CAVATINE: 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.
What changed
CAVATINE
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€39,939
2024 · -€103,610+€143,549
Equity
€33.4m
2024 · €33.3m+€39,940
Cash
€5,109
2024 · €16,555-€11,446
Balance sheet total
€42.1m
2024 · €42.6m-€511,976
Largest movements
Assets
- Receivables within one year -€482,053
no longer reported in 2025 (was €482,053)
of which Other amounts receivable: -€480,000
Equity and liabilities
- Other debts -€557,000
down €557,000 (-7.8%), from €7.1m to €6.6m
Income statement
- Services and other goods -€138,740
down €138,740 (-39.4%), from €352,355 to €213,615
- Staff costs -€4,407
down €4,407 (-5.1%), from €86,169 to €81,762
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.
Result 2024
-€103,610
Other operating income
-€230
Services and other goods
+€138,740
Staff costs
+€4,407
Other operating charges
-€808
Financial charges
-€388
Taxes
+€1,828
Result 2025
€39,939
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.
From operations
-€11,448
Investment
+€1
Financing
+€1
Cash 2024
€16,555
From operations (derived)
-€11,448
Net result for the year
+€39,939
Depreciation
+€18,476
Receivables within one year
+€482,053
Trade debts
+€6,487
Tax, wage and social debts
-€1,403
Other debts
-€557,000
Investment (derived)
+€1
Investment in fixed assets (net)
+€1
Financing
+€1
Contributions, distributions and other
+€1
Cash 2025
€5,109
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,606,221 | €42,094,245 | -€511,976 | -1.2% |
| Fixed assets | 21/28 | €38,107,340 | €38,088,863 | -€18,477 | 0.0% |
| Tangible fixed assets | 22/27 | €55,429 | €36,952 | -€18,477 | -33.3% |
| Furniture and vehicles | 24 | €55,429 | €36,952 | -€18,477 | -33.3% |
| Financial fixed assets | 28 | €38,051,911 | €38,051,911 | = | 0.0% |
| Affiliated companies | 280/1 | €38,051,911 | €38,051,911 | = | 0.0% |
| Participating interests | 280 | €38,051,911 | €38,051,911 | = | 0.0% |
| Current assets | 29/58 | €4,498,881 | €4,005,382 | -€493,499 | -11.0% |
| Amounts receivable after more than one year | 29 | €4,000,000 | €4,000,000 | = | 0.0% |
| Other amounts receivable | 291 | €4,000,000 | €4,000,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €482,053 | - | -€482,053 | |
| Trade receivables | 40 | €2,053 | - | -€2,053 | |
| Other amounts receivable | 41 | €480,000 | - | -€480,000 | |
| Cash at bank and in hand | 54/58 | €16,555 | €5,109 | -€11,446 | -69.1% |
| Deferred charges and accrued income | 490/1 | €273 | €273 | = | 0.0% |
| Total equity and liabilities | 10/49 | €42,606,221 | €42,094,245 | -€511,976 | -1.2% |
| Equity | 10/15 | €33,320,158 | €33,360,098 | +€39,940 | +0.1% |
| Contributions | 10/11 | €44,188,911 | €44,188,911 | = | 0.0% |
| Capital | 10 | €44,188,911 | €44,188,911 | = | 0.0% |
| Issued capital | 100 | €44,188,911 | €44,188,911 | = | 0.0% |
| Reserves | 13 | €83,696 | €83,697 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €83,696 | €83,697 | +€1 | 0.0% |
| Legal reserve | 130 | €83,696 | €83,697 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | -€10,952,449 | -€10,912,510 | +€39,939 | +0.4% |
| Amounts payable | 17/49 | €9,286,063 | €8,734,147 | -€551,916 | -5.9% |
| Amounts payable after more than one year | 17 | €2,100,000 | €2,100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,100,000 | €2,100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,186,063 | €6,634,147 | -€551,916 | -7.7% |
| Trade debts | 44 | - | €6,487 | +€6,487 | |
| Suppliers | 440/4 | - | €6,487 | +€6,487 | |
| Taxes, remuneration and social security | 45 | €42,112 | €40,709 | -€1,403 | -3.3% |
| Taxes | 450/3 | €34,449 | €40,709 | +€6,260 | +18.2% |
| Remuneration and social security | 454/9 | €7,663 | - | -€7,663 | |
| Other amounts payable | 47/48 | €7,143,951 | €6,586,951 | -€557,000 | -7.8% |
| Operating income | 70/76A | €200,231 | €200,001 | -€230 | -0.1% |
| Turnover | 70 | €200,000 | €200,000 | = | 0.0% |
| Other operating income | 74 | €231 | €1 | -€230 | -99.6% |
| Operating charges | 60/66A | €460,827 | €318,488 | -€142,339 | -30.9% |
| Services and other goods | 61 | €352,355 | €213,615 | -€138,740 | -39.4% |
| Remuneration, social security and pensions | 62 | €86,169 | €81,762 | -€4,407 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,476 | €18,476 | = | 0.0% |
| Other operating charges | 640/8 | €3,827 | €4,635 | +€808 | +21.1% |
| Operating profit (loss) | 9901 | -€260,596 | -€118,487 | +€142,109 | +54.5% |
| Financial income | 75/76B | €160,000 | €160,000 | = | 0.0% |
| Recurring financial income | 75 | €160,000 | €160,000 | = | 0.0% |
| Income from current assets | 751 | €160,000 | €160,000 | = | 0.0% |
| Financial charges | 65/66B | €1,327 | €1,715 | +€388 | +29.2% |
| Recurring financial charges | 65 | €1,327 | €1,715 | +€388 | +29.2% |
| Debt charges | 650 | €1,327 | €1,715 | +€388 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | -€101,923 | €39,798 | +€141,721 | |
| Income taxes | 67/77 | €1,687 | -€141 | -€1,828 | |
| Taxes | 670/3 | €2,000 | - | -€2,000 | |
| Tax adjustments and reversals of tax provisions | 77 | €313 | €141 | -€172 | -55.0% |
| Profit (loss) for the period | 9904 | -€103,610 | €39,939 | +€143,549 | |
| Profit (loss) for the period to be appropriated | 9905 | -€103,610 | €39,939 | +€143,549 |
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 11 October 2026 via checked.be.