CAVE: 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.
What changed
CAVE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€25,807
2024 · -€329,669+€303,862
Equity
€582,040
2024 · €607,846-€25,807
Cash
€205,434
2024 · €260,379-€54,946
Balance sheet total
€8.1m
2024 · €8.4m-€249,242
Largest movements
Assets
- Tangible fixed assets -€124,711
down €124,711 (-1.6%), from €8.0m to €7.9m
of which Land and buildings: -€109,054
- Receivables within one year -€83,908
down €83,908 (-64.7%), from €129,595 to €45,686
of which Trade receivables: -€81,908
Equity and liabilities
- Debts after one year -€187,655
down €187,655 (-3.2%), from €5.9m to €5.7m
Income statement
- Depreciation -€215,071
down €215,071 (-39.4%), from €545,432 to €330,361
- Gross operating margin +€165,599
up €165,599 (+29.5%), from €560,842 to €726,442
- Staff costs +€41,250
up €41,250 (+62.5%), from €65,957 to €107,207
- Financial charges +€32,659
up €32,659 (+13.3%), from €245,580 to €278,239
- Other operating charges +€11,003
up €11,003 (+27.3%), from €40,236 to €51,239
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
-€329,669
Gross operating margin
+€165,599
Staff costs
-€41,250
Depreciation
+€215,071
Provisions
+€11,000
Other operating charges
-€11,003
Other operating items
+€2,400
Financial income
+€305
Financial charges
-€32,659
Taxes
-€2,690
Deferred taxes and other
-€2,912
Result 2025
-€25,807
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
+€327,982
Investment
-€205,650
Financing
-€177,278
Cash 2024
€260,379
From operations (derived)
+€327,982
Net result for the year
-€25,807
Depreciation
+€330,361
Receivables within one year
+€83,908
Deferred charges and accrued income
-€14,323
Provisions
-€17,041
Trade debts
+€1,692
Tax, wage and social debts
+€6,863
Other debts
-€34,976
Accrued charges and deferred income
-€2,695
Investment (derived)
-€205,650
Investment in fixed assets (net)
-€205,650
Financing
-€177,278
Debts after one year
-€187,655
Current portion of long-term debt
+€10,377
Cash 2025
€205,434
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,377,230 | €8,127,988 | -€249,242 | -3.0% |
| Fixed assets | 21/28 | €7,978,591 | €7,853,880 | -€124,711 | -1.6% |
| Tangible fixed assets | 22/27 | €7,978,591 | €7,853,880 | -€124,711 | -1.6% |
| Land and buildings | 22 | €7,868,116 | €7,759,062 | -€109,054 | -1.4% |
| Plant, machinery and equipment | 23 | €96,213 | €86,065 | -€10,147 | -10.5% |
| Furniture and vehicles | 24 | €6,545 | €2,149 | -€4,396 | -67.2% |
| Other tangible fixed assets | 26 | €7,717 | €6,603 | -€1,114 | -14.4% |
| Current assets | 29/58 | €398,639 | €274,108 | -€124,531 | -31.2% |
| Amounts receivable within one year | 40/41 | €129,595 | €45,686 | -€83,908 | -64.7% |
| Trade receivables | 40 | €127,595 | €45,686 | -€81,908 | -64.2% |
| Other amounts receivable | 41 | €2,000 | €0 | -€2,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €260,379 | €205,434 | -€54,946 | -21.1% |
| Deferred charges and accrued income | 490/1 | €8,665 | €22,988 | +€14,323 | +165.3% |
| Total equity and liabilities | 10/49 | €8,377,230 | €8,127,988 | -€249,242 | -3.0% |
| Equity | 10/15 | €607,846 | €582,040 | -€25,807 | -4.2% |
| Contributions | 10/11 | €620,973 | €620,973 | = | 0.0% |
| Capital | 10 | €620,973 | €620,973 | = | 0.0% |
