Cavallo Concept: 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.
Cavallo Concept
Largest movements
- Tangible fixed assets +€100,134
up €100,134 (+471.5%), from €21,238 to €121,372
of which Plant, machinery and equipment: +€106,253
- Receivables within one year -€46,594
down €46,594 (-25.2%), from €184,967 to €138,373
of which Trade receivables: -€52,836
- Stocks and contracts -€31,537
down €31,537 (-10.9%), from €288,604 to €257,067
- Financial fixed assets +€13,317
up €13,317 (+1475.3%), from €903 to €14,220
- Cash -€10,557
down €10,557 (-21.1%), from €50,044 to €39,487
mainly Investment in fixed assets (net) (-€121,459) and Trade debts (-€51,064)
- Profit (loss) carried forward -€131,104
no longer reported in 2025 (was €131,104)
- Debts after one year +€122,844
up €122,844 (+4873.9%), from €2,520 to €125,364
- Reserves +€108,676
up €108,676 (+183.8%), from €59,139 to €167,815
- Trade debts -€51,064
down €51,064 (-49.8%), from €102,639 to €51,575
- Other debts -€43,955
down €43,955 (-71.0%), from €61,931 to €17,976
- Gross operating margin -€42,886
down €42,886 (-49.4%), from €86,733 to €43,847
- Staff costs -€13,081
down €13,081 (-21.1%), from €62,103 to €49,023
- Taxes -€8,571
down €8,571, from €6,790 to -€1,782
- Financial income -€6,946
down €6,946 (-79.7%), from €8,718 to €1,772
- Depreciation -€3,151
down €3,151 (-28.2%), from €11,160 to €8,008
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 | €547,244 | €571,127 | +€23,883 | +4.4% |
| Fixed assets | 21/28 | €22,141 | €135,592 | +€113,451 | +512.4% |
| Tangible fixed assets | 22/27 | €21,238 | €121,372 | +€100,134 | +471.5% |
| Land and buildings | 22 | €10,789 | €10,217 | -€572 | -5.3% |
| Plant, machinery and equipment | 23 | €1,240 | €107,493 | +€106,253 | +8568.9% |
| Furniture and vehicles | 24 | €9,209 | €3,663 | -€5,547 | -60.2% |
| Financial fixed assets | 28 | €903 | €14,220 | +€13,317 | +1475.3% |
| Current assets | 29/58 | €525,103 | €435,535 | -€89,568 | -17.1% |
| Stocks and contracts in progress | 3 | €288,604 | €257,067 | -€31,537 | -10.9% |
| Stocks | 30/36 | €288,604 | €257,067 | -€31,537 | -10.9% |
| Amounts receivable within one year | 40/41 | €184,967 | €138,373 | -€46,594 | -25.2% |
| Trade receivables | 40 | €151,015 | €98,180 | -€52,836 | -35.0% |
| Other amounts receivable | 41 | €33,951 | €40,193 | +€6,242 | +18.4% |
| Cash at bank and in hand | 54/58 | €50,044 | €39,487 | -€10,557 | -21.1% |
| Deferred charges and accrued income | 490/1 | €1,488 | €609 | -€880 | -59.1% |
| Total equity and liabilities | 10/49 | €547,244 | €571,127 | +€23,883 | +4.4% |
| Equity | 10/15 | €293,222 | €270,794 | -€22,428 | -7.6% |
| Contributions | 10/11 | €102,979 | €102,979 | = | 0.0% |
| Reserves | 13 | €59,139 | €167,815 | +€108,676 | +183.8% |
| Distributable reserves | 133 | €59,139 | €167,815 | +€108,676 | +183.8% |
| Profit (loss) carried forward | 14 | €131,104 | - | -€131,104 | |
| Amounts payable | 17/49 | €254,022 | €300,333 | +€46,311 | +18.2% |
| Amounts payable after more than one year | 17 | €2,520 | €125,364 | +€122,844 | +4873.9% |
| Financial debts | 170/4 | €2,520 | €125,364 | +€122,844 | +4873.9% |
| Amounts payable within one year | 42/48 | €245,689 | €174,969 | -€70,720 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €2,106 | €2,156 | +€50 | +2.4% |
| Financial debts | 43 | €50,000 | €70,000 | +€20,000 | +40.0% |
| Credit institutions | 430/8 | - | €70,000 | +€70,000 | |
| Other loans | 439 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €102,639 | €51,575 | -€51,064 | -49.8% |
| Suppliers | 440/4 | €102,639 | €51,575 | -€51,064 | -49.8% |
| Taxes, remuneration and social security | 45 | €29,013 | €33,262 | +€4,249 | +14.6% |
| Taxes | 450/3 | €15,480 | €16,083 | +€603 | +3.9% |
| Remuneration and social security | 454/9 | €13,533 | €17,179 | +€3,646 | +26.9% |
| Other amounts payable | 47/48 | €61,931 | €17,976 | -€43,955 | -71.0% |
| Accrued charges and deferred income | 492/3 | €5,813 | - | -€5,813 | |
| Remuneration, social security and pensions | 62 | €62,103 | €49,023 | -€13,081 | -21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,160 | €8,008 | -€3,151 | -28.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €312 | - | -€312 | |
| Other operating charges | 640/8 | €1,180 | €1,630 | +€451 | +38.2% |
| Gross operating margin | 9900 | €86,733 | €43,847 | -€42,886 | -49.4% |
| Operating profit (loss) | 9901 | €11,978 | -€14,815 | -€26,792 | |
| Financial income | 75/76B | €8,718 | €1,772 | -€6,946 | -79.7% |
| Recurring financial income | 75 | €8,718 | €1,772 | -€6,946 | -79.7% |
| Financial charges | 65/66B | €4,051 | €4,667 | +€616 | +15.2% |
| Recurring financial charges | 65 | €4,051 | €4,667 | +€616 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €16,644 | -€17,710 | -€34,354 | |
| Income taxes | 67/77 | €6,790 | -€1,782 | -€8,571 | |
| Profit (loss) for the period | 9904 | €9,854 | -€15,928 | -€25,782 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,854 | -€15,928 | -€25,782 |
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 9 October 2026 via checked.be.