Management Kovico: 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.
Management Kovico
Largest movements
- Cash +€109,745
up €109,745 (+41.4%), from €265,292 to €375,038
mainly Net result for the year (+€261,290) and Depreciation (+€44,419)
- Receivables within one year +€22,736
up €22,736 (+33.3%), from €68,332 to €91,068
of which Trade receivables: +€22,162
- Tangible fixed assets -€13,457
down €13,457 (-3.3%), from €410,865 to €397,408
of which Land and buildings: -€25,317
- Profit (loss) carried forward +€261,290
up €261,290, from €0 to €261,290
- Reserves -€77,358
down €77,358 (-16.4%), from €471,343 to €393,985
- Other debts -€50,902
down €50,902 (-21.9%), from €232,930 to €182,028
- Debts after one year -€13,792
down €13,792 (-3.9%), from €350,068 to €336,276
- Gross operating margin -€5,629
down €5,629 (-1.4%), from €397,797 to €392,167
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 | €1,119,253 | €1,238,649 | +€119,396 | +10.7% |
| Fixed assets | 21/28 | €413,354 | €399,997 | -€13,357 | -3.2% |
| Tangible fixed assets | 22/27 | €410,865 | €397,408 | -€13,457 | -3.3% |
| Land and buildings | 22 | €345,342 | €320,025 | -€25,317 | -7.3% |
| Plant, machinery and equipment | 23 | €1,714 | €30,165 | +€28,451 | +1,660% |
| Furniture and vehicles | 24 | €63,809 | €47,218 | -€16,591 | -26.0% |
| Financial fixed assets | 28 | €2,489 | €2,589 | +€100 | +4.0% |
| Current assets | 29/58 | €705,899 | €838,652 | +€132,753 | +18.8% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €68,332 | €91,068 | +€22,736 | +33.3% |
| Trade receivables | 40 | €67,830 | €89,992 | +€22,162 | +32.7% |
| Other amounts receivable | 41 | €502 | €1,076 | +€574 | +114% |
| Current investments | 50/53 | €19,151 | €19,291 | +€140 | +0.7% |
| Cash at bank and in hand | 54/58 | €265,292 | €375,038 | +€109,745 | +41.4% |
| Deferred charges and accrued income | 490/1 | €3,124 | €3,255 | +€131 | +4.2% |
| Total equity and liabilities | 10/49 | €1,119,253 | €1,238,649 | +€119,396 | +10.7% |
| Equity | 10/15 | €489,943 | €673,875 | +€183,932 | +37.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €471,343 | €393,985 | -€77,358 | -16.4% |
| Distributable reserves | 133 | €471,343 | €393,985 | -€77,358 | -16.4% |
| Profit (loss) carried forward | 14 | €0 | €261,290 | +€261,290 | |
| Amounts payable | 17/49 | €629,310 | €564,773 | -€64,536 | -10.3% |
| Amounts payable after more than one year | 17 | €350,068 | €336,276 | -€13,792 | -3.9% |
| Financial debts | 170/4 | €350,068 | €336,276 | -€13,792 | -3.9% |
| Amounts payable within one year | 42/48 | €279,242 | €228,498 | -€50,744 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €34,622 | €41,015 | +€6,393 | +18.5% |
| Trade debts | 44 | €1,827 | €1,431 | -€396 | -21.7% |
| Suppliers | 440/4 | €1,827 | €1,431 | -€396 | -21.7% |
| Taxes, remuneration and social security | 45 | €9,863 | €4,024 | -€5,839 | -59.2% |
| Taxes | 450/3 | €9,863 | €4,024 | -€5,839 | -59.2% |
| Other amounts payable | 47/48 | €232,930 | €182,028 | -€50,902 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,443 | €44,419 | +€976 | +2.2% |
| Other operating charges | 640/8 | €6,359 | €6,146 | -€212 | -3.3% |
| Gross operating margin | 9900 | €397,797 | €392,167 | -€5,629 | -1.4% |
| Operating profit (loss) | 9901 | €347,995 | €341,602 | -€6,392 | -1.8% |
| Financial income | 75/76B | €14,815 | €11,137 | -€3,678 | -24.8% |
| Recurring financial income | 75 | €14,815 | €11,137 | -€3,678 | -24.8% |
| Financial charges | 65/66B | €10,296 | €9,842 | -€455 | -4.4% |
| Recurring financial charges | 65 | €10,296 | €9,842 | -€455 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €352,513 | €342,898 | -€9,615 | -2.7% |
| Income taxes | 67/77 | €85,034 | €81,608 | -€3,426 | -4.0% |
| Profit (loss) for the period | 9904 | €267,480 | €261,290 | -€6,190 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €267,480 | €261,290 | -€6,190 | -2.3% |
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 15 October 2026 via checked.be.