Trade debts -€108,222
down €108,222 (-28.9%), from €375,055 to €266,833
- Debts after one year -€42,494
down €42,494 (-6.3%), from €674,064 to €631,570
- Other debts +€35,000
up €35,000 (+11.7%), from €300,000 to €335,000
- Profit (loss) carried forward -€16,904
down €16,904 (-2.6%), from -€658,482 to -€675,386
- Gross operating margin +€213,982
up €213,982 (+244.6%), from €87,490 to €301,471
- Staff costs -€6,768
down €6,768 (-3.0%), from €229,335 to €222,566
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 | €807,306 | €680,031 | -€127,275 | -15.8% |
| Fixed assets | 21/28 | €319,072 | €277,144 | -€41,928 | -13.1% |
| Tangible fixed assets | 22/27 | €318,957 | €277,029 | -€41,928 | -13.1% |
| Plant, machinery and equipment | 23 | €143,943 | €120,975 | -€22,969 | -16.0% |
| Other tangible fixed assets | 26 | €175,014 | €156,054 | -€18,959 | -10.8% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €488,234 | €402,887 | -€85,346 | -17.5% |
| Stocks and contracts in progress | 3 | €291,529 | €307,709 | +€16,180 | +5.6% |
| Stocks | 30/36 | €291,529 | €307,709 | +€16,180 | +5.6% |
| Amounts receivable within one year | 40/41 | €6,438 | €21,366 | +€14,927 | +231.8% |
| Trade receivables | 40 | €6,438 | €19,168 | +€12,730 | +197.7% |
| Other amounts receivable | 41 | - | €2,197 | +€2,197 | |
| Cash at bank and in hand | 54/58 | €189,040 | €66,728 | -€122,312 | -64.7% |
| Deferred charges and accrued income | 490/1 | €1,226 | €7,084 | +€5,858 | +477.7% |
| Total equity and liabilities | 10/49 | €807,306 | €680,031 | -€127,275 | -15.8% |
| Equity | 10/15 | -€626,482 | -€643,386 | -€16,904 | -2.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€658,482 | -€675,386 | -€16,904 | -2.6% |
| Amounts payable | 17/49 | €1,433,788 | €1,323,417 | -€110,370 | -7.7% |
| Amounts payable after more than one year | 17 | €674,064 | €631,570 | -€42,494 | -6.3% |
| Financial debts | 170/4 | €674,064 | €631,570 | -€42,494 | -6.3% |
| Amounts payable within one year | 42/48 | €745,799 | €678,457 | -€67,342 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €41,327 | €42,494 | +€1,167 | +2.8% |
| Trade debts | 44 | €375,055 | €266,833 | -€108,222 | -28.9% |
| Suppliers | 440/4 | €375,055 | €266,833 | -€108,222 | -28.9% |
| Taxes, remuneration and social security | 45 | €29,417 | €34,130 | +€4,713 | +16.0% |
| Taxes | 450/3 | €3,168 | €158 | -€3,010 | -95.0% |
| Remuneration and social security | 454/9 | €26,249 | €33,972 | +€7,723 | +29.4% |
| Other amounts payable | 47/48 | €300,000 | €335,000 | +€35,000 | +11.7% |
| Accrued charges and deferred income | 492/3 | €13,925 | €13,390 | -€535 | -3.8% |
| Remuneration, social security and pensions | 62 | €229,335 | €222,566 | -€6,768 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,949 | €58,908 | -€1,040 | -1.7% |
| Other operating charges | 640/8 | €19,081 | €19,464 | +€383 | +2.0% |
| Gross operating margin | 9900 | €87,490 | €301,471 | +€213,982 | +244.6% |
| Operating profit (loss) | 9901 | -€220,875 | €532 | +€221,407 | |
| Financial income | 75/76B | €749 | €529 | -€220 | -29.4% |
| Recurring financial income | 75 | €749 | €529 | -€220 | -29.4% |
| Financial charges | 65/66B | €20,564 | €17,906 | -€2,658 | -12.9% |
| Recurring financial charges | 65 | €20,564 | €17,906 | -€2,658 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€240,690 | -€16,845 | +€223,845 | +93.0% |
| Income taxes | 67/77 | - | €59 | +€59 | |
| Profit (loss) for the period | 9904 | -€240,690 | -€16,904 | +€223,786 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€240,690 | -€16,904 | +€223,786 | +93.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.