IMMO KOVAN: 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.
What changed
IMMO KOVAN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€20,622
2024 · €76,781-€56,159
Equity
€649,067
2024 · €628,445+€20,622
Cash
€12,780
2024 · €6,240+€6,539
Balance sheet total
€833,486
2024 · €861,077-€27,590
Largest movements
Assets
- Tangible fixed assets -€28,756
down €28,756 (-3.5%), from €826,493 to €797,736
of which Land and buildings: -€28,756
Equity and liabilities
- Current portion of long-term debt -€29,499
down €29,499 (-91.7%), from €32,181 to €2,682
- Reserves +€20,622
up €20,622 (+13.1%), from €157,447 to €178,069
of which Distributable reserves: +€19,591
- Other debts -€16,925
down €16,925 (-11.3%), from €150,020 to €133,095
Income statement
- Gross operating margin -€80,162
down €80,162 (-55.5%), from €144,541 to €64,378
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.
Result 2024
€76,781
Gross operating margin
-€80,162
Depreciation
+€1,402
Other operating charges
+€392
Financial income
-€55
Financial charges
+€314
Taxes
-€504
Deferred taxes and other
+€22,454
Result 2025
€20,622
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€38,720
Investment
€0
Financing
-€32,181
Cash 2024
€6,240
From operations (derived)
+€38,720
Net result for the year
+€20,622
Depreciation
+€28,756
Deferred charges and accrued income
+€5,374
Trade debts
+€456
Tax, wage and social debts
+€438
Other debts
-€16,925
Financing
-€32,181
Debts after one year
-€2,682
Current portion of long-term debt
-€29,499
Cash 2025
€12,780
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €861,077 | €833,486 | -€27,590 | -3.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €826,493 | €797,736 | -€28,756 | -3.5% |
| Tangible fixed assets | 22/27 | €826,493 | €797,736 | -€28,756 | -3.5% |
| Land and buildings | 22 | €826,493 | €797,736 | -€28,756 | -3.5% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €34,584 | €35,750 | +€1,166 | +3.4% |
| Amounts receivable after more than one year | 29 | €22,000 | €22,000 | = | 0.0% |
| Other amounts receivable | 291 | €22,000 | €22,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,240 | €12,780 | +€6,539 | +105% |
| Deferred charges and accrued income | 490/1 | €6,344 | €970 | -€5,374 | -84.7% |
| Total equity and liabilities | 10/49 | €861,077 | €833,486 | -€27,590 | -3.2% |
| Equity | 10/15 | €628,445 | €649,067 | +€20,622 | +3.3% |
| Contributions | 10/11 | €470,998 | €470,998 | = | 0.0% |
| Capital | 10 | €470,998 | €470,998 | = | 0.0% |
| Issued capital | 100 | €470,998 | €470,998 | = | 0.0% |
| Reserves | 13 | €157,447 | €178,069 | +€20,622 | +13.1% |
| Non-distributable reserves | 130/1 | €12,837 | €13,868 | +€1,031 | +8.0% |
| Legal reserve | 130 | €12,837 | €13,868 | +€1,031 | +8.0% |
| Tax-exempt reserves | 132 | €142,869 | €142,869 | = | 0.0% |
| Distributable reserves | 133 | €1,740 | €21,331 | +€19,591 | +1,126% |
| Provisions and deferred taxes | 16 | €47,623 | €47,623 | = | 0.0% |
| Deferred taxes | 168 | €47,623 | €47,623 | = | 0.0% |
| Amounts payable | 17/49 | €185,009 | €136,797 | -€48,212 | -26.1% |
| Amounts payable after more than one year | 17 | €2,682 | - | -€2,682 | |
| Financial debts | 170/4 | €2,682 | - | -€2,682 | |
| Amounts payable within one year | 42/48 | €182,327 | €136,797 | -€45,530 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €32,181 | €2,682 | -€29,499 | -91.7% |
| Trade debts | 44 | €126 | €582 | +€456 | +362% |
| Suppliers | 440/4 | €126 | €582 | +€456 | +362% |
| Taxes, remuneration and social security | 45 | - | €438 | +€438 | |
| Taxes | 450/3 | - | €438 | +€438 | |
| Other amounts payable | 47/48 | €150,020 | €133,095 | -€16,925 | -11.3% |
| Non-recurring operating income | 76A | €89,814 | - | -€89,814 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,158 | €28,756 | -€1,402 | -4.6% |
| Other operating charges | 640/8 | €14,242 | €13,850 | -€392 | -2.8% |
| Gross operating margin | 9900 | €144,541 | €64,378 | -€80,162 | -55.5% |
| Operating profit (loss) | 9901 | €100,141 | €21,773 | -€78,368 | -78.3% |
| Financial income | 75/76B | €275 | €220 | -€55 | -19.9% |
| Recurring financial income | 75 | €275 | €220 | -€55 | -19.9% |
| Financial charges | 65/66B | €1,182 | €867 | -€314 | -26.6% |
| Recurring financial charges | 65 | €1,182 | €867 | -€314 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €99,234 | €21,126 | -€78,108 | -78.7% |
| Transfer to deferred taxes | 680 | €22,454 | - | -€22,454 | |
| Income taxes | 67/77 | - | €504 | +€504 | |
| Profit (loss) for the period | 9904 | €76,781 | €20,622 | -€56,159 | -73.1% |
| Transfer to tax-exempt reserves | 689 | €67,361 | - | -€67,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,420 | €20,622 | +€11,202 | +119% |
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 13 October 2026 via checked.be.