KOVADIS: 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.
KOVADIS
Largest movements
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Cash -€9,146
down €9,146 (-54.0%), from €16,939 to €7,793
mainly Current portion of long-term debt (-€47,890) and Debts after one year (-€37,980)
- Current portion of long-term debt -€47,890
down €47,890 (-100%), from €47,890 to €0
- Debts after one year -€37,980
down €37,980 (-9.2%), from €412,561 to €374,580
of which Other amounts payable: -€50,000
- Reserves +€24,297
up €24,297 (+28.7%), from €84,645 to €108,942
of which Distributable reserves: +€14,297
- Other debts +€14,853
up €14,853 (+927%), from €1,603 to €16,455
- Short-term financial debts -€12,767
down €12,767 (-100%), from €12,767 to €0
- Gross operating margin +€9,919
up €9,919 (+39.7%), from €25,007 to €34,926
- Taxes +€4,252
up €4,252 (+85.9%), from €4,951 to €9,204
- Other operating charges -€3,423
down €3,423 (-72.9%), from €4,697 to €1,274
- Financial charges -€1,673
down €1,673 (-34.6%), from €4,830 to €3,156
- Financial income +€869
up €869 (+34.1%), from €2,552 to €3,422
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 | €670,728 | €611,541 | -€59,187 | -8.8% |
| Fixed assets | 21/28 | €500,427 | €500,734 | +€307 | +0.1% |
| Tangible fixed assets | 22/27 | €312 | €619 | +€307 | +98.5% |
| Plant, machinery and equipment | 23 | €312 | €619 | +€307 | +98.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €500,115 | €500,115 | = | 0.0% |
| Current assets | 29/58 | €170,301 | €110,807 | -€59,494 | -34.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €101,850 | €102,445 | +€595 | +0.6% |
| Trade receivables | 40 | €0 | €59,626 | +€59,626 | |
| Other amounts receivable | 41 | €101,850 | €42,818 | -€59,031 | -58.0% |
| Cash at bank and in hand | 54/58 | €16,939 | €7,793 | -€9,146 | -54.0% |
| Deferred charges and accrued income | 490/1 | €1,513 | €570 | -€943 | -62.3% |
| Total equity and liabilities | 10/49 | €670,728 | €611,541 | -€59,187 | -8.8% |
| Equity | 10/15 | €184,645 | €208,942 | +€24,297 | +13.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €84,645 | €108,942 | +€24,297 | +28.7% |
| Non-distributable reserves | 130/1 | - | €10,000 | +€10,000 | |
| Legal reserve | 130 | - | €10,000 | +€10,000 | |
| Distributable reserves | 133 | €84,645 | €98,942 | +€14,297 | +16.9% |
| Amounts payable | 17/49 | €486,083 | €402,599 | -€83,484 | -17.2% |
| Amounts payable after more than one year | 17 | €412,561 | €374,580 | -€37,980 | -9.2% |
| Financial debts | 170/4 | €272,561 | €284,580 | +€12,020 | +4.4% |
| Other amounts payable | 178/9 | €140,000 | €90,000 | -€50,000 | -35.7% |
| Amounts payable within one year | 42/48 | €73,522 | €26,389 | -€47,133 | -64.1% |
| Current portion of amounts payable after more than one year | 42 | €47,890 | €0 | -€47,890 | -100% |
| Financial debts | 43 | €12,767 | €0 | -€12,767 | -100% |
| Other loans | 439 | €12,767 | €0 | -€12,767 | -100% |
| Trade debts | 44 | €11,263 | €305 | -€10,958 | -97.3% |
| Suppliers | 440/4 | €11,263 | €305 | -€10,958 | -97.3% |
| Taxes, remuneration and social security | 45 | €0 | €9,628 | +€9,628 | |
| Taxes | 450/3 | €0 | €9,628 | +€9,628 | |
| Other amounts payable | 47/48 | €1,603 | €16,455 | +€14,853 | +927% |
| Accrued charges and deferred income | 492/3 | - | €1,630 | +€1,630 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245 | €417 | +€172 | +70.0% |
| Other operating charges | 640/8 | €4,697 | €1,274 | -€3,423 | -72.9% |
| Non-recurring operating charges | 66A | €792 | €0 | -€792 | -100% |
| Gross operating margin | 9900 | €25,007 | €34,926 | +€9,919 | +39.7% |
| Operating profit (loss) | 9901 | €19,273 | €33,235 | +€13,962 | +72.4% |
| Financial income | 75/76B | €2,552 | €3,422 | +€869 | +34.1% |
| Recurring financial income | 75 | €2,552 | €3,422 | +€869 | +34.1% |
| Financial charges | 65/66B | €4,830 | €3,156 | -€1,673 | -34.6% |
| Recurring financial charges | 65 | €4,830 | €3,156 | -€1,673 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €16,995 | €33,500 | +€16,505 | +97.1% |
| Income taxes | 67/77 | €4,951 | €9,204 | +€4,252 | +85.9% |
| Profit (loss) for the period | 9904 | €12,044 | €24,297 | +€12,253 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €12,044 | €24,297 | +€12,253 | +102% |
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 27 October 2026 via checked.be.