CAVARX: 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.
CAVARX
Largest movements
- Tangible fixed assets -€15,245
down €15,245 (-60.1%), from €25,367 to €10,121
of which Furniture and vehicles: -€13,801
- Cash +€11,680
up €11,680 (+6.9%), from €169,408 to €181,088
mainly Other debts (+€84,518) and Depreciation (+€15,245)
- Other debts +€84,518
up €84,518 (+53.9%), from €156,801 to €241,319
- Profit (loss) carried forward -€64,454
down €64,454 (-211.6%), from -€30,458 to -€94,912
- Tax, wage and social debts -€13,454
no longer reported in 2025 (was €13,454)
- Current portion of long-term debt -€8,945
down €8,945 (-70.8%), from €12,639 to €3,694
- Gross operating margin -€13,108
down €13,108 (-15.3%), from €85,476 to €72,368
- Financial charges +€9,385
up €9,385 (+8.1%), from €115,200 to €124,585
- Financial income +€1,723
up €1,723 (+79.4%), from €2,170 to €3,893
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 | €498,728 | €495,837 | -€2,891 | -0.6% |
| Fixed assets | 21/28 | €25,367 | €10,121 | -€15,245 | -60.1% |
| Tangible fixed assets | 22/27 | €25,367 | €10,121 | -€15,245 | -60.1% |
| Furniture and vehicles | 24 | €15,279 | €1,478 | -€13,801 | -90.3% |
| Other tangible fixed assets | 26 | €10,088 | €8,644 | -€1,444 | -14.3% |
| Current assets | 29/58 | €473,361 | €485,716 | +€12,354 | +2.6% |
| Amounts receivable within one year | 40/41 | €90,043 | €87,242 | -€2,801 | -3.1% |
| Trade receivables | 40 | €89,520 | €86,206 | -€3,314 | -3.7% |
| Other amounts receivable | 41 | €523 | €1,036 | +€513 | +98.1% |
| Current investments | 50/53 | €212,520 | €214,939 | +€2,418 | +1.1% |
| Cash at bank and in hand | 54/58 | €169,408 | €181,088 | +€11,680 | +6.9% |
| Deferred charges and accrued income | 490/1 | €1,390 | €2,447 | +€1,057 | +76.1% |
| Total equity and liabilities | 10/49 | €498,728 | €495,837 | -€2,891 | -0.6% |
| Equity | 10/15 | €308,002 | €243,548 | -€64,454 | -20.9% |
| Contributions | 10/11 | €14,460 | €14,460 | = | 0.0% |
| Reserves | 13 | €324,000 | €324,000 | = | 0.0% |
| Distributable reserves | 133 | €324,000 | €324,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,458 | -€94,912 | -€64,454 | -211.6% |
| Amounts payable | 17/49 | €190,726 | €252,289 | +€61,563 | +32.3% |
| Amounts payable after more than one year | 17 | €3,936 | €241 | -€3,694 | -93.9% |
| Financial debts | 170/4 | €3,936 | €241 | -€3,694 | -93.9% |
| Amounts payable within one year | 42/48 | €186,791 | €252,048 | +€65,257 | +34.9% |
| Current portion of amounts payable after more than one year | 42 | €12,639 | €3,694 | -€8,945 | -70.8% |
| Trade debts | 44 | €3,897 | €7,035 | +€3,139 | +80.5% |
| Suppliers | 440/4 | €3,897 | €7,035 | +€3,139 | +80.5% |
| Taxes, remuneration and social security | 45 | €13,454 | - | -€13,454 | |
| Taxes | 450/3 | €13,454 | - | -€13,454 | |
| Other amounts payable | 47/48 | €156,801 | €241,319 | +€84,518 | +53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,207 | €15,245 | +€38 | +0.3% |
| Other operating charges | 640/8 | €673 | €753 | +€80 | +11.9% |
| Gross operating margin | 9900 | €85,476 | €72,368 | -€13,108 | -15.3% |
| Operating profit (loss) | 9901 | €69,596 | €56,370 | -€13,226 | -19.0% |
| Financial income | 75/76B | €2,170 | €3,893 | +€1,723 | +79.4% |
| Recurring financial income | 75 | €2,170 | €3,893 | +€1,723 | +79.4% |
| Financial charges | 65/66B | €115,200 | €124,585 | +€9,385 | +8.1% |
| Recurring financial charges | 65 | €115,200 | €124,585 | +€9,385 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | -€43,434 | -€64,322 | -€20,888 | -48.1% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€43,562 | -€64,454 | -€20,892 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,562 | -€64,454 | -€20,892 | -48.0% |
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.