Covalent Osaühing

Active Registry code 10978416 OÜ Tallinn Registered 17 Oct 2003

Covalent Osaühing is a OÜ based in Tallinn, registry code 10978416, status: active. Main activity: Other business support service activities n.e.c.. According to EMTA, turnover for Q3 2026 was €151 539 with 6 employees.

Turnover

151 539 €

↓ 5.0% vs Q2 2026

State taxes

28 547 €

↓ 6.3% vs Q2 2026

Labour taxes

17 777 €

↑ 5.2% vs Q2 2026

Employees

±0 vs Q2 2026

Q3 2026 · data from the Tax and Customs Board (EMTA)

Position in the industry Office administrative, office support and other business support activities · EMTAK 82

Turnover · Q3 2026 151 539 €

above 87% of companies

industry median 14 685 € · companies in the industry: 1 227
Labour taxes per employee 2 963 €

above 75% of companies

industry median 1 350 € · companies in the industry: 777
Revenue · 2025 597 791 €

above 98% of companies

industry median 3 483 € · companies in the industry: 3 688
Net profit margin · 2025 37.9 %

above 69% of companies

industry median 11.2 % · companies in the industry: 2 113

Taxes and turnover

Q4 2023 – Q3 2026

Turnover, € thousand Q3 2026: 151 539 € · −5.0% vs Q2 2026 · industry median 14 685 € · above 87% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Labour taxes per employee, € Q3 2026: 2 963 € · +5.2% vs Q2 2026 · industry median 1 350 € · above 75% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Employees Q3 2026: 6 · +0.0% vs Q2 2026

State taxes, € Q3 2026: 28 547 € · −6.3% vs Q2 2026

Figures by quarter
Quarter	Turnover, €	State taxes, €	Labour taxes, €	Employees
Q3 2026	151 539	28 547	17 777	6
Q2 2026	159 494	30 464	16 897	6
Q1 2026	125 057	21 120	11 177	6
Q4 2025	215 052	33 826	17 738	6
Q3 2025	143 818	37 667	16 919	6
Q2 2025	139 251	28 376	17 898	6
Q1 2025	143 157	28 758	16 679	6
Q4 2024	139 985	34 744	17 546	6
Q3 2024	133 054	30 525	20 742	6
Q2 2024	141 209	35 734	19 746	6
Q1 2024	165 768	23 194	17 595	6
Q4 2023	121 536	32 045	22 400	6
Q3 2023	118 296	29 642	17 968	6
Q2 2023	152 646	17 875	13 839	6
Q1 2023	93 189	23 711	19 198	6
Q4 2022	126 523	17 317	11 820	6
Q3 2022	129 999	29 054	18 791	6
Q2 2022	140 567	28 955	19 695	6
Q1 2022	113 766	23 529	18 158	7

Labour taxes per employee per month

988 €

Turnover per employee in the quarter

25 257 €

Q3 2026 · calculated from EMTA data

Financials by year

2016 – 2025

Revenue, € thousand 2025: 597 791 € · +14.2% vs 2024 · industry median 3 483 € · above 98% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit, € thousand 2025: 226 460 € · +30.5% vs 2024 · industry median 0 € · above 98% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit margin, % 2025: 37.9 % · +4.7 pp vs the year before · industry median 11.2 % · above 69% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Assets, € thousand 2025: 448 171 € · +19.8% vs 2024

Equity, € thousand 2025: 296 336 € · +30.8% vs 2024

Employees 2025: 7 · +0.0% vs 2024 · industry median 1 · above 92% of the industry

Company
Industry median

Industry: Office administrative, office support and other business support activities (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Financials by year
Year	Revenue, €	Net profit, €	Labour costs, €	Assets, €	Equity, €	Employees
2025	597 791	226 460	176 732	448 171	296 336	7
2024	523 240	173 490	184 232	374 236	226 613	7
2023	509 836	164 371	174 736	365 446	276 469	7
2022	457 640	105 259	190 800	338 501	204 256	8
2021	460 965	128 613	199 539	354 592	248 997	8
2020	472 542	98 173	208 697	342 973	150 799	7
2019	558 859	183 110	196 894	356 109	228 835	8
2018	—	—	—	—	—	8
2017	—	—	—	—	—	6
2016	—	—	—	—	—	5
2015	—	—	—	—	—	6
2014	—	—	—	—	—	7
2013	—	—	—	—	—	7
2012	—	—	—	—	—	5
2011	—	—	—	—	—	5
2010	—	—	—	—	—	7
2009	—	—	—	—	—	5
2008	—	—	—	—	—	4
2007	—	—	—	—	—	3
2006	—	—	—	—	—	3
2005	—	—	—	—	—	2
2004	—	—	—	—	—	2

Figures from the company’s own (non-consolidated) balance sheet and income statement. A loss is shown with a minus sign.

