CAVCA: what changed
CAVCA
Largest movements
- Current investments +€176,750
up €176,750 (+245%), from €72,000 to €248,750
- Cash -€129,612
down €129,612 (-43.6%), from €296,937 to €167,324
mainly Current investments (-€176,750) and Debts after one year (-€117,577)
- Receivables within one year -€15,162
down €15,162 (-31.0%), from €48,910 to €33,749
of which Other amounts receivable: -€14,724
- Debts after one year -€117,577
no longer reported in 2025 (was €117,577)
- Short-term financial debts +€90,310
new in 2025: €90,310
- Reserves +€29,004
up €29,004 (+10.1%), from €287,392 to €316,396
- Trade debts +€19,529
up €19,529 (+122%), from €16,071 to €35,601
- Tax, wage and social debts +€10,774
up €10,774 (+85.2%), from €12,650 to €23,425
of which Taxes: +€9,038
- Gross operating margin +€5,680
up €5,680 (+3.7%), from €151,596 to €157,275
- Financial charges +€3,125
up €3,125 (+231%), from €1,353 to €4,478
of which Non-recurring financial charges: +€2,500
- Staff costs +€2,177
up €2,177 (+3.7%), from €58,054 to €60,231
- Depreciation -€1,726
down €1,726 (-3.1%), from €55,472 to €53,747
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €664,550 | €697,351 | +€32,801 | +4.9% |
| Fixed assets | 21/28 | €242,325 | €242,410 | +€85 | 0.0% |
| Tangible fixed assets | 22/27 | €242,325 | €242,410 | +€85 | 0.0% |
| Land and buildings | 22 | €79,556 | €66,296 | -€13,259 | -16.7% |
| Plant, machinery and equipment | 23 | €7,840 | €1,910 | -€5,930 | -75.6% |
| Furniture and vehicles | 24 | €56,374 | €79,961 | +€23,587 | +41.8% |
| Other tangible fixed assets | 26 | €98,556 | €94,243 | -€4,313 | -4.4% |
| Current assets | 29/58 | €422,225 | €454,941 | +€32,716 | +7.7% |
| Amounts receivable within one year | 40/41 | €48,910 | €33,749 | -€15,162 | -31.0% |
| Trade receivables | 40 | €24,787 | €24,350 | -€437 | -1.8% |
| Other amounts receivable | 41 | €24,123 | €9,399 | -€14,724 | -61.0% |
| Current investments | 50/53 | €72,000 | €248,750 | +€176,750 | +245% |
| Cash at bank and in hand | 54/58 | €296,937 | €167,324 | -€129,612 | -43.6% |
| Deferred charges and accrued income | 490/1 | €4,378 | €5,118 | +€739 | +16.9% |
| Total equity and liabilities | 10/49 | €664,550 | €697,351 | +€32,801 | +4.9% |
| Equity | 10/15 | €500,482 | €529,486 | +€29,004 | +5.8% |
| Contributions | 10/11 | €86,650 | €86,650 | = | 0.0% |
| Reserves | 13 | €287,392 | €316,396 | +€29,004 | +10.1% |
| Distributable reserves | 133 | €287,392 | €316,396 | +€29,004 | +10.1% |
| Profit (loss) carried forward | 14 | €126,441 | €126,441 | = | 0.0% |
| Amounts payable | 17/49 | €164,068 | €167,865 | +€3,797 | +2.3% |
| Amounts payable after more than one year | 17 | €117,577 | - | -€117,577 | |
| Financial debts | 170/4 | €117,577 | - | -€117,577 | |
| Amounts payable within one year | 42/48 | €46,491 | €167,865 | +€121,373 | +261% |
| Current portion of amounts payable after more than one year | 42 | €17,186 | €17,577 | +€390 | +2.3% |
| Financial debts | 43 | - | €90,310 | +€90,310 | |
| Other loans | 439 | - | €90,310 | +€90,310 | |
| Trade debts | 44 | €16,071 | €35,601 | +€19,529 | +122% |
| Suppliers | 440/4 | €16,071 | €35,601 | +€19,529 | +122% |
| Advances received on contracts in progress | 46 | - | €370 | +€370 | |
| Taxes, remuneration and social security | 45 | €12,650 | €23,425 | +€10,774 | +85.2% |
| Taxes | 450/3 | €2,755 | €11,793 | +€9,038 | +328% |
| Remuneration and social security | 454/9 | €9,896 | €11,632 | +€1,736 | +17.5% |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €58,054 | €60,231 | +€2,177 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,472 | €53,747 | -€1,726 | -3.1% |
| Other operating charges | 640/8 | €2,251 | €2,600 | +€350 | +15.5% |
| Gross operating margin | 9900 | €151,596 | €157,275 | +€5,680 | +3.7% |
| Operating profit (loss) | 9901 | €35,818 | €40,697 | +€4,879 | +13.6% |
| Financial income | 75/76B | €5,013 | €4,872 | -€142 | -2.8% |
| Recurring financial income | 75 | €5,013 | €4,872 | -€142 | -2.8% |
| Financial charges | 65/66B | €1,353 | €4,478 | +€3,125 | +231% |
| Recurring financial charges | 65 | €1,353 | €1,978 | +€625 | +46.2% |
| Non-recurring financial charges | 66B | - | €2,500 | +€2,500 | |
| Profit (loss) for the period before taxes | 9903 | €39,479 | €41,091 | +€1,612 | +4.1% |
| Income taxes | 67/77 | €11,101 | €11,254 | +€154 | +1.4% |
| Profit (loss) for the period | 9904 | €28,379 | €29,837 | +€1,459 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,379 | €29,837 | +€1,459 | +5.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.