COVIPA: 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.
COVIPA
Largest movements
- Cash +€77,762
up €77,762 (+102.3%), from €76,009 to €153,771
mainly Current investments (+€60,000) and Other debts (+€46,025)
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Tangible fixed assets -€11,873
down €11,873 (-54.4%), from €21,829 to €9,957
of which Land and buildings: -€8,871
- Receivables within one year +€5,908
up €5,908 (+485.7%), from €1,216 to €7,125
of which Trade receivables: +€5,964
- Other debts +€46,025
up €46,025 (+946.4%), from €4,863 to €50,888
- Reserves -€39,300
down €39,300 (-40.9%), from €96,000 to €56,700
of which Distributable reserves: -€39,300
- Tax, wage and social debts +€4,021
up €4,021 (+1682.2%), from €239 to €4,260
- Gross operating margin +€6,498
up €6,498 (+19.2%), from €33,814 to €40,311
- Depreciation -€2,360
down €2,360 (-16.6%), from €14,233 to €11,873
- Financial income -€1,497
down €1,497 (-79.0%), from €1,897 to €399
- Taxes +€677
up €677 (+83.8%), from €808 to €1,485
- Other operating charges +€579
up €579 (+4.5%), from €12,788 to €13,368
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 | €164,505 | €175,665 | +€11,161 | +6.8% |
| Fixed assets | 21/28 | €21,829 | €9,957 | -€11,873 | -54.4% |
| Tangible fixed assets | 22/27 | €21,829 | €9,957 | -€11,873 | -54.4% |
| Land and buildings | 22 | €16,789 | €7,918 | -€8,871 | -52.8% |
| Furniture and vehicles | 24 | €4,053 | €1,299 | -€2,755 | -68.0% |
| Other tangible fixed assets | 26 | €987 | €740 | -€247 | -25.1% |
| Current assets | 29/58 | €142,675 | €165,709 | +€23,033 | +16.1% |
| Amounts receivable within one year | 40/41 | €1,216 | €7,125 | +€5,908 | +485.7% |
| Trade receivables | 40 | €854 | €6,818 | +€5,964 | +698.8% |
| Other amounts receivable | 41 | €363 | €307 | -€56 | -15.4% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €76,009 | €153,771 | +€77,762 | +102.3% |
| Deferred charges and accrued income | 490/1 | €5,450 | €4,813 | -€637 | -11.7% |
| Total equity and liabilities | 10/49 | €164,505 | €175,665 | +€11,161 | +6.8% |
| Equity | 10/15 | €158,366 | €119,329 | -€39,038 | -24.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €96,000 | €56,700 | -€39,300 | -40.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €89,800 | €50,500 | -€39,300 | -43.8% |
| Profit (loss) carried forward | 14 | €366 | €629 | +€262 | +71.7% |
| Amounts payable | 17/49 | €6,139 | €56,337 | +€50,198 | +817.7% |
| Amounts payable within one year | 42/48 | €6,139 | €56,337 | +€50,198 | +817.7% |
| Financial debts | 43 | €258 | - | -€258 | |
| Credit institutions | 430/8 | €258 | - | -€258 | |
| Trade debts | 44 | €778 | €1,189 | +€411 | +52.8% |
| Suppliers | 440/4 | €778 | €1,189 | +€411 | +52.8% |
| Taxes, remuneration and social security | 45 | €239 | €4,260 | +€4,021 | +1682.2% |
| Taxes | 450/3 | €239 | €4,260 | +€4,021 | +1682.2% |
| Other amounts payable | 47/48 | €4,863 | €50,888 | +€46,025 | +946.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,233 | €11,873 | -€2,360 | -16.6% |
| Other operating charges | 640/8 | €12,788 | €13,368 | +€579 | +4.5% |
| Gross operating margin | 9900 | €33,814 | €40,311 | +€6,498 | +19.2% |
| Operating profit (loss) | 9901 | €6,793 | €15,071 | +€8,278 | +121.9% |
| Financial income | 75/76B | €1,897 | €399 | -€1,497 | -79.0% |
| Recurring financial income | 75 | €1,897 | €399 | -€1,497 | -79.0% |
| Financial charges | 65/66B | €490 | €523 | +€33 | +6.7% |
| Recurring financial charges | 65 | €490 | €523 | +€33 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €8,199 | €14,947 | +€6,748 | +82.3% |
| Income taxes | 67/77 | €808 | €1,485 | +€677 | +83.8% |
| Profit (loss) for the period | 9904 | €7,391 | €13,462 | +€6,071 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,391 | €13,462 | +€6,071 | +82.1% |
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 7 October 2026 via checked.be.