KOVRD: 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.
KOVRD
Largest movements
- Intangible fixed assets +€35,579
new in 2025: €35,579
- Cash +€5,656
up €5,656 (+218.9%), from €2,584 to €8,240
mainly Net result for the year (+€161,040) and Depreciation (+€12,120)
- Tangible fixed assets -€4,551
down €4,551 (-5.4%), from €83,783 to €79,232
of which Other tangible fixed assets: -€6,514
- Receivables within one year -€2,144
down €2,144 (-2.6%), from €83,615 to €81,472
of which Other amounts receivable: -€8,640
- Reserves +€161,040
up €161,040 (+440.4%), from €36,569 to €197,609
- Other debts -€118,935
down €118,935 (-99.0%), from €120,086 to €1,150
- Tax, wage and social debts -€7,081
down €7,081 (-34.2%), from €20,697 to €13,616
of which Taxes: -€7,540
- Gross operating margin +€136,262
up €136,262 (+65.8%), from €207,233 to €343,495
- Taxes +€37,130
up €37,130 (+212.1%), from €17,510 to €54,640
- Staff costs +€6,687
up €6,687 (+6.2%), from €108,320 to €115,007
- Depreciation +€3,594
up €3,594 (+42.2%), from €8,526 to €12,120
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 | €179,203 | €213,909 | +€34,706 | +19.4% |
| Fixed assets | 21/28 | €92,078 | €123,106 | +€31,028 | +33.7% |
| Intangible fixed assets | 21 | - | €35,579 | +€35,579 | |
| Tangible fixed assets | 22/27 | €83,783 | €79,232 | -€4,551 | -5.4% |
| Plant, machinery and equipment | 23 | €1,290 | €3,193 | +€1,903 | +147.4% |
| Furniture and vehicles | 24 | €3,220 | €3,281 | +€61 | +1.9% |
| Other tangible fixed assets | 26 | €79,272 | €72,757 | -€6,514 | -8.2% |
| Financial fixed assets | 28 | €8,295 | €8,295 | = | 0.0% |
| Current assets | 29/58 | €87,125 | €90,803 | +€3,678 | +4.2% |
| Amounts receivable within one year | 40/41 | €83,615 | €81,472 | -€2,144 | -2.6% |
| Trade receivables | 40 | €42,615 | €49,112 | +€6,496 | +15.2% |
| Other amounts receivable | 41 | €41,000 | €32,360 | -€8,640 | -21.1% |
| Cash at bank and in hand | 54/58 | €2,584 | €8,240 | +€5,656 | +218.9% |
| Deferred charges and accrued income | 490/1 | €925 | €1,091 | +€165 | +17.9% |
| Total equity and liabilities | 10/49 | €179,203 | €213,909 | +€34,706 | +19.4% |
| Equity | 10/15 | €36,669 | €197,709 | +€161,040 | +439.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €36,569 | €197,609 | +€161,040 | +440.4% |
| Distributable reserves | 133 | €36,569 | €197,609 | +€161,040 | +440.4% |
| Amounts payable | 17/49 | €142,533 | €16,200 | -€126,334 | -88.6% |
| Amounts payable within one year | 42/48 | €142,533 | €16,200 | -€126,334 | -88.6% |
| Trade debts | 44 | €1,751 | €1,434 | -€317 | -18.1% |
| Suppliers | 440/4 | €1,751 | €1,434 | -€317 | -18.1% |
| Taxes, remuneration and social security | 45 | €20,697 | €13,616 | -€7,081 | -34.2% |
| Taxes | 450/3 | €7,540 | - | -€7,540 | |
| Remuneration and social security | 454/9 | €13,157 | €13,616 | +€459 | +3.5% |
| Other amounts payable | 47/48 | €120,086 | €1,150 | -€118,935 | -99.0% |
| Remuneration, social security and pensions | 62 | €108,320 | €115,007 | +€6,687 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,526 | €12,120 | +€3,594 | +42.2% |
| Other operating charges | 640/8 | €387 | €654 | +€266 | +68.8% |
| Gross operating margin | 9900 | €207,233 | €343,495 | +€136,262 | +65.8% |
| Operating profit (loss) | 9901 | €90,000 | €215,714 | +€125,714 | +139.7% |
| Financial income | 75/76B | €385 | €205 | -€180 | -46.8% |
| Recurring financial income | 75 | €385 | €205 | -€180 | -46.8% |
| Financial charges | 65/66B | €371 | €240 | -€131 | -35.3% |
| Recurring financial charges | 65 | €371 | €240 | -€131 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €90,015 | €215,680 | +€125,665 | +139.6% |
| Income taxes | 67/77 | €17,510 | €54,640 | +€37,130 | +212.1% |
| Profit (loss) for the period | 9904 | €72,505 | €161,040 | +€88,535 | +122.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,505 | €161,040 | +€88,535 | +122.1% |
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 29 September 2026 via checked.be.