KOVALO: 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.
KOVALO
Largest movements
- Tangible fixed assets -€17,394
down €17,394 (-24.1%), from €72,225 to €54,831
of which Leasing and similar rights: -€15,013
- Cash +€6,266
up €6,266 (+81.2%), from €7,719 to €13,984
mainly Net result for the year (+€150,077) and Other debts (+€72,774)
- Other debts +€72,774
up €72,774 (+2,302%), from €3,162 to €75,936
- Reserves -€49,923
down €49,923 (-18.0%), from €277,787 to €227,865
- Debts after one year -€48,050
down €48,050 (-19.4%), from €247,985 to €199,935
- Current portion of long-term debt +€16,532
up €16,532 (+59.7%), from €27,689 to €44,221
- Short-term financial debts -€8,000
no longer reported in 2025 (was €8,000)
- Financial charges -€10,375
down €10,375 (-63.4%), from €16,361 to €5,986
- Financial income -€5,471
down €5,471 (-3.5%), from €155,759 to €150,288
- Gross operating margin -€2,106
down €2,106 (-6.5%), from €32,293 to €30,187
- Depreciation +€672
up €672 (+3.7%), from €18,012 to €18,684
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 | €574,623 | €560,662 | -€13,961 | -2.4% |
| Fixed assets | 21/28 | €542,225 | €524,831 | -€17,394 | -3.2% |
| Tangible fixed assets | 22/27 | €72,225 | €54,831 | -€17,394 | -24.1% |
| Furniture and vehicles | 24 | €7,954 | €5,573 | -€2,381 | -29.9% |
| Leasing and similar rights | 25 | €64,271 | €49,258 | -€15,013 | -23.4% |
| Financial fixed assets | 28 | €470,000 | €470,000 | = | 0.0% |
| Current assets | 29/58 | €32,398 | €35,831 | +€3,433 | +10.6% |
| Amounts receivable within one year | 40/41 | €24,679 | €21,823 | -€2,857 | -11.6% |
| Trade receivables | 40 | €12,014 | €12,000 | -€14 | -0.1% |
| Other amounts receivable | 41 | €12,665 | €9,823 | -€2,842 | -22.4% |
| Cash at bank and in hand | 54/58 | €7,719 | €13,984 | +€6,266 | +81.2% |
| Deferred charges and accrued income | 490/1 | - | €24 | +€24 | |
| Total equity and liabilities | 10/49 | €574,623 | €560,662 | -€13,961 | -2.4% |
| Equity | 10/15 | €287,787 | €237,865 | -€49,923 | -17.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €277,787 | €227,865 | -€49,923 | -18.0% |
| Distributable reserves | 133 | €277,787 | €227,865 | -€49,923 | -18.0% |
| Amounts payable | 17/49 | €286,835 | €322,797 | +€35,962 | +12.5% |
| Amounts payable after more than one year | 17 | €247,985 | €199,935 | -€48,050 | -19.4% |
| Financial debts | 170/4 | €247,985 | €199,935 | -€48,050 | -19.4% |
| Amounts payable within one year | 42/48 | €38,851 | €122,862 | +€84,012 | +216% |
| Current portion of amounts payable after more than one year | 42 | €27,689 | €44,221 | +€16,532 | +59.7% |
| Financial debts | 43 | €8,000 | - | -€8,000 | |
| Credit institutions | 430/8 | €8,000 | - | -€8,000 | |
| Trade debts | 44 | - | €2,705 | +€2,705 | |
| Suppliers | 440/4 | - | €2,705 | +€2,705 | |
| Other amounts payable | 47/48 | €3,162 | €75,936 | +€72,774 | +2,302% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,012 | €18,684 | +€672 | +3.7% |
| Other operating charges | 640/8 | €5,318 | €5,499 | +€182 | +3.4% |
| Gross operating margin | 9900 | €32,293 | €30,187 | -€2,106 | -6.5% |
| Operating profit (loss) | 9901 | €8,964 | €6,004 | -€2,959 | -33.0% |
| Financial income | 75/76B | €155,759 | €150,288 | -€5,471 | -3.5% |
| Recurring financial income | 75 | €155,759 | €150,288 | -€5,471 | -3.5% |
| Financial charges | 65/66B | €16,361 | €5,986 | -€10,375 | -63.4% |
| Recurring financial charges | 65 | €16,361 | €5,986 | -€10,375 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €148,361 | €150,306 | +€1,945 | +1.3% |
| Income taxes | 67/77 | €45 | €229 | +€184 | +414% |
| Profit (loss) for the period | 9904 | €148,316 | €150,077 | +€1,761 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €148,316 | €150,077 | +€1,761 | +1.2% |
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 27 October 2026 via checked.be.