Kovasen: 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.
Kovasen
Largest movements
- Receivables within one year +€188,791
up €188,791 (+2,285%), from €8,263 to €197,053
of which Trade receivables: +€176,649
- Cash -€40,697
down €40,697 (-43.3%), from €94,085 to €53,388
mainly Contributions, distributions and other (-€460,229) and Receivables within one year (-€188,791)
- Tangible fixed assets -€22,190
down €22,190 (-2.8%), from €783,190 to €761,000
of which Land and buildings: -€13,253
- Other debts +€401,389
up €401,389 (+585%), from €68,567 to €469,957
- Reserves -€294,706
down €294,706 (-31.1%), from €947,507 to €652,801
of which Distributable reserves: -€294,706
- Short-term financial debts +€80,000
new in 2025: €80,000
- Debts after one year -€48,380
down €48,380 (-11.3%), from €429,713 to €381,333
- Gross operating margin -€72,734
down €72,734 (-20.2%), from €360,933 to €288,199
- Other operating charges -€28,962
down €28,962 (-87.5%), from €33,095 to €4,133
- Financial charges +€28,573
up €28,573 (+244%), from €11,732 to €40,305
- Financial income -€20,398
down €20,398 (-30.2%), from €67,607 to €47,209
- Depreciation +€18,093
up €18,093 (+60.8%), from €29,778 to €47,870
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 | €1,529,301 | €1,663,853 | +€134,552 | +8.8% |
| Fixed assets | 21/28 | €783,190 | €761,000 | -€22,190 | -2.8% |
| Tangible fixed assets | 22/27 | €783,190 | €761,000 | -€22,190 | -2.8% |
| Land and buildings | 22 | €654,305 | €641,052 | -€13,253 | -2.0% |
| Furniture and vehicles | 24 | €74,172 | €72,185 | -€1,987 | -2.7% |
| Other tangible fixed assets | 26 | €54,713 | €47,763 | -€6,950 | -12.7% |
| Current assets | 29/58 | €746,112 | €902,854 | +€156,742 | +21.0% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,263 | €197,053 | +€188,791 | +2,285% |
| Trade receivables | 40 | €6,715 | €183,364 | +€176,649 | +2,631% |
| Other amounts receivable | 41 | €1,548 | €13,690 | +€12,141 | +784% |
| Current investments | 50/53 | €513,998 | €516,952 | +€2,954 | +0.6% |
| Cash at bank and in hand | 54/58 | €94,085 | €53,388 | -€40,697 | -43.3% |
| Deferred charges and accrued income | 490/1 | €4,767 | €10,461 | +€5,694 | +119% |
| Total equity and liabilities | 10/49 | €1,529,301 | €1,663,853 | +€134,552 | +8.8% |
| Equity | 10/15 | €953,707 | €659,001 | -€294,706 | -30.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €947,507 | €652,801 | -€294,706 | -31.1% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €737,007 | €442,301 | -€294,706 | -40.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €575,594 | €1,004,852 | +€429,258 | +74.6% |
| Amounts payable after more than one year | 17 | €429,713 | €381,333 | -€48,380 | -11.3% |
| Financial debts | 170/4 | €429,713 | €381,333 | -€48,380 | -11.3% |
| Amounts payable within one year | 42/48 | €145,578 | €622,786 | +€477,207 | +328% |
| Current portion of amounts payable after more than one year | 42 | €44,106 | €46,714 | +€2,608 | +5.9% |
| Financial debts | 43 | - | €80,000 | +€80,000 | |
| Credit institutions | 430/8 | - | €80,000 | +€80,000 | |
| Trade debts | 44 | €29,275 | €22,447 | -€6,828 | -23.3% |
| Suppliers | 440/4 | €29,275 | €22,447 | -€6,828 | -23.3% |
| Taxes, remuneration and social security | 45 | €3,631 | €3,669 | +€38 | +1.0% |
| Taxes | 450/3 | €3,631 | €3,669 | +€38 | +1.0% |
| Other amounts payable | 47/48 | €68,567 | €469,957 | +€401,389 | +585% |
| Accrued charges and deferred income | 492/3 | €302 | €733 | +€431 | +143% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,778 | €47,870 | +€18,093 | +60.8% |
| Other operating charges | 640/8 | €33,095 | €4,133 | -€28,962 | -87.5% |
| Non-recurring operating charges | 66A | €19,992 | €0 | -€19,992 | -100% |
| Gross operating margin | 9900 | €360,933 | €288,199 | -€72,734 | -20.2% |
| Operating profit (loss) | 9901 | €278,068 | €236,195 | -€41,872 | -15.1% |
| Financial income | 75/76B | €67,607 | €47,209 | -€20,398 | -30.2% |
| Recurring financial income | 75 | €67,607 | €47,209 | -€20,398 | -30.2% |
| Financial charges | 65/66B | €11,732 | €40,305 | +€28,573 | +244% |
| Recurring financial charges | 65 | €11,732 | €40,305 | +€28,573 | +244% |
| Profit (loss) for the period before taxes | 9903 | €333,942 | €243,099 | -€90,843 | -27.2% |
| Income taxes | 67/77 | €92,950 | €77,576 | -€15,374 | -16.5% |
| Profit (loss) for the period | 9904 | €240,992 | €165,523 | -€75,469 | -31.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €240,992 | €165,523 | -€75,469 | -31.3% |
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 15 October 2026 via checked.be.