Kovin Capital: 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.
Kovin Capital
Largest movements
- Cash -€18,921
down €18,921 (-63.5%), from €29,800 to €10,879
mainly Contributions, distributions and other (-€144,447) and Current portion of long-term debt (-€11,362)
- Tangible fixed assets -€12,020
down €12,020 (-8.7%), from €137,906 to €125,886
of which Leasing and similar rights: -€9,303
- Reserves -€68,820
down €68,820 (-61.7%), from €111,622 to €42,802
- Other debts +€61,567
up €61,567 (+90.5%), from €68,063 to €129,630
- Current portion of long-term debt -€11,362
down €11,362 (-52.1%), from €21,811 to €10,449
- Debts after one year -€10,449
down €10,449 (-100.0%), from €10,449 to €0
- Gross operating margin -€37,472
down €37,472 (-30.6%), from €122,495 to €85,023
- Financial income +€34,992
up €34,992 (+443499.5%), from €8 to €35,000
- Taxes -€9,790
down €9,790 (-36.2%), from €27,029 to €17,240
- Other operating charges +€2,606
up €2,606 (+224.7%), from €1,160 to €3,766
- Financial charges -€1,961
down €1,961 (-75.9%), from €2,584 to €623
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 | €256,407 | €225,977 | -€30,430 | -11.9% |
| Fixed assets | 21/28 | €226,034 | €214,014 | -€12,020 | -5.3% |
| Tangible fixed assets | 22/27 | €137,906 | €125,886 | -€12,020 | -8.7% |
| Plant, machinery and equipment | 23 | €2,462 | €1,818 | -€644 | -26.2% |
| Furniture and vehicles | 24 | €17,238 | €13,673 | -€3,565 | -20.7% |
| Leasing and similar rights | 25 | €19,192 | €9,889 | -€9,303 | -48.5% |
| Other tangible fixed assets | 26 | €99,013 | €100,506 | +€1,492 | +1.5% |
| Financial fixed assets | 28 | €88,128 | €88,128 | = | 0.0% |
| Current assets | 29/58 | €30,373 | €11,963 | -€18,410 | -60.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €29,800 | €10,879 | -€18,921 | -63.5% |
| Deferred charges and accrued income | 490/1 | €573 | €1,084 | +€511 | +89.1% |
| Total equity and liabilities | 10/49 | €256,407 | €225,977 | -€30,430 | -11.9% |
| Equity | 10/15 | €112,222 | €43,402 | -€68,820 | -61.3% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €111,622 | €42,802 | -€68,820 | -61.7% |
| Distributable reserves | 133 | €111,622 | €42,802 | -€68,820 | -61.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,185 | €182,575 | +€38,390 | +26.6% |
| Amounts payable after more than one year | 17 | €10,449 | €0 | -€10,449 | -100.0% |
| Financial debts | 170/4 | €10,449 | €0 | -€10,449 | -100.0% |
| Amounts payable within one year | 42/48 | €133,736 | €182,575 | +€48,839 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €21,811 | €10,449 | -€11,362 | -52.1% |
| Trade debts | 44 | €4,906 | €5,885 | +€979 | +20.0% |
| Suppliers | 440/4 | €4,906 | €5,885 | +€979 | +20.0% |
| Taxes, remuneration and social security | 45 | €38,956 | €36,611 | -€2,346 | -6.0% |
| Taxes | 450/3 | €34,615 | €32,269 | -€2,346 | -6.8% |
| Remuneration and social security | 454/9 | €4,342 | €4,342 | = | 0.0% |
| Other amounts payable | 47/48 | €68,063 | €129,630 | +€61,567 | +90.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,910 | €22,767 | -€142 | -0.6% |
| Other operating charges | 640/8 | €1,160 | €3,766 | +€2,606 | +224.7% |
| Gross operating margin | 9900 | €122,495 | €85,023 | -€37,472 | -30.6% |
| Operating profit (loss) | 9901 | €98,425 | €58,490 | -€39,935 | -40.6% |
| Financial income | 75/76B | €8 | €35,000 | +€34,992 | +443499.5% |
| Recurring financial income | 75 | €8 | €35,000 | +€34,992 | +443499.5% |
| Financial charges | 65/66B | €2,584 | €623 | -€1,961 | -75.9% |
| Recurring financial charges | 65 | €2,584 | €623 | -€1,961 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €95,849 | €92,867 | -€2,982 | -3.1% |
| Income taxes | 67/77 | €27,029 | €17,240 | -€9,790 | -36.2% |
| Profit (loss) for the period | 9904 | €68,820 | €75,627 | +€6,807 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,820 | €75,627 | +€6,807 | +9.9% |
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 10 October 2026 via checked.be.