KOVERMO: 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.
What changed
KOVERMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€606,679
2024 · €288,668+€318,011
Equity
€3.0m
2024 · €2.4m+€606,679
Cash
€253,736
2024 · €217,494+€36,242
Balance sheet total
€13.2m
2024 · €11.5m+€1.7m
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+80.6%), from €1.5m to €2.7m
of which Other amounts receivable: +€1.1m
- Tangible fixed assets +€515,175
up €515,175 (+5.3%), from €9.8m to €10.3m
of which Assets under construction and advance payments: +€850,378
Equity and liabilities
- Reserves +€1.7m
up €1.7m (+167.0%), from €988,509 to €2.6m
of which Distributable reserves: +€1.4m
- Profit (loss) carried forward -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Trade debts +€571,433
up €571,433 (+3277.1%), from €17,437 to €588,870
- Debts after one year +€377,403
up €377,403 (+5.7%), from €6.7m to €7.1m
of which Financial debts: +€312,128
Income statement
- Gross operating margin +€636,263
up €636,263 (+86.9%), from €732,114 to €1.4m
- Financial charges +€124,774
up €124,774 (+117.3%), from €106,390 to €231,164
- Depreciation +€72,615
up €72,615 (+34.2%), from €212,340 to €284,955
- Taxes +€28,789
up €28,789 (+25.5%), from €112,759 to €141,548
- Other operating charges +€24,550
up €24,550 (+49.9%), from €49,220 to €73,770
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.
Result 2024
€288,668
Gross operating margin
+€636,263
Depreciation
-€72,615
Other operating charges
-€24,550
Other operating items
-€1
Financial income
+€9,996
Financial charges
-€124,774
Taxes
-€28,789
Deferred taxes and other
-€77,520
Result 2025
€606,679
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.
From operations
+€393,093
Investment
-€800,129
Financing
+€443,278
Cash 2024
€217,494
From operations (derived)
+€393,093
Net result for the year
+€606,679
Depreciation
+€284,955
Receivables within one year
-€1.2m
Smaller working-capital items
-€1,855
Provisions
+€68,923
Trade debts
+€571,433
Tax, wage and social debts
+€24,391
Other debts
+€27,324
Accrued charges and deferred income
+€4,420
Investment (derived)
-€800,129
Investment in fixed assets (net)
-€800,129
Financing
+€443,278
Debts after one year
+€377,403
Current portion of long-term debt
+€65,875
Contributions, distributions and other
-€0
Cash 2025
€253,736
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,480,859 | €13,226,585 | +€1.7m | +15.2% |
| Fixed assets | 21/28 | €9,768,961 | €10,284,136 | +€515,175 | +5.3% |
| Tangible fixed assets | 22/27 | €9,768,961 | €10,284,136 | +€515,175 | +5.3% |
| Land and buildings | 22 | €9,742,711 | €9,407,507 | -€335,204 | -3.4% |
| Assets under construction and advance payments | 27 | €26,250 | €876,628 | +€850,378 | +3239.5% |
| Current assets | 29/58 | €1,711,898 | €2,942,449 | +€1.2m | +71.9% |
| Amounts receivable within one year | 40/41 | €1,479,930 | €2,673,107 | +€1.2m | +80.6% |
| Trade receivables | 40 | €0 | €74,471 | +€74,471 | |
| Other amounts receivable | 41 | €1,479,930 | €2,598,636 | +€1.1m | +75.6% |
| Cash at bank and in hand | 54/58 | €217,494 | €253,736 | +€36,242 | +16.7% |
| Deferred charges and accrued income | 490/1 | €14,474 | €15,607 | +€1,133 | +7.8% |
| Total equity and liabilities | 10/49 | €11,480,859 | €13,226,585 | +€1.7m | +15.2% |
| Equity | 10/15 | €2,375,926 | €2,982,605 | +€606,679 | +25.5% |
