CAVALLINO: what changed
Two financial 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.
CAVALLINO
Largest movements
- Receivables within one year -€183,623
down €183,623 (-35.7%), from €514,267 to €330,644
of which Trade receivables: -€457,313
- Tangible fixed assets +€100,397
up €100,397 (+15.3%), from €654,260 to €754,657
of which Other tangible fixed assets: +€154,994
- Current portion of long-term debt -€69,142
down €69,142 (-45.2%), from €152,934 to €83,792
- Debts after one year -€48,964
down €48,964 (-7.8%), from €627,686 to €578,722
of which Other amounts payable: -€68,750
- Reserves +€42,986
up €42,986 (+9.5%), from €453,018 to €496,004
of which Distributable reserves: +€42,986
- Trade debts -€40,061
down €40,061 (-11.7%), from €342,776 to €302,715
- Other debts +€39,874
up €39,874 (+2,075%), from €1,922 to €41,795
- Gross operating margin +€53,757
up €53,757 (+19.4%), from €276,709 to €330,467
- Staff costs +€23,885
up €23,885 (+19.2%), from €124,464 to €148,349
- Depreciation +€9,102
up €9,102 (+13.1%), from €69,640 to €78,743
- Financial charges -€8,215
down €8,215 (-11.3%), from €72,992 to €64,778
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.
Derived cash bridge
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 | €2,308,006 | €2,178,001 | -€130,005 | -5.6% |
| Fixed assets | 21/28 | €698,838 | €794,726 | +€95,888 | +13.7% |
| Intangible fixed assets | 21 | €44,178 | €39,269 | -€4,909 | -11.1% |
| Tangible fixed assets | 22/27 | €654,260 | €754,657 | +€100,397 | +15.3% |
| Land and buildings | 22 | €590,664 | €528,888 | -€61,776 | -10.5% |
| Plant, machinery and equipment | 23 | €2,448 | €9,626 | +€7,178 | +293% |
| Other tangible fixed assets | 26 | €61,149 | €216,143 | +€154,994 | +253% |
| Financial fixed assets | 28 | €400 | €800 | +€400 | +100% |
| Current assets | 29/58 | €1,609,168 | €1,383,275 | -€225,893 | -14.0% |
| Stocks and contracts in progress | 3 | €969,472 | €953,006 | -€16,466 | -1.7% |
| Stocks | 30/36 | €969,472 | €953,006 | -€16,466 | -1.7% |
| Amounts receivable within one year | 40/41 | €514,267 | €330,644 | -€183,623 | -35.7% |
| Trade receivables | 40 | €486,539 | €29,226 | -€457,313 | -94.0% |
| Other amounts receivable | 41 | €27,728 | €301,418 | +€273,690 | +987% |
| Cash at bank and in hand | 54/58 | €104,742 | €82,904 | -€21,838 | -20.8% |
| Deferred charges and accrued income | 490/1 | €20,687 | €16,721 | -€3,966 | -19.2% |
| Total equity and liabilities | 10/49 | €2,308,006 | €2,178,001 | -€130,005 | -5.6% |
| Equity | 10/15 | €553,018 | €596,004 | +€42,986 | +7.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €453,018 | €496,004 | +€42,986 | +9.5% |
| Tax-exempt reserves | 132 | €82,374 | €82,374 | = | 0.0% |
| Distributable reserves | 133 | €370,645 | €413,630 | +€42,986 | +11.6% |
| Amounts payable | 17/49 | €1,754,988 | €1,581,997 | -€172,991 | -9.9% |
| Amounts payable after more than one year | 17 | €627,686 | €578,722 | -€48,964 | -7.8% |
| Financial debts | 170/4 | €558,936 | €578,722 | +€19,786 | +3.5% |
| Other amounts payable | 178/9 | €68,750 | - | -€68,750 | |
| Amounts payable within one year | 42/48 | €1,110,135 | €1,001,004 | -€109,131 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €152,934 | €83,792 | -€69,142 | -45.2% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €342,776 | €302,715 | -€40,061 | -11.7% |
| Suppliers | 440/4 | €342,776 | €302,715 | -€40,061 | -11.7% |
| Taxes, remuneration and social security | 45 | €112,503 | €72,701 | -€39,802 | -35.4% |
| Taxes | 450/3 | €92,352 | €48,172 | -€44,180 | -47.8% |
| Remuneration and social security | 454/9 | €20,151 | €24,530 | +€4,379 | +21.7% |
| Other amounts payable | 47/48 | €1,922 | €41,795 | +€39,874 | +2,075% |
| Accrued charges and deferred income | 492/3 | €17,168 | €2,271 | -€14,896 | -86.8% |
| Non-recurring operating income | 76A | €1,810 | €7,784 | +€5,974 | +330% |
| Remuneration, social security and pensions | 62 | €124,464 | €148,349 | +€23,885 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,640 | €78,743 | +€9,102 | +13.1% |
| Other operating charges | 640/8 | €6,542 | €4,417 | -€2,125 | -32.5% |
| Gross operating margin | 9900 | €276,709 | €330,467 | +€53,757 | +19.4% |
| Operating profit (loss) | 9901 | €76,063 | €98,958 | +€22,895 | +30.1% |
| Financial income | 75/76B | €8,616 | €9,340 | +€724 | +8.4% |
| Recurring financial income | 75 | €8,616 | €9,340 | +€724 | +8.4% |
| Financial charges | 65/66B | €72,992 | €64,778 | -€8,215 | -11.3% |
| Recurring financial charges | 65 | €72,992 | €64,778 | -€8,215 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €11,687 | €43,520 | +€31,833 | +272% |
| Income taxes | 67/77 | €754 | €534 | -€219 | -29.1% |
| Profit (loss) for the period | 9904 | €10,934 | €42,986 | +€32,052 | +293% |
| Transfer to tax-exempt reserves | 689 | €26,124 | - | -€26,124 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,190 | €42,986 | +€58,176 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.