KOVEMA: 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.
KOVEMA
Largest movements
- Cash -€4,154
down €4,154 (-28.8%), from €14,447 to €10,293
mainly Trade debts (-€45,889) and Investment in fixed assets (net) (-€1,360)
- Tangible fixed assets -€1,448
down €1,448 (-36.0%), from €4,017 to €2,569
- Receivables within one year +€699
up €699 (+77.1%), from €907 to €1,606
of which Trade receivables: +€392
- Stocks and contracts -€668
down €668 (-6.0%), from €11,050 to €10,383
- Trade debts -€45,889
down €45,889 (-41.4%), from €110,744 to €64,855
- Profit (loss) carried forward +€35,181
up €35,181 (+22.3%), from -€157,978 to -€122,796
- Tax, wage and social debts +€5,235
up €5,235 (+37.9%), from €13,804 to €19,038
of which Taxes: +€3,699
- Gross operating margin +€77,997
up €77,997 (+68.7%), from €113,539 to €191,536
- Staff costs -€9,591
down €9,591 (-6.5%), from €148,523 to €138,931
- Financial charges +€5,371
up €5,371 (+620%), from €867 to €6,238
of which Financial charges: +€5,241
- Other operating charges +€3,219
up €3,219 (+62.3%), from €5,166 to €8,385
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 | €32,397 | €26,924 | -€5,472 | -16.9% |
| Fixed assets | 21/28 | €4,067 | €2,569 | -€1,498 | -36.8% |
| Tangible fixed assets | 22/27 | €4,017 | €2,569 | -€1,448 | -36.0% |
| Plant, machinery and equipment | 23 | €4,017 | €2,569 | -€1,448 | -36.0% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €28,329 | €24,355 | -€3,974 | -14.0% |
| Stocks and contracts in progress | 3 | €11,050 | €10,383 | -€668 | -6.0% |
| Stocks | 30/36 | €11,050 | €10,383 | -€668 | -6.0% |
| Amounts receivable within one year | 40/41 | €907 | €1,606 | +€699 | +77.1% |
| Trade receivables | 40 | - | €392 | +€392 | |
| Other amounts receivable | 41 | €907 | €1,214 | +€308 | +33.9% |
| Cash at bank and in hand | 54/58 | €14,447 | €10,293 | -€4,154 | -28.8% |
| Deferred charges and accrued income | 490/1 | €1,926 | €2,074 | +€148 | +7.7% |
| Total equity and liabilities | 10/49 | €32,397 | €26,924 | -€5,472 | -16.9% |
| Equity | 10/15 | -€92,150 | -€56,969 | +€35,181 | +38.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,228 | €47,228 | = | 0.0% |
| Distributable reserves | 133 | €47,228 | €47,228 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,978 | -€122,796 | +€35,181 | +22.3% |
| Amounts payable | 17/49 | €124,547 | €83,893 | -€40,654 | -32.6% |
| Amounts payable within one year | 42/48 | €124,547 | €83,893 | -€40,654 | -32.6% |
| Trade debts | 44 | €110,744 | €64,855 | -€45,889 | -41.4% |
| Suppliers | 440/4 | €110,744 | €64,855 | -€45,889 | -41.4% |
| Taxes, remuneration and social security | 45 | €13,804 | €19,038 | +€5,235 | +37.9% |
| Taxes | 450/3 | €7,385 | €11,084 | +€3,699 | +50.1% |
| Remuneration and social security | 454/9 | €6,419 | €7,955 | +€1,536 | +23.9% |
| Remuneration, social security and pensions | 62 | €148,523 | €138,931 | -€9,591 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,973 | €2,858 | -€115 | -3.9% |
| Other operating charges | 640/8 | €5,166 | €8,385 | +€3,219 | +62.3% |
| Gross operating margin | 9900 | €113,539 | €191,536 | +€77,997 | +68.7% |
| Operating profit (loss) | 9901 | -€43,123 | €41,361 | +€84,484 | |
| Financial income | 75/76B | €215 | €199 | -€17 | -7.7% |
| Recurring financial income | 75 | €215 | €199 | -€17 | -7.7% |
| Financial charges | 65/66B | €867 | €6,238 | +€5,371 | +620% |
| Recurring financial charges | 65 | €683 | €5,924 | +€5,241 | +768% |
| Non-recurring financial charges | 66B | €184 | €313 | +€129 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,775 | €35,322 | +€79,097 | |
| Income taxes | 67/77 | €259 | €141 | -€118 | -45.6% |
| Profit (loss) for the period | 9904 | -€44,034 | €35,181 | +€79,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,034 | €35,181 | +€79,215 |
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 21 October 2026 via checked.be.