Kovalent: what changed
Two fiscal 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.
Kovalent
Largest movements
- Cash +€38,303
up €38,303 (+86.2%), from €44,455 to €82,758
mainly Net result for the year (+€44,603) and Tax, wage and social debts (+€8,841)
- Receivables within one year +€15,608
up €15,608 (+92.8%), from €16,820 to €32,428
- Reserves +€44,603
up €44,603 (+121.8%), from €36,628 to €81,231
- Tax, wage and social debts +€8,841
up €8,841 (+50.2%), from €17,599 to €26,440
- Trade debts -€2,334
down €2,334 (-43.1%), from €5,415 to €3,080
- Other debts +€1,653
up €1,653 (+118.0%), from €1,400 to €3,053
- Gross operating margin +€10,751
up €10,751 (+22.3%), from €48,280 to €59,030
- Taxes +€2,866
up €2,866 (+27.3%), from €10,490 to €13,355
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.
Cash bridge derived
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 | €66,041 | €118,804 | +€52,762 | +79.9% |
| Fixed assets | 21/28 | €4,766 | €3,618 | -€1,148 | -24.1% |
| Tangible fixed assets | 22/27 | €4,766 | €3,618 | -€1,148 | -24.1% |
| Furniture and vehicles | 24 | €4,766 | €3,618 | -€1,148 | -24.1% |
| Current assets | 29/58 | €61,275 | €115,186 | +€53,911 | +88.0% |
| Amounts receivable within one year | 40/41 | €16,820 | €32,428 | +€15,608 | +92.8% |
| Trade receivables | 40 | €16,820 | €32,428 | +€15,608 | +92.8% |
| Cash at bank and in hand | 54/58 | €44,455 | €82,758 | +€38,303 | +86.2% |
| Total equity and liabilities | 10/49 | €66,041 | €118,804 | +€52,762 | +79.9% |
| Equity | 10/15 | €41,628 | €86,231 | +€44,603 | +107.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,628 | €81,231 | +€44,603 | +121.8% |
| Distributable reserves | 133 | €36,628 | €81,231 | +€44,603 | +121.8% |
| Amounts payable | 17/49 | €24,413 | €32,573 | +€8,159 | +33.4% |
| Amounts payable within one year | 42/48 | €24,413 | €32,573 | +€8,159 | +33.4% |
| Trade debts | 44 | €5,415 | €3,080 | -€2,334 | -43.1% |
| Suppliers | 440/4 | €5,415 | €3,080 | -€2,334 | -43.1% |
| Taxes, remuneration and social security | 45 | €17,599 | €26,440 | +€8,841 | +50.2% |
| Taxes | 450/3 | €17,599 | €26,440 | +€8,841 | +50.2% |
| Other amounts payable | 47/48 | €1,400 | €3,053 | +€1,653 | +118.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €976 | €1,148 | +€173 | +17.7% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €48,280 | €59,030 | +€10,751 | +22.3% |
| Operating profit (loss) | 9901 | €47,304 | €57,762 | +€10,458 | +22.1% |
| Financial income | 75/76B | €0 | €351 | +€351 | +1169433.3% |
| Recurring financial income | 75 | €0 | €351 | +€351 | +1169433.3% |
| Financial charges | 65/66B | €186 | €154 | -€32 | -17.0% |
| Recurring financial charges | 65 | €186 | €154 | -€32 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €47,118 | €57,958 | +€10,841 | +23.0% |
| Income taxes | 67/77 | €10,490 | €13,355 | +€2,866 | +27.3% |
| Profit (loss) for the period | 9904 | €36,628 | €44,603 | +€7,975 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,628 | €44,603 | +€7,975 | +21.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.