KOVADES Management: 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.
KOVADES Management
Largest movements
- Cash +€52,419
up €52,419 (+119%), from €44,217 to €96,636
mainly Other debts (+€127,472) and Net result for the year (+€56,239)
- Receivables within one year -€40,773
down €40,773 (-61.8%), from €65,969 to €25,196
- Deferred charges and accrued income -€6,507
down €6,507 (-31.3%), from €20,762 to €14,254
- Other debts +€127,472
up €127,472 (+6,345%), from €2,009 to €129,481
- Reserves -€93,761
down €93,761 (-19.7%), from €476,172 to €382,411
- Current portion of long-term debt -€27,175
down €27,175 (-91.6%), from €29,665 to €2,489
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Gross operating margin -€20,447
down €20,447 (-20.7%), from €98,611 to €78,164
- Taxes -€5,028
down €5,028 (-19.5%), from €25,755 to €20,727
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 | €532,170 | €539,730 | +€7,560 | +1.4% |
| Fixed assets | 21/28 | €401,223 | €403,645 | +€2,422 | +0.6% |
| Tangible fixed assets | 22/27 | €1,223 | €3,645 | +€2,422 | +198% |
| Furniture and vehicles | 24 | €1,223 | €3,645 | +€2,422 | +198% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €130,947 | €136,086 | +€5,139 | +3.9% |
| Amounts receivable within one year | 40/41 | €65,969 | €25,196 | -€40,773 | -61.8% |
| Trade receivables | 40 | €65,969 | €25,196 | -€40,773 | -61.8% |
| Cash at bank and in hand | 54/58 | €44,217 | €96,636 | +€52,419 | +119% |
| Deferred charges and accrued income | 490/1 | €20,762 | €14,254 | -€6,507 | -31.3% |
| Total equity and liabilities | 10/49 | €532,170 | €539,730 | +€7,560 | +1.4% |
| Equity | 10/15 | €488,572 | €401,011 | -€87,561 | -17.9% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €476,172 | €382,411 | -€93,761 | -19.7% |
| Distributable reserves | 133 | €476,172 | €382,411 | -€93,761 | -19.7% |
| Amounts payable | 17/49 | €43,598 | €138,719 | +€95,121 | +218% |
| Amounts payable after more than one year | 17 | €2,489 | - | -€2,489 | |
| Financial debts | 170/4 | €2,489 | - | -€2,489 | |
| Amounts payable within one year | 42/48 | €41,108 | €138,719 | +€97,611 | +237% |
| Current portion of amounts payable after more than one year | 42 | €29,665 | €2,489 | -€27,175 | -91.6% |
| Trade debts | 44 | €2,069 | €2,399 | +€330 | +15.9% |
| Suppliers | 440/4 | €2,069 | €2,399 | +€330 | +15.9% |
| Taxes, remuneration and social security | 45 | €7,365 | €4,349 | -€3,016 | -41.0% |
| Taxes | 450/3 | €7,365 | €4,349 | -€3,016 | -41.0% |
| Other amounts payable | 47/48 | €2,009 | €129,481 | +€127,472 | +6,345% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,048 | €586 | -€463 | -44.1% |
| Other operating charges | 640/8 | €1,076 | €705 | -€371 | -34.4% |
| Gross operating margin | 9900 | €98,611 | €78,164 | -€20,447 | -20.7% |
| Operating profit (loss) | 9901 | €96,487 | €76,873 | -€19,614 | -20.3% |
| Financial income | 75/76B | €250 | €404 | +€154 | +61.7% |
| Recurring financial income | 75 | €250 | €404 | +€154 | +61.7% |
| Financial charges | 65/66B | €717 | €311 | -€405 | -56.5% |
| Recurring financial charges | 65 | €717 | €311 | -€405 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €96,021 | €76,966 | -€19,054 | -19.8% |
| Income taxes | 67/77 | €25,755 | €20,727 | -€5,028 | -19.5% |
| Profit (loss) for the period | 9904 | €70,266 | €56,239 | -€14,026 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,266 | €56,239 | -€14,026 | -20.0% |
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 18 October 2026 via checked.be.