CAVASI: 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.
CAVASI
Largest movements
- Receivables within one year -€301,957
down €301,957 (-43.9%), from €688,237 to €386,279
of which Trade receivables: -€304,364
- Cash -€292,541
down €292,541 (-80.8%), from €362,125 to €69,583
mainly Debts after one year (-€374,230) and Trade debts (-€240,364)
- Stocks and contracts -€137,194
down €137,194 (-20.1%), from €681,514 to €544,320
- Financial fixed assets +€96,565
up €96,565 (+1,609%), from €6,000 to €102,565
- Debts after one year -€374,230
down €374,230 (-30.4%), from €1.2m to €857,256
- Trade debts -€240,364
down €240,364 (-38.8%), from €619,748 to €379,384
- Tax, wage and social debts -€124,828
down €124,828 (-49.5%), from €252,342 to €127,513
of which Taxes: -€149,088
- Profit (loss) carried forward +€60,508
up €60,508 (+23.3%), from -€260,021 to -€199,513
- Staff costs +€179,820
up €179,820 (+33.3%), from €540,408 to €720,228
- Other operating charges +€102,979
up €102,979 (+2,247%), from €4,584 to €107,563
- Write-downs -€102,687
down €102,687, from €44,167 to -€58,520
- Gross operating margin +€96,785
up €96,785 (+11.9%), from €814,252 to €911,037
- Financial charges -€38,530
down €38,530 (-46.4%), from €83,111 to €44,581
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 | €1,899,025 | €1,234,074 | -€664,950 | -35.0% |
| Fixed assets | 21/28 | €146,895 | €222,095 | +€75,199 | +51.2% |
| Intangible fixed assets | 21 | €14,943 | €11,943 | -€3,000 | -20.1% |
| Tangible fixed assets | 22/27 | €125,953 | €107,587 | -€18,366 | -14.6% |
| Plant, machinery and equipment | 23 | €11,437 | €8,746 | -€2,691 | -23.5% |
| Other tangible fixed assets | 26 | €114,516 | €98,841 | -€15,675 | -13.7% |
| Financial fixed assets | 28 | €6,000 | €102,565 | +€96,565 | +1,609% |
| Current assets | 29/58 | €1,752,129 | €1,011,980 | -€740,150 | -42.2% |
| Stocks and contracts in progress | 3 | €681,514 | €544,320 | -€137,194 | -20.1% |
| Stocks | 30/36 | €681,514 | €544,320 | -€137,194 | -20.1% |
| Amounts receivable within one year | 40/41 | €688,237 | €386,279 | -€301,957 | -43.9% |
| Trade receivables | 40 | €685,775 | €381,412 | -€304,364 | -44.4% |
| Other amounts receivable | 41 | €2,461 | €4,868 | +€2,406 | +97.8% |
| Cash at bank and in hand | 54/58 | €362,125 | €69,583 | -€292,541 | -80.8% |
| Deferred charges and accrued income | 490/1 | €20,254 | €11,797 | -€8,457 | -41.8% |
| Total equity and liabilities | 10/49 | €1,899,025 | €1,234,074 | -€664,950 | -35.0% |
| Equity | 10/15 | -€239,561 | -€179,053 | +€60,508 | +25.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,021 | -€199,513 | +€60,508 | +23.3% |
| Amounts payable | 17/49 | €2,138,586 | €1,413,127 | -€725,459 | -33.9% |
| Amounts payable after more than one year | 17 | €1,231,485 | €857,256 | -€374,230 | -30.4% |
| Financial debts | 170/4 | €1,231,485 | €857,256 | -€374,230 | -30.4% |
| Amounts payable within one year | 42/48 | €897,630 | €533,818 | -€363,812 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €23,754 | €24,229 | +€476 | +2.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €619,748 | €379,384 | -€240,364 | -38.8% |
| Suppliers | 440/4 | €619,748 | €379,384 | -€240,364 | -38.8% |
| Advances received on contracts in progress | 46 | €1,385 | €2,274 | +€889 | +64.2% |
| Taxes, remuneration and social security | 45 | €252,342 | €127,513 | -€124,828 | -49.5% |
| Taxes | 450/3 | €162,763 | €13,675 | -€149,088 | -91.6% |
| Remuneration and social security | 454/9 | €89,579 | €113,838 | +€24,259 | +27.1% |
| Other amounts payable | 47/48 | €402 | €418 | +€16 | +3.9% |
| Accrued charges and deferred income | 492/3 | €9,471 | €22,054 | +€12,583 | +133% |
| Non-recurring operating income | 76A | - | €350,000 | +€350,000 | |
| Remuneration, social security and pensions | 62 | €540,408 | €720,228 | +€179,820 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,996 | €23,986 | +€6,989 | +41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €44,167 | -€58,520 | -€102,687 | |
| Other operating charges | 640/8 | €4,584 | €107,563 | +€102,979 | +2,247% |
| Non-recurring operating charges | 66A | - | €12,744 | +€12,744 | |
| Gross operating margin | 9900 | €814,252 | €911,037 | +€96,785 | +11.9% |
| Operating profit (loss) | 9901 | €208,097 | €105,036 | -€103,061 | -49.5% |
| Financial income | 75/76B | €36 | €417 | +€381 | +1,069% |
| Recurring financial income | 75 | €36 | €417 | +€381 | +1,069% |
| Financial charges | 65/66B | €83,111 | €44,581 | -€38,530 | -46.4% |
| Recurring financial charges | 65 | €83,111 | €44,581 | -€38,530 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €125,022 | €60,873 | -€64,149 | -51.3% |
| Income taxes | 67/77 | €258 | €365 | +€107 | +41.4% |
| Profit (loss) for the period | 9904 | €124,764 | €60,508 | -€64,256 | -51.5% |
| Profit (loss) for the period to be appropriated | 9905 | €124,764 | €60,508 | -€64,256 | -51.5% |
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 29 October 2026 via checked.be.