Cavalin: 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.
Cavalin
Largest movements
- Cash +€84,803
up €84,803 (+353.9%), from €23,962 to €108,765
mainly Other debts (+€72,260) and Net result for the year (+€59,907)
- Tangible fixed assets -€46,175
down €46,175 (-17.4%), from €264,774 to €218,599
- Stocks and contracts -€28,756
down €28,756 (-14.2%), from €201,856 to €173,100
- Receivables within one year -€14,896
down €14,896 (-93.7%), from €15,895 to €1,000
of which Other amounts receivable: -€14,310
- Other debts +€72,260
up €72,260 (+366.4%), from €19,719 to €91,979
- Debts after one year -€56,524
down €56,524 (-44.6%), from €126,608 to €70,083
- Tax, wage and social debts +€24,867
up €24,867 (+872.5%), from €2,850 to €27,717
- Reserves -€22,496
down €22,496 (-16.1%), from €139,834 to €117,338
- Trade debts -€17,377
down €17,377 (-12.2%), from €142,974 to €125,598
- Gross operating margin +€71,134
up €71,134 (+93.3%), from €76,283 to €147,417
- Taxes +€20,879
up €20,879 (+522.1%), from €3,999 to €24,878
- Depreciation +€5,658
up €5,658 (+12.3%), from €46,167 to €51,825
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 | €512,155 | €507,836 | -€4,319 | -0.8% |
| Fixed assets | 21/28 | €264,774 | €218,599 | -€46,175 | -17.4% |
| Tangible fixed assets | 22/27 | €264,774 | €218,599 | -€46,175 | -17.4% |
| Land and buildings | 22 | €133,431 | €119,102 | -€14,329 | -10.7% |
| Plant, machinery and equipment | 23 | €83,604 | €63,256 | -€20,348 | -24.3% |
| Furniture and vehicles | 24 | €47,739 | €36,241 | -€11,498 | -24.1% |
| Current assets | 29/58 | €247,381 | €289,237 | +€41,856 | +16.9% |
| Stocks and contracts in progress | 3 | €201,856 | €173,100 | -€28,756 | -14.2% |
| Stocks | 30/36 | €201,856 | €173,100 | -€28,756 | -14.2% |
| Amounts receivable within one year | 40/41 | €15,895 | €1,000 | -€14,896 | -93.7% |
| Trade receivables | 40 | €1,585 | €1,000 | -€585 | -36.9% |
| Other amounts receivable | 41 | €14,310 | €0 | -€14,310 | -100.0% |
| Cash at bank and in hand | 54/58 | €23,962 | €108,765 | +€84,803 | +353.9% |
| Deferred charges and accrued income | 490/1 | €5,668 | €6,373 | +€705 | +12.4% |
| Total equity and liabilities | 10/49 | €512,155 | €507,836 | -€4,319 | -0.8% |
| Equity | 10/15 | €158,426 | €135,930 | -€22,496 | -14.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €139,834 | €117,338 | -€22,496 | -16.1% |
| Distributable reserves | 133 | €139,834 | €117,338 | -€22,496 | -16.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €353,729 | €371,906 | +€18,176 | +5.1% |
| Amounts payable after more than one year | 17 | €126,608 | €70,083 | -€56,524 | -44.6% |
| Financial debts | 170/4 | €126,608 | €70,083 | -€56,524 | -44.6% |
| Amounts payable within one year | 42/48 | €227,077 | €301,819 | +€74,742 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €61,534 | €56,524 | -€5,009 | -8.1% |
| Trade debts | 44 | €142,974 | €125,598 | -€17,377 | -12.2% |
| Suppliers | 440/4 | €142,974 | €125,598 | -€17,377 | -12.2% |
| Taxes, remuneration and social security | 45 | €2,850 | €27,717 | +€24,867 | +872.5% |
| Taxes | 450/3 | €2,850 | €27,717 | +€24,867 | +872.5% |
| Other amounts payable | 47/48 | €19,719 | €91,979 | +€72,260 | +366.4% |
| Accrued charges and deferred income | 492/3 | €45 | €4 | -€41 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,167 | €51,825 | +€5,658 | +12.3% |
| Other operating charges | 640/8 | €4,559 | €4,541 | -€18 | -0.4% |
| Non-recurring operating charges | 66A | €217 | €0 | -€217 | -100.0% |
| Gross operating margin | 9900 | €76,283 | €147,417 | +€71,134 | +93.3% |
| Operating profit (loss) | 9901 | €25,339 | €91,052 | +€65,712 | +259.3% |
| Financial income | 75/76B | €4 | €1 | -€3 | -79.1% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -79.1% |
| Financial charges | 65/66B | €6,529 | €6,267 | -€261 | -4.0% |
| Recurring financial charges | 65 | €6,529 | €6,267 | -€261 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €18,814 | €84,785 | +€65,971 | +350.6% |
| Income taxes | 67/77 | €3,999 | €24,878 | +€20,879 | +522.1% |
| Profit (loss) for the period | 9904 | €14,816 | €59,907 | +€45,091 | +304.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,816 | €59,907 | +€45,091 | +304.3% |
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 2 October 2026 via checked.be.