T-COVER: 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.
T-COVER
Largest movements
- Cash +€14,600
up €14,600 (+38.1%), from €38,300 to €52,900
mainly Receivables within one year (+€6,947) and Other debts (+€6,675)
- Receivables within one year -€6,947
down €6,947 (-62.3%), from €11,151 to €4,203
of which Trade receivables: -€6,947
- Tangible fixed assets -€1,049
down €1,049 (-38.8%), from €2,701 to €1,652
of which Plant, machinery and equipment: -€1,003
- Other debts +€6,675
up €6,675 (+293%), from €2,282 to €8,957
- Reserves +€3,506
up €3,506 (+13.4%), from €26,218 to €29,724
of which Distributable reserves: +€3,506
- Trade debts -€2,567
down €2,567 (-89.2%), from €2,876 to €310
- Tax, wage and social debts -€971
down €971 (-73.5%), from €1,322 to €351
- Gross operating margin -€32,058
down €32,058 (-85.2%), from €37,609 to €5,552
- Depreciation -€15,972
down €15,972 (-93.8%), from €17,021 to €1,049
- Taxes -€971
down €971 (-73.5%), from €1,322 to €351
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 | €52,698 | €59,341 | +€6,642 | +12.6% |
| Fixed assets | 21/28 | €2,701 | €1,652 | -€1,049 | -38.8% |
| Tangible fixed assets | 22/27 | €2,701 | €1,652 | -€1,049 | -38.8% |
| Plant, machinery and equipment | 23 | €2,655 | €1,652 | -€1,003 | -37.8% |
| Other tangible fixed assets | 26 | €46 | €0 | -€46 | -100% |
| Current assets | 29/58 | €49,998 | €57,689 | +€7,691 | +15.4% |
| Amounts receivable within one year | 40/41 | €11,151 | €4,203 | -€6,947 | -62.3% |
| Trade receivables | 40 | €11,151 | €4,203 | -€6,947 | -62.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €38,300 | €52,900 | +€14,600 | +38.1% |
| Deferred charges and accrued income | 490/1 | €548 | €586 | +€38 | +7.0% |
| Total equity and liabilities | 10/49 | €52,698 | €59,341 | +€6,642 | +12.6% |
| Equity | 10/15 | €46,218 | €49,724 | +€3,506 | +7.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €26,218 | €29,724 | +€3,506 | +13.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Other | 1319 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €24,218 | €27,724 | +€3,506 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €6,480 | €9,617 | +€3,137 | +48.4% |
| Amounts payable within one year | 42/48 | €6,480 | €9,617 | +€3,137 | +48.4% |
| Trade debts | 44 | €2,876 | €310 | -€2,567 | -89.2% |
| Suppliers | 440/4 | €2,876 | €310 | -€2,567 | -89.2% |
| Taxes, remuneration and social security | 45 | €1,322 | €351 | -€971 | -73.5% |
| Taxes | 450/3 | €1,322 | €351 | -€971 | -73.5% |
| Other amounts payable | 47/48 | €2,282 | €8,957 | +€6,675 | +293% |
| Non-recurring operating income | 76A | €19,574 | €0 | -€19,574 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,021 | €1,049 | -€15,972 | -93.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €37,609 | €5,552 | -€32,058 | -85.2% |
| Operating profit (loss) | 9901 | €20,201 | €4,103 | -€16,098 | -79.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €235 | €248 | +€13 | +5.4% |
| Recurring financial charges | 65 | €235 | €248 | +€13 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €19,966 | €3,856 | -€16,109 | -80.7% |
| Income taxes | 67/77 | €1,322 | €351 | -€971 | -73.5% |
| Profit (loss) for the period | 9904 | €18,644 | €3,506 | -€15,138 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,644 | €3,506 | -€15,138 | -81.2% |
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 16 October 2026 via checked.be.