COVITIN: 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.
COVITIN
Largest movements
- Stocks and contracts +€2.7m
up €2.7m (+24.2%), from €11.0m to €13.7m
- Cash -€837,808
down €837,808 (-90.0%), from €931,049 to €93,240
mainly Stocks and contracts (-€2.7m) and Other debts (-€327,987)
- Receivables within one year -€485,486
down €485,486 (-65.4%), from €742,091 to €256,605
of which Trade receivables: -€310,139
- Financial fixed assets +€197,000
up €197,000 (+10,423%), from €1,890 to €198,890
- Advances received +€1.4m
up €1.4m (+61.5%), from €2.3m to €3.8m
- Short-term financial debts +€700,000
new in 2025: €700,000
- Other debts -€327,987
down €327,987 (-4.1%), from €8.0m to €7.7m
- Tax, wage and social debts -€159,016
down €159,016 (-75.4%), from €210,877 to €51,860
of which Taxes: -€167,994
- Reserves -€157,377
down €157,377 (-7.7%), from €2.0m to €1.9m
- Gross operating margin -€1.2m
down €1.2m (-97.9%), from €1.2m to €26,410
- Taxes -€291,161
down €291,161 (-99.8%), from €291,661 to €501
- Staff costs +€38,929
new in 2025: €38,929
- Depreciation +€13,460
up €13,460 (+15.7%), from €85,869 to €99,330
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 | €14,064,490 | €15,518,416 | +€1.5m | +10.3% |
| Fixed assets | 21/28 | €1,305,428 | €1,412,058 | +€106,631 | +8.2% |
| Tangible fixed assets | 22/27 | €1,303,538 | €1,213,168 | -€90,369 | -6.9% |
| Land and buildings | 22 | €1,176,150 | €1,124,819 | -€51,331 | -4.4% |
| Furniture and vehicles | 24 | €24,141 | €20,312 | -€3,829 | -15.9% |
| Leasing and similar rights | 25 | €99,768 | €65,315 | -€34,453 | -34.5% |
| Other tangible fixed assets | 26 | €3,478 | €2,722 | -€756 | -21.7% |
| Financial fixed assets | 28 | €1,890 | €198,890 | +€197,000 | +10,423% |
| Current assets | 29/58 | €12,759,062 | €14,106,358 | +€1.3m | +10.6% |
| Stocks and contracts in progress | 3 | €11,035,648 | €13,706,668 | +€2.7m | +24.2% |
| Stocks | 30/36 | €11,035,648 | €13,706,668 | +€2.7m | +24.2% |
| Amounts receivable within one year | 40/41 | €742,091 | €256,605 | -€485,486 | -65.4% |
| Trade receivables | 40 | €504,752 | €194,613 | -€310,139 | -61.4% |
| Other amounts receivable | 41 | €237,339 | €61,992 | -€175,347 | -73.9% |
| Cash at bank and in hand | 54/58 | €931,049 | €93,240 | -€837,808 | -90.0% |
| Deferred charges and accrued income | 490/1 | €50,274 | €49,845 | -€430 | -0.9% |
| Total equity and liabilities | 10/49 | €14,064,490 | €15,518,416 | +€1.5m | +10.3% |
| Equity | 10/15 | €2,254,774 | €2,097,397 | -€157,377 | -7.0% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Reserves | 13 | €2,044,774 | €1,887,397 | -€157,377 | -7.7% |
| Distributable reserves | 133 | €2,044,774 | €1,887,397 | -€157,377 | -7.7% |
| Amounts payable | 17/49 | €11,809,716 | €13,421,020 | +€1.6m | +13.6% |
| Amounts payable after more than one year | 17 | €65,754 | €57,806 | -€7,948 | -12.1% |
| Financial debts | 170/4 | €65,754 | €57,806 | -€7,948 | -12.1% |
| Amounts payable within one year | 42/48 | €11,743,662 | €13,363,182 | +€1.6m | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €69,849 | €46,350 | -€23,499 | -33.6% |
| Financial debts | 43 | - | €700,000 | +€700,000 | |
| Credit institutions | 430/8 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €1,098,159 | €1,083,928 | -€14,231 | -1.3% |
| Suppliers | 440/4 | €1,098,159 | €1,083,928 | -€14,231 | -1.3% |
| Advances received on contracts in progress | 46 | €2,347,071 | €3,791,324 | +€1.4m | +61.5% |
| Taxes, remuneration and social security | 45 | €210,877 | €51,860 | -€159,016 | -75.4% |
| Taxes | 450/3 | €210,877 | €42,883 | -€167,994 | -79.7% |
| Remuneration and social security | 454/9 | - | €8,978 | +€8,978 | |
| Other amounts payable | 47/48 | €8,017,706 | €7,689,720 | -€327,987 | -4.1% |
| Accrued charges and deferred income | 492/3 | €299 | €31 | -€268 | -89.7% |
| Remuneration, social security and pensions | 62 | - | €38,929 | +€38,929 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,869 | €99,330 | +€13,460 | +15.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,658 | +€9,658 | |
| Other operating charges | 640/8 | €14,985 | €14,936 | -€49 | -0.3% |
| Gross operating margin | 9900 | €1,239,687 | €26,410 | -€1.2m | -97.9% |
| Operating profit (loss) | 9901 | €1,138,832 | -€136,443 | -€1.3m | |
| Financial income | 75/76B | €1,196 | €4 | -€1,192 | -99.7% |
| Recurring financial income | 75 | €1,196 | €4 | -€1,192 | -99.7% |
| Financial charges | 65/66B | €18,110 | €20,438 | +€2,328 | +12.9% |
| Recurring financial charges | 65 | €18,110 | €20,438 | +€2,328 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €1,121,918 | -€156,877 | -€1.3m | |
| Income taxes | 67/77 | €291,661 | €501 | -€291,161 | -99.8% |
| Profit (loss) for the period | 9904 | €830,256 | -€157,377 | -€987,634 | |
| Profit (loss) for the period to be appropriated | 9905 | €830,256 | -€157,377 | -€987,634 |
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 17 October 2026 via checked.be.