CAVALLINI: 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.
What changed
CAVALLINI
NACE 01.430, Raising of horses and other equines
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,844
2024 · €24,932-€21,088
Equity
€489,497
2024 · €485,653+€3,844
Cash
€26,912
2024 · €20,538+€6,375
Balance sheet total
€3.9m
2024 · €3.8m+€60,589
Largest movements
Assets
- Tangible fixed assets +€75,880
up €75,880 (+3.3%), from €2.3m to €2.4m
of which Plant, machinery and equipment: +€70,200
Equity and liabilities
- Other debts +€40,431
up €40,431 (+1.7%), from €2.3m to €2.4m
Income statement
- Gross operating margin -€69,267
down €69,267 (-23.6%), from €293,353 to €224,086
- Depreciation -€32,971
down €32,971 (-18.2%), from €180,697 to €147,726
- Staff costs -€12,230
down €12,230 (-27.6%), from €44,341 to €32,111
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.
Result 2024
€24,932
Gross operating margin
-€69,267
Staff costs
+€12,230
Depreciation
+€32,971
Other operating charges
+€694
Other operating items
-€155
Financial income
+€11
Financial charges
-€98
Taxes
+€2,527
Result 2025
€3,844
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.
From operations
+€229,981
Investment
-€223,606
Financing
€0
Cash 2024
€20,538
From operations (derived)
+€229,981
Net result for the year
+€3,844
Depreciation
+€147,726
Stocks and contracts
-€19,155
Receivables within one year
+€38,091
Deferred charges and accrued income
+€2,729
Trade debts
+€29,144
Tax, wage and social debts
-€6,080
Other debts
+€40,431
Accrued charges and deferred income
-€6,750
Investment (derived)
-€223,606
Investment in fixed assets (net)
-€223,606
Cash 2025
€26,912
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,836,626 | €3,897,215 | +€60,589 | +1.6% |
| Fixed assets | 21/28 | €2,310,816 | €2,386,696 | +€75,880 | +3.3% |
| Tangible fixed assets | 22/27 | €2,310,816 | €2,386,696 | +€75,880 | +3.3% |
| Land and buildings | 22 | €2,130,627 | €2,145,860 | +€15,233 | +0.7% |
| Plant, machinery and equipment | 23 | €159,708 | €229,908 | +€70,200 | +44.0% |
| Furniture and vehicles | 24 | €20,481 | €10,929 | -€9,552 | -46.6% |
| Current assets | 29/58 | €1,525,809 | €1,510,519 | -€15,291 | -1.0% |
| Stocks and contracts in progress | 3 | €1,432,050 | €1,451,205 | +€19,155 | +1.3% |
| Stocks | 30/36 | €1,432,050 | €1,451,205 | +€19,155 | +1.3% |
| Amounts receivable within one year | 40/41 | €65,125 | €27,034 | -€38,091 | -58.5% |
| Trade receivables | 40 | €62,978 | €24,089 | -€38,889 | -61.8% |
| Other amounts receivable | 41 | €2,147 | €2,945 | +€798 | +37.2% |
| Cash at bank and in hand | 54/58 | €20,538 | €26,912 | +€6,375 | +31.0% |
| Deferred charges and accrued income | 490/1 | €8,097 | €5,367 | -€2,729 | -33.7% |
| Total equity and liabilities | 10/49 | €3,836,626 | €3,897,215 | +€60,589 | +1.6% |
| Equity | 10/15 | €485,653 | €489,497 | +€3,844 | +0.8% |
| Contributions | 10/11 | €362,000 | €362,000 | = | 0.0% |
| Reserves | 13 | €123,653 | €123,653 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €48,653 | €48,653 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €3,844 | +€3,844 | |
| Amounts payable | 17/49 | €3,350,972 | €3,407,717 | +€56,745 | +1.7% |
| Amounts payable after more than one year | 17 | €833,312 | €833,312 | = | 0.0% |
| Financial debts | 170/4 | €833,312 | €833,312 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,510,910 | €2,574,405 | +€63,495 | +2.5% |
| Trade debts | 44 | €160,840 | €189,983 | +€29,144 | +18.1% |
| Suppliers | 440/4 | €160,840 | €189,983 | +€29,144 | +18.1% |
| Taxes, remuneration and social security | 45 | €27,043 | €20,963 | -€6,080 | -22.5% |
| Taxes | 450/3 | €20,879 | €17,947 | -€2,932 | -14.0% |
| Remuneration and social security | 454/9 | €6,164 | €3,016 | -€3,148 | -51.1% |
| Other amounts payable | 47/48 | €2,323,028 | €2,363,459 | +€40,431 | +1.7% |
| Accrued charges and deferred income | 492/3 | €6,750 | - | -€6,750 | |
| Non-recurring operating income | 76A | - | €105,329 | +€105,329 | |
| Remuneration, social security and pensions | 62 | €44,341 | €32,111 | -€12,230 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,697 | €147,726 | -€32,971 | -18.2% |
| Other operating charges | 640/8 | €30,656 | €29,962 | -€694 | -2.3% |
| Non-recurring operating charges | 66A | - | €155 | +€155 | |
| Gross operating margin | 9900 | €293,353 | €224,086 | -€69,267 | -23.6% |
| Operating profit (loss) | 9901 | €37,660 | €14,132 | -€23,528 | -62.5% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €10,201 | €10,299 | +€98 | +1.0% |
| Recurring financial charges | 65 | €10,201 | €10,299 | +€98 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €27,459 | €3,844 | -€23,615 | -86.0% |
| Income taxes | 67/77 | €2,527 | - | -€2,527 | |
| Profit (loss) for the period | 9904 | €24,932 | €3,844 | -€21,088 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,932 | €3,844 | -€21,088 | -84.6% |
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.