| Contributions | 10/11 | €343,092 | €343,092 | -€0 | 0.0% |
| Capital | 10 | €343,092 | €343,092 | -€0 | 0.0% |
| Issued capital | 100 | €367,892 | €367,892 | -€0 | 0.0% |
| Uncalled capital | 101 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €988,509 | €2,639,513 | +€1.7m | +167.0% |
| Non-distributable reserves | 130/1 | €36,790 | €36,790 | -€0 | 0.0% |
| Legal reserve | 130 | €36,790 | €36,790 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €771,268 | €978,037 | +€206,769 | +26.8% |
| Distributable reserves | 133 | €180,451 | €1,624,686 | +€1.4m | +800.3% |
| Profit (loss) carried forward | 14 | €1,044,325 | €0 | -€1.0m | -100.0% |
| Provisions and deferred taxes | 16 | €263,386 | €332,309 | +€68,923 | +26.2% |
| Provisions for liabilities and charges | 160/5 | €6,296 | €6,296 | +€0 | 0.0% |
| Major repairs and maintenance | 162 | €6,296 | €6,296 | +€0 | 0.0% |
| Deferred taxes | 168 | €257,089 | €326,012 | +€68,923 | +26.8% |
| Amounts payable | 17/49 | €8,841,547 | €9,911,671 | +€1.1m | +12.1% |
| Amounts payable after more than one year | 17 | €6,677,249 | €7,054,652 | +€377,403 | +5.7% |
| Financial debts | 170/4 | €6,505,466 | €6,817,594 | +€312,128 | +4.8% |
| Other amounts payable | 178/9 | €171,783 | €237,058 | +€65,275 | +38.0% |
| Amounts payable within one year | 42/48 | €2,156,273 | €2,844,574 | +€688,301 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €728,965 | €794,840 | +€65,875 | +9.0% |
| Trade debts | 44 | €17,437 | €588,870 | +€571,433 | +3277.1% |
| Suppliers | 440/4 | €17,437 | €588,870 | +€571,433 | +3277.1% |
| Advances received on contracts in progress | 46 | €722 | €0 | -€722 | -100.0% |
| Taxes, remuneration and social security | 45 | €27,609 | €52,000 | +€24,391 | +88.3% |
| Taxes | 450/3 | €27,609 | €52,000 | +€24,391 | +88.3% |
| Other amounts payable | 47/48 | €1,381,540 | €1,408,864 | +€27,324 | +2.0% |
| Accrued charges and deferred income | 492/3 | €8,025 | €12,445 | +€4,420 | +55.1% |
| Non-recurring operating income | 76A | €1,491 | €309,751 | +€308,260 | +20674.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,340 | €284,955 | +€72,615 | +34.2% |
| Other operating charges | 640/8 | €49,220 | €73,770 | +€24,550 | +49.9% |
| Gross operating margin | 9900 | €732,114 | €1,368,377 | +€636,263 | +86.9% |
| Operating profit (loss) | 9901 | €470,555 | €1,009,652 | +€539,097 | +114.6% |
| Financial income | 75/76B | €28,665 | €38,661 | +€9,996 | +34.9% |
| Recurring financial income | 75 | €28,665 | €38,661 | +€9,996 | +34.9% |
| Financial charges | 65/66B | €106,390 | €231,164 | +€124,774 | +117.3% |
| Recurring financial charges | 65 | €106,390 | €231,164 | +€124,774 | +117.3% |
| Profit (loss) for the period before taxes | 9903 | €392,830 | €817,150 | +€424,320 | +108.0% |
| Transfer from deferred taxes | 780 | €8,597 | €8,515 | -€82 | -1.0% |
| Transfer to deferred taxes | 680 | €0 | €77,438 | +€77,438 | |
| Income taxes | 67/77 | €112,759 | €141,548 | +€28,789 | +25.5% |
| Profit (loss) for the period | 9904 | €288,668 | €606,679 | +€318,011 | +110.2% |
| Transfer from tax-exempt reserves | 789 | €25,792 | €25,545 | -€247 | -1.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €232,313 | +€232,313 | |
| Profit (loss) for the period to be appropriated | 9905 | €314,460 | €399,910 | +€85,450 | +27.2% |
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 9 October 2026 via checked.be.