CAVAHOLD: 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.
CAVAHOLD
Largest movements
- Financial fixed assets +€6.0m
up €6.0m (+17.1%), from €35.3m to €41.3m
- Current investments +€1.2m
up €1.2m (+25.4%), from €4.9m to €6.1m
- Cash +€885,894
up €885,894 (+134.2%), from €660,041 to €1.5m
- Other debts +€7.6m
up €7.6m (+52.1%), from €14.6m to €22.2m
- Short-term financial debts +€1.0m
up €1.0m (+100.0%), from €1.0m to €2.0m
- Financial charges +€1.1m
up €1.1m (+221.3%), from €507,183 to €1.6m
of which Non-recurring financial charges: +€972,176
- Write-downs -€518,690
down €518,690 (-100.0%), from €518,690 to €0
- Financial income +€345,083
up €345,083 (+28.3%), from €1.2m to €1.6m
of which Non-recurring financial income: +€349,678
- Other operating charges +€184,784
up €184,784 (+406.8%), from €45,425 to €230,209
- Gross operating margin +€142,229
up €142,229 (+109.4%), from €130,012 to €272,241
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,336,925 | €59,809,669 | +€8.5m | +16.5% |
| Fixed assets | 21/28 | €35,250,279 | €41,278,590 | +€6.0m | +17.1% |
| Financial fixed assets | 28 | €35,250,279 | €41,278,590 | +€6.0m | +17.1% |
| Current assets | 29/58 | €16,086,646 | €18,531,079 | +€2.4m | +15.2% |
| Amounts receivable within one year | 40/41 | €9,629,125 | €9,520,366 | -€108,759 | -1.1% |
| Trade receivables | 40 | €134,640 | €144,612 | +€9,973 | +7.4% |
| Other amounts receivable | 41 | €9,494,485 | €9,375,753 | -€118,732 | -1.3% |
| Current investments | 50/53 | €4,903,004 | €6,148,556 | +€1.2m | +25.4% |
| Cash at bank and in hand | 54/58 | €660,041 | €1,545,935 | +€885,894 | +134.2% |
| Deferred charges and accrued income | 490/1 | €894,476 | €1,316,222 | +€421,746 | +47.2% |
| Total equity and liabilities | 10/49 | €51,336,925 | €59,809,669 | +€8.5m | +16.5% |
| Equity | 10/15 | €34,996,413 | €34,917,583 | -€78,830 | -0.2% |
| Contributions | 10/11 | €17,145,692 | €17,145,692 | = | 0.0% |
| Revaluation surpluses | 12 | €1,179,555 | €1,179,555 | = | 0.0% |
| Reserves | 13 | €16,671,166 | €16,592,336 | -€78,830 | -0.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,110,568 | €1,110,568 | = | 0.0% |
| Distributable reserves | 133 | €15,560,598 | €15,481,768 | -€78,830 | -0.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €16,340,511 | €24,892,086 | +€8.6m | +52.3% |
| Amounts payable after more than one year | 17 | €338,974 | €345,198 | +€6,224 | +1.8% |
| Financial debts | 170/4 | €338,974 | €345,198 | +€6,224 | +1.8% |
| Amounts payable within one year | 42/48 | €15,990,282 | €24,532,615 | +€8.5m | +53.4% |
| Current portion of amounts payable after more than one year | 42 | €290,000 | €290,000 | = | 0.0% |
| Financial debts | 43 | €1,000,000 | €2,000,000 | +€1.0m | +100.0% |
| Credit institutions | 430/8 | €1,000,000 | €2,000,000 | +€1.0m | +100.0% |
| Trade debts | 44 | €36,888 | €30,739 | -€6,149 | -16.7% |
| Suppliers | 440/4 | €36,888 | €30,739 | -€6,149 | -16.7% |
| Taxes, remuneration and social security | 45 | €56,351 | €0 | -€56,351 | -100.0% |
| Taxes | 450/3 | €56,351 | €0 | -€56,351 | -100.0% |
| Other amounts payable | 47/48 | €14,607,043 | €22,211,876 | +€7.6m | +52.1% |
| Accrued charges and deferred income | 492/3 | €11,256 | €14,273 | +€3,017 | +26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €518,690 | €0 | -€518,690 | -100.0% |
| Other operating charges | 640/8 | €45,425 | €230,209 | +€184,784 | +406.8% |
| Gross operating margin | 9900 | €130,012 | €272,241 | +€142,229 | +109.4% |
| Operating profit (loss) | 9901 | -€434,103 | €42,031 | +€476,134 | |
| Financial income | 75/76B | €1,221,182 | €1,566,265 | +€345,083 | +28.3% |
| Recurring financial income | 75 | €1,096,803 | €1,092,208 | -€4,596 | -0.4% |
| Non-recurring financial income | 76B | €124,379 | €474,057 | +€349,678 | +281.1% |
| Financial charges | 65/66B | €507,183 | €1,629,458 | +€1.1m | +221.3% |
| Recurring financial charges | 65 | €342,183 | €492,282 | +€150,099 | +43.9% |
| Non-recurring financial charges | 66B | €165,000 | €1,137,176 | +€972,176 | +589.2% |
| Profit (loss) for the period before taxes | 9903 | €279,896 | -€21,162 | -€301,059 | |
| Income taxes | 67/77 | €74,609 | €12,668 | -€61,941 | -83.0% |
| Profit (loss) for the period | 9904 | €205,288 | -€33,830 | -€239,118 | |
| Profit (loss) for the period to be appropriated | 9905 | €205,288 | -€33,830 | -€239,118 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.