KOVANTEX: 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.
KOVANTEX
Largest movements
- Receivables within one year +€437,527
up €437,527 (+32.6%), from €1.3m to €1.8m
of which Trade receivables: +€468,168
- Stocks and contracts -€355,940
down €355,940 (-28.6%), from €1.2m to €888,181
- Cash -€166,857
down €166,857 (-45.9%), from €363,905 to €197,048
mainly Receivables within one year (-€437,527) and Debts after one year (-€261,246)
- Debts after one year -€261,246
down €261,246 (-49.4%), from €529,056 to €267,810
- Other debts +€65,846
up €65,846 (+130.3%), from €50,516 to €116,362
- Trade debts +€40,340
up €40,340 (+3.4%), from €1.2m to €1.2m
- Staff costs +€70,132
up €70,132 (+8.5%), from €829,856 to €899,988
- Gross operating margin -€32,731
down €32,731 (-3.0%), from €1.1m to €1.1m
- Other operating charges -€29,043
down €29,043 (-62.4%), from €46,544 to €17,501
- Taxes -€23,892
down €23,892, from €17,127 to -€6,765
- Write-downs -€15,085
down €15,085, from €7,542 to -€7,542
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 | €3,257,830 | €3,155,250 | -€102,581 | -3.1% |
| Fixed assets | 21/28 | €71,346 | €49,533 | -€21,813 | -30.6% |
| Tangible fixed assets | 22/27 | €71,096 | €49,283 | -€21,813 | -30.7% |
| Plant, machinery and equipment | 23 | €71,096 | €49,283 | -€21,813 | -30.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €3,186,484 | €3,105,717 | -€80,768 | -2.5% |
| Stocks and contracts in progress | 3 | €1,244,121 | €888,181 | -€355,940 | -28.6% |
| Stocks | 30/36 | €1,244,121 | €888,181 | -€355,940 | -28.6% |
| Amounts receivable within one year | 40/41 | €1,342,107 | €1,779,634 | +€437,527 | +32.6% |
| Trade receivables | 40 | €1,132,127 | €1,600,296 | +€468,168 | +41.4% |
| Other amounts receivable | 41 | €209,980 | €179,339 | -€30,641 | -14.6% |
| Current investments | 50/53 | €224,276 | €234,523 | +€10,247 | +4.6% |
| Cash at bank and in hand | 54/58 | €363,905 | €197,048 | -€166,857 | -45.9% |
| Deferred charges and accrued income | 490/1 | €12,077 | €6,331 | -€5,746 | -47.6% |
| Total equity and liabilities | 10/49 | €3,257,830 | €3,155,250 | -€102,581 | -3.1% |
| Equity | 10/15 | €1,157,847 | €1,169,670 | +€11,823 | +1.0% |
| Contributions | 10/11 | €235,000 | €235,000 | = | 0.0% |
| Reserves | 13 | €922,847 | €934,670 | +€11,823 | +1.3% |
| Tax-exempt reserves | 132 | €23,440 | €23,440 | = | 0.0% |
| Distributable reserves | 133 | €899,407 | €911,231 | +€11,823 | +1.3% |
| Amounts payable | 17/49 | €2,099,983 | €1,985,579 | -€114,404 | -5.4% |
| Amounts payable after more than one year | 17 | €529,056 | €267,810 | -€261,246 | -49.4% |
| Financial debts | 170/4 | €529,056 | €267,810 | -€261,246 | -49.4% |
| Amounts payable within one year | 42/48 | €1,570,927 | €1,707,770 | +€136,842 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €254,843 | €261,246 | +€6,403 | +2.5% |
| Trade debts | 44 | €1,203,208 | €1,243,548 | +€40,340 | +3.4% |
| Suppliers | 440/4 | €1,203,208 | €1,243,548 | +€40,340 | +3.4% |
| Taxes, remuneration and social security | 45 | €62,360 | €86,614 | +€24,254 | +38.9% |
| Remuneration and social security | 454/9 | €62,360 | €86,614 | +€24,254 | +38.9% |
| Other amounts payable | 47/48 | €50,516 | €116,362 | +€65,846 | +130.3% |
| Accrued charges and deferred income | 492/3 | - | €10,000 | +€10,000 | |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €829,856 | €899,988 | +€70,132 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,840 | €26,468 | +€1,628 | +6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,542 | -€7,542 | -€15,085 | |
| Other operating charges | 640/8 | €46,544 | €17,501 | -€29,043 | -62.4% |
| Gross operating margin | 9900 | €1,105,426 | €1,072,695 | -€32,731 | -3.0% |
| Operating profit (loss) | 9901 | €196,643 | €136,281 | -€60,362 | -30.7% |
| Financial income | 75/76B | €8,682 | €10,552 | +€1,870 | +21.5% |
| Recurring financial income | 75 | €8,682 | €10,552 | +€1,870 | +21.5% |
| Financial charges | 65/66B | €144,489 | €141,775 | -€2,715 | -1.9% |
| Recurring financial charges | 65 | €144,489 | €141,775 | -€2,715 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €60,836 | €5,059 | -€55,778 | -91.7% |
| Income taxes | 67/77 | €17,127 | -€6,765 | -€23,892 | |
| Profit (loss) for the period | 9904 | €43,709 | €11,823 | -€31,886 | -73.0% |
| Transfer from tax-exempt reserves | 789 | €58,500 | €0 | -€58,500 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €102,209 | €11,823 | -€90,386 | -88.4% |
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 9 October 2026 via checked.be.