CAVADES: 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.
CAVADES
Largest movements
- Cash +€42,815
up €42,815 (+65.5%), from €65,349 to €108,164
mainly Net result for the year (+€40,371) and Receivables within one year (+€32,164)
- Receivables within one year -€32,164
down €32,164 (-32.9%), from €97,671 to €65,507
of which Other amounts receivable: -€24,044
- Tangible fixed assets +€12,845
up €12,845 (+103%), from €12,523 to €25,368
- Reserves +€40,371
up €40,371 (+31.9%), from €126,534 to €166,906
of which Distributable reserves: +€40,371
- Other debts -€27,548
down €27,548 (-100%), from €27,548 to €0
- Tax, wage and social debts +€18,221
up €18,221 (+228%), from €7,991 to €26,212
- Trade debts -€4,834
down €4,834 (-71.3%), from €6,782 to €1,947
- Accrued charges and deferred income -€2,646
down €2,646 (-100%), from €2,646 to €0
- Gross operating margin +€5,134
up €5,134 (+8.7%), from €59,133 to €64,267
- Financial income +€4,821
up €4,821 (+227%), from €2,128 to €6,950
- Depreciation +€3,282
up €3,282 (+72.5%), from €4,527 to €7,808
- Taxes +€2,822
up €2,822 (+15.8%), from €17,888 to €20,710
- Financial charges +€1,327
up €1,327 (+291%), from €456 to €1,783
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 | €177,782 | €201,345 | +€23,563 | +13.3% |
| Fixed assets | 21/28 | €12,523 | €25,368 | +€12,845 | +103% |
| Tangible fixed assets | 22/27 | €12,523 | €25,368 | +€12,845 | +103% |
| Furniture and vehicles | 24 | €12,523 | €25,368 | +€12,845 | +103% |
| Current assets | 29/58 | €165,258 | €175,976 | +€10,718 | +6.5% |
| Amounts receivable within one year | 40/41 | €97,671 | €65,507 | -€32,164 | -32.9% |
| Trade receivables | 40 | €14,412 | €6,292 | -€8,120 | -56.3% |
| Other amounts receivable | 41 | €83,259 | €59,215 | -€24,044 | -28.9% |
| Cash at bank and in hand | 54/58 | €65,349 | €108,164 | +€42,815 | +65.5% |
| Deferred charges and accrued income | 490/1 | €2,238 | €2,306 | +€67 | +3.0% |
| Total equity and liabilities | 10/49 | €177,782 | €201,345 | +€23,563 | +13.3% |
| Equity | 10/15 | €132,814 | €173,185 | +€40,371 | +30.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €126,534 | €166,906 | +€40,371 | +31.9% |
| Tax-exempt reserves | 132 | €1,583 | €1,583 | = | 0.0% |
| Distributable reserves | 133 | €124,951 | €165,322 | +€40,371 | +32.3% |
| Profit (loss) carried forward | 14 | €80 | €80 | = | 0.0% |
| Amounts payable | 17/49 | €44,968 | €28,160 | -€16,808 | -37.4% |
| Amounts payable within one year | 42/48 | €42,322 | €28,160 | -€14,162 | -33.5% |
| Trade debts | 44 | €6,782 | €1,947 | -€4,834 | -71.3% |
| Suppliers | 440/4 | €6,782 | €1,947 | -€4,834 | -71.3% |
| Taxes, remuneration and social security | 45 | €7,991 | €26,212 | +€18,221 | +228% |
| Taxes | 450/3 | €7,991 | €26,212 | +€18,221 | +228% |
| Other amounts payable | 47/48 | €27,548 | €0 | -€27,548 | -100% |
| Accrued charges and deferred income | 492/3 | €2,646 | €0 | -€2,646 | -100% |
| Non-recurring operating income | 76A | - | €1,439 | +€1,439 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,527 | €7,808 | +€3,282 | +72.5% |
| Other operating charges | 640/8 | €1,320 | €544 | -€777 | -58.8% |
| Gross operating margin | 9900 | €59,133 | €64,267 | +€5,134 | +8.7% |
| Operating profit (loss) | 9901 | €53,286 | €55,914 | +€2,629 | +4.9% |
| Financial income | 75/76B | €2,128 | €6,950 | +€4,821 | +227% |
| Recurring financial income | 75 | €2,128 | €6,950 | +€4,821 | +227% |
| Financial charges | 65/66B | €456 | €1,783 | +€1,327 | +291% |
| Recurring financial charges | 65 | €456 | €1,783 | +€1,327 | +291% |
| Profit (loss) for the period before taxes | 9903 | €54,958 | €61,081 | +€6,123 | +11.1% |
| Income taxes | 67/77 | €17,888 | €20,710 | +€2,822 | +15.8% |
| Profit (loss) for the period | 9904 | €37,070 | €40,371 | +€3,301 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,070 | €40,371 | +€3,301 | +8.9% |
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 26 October 2026 via checked.be.