KOVA CONSULT: 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.
KOVA CONSULT
Largest movements
- Receivables within one year +€581,040
up €581,040 (+94.9%), from €612,246 to €1.2m
of which Other amounts receivable: +€798,213
- Current investments +€444,000
new in 2025: €444,000
- Cash -€298,222
down €298,222 (-49.0%), from €608,778 to €310,557
mainly Other debts (-€779,355) and Receivables within one year (-€581,040)
- Tangible fixed assets -€118,555
down €118,555 (-34.2%), from €347,150 to €228,595
of which Other tangible fixed assets: -€142,504
- Reserves +€826,560
up €826,560 (+153%), from €539,811 to €1.4m
of which Distributable reserves: +€910,760
- Other debts -€779,355
down €779,355 (-71.6%), from €1.1m to €308,935
- Debts after one year +€482,952
up €482,952 (+4,009%), from €12,048 to €495,000
of which Other amounts payable: +€495,000
- Tax, wage and social debts +€146,074
up €146,074 (+33.9%), from €431,003 to €577,076
- Current portion of long-term debt -€59,308
down €59,308 (-76.7%), from €77,366 to €18,057
- Financial income +€641,904
up €641,904 (+356%), from €180,079 to €821,983
- Gross operating margin -€256,007
down €256,007 (-81.9%), from €312,458 to €56,452
- Taxes -€58,317
down €58,317 (-90.4%), from €64,480 to €6,164
- Financial charges -€24,556
down €24,556 (-37.3%), from €65,750 to €41,195
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 | €2,255,378 | €2,865,723 | +€610,345 | +27.1% |
| Fixed assets | 21/28 | €1,029,150 | €910,595 | -€118,555 | -11.5% |
| Tangible fixed assets | 22/27 | €347,150 | €228,595 | -€118,555 | -34.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | - | €3,514 | +€3,514 | |
| Other tangible fixed assets | 26 | €347,150 | €204,647 | -€142,504 | -41.0% |
| Assets under construction and advance payments | 27 | - | €20,435 | +€20,435 | |
| Financial fixed assets | 28 | €682,000 | €682,000 | = | 0.0% |
| Current assets | 29/58 | €1,226,228 | €1,955,128 | +€728,900 | +59.4% |
| Amounts receivable within one year | 40/41 | €612,246 | €1,193,285 | +€581,040 | +94.9% |
| Trade receivables | 40 | €217,173 | €0 | -€217,173 | -100% |
| Other amounts receivable | 41 | €395,072 | €1,193,285 | +€798,213 | +202% |
| Current investments | 50/53 | - | €444,000 | +€444,000 | |
| Cash at bank and in hand | 54/58 | €608,778 | €310,557 | -€298,222 | -49.0% |
| Deferred charges and accrued income | 490/1 | €5,204 | €7,286 | +€2,082 | +40.0% |
| Total equity and liabilities | 10/49 | €2,255,378 | €2,865,723 | +€610,345 | +27.1% |
| Equity | 10/15 | €579,811 | €1,406,370 | +€826,560 | +143% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €539,811 | €1,366,370 | +€826,560 | +153% |
| Tax-exempt reserves | 132 | €84,200 | €0 | -€84,200 | -100% |
| Distributable reserves | 133 | €455,611 | €1,366,370 | +€910,760 | +200% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,675,568 | €1,459,353 | -€216,215 | -12.9% |
| Amounts payable after more than one year | 17 | €12,048 | €495,000 | +€482,952 | +4,009% |
| Financial debts | 170/4 | €12,048 | €0 | -€12,048 | -100% |
| Other amounts payable | 178/9 | - | €495,000 | +€495,000 | |
| Amounts payable within one year | 42/48 | €1,651,093 | €929,277 | -€721,816 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €77,366 | €18,057 | -€59,308 | -76.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €54,434 | €25,208 | -€29,226 | -53.7% |
| Suppliers | 440/4 | €54,434 | €25,208 | -€29,226 | -53.7% |
| Taxes, remuneration and social security | 45 | €431,003 | €577,076 | +€146,074 | +33.9% |
| Taxes | 450/3 | €431,003 | €577,076 | +€146,074 | +33.9% |
| Other amounts payable | 47/48 | €1,088,290 | €308,935 | -€779,355 | -71.6% |
| Accrued charges and deferred income | 492/3 | €12,427 | €35,076 | +€22,649 | +182% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €605 | +€605 | |
| Other operating charges | 640/8 | €1,933 | €1,911 | -€22 | -1.1% |
| Gross operating margin | 9900 | €312,458 | €56,452 | -€256,007 | -81.9% |
| Operating profit (loss) | 9901 | €310,525 | €53,936 | -€256,590 | -82.6% |
| Financial income | 75/76B | €180,079 | €821,983 | +€641,904 | +356% |
| Recurring financial income | 75 | €180,079 | €821,983 | +€641,904 | +356% |
| Financial charges | 65/66B | €65,750 | €41,195 | -€24,556 | -37.3% |
| Recurring financial charges | 65 | €65,750 | €41,195 | -€24,556 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €424,853 | €834,724 | +€409,870 | +96.5% |
| Income taxes | 67/77 | €64,480 | €6,164 | -€58,317 | -90.4% |
| Profit (loss) for the period | 9904 | €360,373 | €828,560 | +€468,187 | +130% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €84,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €444,573 | €912,760 | +€468,187 | +105% |
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 20 October 2026 via checked.be.