CAUVIN GUY: 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.
CAUVIN GUY
Largest movements
- Stocks and contracts +€311,148
up €311,148 (+53.4%), from €582,624 to €893,772
of which Contracts in progress: +€308,577
- Receivables within one year -€150,991
down €150,991 (-8.8%), from €1.7m to €1.6m
of which Trade receivables: -€147,164
- Tangible fixed assets +€33,344
up €33,344 (+13.3%), from €251,106 to €284,450
of which Leasing and similar rights: +€48,374
- Trade debts +€346,427
up €346,427 (+66.9%), from €517,579 to €864,006
- Reserves -€134,262
down €134,262 (-10.0%), from €1.3m to €1.2m
- Current portion of long-term debt -€30,082
down €30,082 (-14.5%), from €207,215 to €177,134
- Gross operating margin -€242,961
down €242,961 (-8.9%), from €2.7m to €2.5m
- Staff costs +€184,902
up €184,902 (+8.1%), from €2.3m to €2.5m
- Taxes -€79,259
down €79,259 (-96.9%), from €81,837 to €2,578
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 | €2,810,894 | €2,985,468 | +€174,574 | +6.2% |
| Fixed assets | 21/28 | €253,431 | €286,575 | +€33,144 | +13.1% |
| Intangible fixed assets | 21 | €339 | €139 | -€200 | -59.1% |
| Tangible fixed assets | 22/27 | €251,106 | €284,450 | +€33,344 | +13.3% |
| Land and buildings | 22 | €78,120 | €78,120 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,097 | €976 | -€1,122 | -53.5% |
| Furniture and vehicles | 24 | €25,275 | €11,367 | -€13,909 | -55.0% |
| Leasing and similar rights | 25 | €145,614 | €193,988 | +€48,374 | +33.2% |
| Financial fixed assets | 28 | €1,987 | €1,987 | = | 0.0% |
| Current assets | 29/58 | €2,557,463 | €2,698,892 | +€141,430 | +5.5% |
| Stocks and contracts in progress | 3 | €582,624 | €893,772 | +€311,148 | +53.4% |
| Stocks | 30/36 | €98,514 | €101,085 | +€2,571 | +2.6% |
| Contracts in progress | 37 | €484,110 | €792,687 | +€308,577 | +63.7% |
| Amounts receivable within one year | 40/41 | €1,719,897 | €1,568,905 | -€150,991 | -8.8% |
| Trade receivables | 40 | €1,632,074 | €1,484,910 | -€147,164 | -9.0% |
| Other amounts receivable | 41 | €87,822 | €83,995 | -€3,827 | -4.4% |
| Cash at bank and in hand | 54/58 | €213,440 | €191,932 | -€21,508 | -10.1% |
| Deferred charges and accrued income | 490/1 | €41,503 | €44,283 | +€2,781 | +6.7% |
| Total equity and liabilities | 10/49 | €2,810,894 | €2,985,468 | +€174,574 | +6.2% |
| Equity | 10/15 | €1,657,322 | €1,523,060 | -€134,262 | -8.1% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €1,347,322 | €1,213,060 | -€134,262 | -10.0% |
| Distributable reserves | 133 | €1,347,322 | €1,213,060 | -€134,262 | -10.0% |
| Amounts payable | 17/49 | €1,153,572 | €1,462,408 | +€308,836 | +26.8% |
| Amounts payable after more than one year | 17 | €192,899 | €168,530 | -€24,369 | -12.6% |
| Financial debts | 170/4 | €192,899 | €168,530 | -€24,369 | -12.6% |
| Amounts payable within one year | 42/48 | €960,673 | €1,293,878 | +€333,205 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €207,215 | €177,134 | -€30,082 | -14.5% |
| Trade debts | 44 | €517,579 | €864,006 | +€346,427 | +66.9% |
| Suppliers | 440/4 | €517,579 | €864,006 | +€346,427 | +66.9% |
| Taxes, remuneration and social security | 45 | €235,879 | €252,738 | +€16,859 | +7.1% |
| Taxes | 450/3 | €49,684 | €48,101 | -€1,582 | -3.2% |
| Remuneration and social security | 454/9 | €186,195 | €204,637 | +€18,441 | +9.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,277,713 | €2,462,615 | +€184,902 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,001 | €88,870 | +€25,868 | +41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €26,044 | €14,749 | -€11,295 | -43.4% |
| Gross operating margin | 9900 | €2,739,843 | €2,496,882 | -€242,961 | -8.9% |
| Operating profit (loss) | 9901 | €373,084 | -€69,352 | -€442,436 | |
| Financial income | 75/76B | €204 | €741 | +€537 | +262.9% |
| Recurring financial income | 75 | €204 | €741 | +€537 | +262.9% |
| Financial charges | 65/66B | €65,153 | €63,074 | -€2,079 | -3.2% |
| Recurring financial charges | 65 | €65,153 | €63,074 | -€2,079 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €308,136 | -€131,684 | -€439,820 | |
| Income taxes | 67/77 | €81,837 | €2,578 | -€79,259 | -96.9% |
| Profit (loss) for the period | 9904 | €226,299 | -€134,262 | -€360,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €226,299 | -€134,262 | -€360,561 |
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 8 October 2026 via checked.be.