The Cove Group: 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.
The Cove Group
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+68.6%), from €1.9m to €3.3m
of which Assets under construction and advance payments: +€1.5m
- Debts after one year +€1.5m
up €1.5m (+121%), from €1.2m to €2.7m
- Other debts -€144,383
down €144,383 (-24.4%), from €592,281 to €447,898
- Accrued charges and deferred income -€111,493
down €111,493 (-93.3%), from €119,460 to €7,968
- Current portion of long-term debt +€111,325
up €111,325 (+744%), from €14,970 to €126,295
- Profit (loss) carried forward +€44,086
up €44,086 (+95.6%), from €46,110 to €90,195
- Financial charges +€131,051
up €131,051 (+288%), from €45,492 to €176,543
of which Financial charges: +€128,578
- Other operating charges -€110,567
down €110,567 (-72.0%), from €153,612 to €43,045
- Depreciation +€86,146
up €86,146 (+59.5%), from €144,755 to €230,901
- Financial income -€46,964
down €46,964 (-68.7%), from €68,336 to €21,372
- Taxes -€32,063
down €32,063 (-99.0%), from €32,383 to €320
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 | €2,286,363 | €3,658,023 | +€1.4m | +60.0% |
| Fixed assets | 21/28 | €2,042,322 | €3,406,091 | +€1.4m | +66.8% |
| Intangible fixed assets | 21 | €94,843 | €122,352 | +€27,509 | +29.0% |
| Tangible fixed assets | 22/27 | €1,947,478 | €3,283,739 | +€1.3m | +68.6% |
| Land and buildings | 22 | €1,287,389 | €1,133,781 | -€153,608 | -11.9% |
| Plant, machinery and equipment | 23 | €54,110 | €42,875 | -€11,235 | -20.8% |
| Furniture and vehicles | 24 | €19,580 | €16,375 | -€3,205 | -16.4% |
| Assets under construction and advance payments | 27 | €586,399 | €2,090,708 | +€1.5m | +257% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €244,041 | €251,932 | +€7,891 | +3.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €89,036 | €103,224 | +€14,187 | +15.9% |
| Trade receivables | 40 | €56,276 | €103,131 | +€46,855 | +83.3% |
| Other amounts receivable | 41 | €32,761 | €92 | -€32,668 | -99.7% |
| Current investments | 50/53 | €50,000 | €50,274 | +€274 | +0.5% |
| Cash at bank and in hand | 54/58 | €97,129 | €88,182 | -€8,948 | -9.2% |
| Deferred charges and accrued income | 490/1 | €7,876 | €10,253 | +€2,378 | +30.2% |
| Total equity and liabilities | 10/49 | €2,286,363 | €3,658,023 | +€1.4m | +60.0% |
| Equity | 10/15 | €140,751 | €184,836 | +€44,086 | +31.3% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Revaluation surpluses | 12 | €62,641 | €62,641 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,110 | €90,195 | +€44,086 | +95.6% |
| Amounts payable | 17/49 | €2,145,612 | €3,473,187 | +€1.3m | +61.9% |
| Amounts payable after more than one year | 17 | €1,206,934 | €2,667,479 | +€1.5m | +121% |
| Financial debts | 170/4 | €1,206,934 | €2,667,479 | +€1.5m | +121% |
| Amounts payable within one year | 42/48 | €819,218 | €797,740 | -€21,478 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €14,970 | €126,295 | +€111,325 | +744% |
| Financial debts | 43 | €103,804 | €100,993 | -€2,811 | -2.7% |
| Credit institutions | 430/8 | €103,804 | €100,993 | -€2,811 | -2.7% |
| Trade debts | 44 | €54,371 | €66,120 | +€11,749 | +21.6% |
| Suppliers | 440/4 | €54,371 | €66,120 | +€11,749 | +21.6% |
| Taxes, remuneration and social security | 45 | €53,792 | €56,434 | +€2,642 | +4.9% |
| Taxes | 450/3 | €53,792 | €56,434 | +€2,642 | +4.9% |
| Other amounts payable | 47/48 | €592,281 | €447,898 | -€144,383 | -24.4% |
| Accrued charges and deferred income | 492/3 | €119,460 | €7,968 | -€111,493 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,755 | €230,901 | +€86,146 | +59.5% |
| Other operating charges | 640/8 | €153,612 | €43,045 | -€110,567 | -72.0% |
| Non-recurring operating charges | 66A | €135,372 | €0 | -€135,372 | -100% |
| Gross operating margin | 9900 | €456,327 | €473,522 | +€17,194 | +3.8% |
| Operating profit (loss) | 9901 | €22,589 | €199,576 | +€176,987 | +784% |
| Financial income | 75/76B | €68,336 | €21,372 | -€46,964 | -68.7% |
| Recurring financial income | 75 | €68,336 | €21,372 | -€46,964 | -68.7% |
| Financial charges | 65/66B | €45,492 | €176,543 | +€131,051 | +288% |
| Recurring financial charges | 65 | €45,492 | €174,070 | +€128,578 | +283% |
| Non-recurring financial charges | 66B | - | €2,473 | +€2,473 | |
| Profit (loss) for the period before taxes | 9903 | €45,434 | €44,406 | -€1,028 | -2.3% |
| Income taxes | 67/77 | €32,383 | €320 | -€32,063 | -99.0% |
| Profit (loss) for the period | 9904 | €13,050 | €44,086 | +€31,035 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €13,050 | €44,086 | +€31,035 | +238% |
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 14 October 2026 via checked.be.