ANTHONY CAVALLO: what changed
Two fiscal 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.
ANTHONY CAVALLO
Largest movements
- Tangible fixed assets -€7,992
down €7,992 (-22.6%), from €35,313 to €27,321
of which Plant, machinery and equipment: -€6,674
- Receivables within one year +€5,000
up €5,000 (+631.7%), from €792 to €5,792
of which Trade receivables: +€5,000
- Stocks and contracts +€4,426
up €4,426 (+84.9%), from €5,216 to €9,642
- Cash +€2,772
up €2,772 (+5.8%), from €47,748 to €50,520
mainly Net result for the year (+€30,994) and Trade debts (+€8,574)
- Profit (loss) carried forward +€30,994
up €30,994, from -€23,325 to €7,669
- Debts after one year -€20,000
down €20,000 (-30.3%), from €65,913 to €45,913
- Tax, wage and social debts -€10,745
down €10,745 (-33.5%), from €32,078 to €21,333
of which Remuneration and social security: -€10,494
- Trade debts +€8,574
up €8,574 (+257.5%), from €3,330 to €11,904
- Other debts -€5,690
down €5,690 (-93.9%), from €6,057 to €367
- Gross operating margin +€25,620
up €25,620 (+19.6%), from €130,995 to €156,616
- Staff costs -€10,284
down €10,284 (-8.2%), from €125,133 to €114,849
- Other operating charges +€1,604
up €1,604 (+189.6%), from €846 to €2,449
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.
Cash bridge derived
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 | €90,643 | €94,856 | +€4,213 | +4.6% |
| Fixed assets | 21/28 | €35,902 | €27,909 | -€7,992 | -22.3% |
| Tangible fixed assets | 22/27 | €35,313 | €27,321 | -€7,992 | -22.6% |
| Plant, machinery and equipment | 23 | €33,822 | €27,148 | -€6,674 | -19.7% |
| Furniture and vehicles | 24 | €1,492 | €173 | -€1,318 | -88.4% |
| Financial fixed assets | 28 | €588 | €588 | = | 0.0% |
| Current assets | 29/58 | €54,741 | €66,946 | +€12,205 | +22.3% |
| Stocks and contracts in progress | 3 | €5,216 | €9,642 | +€4,426 | +84.9% |
| Stocks | 30/36 | €5,216 | €9,642 | +€4,426 | +84.9% |
| Amounts receivable within one year | 40/41 | €792 | €5,792 | +€5,000 | +631.7% |
| Trade receivables | 40 | €704 | €5,704 | +€5,000 | +710.3% |
| Other amounts receivable | 41 | €88 | €88 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,748 | €50,520 | +€2,772 | +5.8% |
| Deferred charges and accrued income | 490/1 | €985 | €992 | +€6 | +0.6% |
| Total equity and liabilities | 10/49 | €90,643 | €94,856 | +€4,213 | +4.6% |
| Equity | 10/15 | -€17,325 | €13,669 | +€30,994 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,325 | €7,669 | +€30,994 | |
| Amounts payable | 17/49 | €107,967 | €81,186 | -€26,781 | -24.8% |
| Amounts payable after more than one year | 17 | €65,913 | €45,913 | -€20,000 | -30.3% |
| Other amounts payable | 178/9 | €65,913 | €45,913 | -€20,000 | -30.3% |
| Amounts payable within one year | 42/48 | €42,054 | €35,274 | -€6,781 | -16.1% |
| Trade debts | 44 | €3,330 | €11,904 | +€8,574 | +257.5% |
| Suppliers | 440/4 | €3,330 | €11,904 | +€8,574 | +257.5% |
| Advances received on contracts in progress | 46 | €589 | €1,669 | +€1,080 | +183.3% |
| Taxes, remuneration and social security | 45 | €32,078 | €21,333 | -€10,745 | -33.5% |
| Taxes | 450/3 | €12,698 | €12,447 | -€251 | -2.0% |
| Remuneration and social security | 454/9 | €19,380 | €8,886 | -€10,494 | -54.1% |
| Other amounts payable | 47/48 | €6,057 | €367 | -€5,690 | -93.9% |
| Remuneration, social security and pensions | 62 | €125,133 | €114,849 | -€10,284 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,968 | €7,992 | -€975 | -10.9% |
| Other operating charges | 640/8 | €846 | €2,449 | +€1,604 | +189.6% |
| Gross operating margin | 9900 | €130,995 | €156,616 | +€25,620 | +19.6% |
| Operating profit (loss) | 9901 | -€3,951 | €31,325 | +€35,276 | |
| Financial income | 75/76B | - | €263 | +€263 | |
| Recurring financial income | 75 | - | €263 | +€263 | |
| Financial charges | 65/66B | €337 | €419 | +€81 | +24.1% |
| Recurring financial charges | 65 | €337 | €419 | +€81 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,289 | €31,169 | +€35,458 | |
| Income taxes | 67/77 | €140 | €175 | +€36 | +25.7% |
| Profit (loss) for the period | 9904 | -€4,428 | €30,994 | +€35,422 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,428 | €30,994 | +€35,422 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.