KOVADO: 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.
KOVADO
Largest movements
- Current investments +€217,288
up €217,288 (+71.6%), from €303,526 to €520,815
- Cash -€103,961
down €103,961 (-20.2%), from €515,655 to €411,694
mainly Current investments (-€217,288) and Receivables within one year (-€18,330)
- Receivables within one year +€18,330
up €18,330 (+247%), from €7,415 to €25,745
of which Trade receivables: +€16,027
- Reserves +€131,250
up €131,250 (+16.2%), from €809,725 to €940,975
- Financial income -€30,569
down €30,569 (-63.1%), from €48,479 to €17,910
- Taxes -€13,833
down €13,833 (-20.9%), from €66,246 to €52,412
- Gross operating margin -€11,614
down €11,614 (-6.3%), from €183,210 to €171,595
- Financial charges +€2,802
up €2,802 (+632%), from €443 to €3,245
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 | €854,426 | €983,836 | +€129,411 | +15.1% |
| Fixed assets | 21/28 | €18,845 | €17,819 | -€1,026 | -5.4% |
| Tangible fixed assets | 22/27 | €18,845 | €17,819 | -€1,026 | -5.4% |
| Land and buildings | 22 | €13,271 | €12,488 | -€783 | -5.9% |
| Plant, machinery and equipment | 23 | €243 | €0 | -€243 | -100% |
| Furniture and vehicles | 24 | €5,330 | €5,330 | = | 0.0% |
| Current assets | 29/58 | €835,581 | €966,018 | +€130,437 | +15.6% |
| Amounts receivable within one year | 40/41 | €7,415 | €25,745 | +€18,330 | +247% |
| Trade receivables | 40 | - | €16,027 | +€16,027 | |
| Other amounts receivable | 41 | €7,415 | €9,717 | +€2,302 | +31.0% |
| Current investments | 50/53 | €303,526 | €520,815 | +€217,288 | +71.6% |
| Cash at bank and in hand | 54/58 | €515,655 | €411,694 | -€103,961 | -20.2% |
| Deferred charges and accrued income | 490/1 | €8,985 | €7,764 | -€1,220 | -13.6% |
| Total equity and liabilities | 10/49 | €854,426 | €983,836 | +€129,411 | +15.1% |
| Equity | 10/15 | €829,525 | €960,810 | +€131,285 | +15.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €809,725 | €940,975 | +€131,250 | +16.2% |
| Distributable reserves | 133 | €809,725 | €940,975 | +€131,250 | +16.2% |
| Profit (loss) carried forward | 14 | €1,050 | €1,085 | +€35 | +3.4% |
| Amounts payable | 17/49 | €24,901 | €23,026 | -€1,875 | -7.5% |
| Amounts payable within one year | 42/48 | €18,607 | €16,868 | -€1,739 | -9.3% |
| Trade debts | 44 | €932 | €1,816 | +€884 | +94.8% |
| Suppliers | 440/4 | €932 | €1,816 | +€884 | +94.8% |
| Taxes, remuneration and social security | 45 | €15,796 | €13,252 | -€2,545 | -16.1% |
| Taxes | 450/3 | €15,796 | €13,252 | -€2,545 | -16.1% |
| Other amounts payable | 47/48 | €1,879 | €1,800 | -€79 | -4.2% |
| Accrued charges and deferred income | 492/3 | €6,294 | €6,158 | -€135 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,188 | €1,026 | -€162 | -13.7% |
| Other operating charges | 640/8 | €1,499 | €1,537 | +€37 | +2.5% |
| Gross operating margin | 9900 | €183,210 | €171,595 | -€11,614 | -6.3% |
| Operating profit (loss) | 9901 | €180,522 | €169,033 | -€11,490 | -6.4% |
| Financial income | 75/76B | €48,479 | €17,910 | -€30,569 | -63.1% |
| Recurring financial income | 75 | €48,479 | €17,910 | -€30,569 | -63.1% |
| Financial charges | 65/66B | €443 | €3,245 | +€2,802 | +632% |
| Recurring financial charges | 65 | €443 | €3,245 | +€2,802 | +632% |
| Profit (loss) for the period before taxes | 9903 | €228,558 | €183,698 | -€44,860 | -19.6% |
| Income taxes | 67/77 | €66,246 | €52,412 | -€13,833 | -20.9% |
| Profit (loss) for the period | 9904 | €162,312 | €131,285 | -€31,027 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €162,312 | €131,285 | -€31,027 | -19.1% |
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 16 October 2026 via checked.be.