Cavaro: 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.
Cavaro
Largest movements
- Cash +€25,183
new in 2025: €25,183
mainly Trade debts (+€20,773) and Short-term financial debts (+€13,920)
- Trade debts +€20,773
up €20,773 (+10.0%), from €207,357 to €228,130
- Short-term financial debts +€13,920
up €13,920 (+5.8%), from €241,080 to €255,000
of which Other loans: +€255,000
- Other debts -€11,469
down €11,469 (-7.1%), from €161,925 to €150,456
- Gross operating margin -€29,822
down €29,822 (-59.9%), from €49,793 to €19,971
- Financial charges -€8,769
down €8,769 (-38.7%), from €22,685 to €13,916
- Financial income -€8,058
down €8,058 (-100.0%), from €8,058 to €0
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 | €708,116 | €733,015 | +€24,899 | +3.5% |
| Fixed assets | 21/28 | €5,554 | €3,113 | -€2,441 | -44.0% |
| Tangible fixed assets | 22/27 | €5,554 | €3,113 | -€2,441 | -44.0% |
| Land and buildings | 22 | €3,278 | €3,107 | -€172 | -5.2% |
| Furniture and vehicles | 24 | €2,276 | €6 | -€2,270 | -99.7% |
| Current assets | 29/58 | €702,562 | €729,902 | +€27,340 | +3.9% |
| Stocks and contracts in progress | 3 | €390,311 | €390,125 | -€186 | 0.0% |
| Stocks | 30/36 | €390,311 | €390,125 | -€186 | 0.0% |
| Amounts receivable within one year | 40/41 | €312,251 | €313,222 | +€971 | +0.3% |
| Trade receivables | 40 | €305,204 | €306,150 | +€947 | +0.3% |
| Other amounts receivable | 41 | €7,047 | €7,072 | +€24 | +0.3% |
| Current investments | 50/53 | - | €436 | +€436 | |
| Cash at bank and in hand | 54/58 | - | €25,183 | +€25,183 | |
| Deferred charges and accrued income | 490/1 | - | €936 | +€936 | |
| Total equity and liabilities | 10/49 | €708,116 | €733,015 | +€24,899 | +3.5% |
| Equity | 10/15 | €8,611 | €10,787 | +€2,176 | +25.3% |
| Contributions | 10/11 | €79,021 | €79,021 | = | 0.0% |
| Reserves | 13 | €10,182 | €8,322 | -€1,860 | -18.3% |
| Tax-exempt reserves | 132 | €153 | €153 | = | 0.0% |
| Distributable reserves | 133 | €10,029 | €8,169 | -€1,860 | -18.5% |
| Profit (loss) carried forward | 14 | -€80,592 | -€76,556 | +€4,036 | +5.0% |
| Amounts payable | 17/49 | €699,505 | €722,228 | +€22,722 | +3.2% |
| Amounts payable within one year | 42/48 | €611,549 | €634,271 | +€22,722 | +3.7% |
| Financial debts | 43 | €241,080 | €255,000 | +€13,920 | +5.8% |
| Credit institutions | 430/8 | €241,080 | - | -€241,080 | |
| Other loans | 439 | - | €255,000 | +€255,000 | |
| Trade debts | 44 | €207,357 | €228,130 | +€20,773 | +10.0% |
| Suppliers | 440/4 | €207,357 | €228,130 | +€20,773 | +10.0% |
| Taxes, remuneration and social security | 45 | €1,186 | €685 | -€501 | -42.3% |
| Taxes | 450/3 | €1,186 | €685 | -€501 | -42.3% |
| Other amounts payable | 47/48 | €161,925 | €150,456 | -€11,469 | -7.1% |
| Accrued charges and deferred income | 492/3 | €87,957 | €87,957 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,424 | €2,441 | +€17 | +0.7% |
| Other operating charges | 640/8 | €1,224 | €1,438 | +€214 | +17.5% |
| Gross operating margin | 9900 | €49,793 | €19,971 | -€29,822 | -59.9% |
| Operating profit (loss) | 9901 | €46,145 | €16,092 | -€30,053 | -65.1% |
| Financial income | 75/76B | €8,058 | €0 | -€8,058 | -100.0% |
| Recurring financial income | 75 | €8,058 | €0 | -€8,058 | -100.0% |
| Financial charges | 65/66B | €22,685 | €13,916 | -€8,769 | -38.7% |
| Recurring financial charges | 65 | €22,685 | €13,916 | -€8,769 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €31,518 | €2,176 | -€29,342 | -93.1% |
| Profit (loss) for the period | 9904 | €31,518 | €2,176 | -€29,342 | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,518 | €2,176 | -€29,342 | -93.1% |
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 6 October 2026 via checked.be.