CAVAE: 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.
CAVAE
Largest movements
- Intangible fixed assets -€24,000
down €24,000 (-11.0%), from €217,973 to €193,973
- Tangible fixed assets +€13,408
up €13,408 (+482.2%), from €2,780 to €16,189
- Cash +€8,210
up €8,210 (+5.5%), from €148,765 to €156,975
mainly Net result for the year (+€80,554) and Depreciation (+€28,620)
- Reserves +€78,954
up €78,954 (+98.0%), from €80,575 to €159,530
- Debts after one year -€54,834
down €54,834 (-25.4%), from €215,651 to €160,817
- Other debts -€30,692
down €30,692 (-48.7%), from €63,040 to €32,347
- Trade debts +€8,076
up €8,076 (+88.8%), from €9,097 to €17,174
- Gross operating margin +€6,668
up €6,668 (+5.2%), from €127,012 to €133,680
- Depreciation +€6,357
up €6,357 (+28.6%), from €22,263 to €28,620
- Other operating charges +€1,378
up €1,378 (+358.6%), from €384 to €1,763
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 | €388,781 | €390,705 | +€1,924 | +0.5% |
| Fixed assets | 21/28 | €220,753 | €210,161 | -€10,592 | -4.8% |
| Intangible fixed assets | 21 | €217,973 | €193,973 | -€24,000 | -11.0% |
| Tangible fixed assets | 22/27 | €2,780 | €16,189 | +€13,408 | +482.2% |
| Plant, machinery and equipment | 23 | €2,780 | €16,189 | +€13,408 | +482.2% |
| Current assets | 29/58 | €168,028 | €180,543 | +€12,516 | +7.4% |
| Amounts receivable within one year | 40/41 | - | €413 | +€413 | |
| Other amounts receivable | 41 | - | €413 | +€413 | |
| Cash at bank and in hand | 54/58 | €148,765 | €156,975 | +€8,210 | +5.5% |
| Deferred charges and accrued income | 490/1 | €19,262 | €23,156 | +€3,894 | +20.2% |
| Total equity and liabilities | 10/49 | €388,781 | €390,705 | +€1,924 | +0.5% |
| Equity | 10/15 | €81,575 | €160,530 | +€78,954 | +96.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €80,575 | €159,530 | +€78,954 | +98.0% |
| Distributable reserves | 133 | €80,575 | €159,530 | +€78,954 | +98.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €307,205 | €230,175 | -€77,030 | -25.1% |
| Amounts payable after more than one year | 17 | €215,651 | €160,817 | -€54,834 | -25.4% |
| Financial debts | 170/4 | €215,651 | €160,817 | -€54,834 | -25.4% |
| Amounts payable within one year | 42/48 | €91,555 | €69,358 | -€22,197 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €19,056 | €19,838 | +€781 | +4.1% |
| Trade debts | 44 | €9,097 | €17,174 | +€8,076 | +88.8% |
| Suppliers | 440/4 | €9,097 | €17,174 | +€8,076 | +88.8% |
| Taxes, remuneration and social security | 45 | €361 | €0 | -€361 | -100.0% |
| Taxes | 450/3 | €361 | €0 | -€361 | -100.0% |
| Other amounts payable | 47/48 | €63,040 | €32,347 | -€30,692 | -48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,263 | €28,620 | +€6,357 | +28.6% |
| Other operating charges | 640/8 | €384 | €1,763 | +€1,378 | +358.6% |
| Gross operating margin | 9900 | €127,012 | €133,680 | +€6,668 | +5.2% |
| Operating profit (loss) | 9901 | €104,365 | €103,296 | -€1,068 | -1.0% |
| Financial income | 75/76B | €0 | €36 | +€36 | +359100.0% |
| Recurring financial income | 75 | €0 | €36 | +€36 | +359100.0% |
| Financial charges | 65/66B | €3,428 | €3,181 | -€247 | -7.2% |
| Recurring financial charges | 65 | €3,428 | €3,181 | -€247 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €100,937 | €100,152 | -€785 | -0.8% |
| Income taxes | 67/77 | €20,361 | €19,597 | -€764 | -3.8% |
| Profit (loss) for the period | 9904 | €80,575 | €80,554 | -€21 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,575 | €80,554 | -€21 | 0.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.