KOVAL: 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.
KOVAL
Largest movements
- Tangible fixed assets -€10,377
down €10,377 (-4.4%), from €233,946 to €223,569
of which Plant, machinery and equipment: -€6,467
- Stocks and contracts +€7,937
up €7,937 (+52.8%), from €15,023 to €22,960
- Receivables within one year +€5,914
up €5,914 (+17.6%), from €33,692 to €39,606
of which Other amounts receivable: +€4,362
- Cash -€3,901
down €3,901 (-64.4%), from €6,058 to €2,157
mainly Current portion of long-term debt (-€49,853) and Tax, wage and social debts (-€16,888)
- Current portion of long-term debt -€49,853
down €49,853 (-74.1%), from €67,236 to €17,383
- Profit (loss) carried forward +€39,032
up €39,032 (+43.7%), from -€89,262 to -€50,230
- Debts after one year +€28,585
up €28,585 (+35.7%), from €80,156 to €108,741
- Tax, wage and social debts -€16,888
down €16,888 (-59.7%), from €28,269 to €11,381
- Reserves -€3,582
down €3,582 (-2.7%), from €131,725 to €128,143
of which Tax-exempt reserves: -€3,582
- Gross operating margin +€87,804
up €87,804, from -€26,031 to €61,773
- Depreciation +€8,680
up €8,680 (+110%), from €7,915 to €16,595
- Financial charges +€3,883
up €3,883 (+62.3%), from €6,230 to €10,113
- Financial income +€1,243
up €1,243 (+103%), from €1,201 to €2,444
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 | €288,719 | €289,042 | +€323 | +0.1% |
| Fixed assets | 21/28 | €233,946 | €224,319 | -€9,627 | -4.1% |
| Tangible fixed assets | 22/27 | €233,946 | €223,569 | -€10,377 | -4.4% |
| Land and buildings | 22 | €168,576 | €163,935 | -€4,641 | -2.8% |
| Plant, machinery and equipment | 23 | €61,066 | €54,599 | -€6,467 | -10.6% |
| Furniture and vehicles | 24 | €4,304 | €5,035 | +€731 | +17.0% |
| Financial fixed assets | 28 | - | €750 | +€750 | |
| Current assets | 29/58 | €54,773 | €64,723 | +€9,950 | +18.2% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €15,023 | €22,960 | +€7,937 | +52.8% |
| Stocks | 30/36 | €15,023 | €22,960 | +€7,937 | +52.8% |
| Amounts receivable within one year | 40/41 | €33,692 | €39,606 | +€5,914 | +17.6% |
| Trade receivables | 40 | €10,135 | €11,687 | +€1,552 | +15.3% |
| Other amounts receivable | 41 | €23,557 | €27,919 | +€4,362 | +18.5% |
| Cash at bank and in hand | 54/58 | €6,058 | €2,157 | -€3,901 | -64.4% |
| Total equity and liabilities | 10/49 | €288,719 | €289,042 | +€323 | +0.1% |
| Equity | 10/15 | €48,663 | €84,113 | +€35,450 | +72.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €131,725 | €128,143 | -€3,582 | -2.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,076 | €101,494 | -€3,582 | -3.4% |
| Distributable reserves | 133 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,262 | -€50,230 | +€39,032 | +43.7% |
| Amounts payable | 17/49 | €240,056 | €204,929 | -€35,127 | -14.6% |
| Amounts payable after more than one year | 17 | €80,156 | €108,741 | +€28,585 | +35.7% |
| Financial debts | 170/4 | €80,156 | €108,741 | +€28,585 | +35.7% |
| Amounts payable within one year | 42/48 | €159,140 | €96,188 | -€62,952 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €67,236 | €17,383 | -€49,853 | -74.1% |
| Financial debts | 43 | €30,000 | €30,436 | +€436 | +1.5% |
| Credit institutions | 430/8 | €30,000 | €30,436 | +€436 | +1.5% |
| Trade debts | 44 | €33,635 | €36,988 | +€3,353 | +10.0% |
| Suppliers | 440/4 | €33,635 | €36,988 | +€3,353 | +10.0% |
| Taxes, remuneration and social security | 45 | €28,269 | €11,381 | -€16,888 | -59.7% |
| Taxes | 450/3 | €28,269 | €11,381 | -€16,888 | -59.7% |
| Accrued charges and deferred income | 492/3 | €760 | - | -€760 | |
| Remuneration, social security and pensions | 62 | €472 | - | -€472 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,915 | €16,595 | +€8,680 | +110% |
| Other operating charges | 640/8 | €1,837 | €2,059 | +€222 | +12.1% |
| Gross operating margin | 9900 | -€26,031 | €61,773 | +€87,804 | |
| Operating profit (loss) | 9901 | -€36,255 | €43,119 | +€79,374 | |
| Financial income | 75/76B | €1,201 | €2,444 | +€1,243 | +103% |
| Recurring financial income | 75 | €1,201 | €2,444 | +€1,243 | +103% |
| Financial charges | 65/66B | €6,230 | €10,113 | +€3,883 | +62.3% |
| Recurring financial charges | 65 | €6,230 | €10,113 | +€3,883 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | -€41,284 | €35,450 | +€76,734 | |
| Income taxes | 67/77 | €84 | - | -€84 | |
| Profit (loss) for the period | 9904 | -€41,368 | €35,450 | +€76,818 | |
| Transfer from tax-exempt reserves | 789 | €3,582 | €3,582 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,786 | €39,032 | +€76,818 |
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.