| Issued capital | 100 | €620,973 | €620,973 | = | 0.0% |
| Revaluation surpluses | 12 | €855,603 | €855,603 | = | 0.0% |
| Reserves | 13 | €250,284 | €238,557 | -€11,727 | -4.7% |
| Non-distributable reserves | 130/1 | €62,097 | €62,097 | = | 0.0% |
| Legal reserve | 130 | €62,097 | €62,097 | = | 0.0% |
| Tax-exempt reserves | 132 | €156,186 | €144,459 | -€11,727 | -7.5% |
| Distributable reserves | 133 | €32,000 | €32,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,119,014 | -€1,133,094 | -€14,080 | -1.3% |
| Provisions and deferred taxes | 16 | €74,538 | €57,497 | -€17,041 | -22.9% |
| Provisions for liabilities and charges | 160/5 | €11,000 | €0 | -€11,000 | -100.0% |
| Other liabilities and charges | 164/5 | €11,000 | €0 | -€11,000 | -100.0% |
| Deferred taxes | 168 | €63,538 | €57,497 | -€6,041 | -9.5% |
| Amounts payable | 17/49 | €7,694,845 | €7,488,451 | -€206,394 | -2.7% |
| Amounts payable after more than one year | 17 | €5,912,827 | €5,725,172 | -€187,655 | -3.2% |
| Financial debts | 170/4 | €5,912,827 | €5,725,172 | -€187,655 | -3.2% |
| Amounts payable within one year | 42/48 | €1,681,984 | €1,665,940 | -€16,044 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €333,322 | €343,699 | +€10,377 | +3.1% |
| Trade debts | 44 | €52,865 | €54,556 | +€1,692 | +3.2% |
| Suppliers | 440/4 | €52,865 | €54,556 | +€1,692 | +3.2% |
| Taxes, remuneration and social security | 45 | €24,013 | €30,876 | +€6,863 | +28.6% |
| Taxes | 450/3 | €12,491 | €19,992 | +€7,502 | +60.1% |
| Remuneration and social security | 454/9 | €11,523 | €10,884 | -€639 | -5.5% |
| Other amounts payable | 47/48 | €1,271,784 | €1,236,808 | -€34,976 | -2.8% |
| Accrued charges and deferred income | 492/3 | €100,034 | €97,339 | -€2,695 | -2.7% |
| Non-recurring operating income | 76A | €210 | €2,788 | +€2,578 | +1226.0% |
| Remuneration, social security and pensions | 62 | €65,957 | €107,207 | +€41,250 | +62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545,432 | €330,361 | -€215,071 | -39.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€11,000 | -€11,000 | |
| Other operating charges | 640/8 | €40,236 | €51,239 | +€11,003 | +27.3% |
| Non-recurring operating charges | 66A | €2,400 | €0 | -€2,400 | -100.0% |
| Gross operating margin | 9900 | €560,842 | €726,442 | +€165,599 | +29.5% |
| Operating profit (loss) | 9901 | -€93,182 | €248,635 | +€341,817 | |
| Financial income | 75/76B | €202 | €508 | +€305 | +151.2% |
| Recurring financial income | 75 | €202 | €508 | +€305 | +151.2% |
| Financial charges | 65/66B | €245,580 | €278,239 | +€32,659 | +13.3% |
| Recurring financial charges | 65 | €245,580 | €278,239 | +€32,659 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€338,561 | -€29,097 | +€309,464 | +91.4% |
| Transfer from deferred taxes | 780 | €8,953 | €6,041 | -€2,912 | -32.5% |
| Income taxes | 67/77 | €61 | €2,751 | +€2,690 | +4437.6% |
| Profit (loss) for the period | 9904 | -€329,669 | -€25,807 | +€303,862 | +92.2% |
| Transfer from tax-exempt reserves | 789 | €17,378 | €11,727 | -€5,652 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€312,290 | -€14,080 | +€298,210 | +95.5% |
Source: filed annual accounts (NBB), fiscal years ended 1 July 2024 and 1 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.