CAVALLI: 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.
CAVALLI
Largest movements
- Tangible fixed assets -€127,101
down €127,101 (-4.2%), from €3.0m to €2.9m
of which Land and buildings: -€112,596
- Receivables within one year -€48,525
down €48,525 (-63.4%), from €76,593 to €28,068
of which Trade receivables: -€46,512
- Cash +€42,086
up €42,086 (+27.9%), from €151,093 to €193,179
mainly Short-term financial debts (+€260,000) and Depreciation (+€128,128)
- Debts after one year -€336,000
down €336,000 (-9.3%), from €3.6m to €3.3m
of which Financial debts: -€260,000
- Short-term financial debts +€260,000
new in 2025: €260,000
- Other debts -€45,588
down €45,588 (-61.6%), from €73,982 to €28,395
- Financial charges -€53,751
down €53,751 (-30.7%), from €175,358 to €121,607
- Gross operating margin -€39,571
down €39,571 (-8.7%), from €453,643 to €414,071
- Staff costs -€31,532
down €31,532 (-17.4%), from €181,673 to €150,141
- Other operating charges +€4,854
up €4,854 (+14.5%), from €33,586 to €38,441
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 | €3,264,446 | €3,126,636 | -€137,810 | -4.2% |
| Fixed assets | 21/28 | €3,021,496 | €2,894,395 | -€127,101 | -4.2% |
| Tangible fixed assets | 22/27 | €3,021,496 | €2,894,395 | -€127,101 | -4.2% |
| Land and buildings | 22 | €2,932,251 | €2,819,655 | -€112,596 | -3.8% |
| Plant, machinery and equipment | 23 | €86,651 | €73,220 | -€13,431 | -15.5% |
| Furniture and vehicles | 24 | €2,594 | €1,521 | -€1,073 | -41.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €242,950 | €232,241 | -€10,709 | -4.4% |
| Stocks and contracts in progress | 3 | €2,207 | €2,491 | +€285 | +12.9% |
| Stocks | 30/36 | €2,207 | €2,491 | +€285 | +12.9% |
| Amounts receivable within one year | 40/41 | €76,593 | €28,068 | -€48,525 | -63.4% |
| Trade receivables | 40 | €73,644 | €27,132 | -€46,512 | -63.2% |
| Other amounts receivable | 41 | €2,948 | €935 | -€2,013 | -68.3% |
| Cash at bank and in hand | 54/58 | €151,093 | €193,179 | +€42,086 | +27.9% |
| Deferred charges and accrued income | 490/1 | €13,058 | €8,503 | -€4,555 | -34.9% |
| Total equity and liabilities | 10/49 | €3,264,446 | €3,126,636 | -€137,810 | -4.2% |
| Equity | 10/15 | -€519,965 | -€544,103 | -€24,138 | -4.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€619,965 | -€644,103 | -€24,138 | -3.9% |
| Amounts payable | 17/49 | €3,784,411 | €3,670,739 | -€113,672 | -3.0% |
| Amounts payable after more than one year | 17 | €3,626,000 | €3,290,000 | -€336,000 | -9.3% |
| Financial debts | 170/4 | €2,600,000 | €2,340,000 | -€260,000 | -10.0% |
| Other amounts payable | 178/9 | €1,026,000 | €950,000 | -€76,000 | -7.4% |
| Amounts payable within one year | 42/48 | €151,240 | €345,460 | +€194,220 | +128.4% |
| Financial debts | 43 | - | €260,000 | +€260,000 | |
| Credit institutions | 430/8 | - | €260,000 | +€260,000 | |
| Trade debts | 44 | €36,668 | €33,138 | -€3,529 | -9.6% |
| Suppliers | 440/4 | €36,668 | €33,138 | -€3,529 | -9.6% |
| Advances received on contracts in progress | 46 | €4,960 | €5,632 | +€672 | +13.6% |
| Taxes, remuneration and social security | 45 | €35,630 | €18,295 | -€17,335 | -48.7% |
| Taxes | 450/3 | €18,858 | €422 | -€18,436 | -97.8% |
| Remuneration and social security | 454/9 | €16,772 | €17,874 | +€1,101 | +6.6% |
| Other amounts payable | 47/48 | €73,982 | €28,395 | -€45,588 | -61.6% |
| Accrued charges and deferred income | 492/3 | €7,171 | €35,279 | +€28,108 | +392.0% |
| Remuneration, social security and pensions | 62 | €181,673 | €150,141 | -€31,532 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,735 | €128,128 | +€393 | +0.3% |
| Other operating charges | 640/8 | €33,586 | €38,441 | +€4,854 | +14.5% |
| Gross operating margin | 9900 | €453,643 | €414,071 | -€39,571 | -8.7% |
| Operating profit (loss) | 9901 | €110,649 | €97,362 | -€13,287 | -12.0% |
| Financial income | 75/76B | €17 | €106 | +€89 | +522.9% |
| Recurring financial income | 75 | €17 | €106 | +€89 | +522.9% |
| Financial charges | 65/66B | €175,358 | €121,607 | -€53,751 | -30.7% |
| Recurring financial charges | 65 | €175,358 | €121,607 | -€53,751 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | -€64,692 | -€24,138 | +€40,554 | +62.7% |
| Profit (loss) for the period | 9904 | -€64,692 | -€24,138 | +€40,554 | +62.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,692 | -€24,138 | +€40,554 | +62.7% |
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 5 October 2026 via checked.be.