CAVALO: 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.
CAVALO
Largest movements
- Receivables within one year +€122,593
up €122,593 (+3.3%), from €3.7m to €3.8m
- Reserves +€529,677
up €529,677 (+109%), from €488,002 to €1.0m
of which Distributable reserves: +€529,677
- Other debts -€403,517
down €403,517 (-55.3%), from €730,003 to €326,485
- Taxes -€7,014
down €7,014 (-18.9%), from €37,151 to €30,137
- Financial income +€3,724
up €3,724 (+3.3%), from €113,870 to €117,593
- Financial charges +€3,151
up €3,151 (+21.7%), from €14,504 to €17,655
- Gross operating margin -€2,606
down €2,606 (-45.7%), from -€5,701 to -€8,307
- Other operating charges +€101
up €101 (+8.6%), from €1,171 to €1,272
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 | €4,200,474 | €4,323,739 | +€123,265 | +2.9% |
| Current assets | 29/58 | €4,200,474 | €4,323,739 | +€123,265 | +2.9% |
| Amounts receivable after more than one year | 29 | €521,982 | €521,982 | = | 0.0% |
| Other amounts receivable | 291 | €521,982 | €521,982 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,672,339 | €3,794,933 | +€122,593 | +3.3% |
| Other amounts receivable | 41 | €3,672,339 | €3,794,933 | +€122,593 | +3.3% |
| Cash at bank and in hand | 54/58 | €6,153 | €6,824 | +€671 | +10.9% |
| Total equity and liabilities | 10/49 | €4,200,474 | €4,323,739 | +€123,265 | +2.9% |
| Equity | 10/15 | €3,434,641 | €3,964,318 | +€529,677 | +15.4% |
| Contributions | 10/11 | €2,916,000 | €2,916,000 | = | 0.0% |
| Reserves | 13 | €488,002 | €1,017,679 | +€529,677 | +109% |
| Non-distributable reserves | 130/1 | €14,332 | €14,332 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,332 | €14,332 | = | 0.0% |
| Distributable reserves | 133 | €473,670 | €1,003,347 | +€529,677 | +112% |
| Profit (loss) carried forward | 14 | €30,639 | €30,639 | = | 0.0% |
| Amounts payable | 17/49 | €765,833 | €359,421 | -€406,413 | -53.1% |
| Amounts payable within one year | 42/48 | €763,383 | €356,971 | -€406,413 | -53.2% |
| Trade debts | 44 | - | €348 | +€348 | |
| Suppliers | 440/4 | - | €348 | +€348 | |
| Taxes, remuneration and social security | 45 | €33,380 | €30,137 | -€3,244 | -9.7% |
| Taxes | 450/3 | €33,380 | €30,137 | -€3,244 | -9.7% |
| Other amounts payable | 47/48 | €730,003 | €326,485 | -€403,517 | -55.3% |
| Accrued charges and deferred income | 492/3 | €2,450 | €2,450 | = | 0.0% |
| Other operating charges | 640/8 | €1,171 | €1,272 | +€101 | +8.6% |
| Gross operating margin | 9900 | -€5,701 | -€8,307 | -€2,606 | -45.7% |
| Operating profit (loss) | 9901 | -€6,872 | -€9,579 | -€2,707 | -39.4% |
| Financial income | 75/76B | €113,870 | €117,593 | +€3,724 | +3.3% |
| Recurring financial income | 75 | €113,870 | €117,593 | +€3,724 | +3.3% |
| Financial charges | 65/66B | €14,504 | €17,655 | +€3,151 | +21.7% |
| Recurring financial charges | 65 | €14,504 | €17,655 | +€3,151 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €92,494 | €90,360 | -€2,134 | -2.3% |
| Income taxes | 67/77 | €37,151 | €30,137 | -€7,014 | -18.9% |
| Profit (loss) for the period | 9904 | €55,343 | €60,223 | +€4,880 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,343 | €60,223 | +€4,880 | +8.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.