Covrd construct: 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.
Covrd construct
Largest movements
- Receivables within one year -€75,675
down €75,675 (-38.4%), from €197,318 to €121,643
of which Trade receivables: -€46,826
- Receivables after one year +€70,000
new in 2025: €70,000
- Tangible fixed assets +€22,642
up €22,642 (+550%), from €4,120 to €26,762
- Cash +€16,134
up €16,134 (+145%), from €11,098 to €27,232
mainly Net result for the year (+€80,702) and Receivables within one year (+€75,675)
- Profit (loss) carried forward +€80,702
up €80,702 (+183%), from €44,136 to €124,838
- Trade debts -€54,051
down €54,051 (-45.1%), from €119,846 to €65,795
- Tax, wage and social debts +€6,320
up €6,320 (+15.9%), from €39,819 to €46,140
of which Taxes: +€8,516
- Gross operating margin +€57,460
up €57,460 (+31.2%), from €184,102 to €241,562
- Staff costs +€11,216
up €11,216 (+9.4%), from €119,139 to €130,355
- Taxes +€7,986
up €7,986 (+52.3%), from €15,276 to €23,262
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 | €213,801 | €246,772 | +€32,972 | +15.4% |
| Fixed assets | 21/28 | €5,255 | €27,897 | +€22,642 | +431% |
| Tangible fixed assets | 22/27 | €4,120 | €26,762 | +€22,642 | +550% |
| Furniture and vehicles | 24 | €4,120 | €26,762 | +€22,642 | +550% |
| Financial fixed assets | 28 | €1,135 | €1,135 | = | 0.0% |
| Current assets | 29/58 | €208,546 | €218,875 | +€10,330 | +5.0% |
| Amounts receivable after more than one year | 29 | - | €70,000 | +€70,000 | |
| Other amounts receivable | 291 | - | €70,000 | +€70,000 | |
| Amounts receivable within one year | 40/41 | €197,318 | €121,643 | -€75,675 | -38.4% |
| Trade receivables | 40 | €126,031 | €79,205 | -€46,826 | -37.2% |
| Other amounts receivable | 41 | €71,287 | €42,438 | -€28,849 | -40.5% |
| Cash at bank and in hand | 54/58 | €11,098 | €27,232 | +€16,134 | +145% |
| Deferred charges and accrued income | 490/1 | €130 | €0 | -€130 | -100% |
| Total equity and liabilities | 10/49 | €213,801 | €246,772 | +€32,972 | +15.4% |
| Equity | 10/15 | €54,136 | €134,838 | +€80,702 | +149% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,136 | €124,838 | +€80,702 | +183% |
| Amounts payable | 17/49 | €159,665 | €111,934 | -€47,731 | -29.9% |
| Amounts payable within one year | 42/48 | €159,665 | €111,934 | -€47,731 | -29.9% |
| Trade debts | 44 | €119,846 | €65,795 | -€54,051 | -45.1% |
| Suppliers | 440/4 | €119,846 | €65,795 | -€54,051 | -45.1% |
| Taxes, remuneration and social security | 45 | €39,819 | €46,140 | +€6,320 | +15.9% |
| Taxes | 450/3 | €16,610 | €25,126 | +€8,516 | +51.3% |
| Remuneration and social security | 454/9 | €23,209 | €21,014 | -€2,196 | -9.5% |
| Remuneration, social security and pensions | 62 | €119,139 | €130,355 | +€11,216 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €380 | €1,671 | +€1,291 | +340% |
| Other operating charges | 640/8 | €618 | €372 | -€245 | -39.7% |
| Gross operating margin | 9900 | €184,102 | €241,562 | +€57,460 | +31.2% |
| Operating profit (loss) | 9901 | €63,966 | €109,163 | +€45,198 | +70.7% |
| Financial income | 75/76B | - | €292 | +€292 | |
| Recurring financial income | 75 | - | €292 | +€292 | |
| Financial charges | 65/66B | €4,554 | €5,491 | +€937 | +20.6% |
| Recurring financial charges | 65 | €4,554 | €5,491 | +€937 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €59,412 | €103,964 | +€44,552 | +75.0% |
| Income taxes | 67/77 | €15,276 | €23,262 | +€7,986 | +52.3% |
| Profit (loss) for the period | 9904 | €44,136 | €80,702 | +€36,566 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,136 | €80,702 | +€36,566 | +82.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.