Financial ratios for 2025

Net profit margin

37.0 %

Net profit / revenue

Return on equity (ROE)

76.4 %

Net profit / equity

Return on assets (ROA)

50.5 %

Net profit / assets

Equity ratio

66.1 %

Equity / assets

Debt ratio

33.9 %

Liabilities / assets

Current ratio

2.91

Current assets / current liabilities

Revenue per employee

87 373 €

Revenue / average full-time employees

Labour cost per employee per month

2 104 €

Labour costs / employees / 12 months (incl. employer taxes)

Annual reports

PDFs from e-Äriregister

Annual reports
Year	Period	Filed	Report	Documents
2025	1 Jan 2025 – 31 Dec 2025	30 Jun 2026	Company’s own	e-Äriregister
2024	1 Jan 2024 – 31 Dec 2024	30 Jun 2025	Company’s own	e-Äriregister
2023	1 Jan 2023 – 31 Dec 2023	30 Jun 2024	Company’s own	e-Äriregister
2022	1 Jan 2022 – 31 Dec 2022	30 Jun 2023	Company’s own	e-Äriregister
2021	1 Jan 2021 – 31 Dec 2021	30 Jun 2022	Company’s own	e-Äriregister
2020	1 Jan 2020 – 31 Dec 2020	30 Jun 2021	Company’s own	e-Äriregister
2019	1 Jan 2019 – 31 Dec 2019	31 Oct 2020	Company’s own	e-Äriregister

Board

Allan Kulpson
Board member · since 27 Feb 2004

Right of representation

Any member of the management board may represent the private limited company in all transactions.

Owners

Allan Kulpson
Natural person · 2 556 €

100%

Beneficial owners

Allan Kulpson
Direct ownership · since 19 Oct 2018

Founders and other persons

Mari Mathiesen
Founder · 40 000 € · 17 Oct 2003

shared board members, owners or beneficial owners

Activities (EMTAK)

82991Other business support service activities n.e.c. Main

Rulings 10

All rulings (PDF)

Rulings
Number, date	Title	State	Document
Ä 10075155 / 10 1 Sep 2023	Amendment entry	In force 1 Sep 2023	PDF
Ä 10075155 / 9 8 Nov 2018	Amendment under Commercial Code § 525 (2)	In force 8 Nov 2018	PDF
Ä 10075155 / 8 17 Jan 2018	Amendment entry	In force 17 Jan 2018	PDF
Ä 10075155 / 7 8 Nov 2017	Amendment entry	In force 8 Nov 2017	PDF
Ä 10075155 / 6 31 Aug 2016	Amendment entry	In force 31 Aug 2016	PDF
Ä 10075155 / 5 20 Jan 2012	Amendment entry	In force 20 Jan 2012	PDF
Ä 10075155 / 4 28 Dec 2011	Amendment under Commercial Code § 525 (2)	In force 28 Dec 2011	PDF
Ä 75155 / 3 3 Dec 2008	Deletion of activities from the registry card	In force 11 Dec 2008	PDF
Ä 75155 / 2 26 Feb 2004	Amendment entry	In force	PDF
Ä 75155 16 Oct 2003	First entry	In force	PDF

Sources: e-Äriregister and EMTA. Data updated 1 Nov 2026. Open at the source ↗ · Report an error in the data

Covalent Osaühing

Position in the industry Office administrative, office support and other business support activities · EMTAK 82

Taxes and turnover

Financials by year

Financial ratios for 2025

Annual reports

Board

Right of representation

Owners

Beneficial owners

Founders and other persons

Related companies

Activities (EMTAK)

Rulings 10