CAVATE: 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.
CAVATE
Largest movements
- Tangible fixed assets -€203,184
down €203,184 (-11.8%), from €1.7m to €1.5m
of which Plant, machinery and equipment: -€132,844
- Receivables within one year +€150,310
up €150,310 (+26.7%), from €562,507 to €712,818
of which Other amounts receivable: +€80,357
- Short-term financial debts -€433,136
down €433,136 (-100.0%), from €433,136 to €0
- Debts after one year +€357,265
up €357,265 (+52.4%), from €682,307 to €1.0m
of which Financial debts: +€357,265
- Other debts +€142,380
up €142,380 (+284.8%), from €49,991 to €192,372
- Reserves -€77,774
down €77,774 (-23.0%), from €337,436 to €259,662
of which Distributable reserves: -€77,774
- Tax, wage and social debts -€73,044
down €73,044 (-98.1%), from €74,487 to €1,443
- Gross operating margin +€51,726
up €51,726 (+48.3%), from €106,996 to €158,722
- Depreciation +€40,032
up €40,032 (+58.0%), from €69,061 to €109,093
- Financial charges -€9,278
down €9,278 (-18.9%), from €49,030 to €39,752
- Financial income +€7,783
new in 2025: €7,783
- Other operating charges -€4,535
down €4,535 (-24.0%), from €18,890 to €14,355
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 | €2,301,522 | €2,240,369 | -€61,153 | -2.7% |
| Fixed assets | 21/28 | €1,718,154 | €1,514,970 | -€203,184 | -11.8% |
| Tangible fixed assets | 22/27 | €1,718,154 | €1,514,970 | -€203,184 | -11.8% |
| Land and buildings | 22 | €1,193,364 | €1,136,928 | -€56,436 | -4.7% |
| Plant, machinery and equipment | 23 | €203,882 | €71,038 | -€132,844 | -65.2% |
| Furniture and vehicles | 24 | €2,558 | €24,413 | +€21,854 | +854.3% |
| Assets under construction and advance payments | 27 | €318,350 | €282,591 | -€35,759 | -11.2% |
| Current assets | 29/58 | €583,368 | €725,399 | +€142,031 | +24.3% |
| Amounts receivable after more than one year | 29 | €5,000 | €0 | -€5,000 | -100.0% |
| Other amounts receivable | 291 | €5,000 | €0 | -€5,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €562,507 | €712,818 | +€150,310 | +26.7% |
| Trade receivables | 40 | €290,641 | €360,594 | +€69,953 | +24.1% |
| Other amounts receivable | 41 | €271,866 | €352,224 | +€80,357 | +29.6% |
| Cash at bank and in hand | 54/58 | €2,412 | €42 | -€2,370 | -98.3% |
| Deferred charges and accrued income | 490/1 | €13,449 | €12,540 | -€909 | -6.8% |
| Total equity and liabilities | 10/49 | €2,301,522 | €2,240,369 | -€61,153 | -2.7% |
| Equity | 10/15 | €766,794 | €689,020 | -€77,774 | -10.1% |
| Contributions | 10/11 | €88,638 | €88,638 | = | 0.0% |
| Capital | 10 | €88,638 | €88,638 | = | 0.0% |
| Issued capital | 100 | €88,638 | €88,638 | = | 0.0% |
| Revaluation surpluses | 12 | €340,720 | €340,720 | = | 0.0% |
| Reserves | 13 | €337,436 | €259,662 | -€77,774 | -23.0% |
| Non-distributable reserves | 130/1 | €8,864 | €8,864 | = | 0.0% |
| Legal reserve | 130 | €8,864 | €8,864 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €328,572 | €250,798 | -€77,774 | -23.7% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,534,728 | €1,551,349 | +€16,621 | +1.1% |
| Amounts payable after more than one year | 17 | €682,307 | €1,039,572 | +€357,265 | +52.4% |
| Financial debts | 170/4 | €190,624 | €547,889 | +€357,265 | +187.4% |
| Other amounts payable | 178/9 | €491,683 | €491,683 | = | 0.0% |
| Amounts payable within one year | 42/48 | €799,493 | €443,295 | -€356,199 | -44.6% |
| Current portion of amounts payable after more than one year | 42 | €31,651 | €75,652 | +€44,001 | +139.0% |
| Financial debts | 43 | €433,136 | €0 | -€433,136 | -100.0% |
| Credit institutions | 430/8 | €433,136 | €0 | -€433,136 | -100.0% |
| Trade debts | 44 | €210,227 | €173,827 | -€36,400 | -17.3% |
| Suppliers | 440/4 | €210,227 | €173,827 | -€36,400 | -17.3% |
| Taxes, remuneration and social security | 45 | €74,487 | €1,443 | -€73,044 | -98.1% |
| Taxes | 450/3 | €74,487 | €1,443 | -€73,044 | -98.1% |
| Other amounts payable | 47/48 | €49,991 | €192,372 | +€142,380 | +284.8% |
| Accrued charges and deferred income | 492/3 | €52,928 | €68,482 | +€15,555 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,061 | €109,093 | +€40,032 | +58.0% |
| Other operating charges | 640/8 | €18,890 | €14,355 | -€4,535 | -24.0% |
| Non-recurring operating charges | 66A | - | €3,778 | +€3,778 | |
| Gross operating margin | 9900 | €106,996 | €158,722 | +€51,726 | +48.3% |
| Operating profit (loss) | 9901 | €19,045 | €31,496 | +€12,451 | +65.4% |
| Financial income | 75/76B | - | €7,783 | +€7,783 | |
| Recurring financial income | 75 | - | €7,783 | +€7,783 | |
| Financial charges | 65/66B | €49,030 | €39,752 | -€9,278 | -18.9% |
| Recurring financial charges | 65 | €49,030 | €39,752 | -€9,278 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,985 | -€473 | +€29,513 | +98.4% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €91 | €262 | +€170 | +186.6% |
| Profit (loss) for the period | 9904 | -€30,077 | -€734 | +€29,342 | +97.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,077 | -€734 | +€29,342 | +97.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.