CAVDAR: 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.
CAVDAR
Largest movements
- Receivables within one year +€95,277
up €95,277 (+14.5%), from €659,017 to €754,294
of which Trade receivables: +€66,823
- Cash +€18,132
up €18,132 (+108.1%), from €16,777 to €34,909
mainly Trade debts (+€87,588) and Net result for the year (+€22,135)
- Trade debts +€87,588
up €87,588 (+17.1%), from €511,249 to €598,837
- Profit (loss) carried forward +€22,135
up €22,135 (+23.2%), from €95,303 to €117,438
- Current portion of long-term debt -€20,581
no longer reported in 2025 (was €20,581)
- Debts after one year +€15,740
up €15,740 (+44.0%), from €35,762 to €51,501
- Turnover +€413,473
up €413,473 (+29.5%), from €1.4m to €1.8m
- Gross operating margin +€246,623
up €246,623 (+35.6%), from €692,516 to €939,139
- Staff costs +€241,554
up €241,554 (+38.6%), from €626,516 to €868,070
- Purchases and services +€166,850
up €166,850 (+23.6%), from €707,721 to €874,571
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 | €704,562 | €813,212 | +€108,650 | +15.4% |
| Fixed assets | 21/28 | €28,768 | €24,009 | -€4,759 | -16.5% |
| Tangible fixed assets | 22/27 | €23,574 | €18,815 | -€4,759 | -20.2% |
| Furniture and vehicles | 24 | €23,574 | €18,815 | -€4,759 | -20.2% |
| Financial fixed assets | 28 | €5,194 | €5,194 | = | 0.0% |
| Current assets | 29/58 | €675,794 | €789,203 | +€113,409 | +16.8% |
| Amounts receivable within one year | 40/41 | €659,017 | €754,294 | +€95,277 | +14.5% |
| Trade receivables | 40 | €642,045 | €708,868 | +€66,823 | +10.4% |
| Other amounts receivable | 41 | €16,973 | €45,427 | +€28,454 | +167.6% |
| Cash at bank and in hand | 54/58 | €16,777 | €34,909 | +€18,132 | +108.1% |
| Total equity and liabilities | 10/49 | €704,562 | €813,212 | +€108,650 | +15.4% |
| Equity | 10/15 | €115,754 | €137,889 | +€22,135 | +19.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,303 | €117,438 | +€22,135 | +23.2% |
| Amounts payable | 17/49 | €588,808 | €675,323 | +€86,516 | +14.7% |
| Amounts payable after more than one year | 17 | €35,762 | €51,501 | +€15,740 | +44.0% |
| Financial debts | 170/4 | €35,762 | €51,501 | +€15,740 | +44.0% |
| Amounts payable within one year | 42/48 | €553,046 | €623,822 | +€70,776 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €20,581 | - | -€20,581 | |
| Trade debts | 44 | €511,249 | €598,837 | +€87,588 | +17.1% |
| Suppliers | 440/4 | €511,249 | €598,837 | +€87,588 | +17.1% |
| Taxes, remuneration and social security | 45 | €1,441 | €4,824 | +€3,383 | +234.9% |
| Taxes | 450/3 | €330 | €322 | -€8 | -2.4% |
| Remuneration and social security | 454/9 | €1,111 | €4,502 | +€3,391 | +305.4% |
| Other amounts payable | 47/48 | €19,775 | €20,161 | +€385 | +1.9% |
| Turnover | 70 | €1,400,237 | €1,813,710 | +€413,473 | +29.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €707,721 | €874,571 | +€166,850 | +23.6% |
| Remuneration, social security and pensions | 62 | €626,516 | €868,070 | +€241,554 | +38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,609 | €8,459 | +€1,850 | +28.0% |
| Other operating charges | 640/8 | €16,430 | €11,618 | -€4,812 | -29.3% |
| Gross operating margin | 9900 | €692,516 | €939,139 | +€246,623 | +35.6% |
| Operating profit (loss) | 9901 | €42,961 | €50,992 | +€8,031 | +18.7% |
| Financial charges | 65/66B | €5,811 | €21,236 | +€15,426 | +265.5% |
| Recurring financial charges | 65 | €5,811 | €21,236 | +€15,426 | +265.5% |
| Profit (loss) for the period before taxes | 9903 | €37,151 | €29,756 | -€7,395 | -19.9% |
| Income taxes | 67/77 | €9,175 | €7,621 | -€1,554 | -16.9% |
| Profit (loss) for the period | 9904 | €27,976 | €22,135 | -€5,841 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,976 | €22,135 | -€5,841 | -20.9% |
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.