KOVEC: 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.
KOVEC
Largest movements
- Tangible fixed assets -€50,494
down €50,494 (-8.4%), from €600,604 to €550,110
of which Land and buildings: -€45,062
- Cash +€13,936
up €13,936 (+29.3%), from €47,507 to €61,443
mainly Depreciation (+€52,919) and Net result for the year (+€52,144)
- Other debts -€31,497
down €31,497 (-15.0%), from €209,951 to €178,453
- Reserves +€20,924
up €20,924 (+5.0%), from €420,206 to €441,130
- Debts after one year -€18,700
down €18,700 (-55.2%), from €33,867 to €15,167
- Gross operating margin +€12,776
up €12,776 (+10.7%), from €119,248 to €132,024
- Taxes +€3,151
up €3,151 (+16.5%), from €19,091 to €22,242
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 | €692,074 | €656,879 | -€35,196 | -5.1% |
| Fixed assets | 21/28 | €600,604 | €550,110 | -€50,494 | -8.4% |
| Tangible fixed assets | 22/27 | €600,604 | €550,110 | -€50,494 | -8.4% |
| Land and buildings | 22 | €590,083 | €545,021 | -€45,062 | -7.6% |
| Plant, machinery and equipment | 23 | €1,311 | €2,753 | +€1,442 | +110.0% |
| Furniture and vehicles | 24 | €9,210 | €2,336 | -€6,874 | -74.6% |
| Current assets | 29/58 | €91,471 | €106,769 | +€15,299 | +16.7% |
| Stocks and contracts in progress | 3 | €6,208 | €5,072 | -€1,136 | -18.3% |
| Stocks | 30/36 | €6,208 | €5,072 | -€1,136 | -18.3% |
| Amounts receivable within one year | 40/41 | €33,978 | €36,478 | +€2,500 | +7.4% |
| Trade receivables | 40 | €14,932 | €14,359 | -€572 | -3.8% |
| Other amounts receivable | 41 | €19,046 | €22,118 | +€3,072 | +16.1% |
| Cash at bank and in hand | 54/58 | €47,507 | €61,443 | +€13,936 | +29.3% |
| Deferred charges and accrued income | 490/1 | €3,778 | €3,776 | -€2 | -0.1% |
| Total equity and liabilities | 10/49 | €692,074 | €656,879 | -€35,196 | -5.1% |
| Equity | 10/15 | €421,206 | €442,130 | +€20,924 | +5.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €420,206 | €441,130 | +€20,924 | +5.0% |
| Distributable reserves | 133 | €420,206 | €441,130 | +€20,924 | +5.0% |
| Amounts payable | 17/49 | €270,869 | €214,749 | -€56,120 | -20.7% |
| Amounts payable after more than one year | 17 | €33,867 | €15,167 | -€18,700 | -55.2% |
| Financial debts | 170/4 | €33,867 | €15,167 | -€18,700 | -55.2% |
| Amounts payable within one year | 42/48 | €236,052 | €199,582 | -€36,470 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €23,200 | €18,700 | -€4,500 | -19.4% |
| Trade debts | 44 | €800 | €957 | +€157 | +19.6% |
| Suppliers | 440/4 | €800 | €957 | +€157 | +19.6% |
| Taxes, remuneration and social security | 45 | €2,101 | €1,472 | -€629 | -30.0% |
| Taxes | 450/3 | €2,101 | €1,472 | -€629 | -30.0% |
| Other amounts payable | 47/48 | €209,951 | €178,453 | -€31,497 | -15.0% |
| Accrued charges and deferred income | 492/3 | €950 | - | -€950 | |
| Non-recurring operating income | 76A | €951 | €2,998 | +€2,047 | +215.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,796 | €52,919 | +€1,123 | +2.2% |
| Other operating charges | 640/8 | €4,871 | €3,727 | -€1,144 | -23.5% |
| Gross operating margin | 9900 | €119,248 | €132,024 | +€12,776 | +10.7% |
| Operating profit (loss) | 9901 | €62,581 | €75,379 | +€12,797 | +20.4% |
| Financial income | 75/76B | €442 | €381 | -€62 | -13.9% |
| Recurring financial income | 75 | €442 | €381 | -€62 | -13.9% |
| Financial charges | 65/66B | €2,106 | €1,373 | -€733 | -34.8% |
| Recurring financial charges | 65 | €2,106 | €1,373 | -€733 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €60,918 | €74,386 | +€13,469 | +22.1% |
| Income taxes | 67/77 | €19,091 | €22,242 | +€3,151 | +16.5% |
| Profit (loss) for the period | 9904 | €41,827 | €52,144 | +€10,318 | +24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,827 | €52,144 | +€10,318 | +24.7% |
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.