COVR: 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.
COVR
Largest movements
- Financial fixed assets +€852,834
up €852,834 (+1,846%), from €46,200 to €899,034
- Receivables after one year -€852,834
down €852,834 (-100%), from €852,834 to €0
- Intangible fixed assets +€82,854
new in 2025: €82,854
- Deferred charges and accrued income +€32,524
up €32,524 (+94.9%), from €34,282 to €66,806
- Cash +€32,450
up €32,450 (+53.1%), from €61,058 to €93,508
mainly Receivables after one year (+€852,834) and Net result for the year (+€236,759)
- Profit (loss) carried forward +€169,594
up €169,594 (+31.9%), from €531,091 to €700,685
- Accrued charges and deferred income -€156,588
down €156,588 (-82.1%), from €190,718 to €34,130
- Contributions +€124,492
up €124,492 (+36.7%), from €338,962 to €463,453
- Trade debts -€94,110
down €94,110 (-43.4%), from €216,793 to €122,683
- Tax, wage and social debts +€88,616
up €88,616 (+227%), from €39,048 to €127,665
of which Remuneration and social security: +€52,656
- Staff costs +€343,670
up €343,670 (+225%), from €152,962 to €496,632
- Depreciation +€87,829
up €87,829 (+179%), from €49,166 to €136,995
- Taxes -€83,853
down €83,853 (-48.8%), from €171,864 to €88,011
- Financial income +€30,554
up €30,554 (+53.5%), from €57,138 to €87,691
of which Financial income: +€30,554
- Gross operating margin -€30,469
down €30,469 (-3.3%), from €912,847 to €882,378
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 | €2,843,889 | €3,012,940 | +€169,052 | +5.9% |
| Fixed assets | 21/28 | €114,985 | €1,043,162 | +€928,177 | +807% |
| Intangible fixed assets | 21 | - | €82,854 | +€82,854 | |
| Tangible fixed assets | 22/27 | €68,785 | €61,275 | -€7,510 | -10.9% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €68,785 | €54,763 | -€14,022 | -20.4% |
| Furniture and vehicles | 24 | - | €6,511 | +€6,511 | |
| Financial fixed assets | 28 | €46,200 | €899,034 | +€852,834 | +1,846% |
| Current assets | 29/58 | €2,728,904 | €1,969,778 | -€759,126 | -27.8% |
| Amounts receivable after more than one year | 29 | €852,834 | €0 | -€852,834 | -100% |
| Other amounts receivable | 291 | €852,834 | €0 | -€852,834 | -100% |
| Amounts receivable within one year | 40/41 | €1,780,731 | €1,809,465 | +€28,734 | +1.6% |
| Trade receivables | 40 | €105,976 | €267,035 | +€161,059 | +152% |
| Other amounts receivable | 41 | €1,674,755 | €1,542,430 | -€132,325 | -7.9% |
| Cash at bank and in hand | 54/58 | €61,058 | €93,508 | +€32,450 | +53.1% |
| Deferred charges and accrued income | 490/1 | €34,282 | €66,806 | +€32,524 | +94.9% |
| Total equity and liabilities | 10/49 | €2,843,889 | €3,012,940 | +€169,052 | +5.9% |
| Equity | 10/15 | €2,337,904 | €2,699,155 | +€361,251 | +15.5% |
| Contributions | 10/11 | €338,962 | €463,453 | +€124,492 | +36.7% |
| Reserves | 13 | €1,467,851 | €1,535,016 | +€67,164 | +4.6% |
| Tax-exempt reserves | 132 | €257,393 | €324,557 | +€67,164 | +26.1% |
| Distributable reserves | 133 | €1,210,459 | €1,210,459 | = | 0.0% |
| Profit (loss) carried forward | 14 | €531,091 | €700,685 | +€169,594 | +31.9% |
| Provisions and deferred taxes | 16 | €14,986 | €9,308 | -€5,679 | -37.9% |
| Deferred taxes | 168 | €14,986 | €9,308 | -€5,679 | -37.9% |
| Amounts payable | 17/49 | €490,999 | €304,478 | -€186,520 | -38.0% |
| Amounts payable within one year | 42/48 | €300,281 | €270,348 | -€29,933 | -10.0% |
| Financial debts | 43 | €44,127 | €0 | -€44,127 | -100% |
| Credit institutions | 430/8 | €44,127 | €0 | -€44,127 | -100% |
| Trade debts | 44 | €216,793 | €122,683 | -€94,110 | -43.4% |
| Suppliers | 440/4 | €216,793 | €122,683 | -€94,110 | -43.4% |
| Taxes, remuneration and social security | 45 | €39,048 | €127,665 | +€88,616 | +227% |
| Taxes | 450/3 | €10,139 | €46,100 | +€35,960 | +355% |
| Remuneration and social security | 454/9 | €28,909 | €81,565 | +€52,656 | +182% |
| Other amounts payable | 47/48 | €312 | €20,000 | +€19,688 | +6,307% |
| Accrued charges and deferred income | 492/3 | €190,718 | €34,130 | -€156,588 | -82.1% |
| Non-recurring operating income | 76A | €59,944 | €153 | -€59,791 | -99.7% |
| Remuneration, social security and pensions | 62 | €152,962 | €496,632 | +€343,670 | +225% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,166 | €136,995 | +€87,829 | +179% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,150 | -€1,150 | -€2,300 | |
| Other operating charges | 640/8 | €7,611 | €4,314 | -€3,297 | -43.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €912,847 | €882,378 | -€30,469 | -3.3% |
| Operating profit (loss) | 9901 | €701,959 | €245,587 | -€456,371 | -65.0% |
| Financial income | 75/76B | €57,138 | €87,691 | +€30,554 | +53.5% |
| Recurring financial income | 75 | €57,138 | €87,691 | +€30,554 | +53.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,943 | €14,187 | -€756 | -5.1% |
| Recurring financial charges | 65 | €14,943 | €14,187 | -€756 | -5.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €744,153 | €319,091 | -€425,062 | -57.1% |
| Transfer from deferred taxes | 780 | - | €5,679 | +€5,679 | |
| Transfer to deferred taxes | 680 | €14,986 | €0 | -€14,986 | -100% |
| Income taxes | 67/77 | €171,864 | €88,011 | -€83,853 | -48.8% |
| Profit (loss) for the period | 9904 | €557,303 | €236,759 | -€320,544 | -57.5% |
| Transfer from tax-exempt reserves | 789 | - | €17,036 | +€17,036 | |
| Transfer to tax-exempt reserves | 689 | €255,458 | €84,200 | -€171,258 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €301,845 | €169,594 | -€132,250 | -43.8% |
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.