CAVELL PROJECTS: 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.
CAVELL PROJECTS
Largest movements
- Cash -€4.3m
down €4.3m (-90.3%), from €4.7m to €457,357
mainly Contributions, distributions and other (-€4.2m) and Trade debts (-€564,725)
- Stocks and contracts -€84,973
down €84,973 (-77.4%), from €109,799 to €24,826
- Profit (loss) carried forward -€4.0m
down €4.0m (-100.0%), from €4.0m to €1,507
- Trade debts -€564,725
down €564,725 (-98.7%), from €572,180 to €7,455
- Other debts +€220,000
new in 2025: €220,000
- Gross operating margin +€298,682
up €298,682, from -€117,350 to €181,332
- Financial income -€68,509
down €68,509 (-56.5%), from €121,310 to €52,801
- Taxes +€58,081
up €58,081 (+20752.2%), from €280 to €58,361
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 | €4,955,323 | €564,738 | -€4.4m | -88.6% |
| Fixed assets | 21/28 | €1 | €1 | = | 0.0% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €4,955,322 | €564,737 | -€4.4m | -88.6% |
| Stocks and contracts in progress | 3 | €109,799 | €24,826 | -€84,973 | -77.4% |
| Stocks | 30/36 | €109,799 | €24,826 | -€84,973 | -77.4% |
| Amounts receivable within one year | 40/41 | €101,657 | €81,182 | -€20,475 | -20.1% |
| Trade receivables | 40 | €6,391 | €6,391 | = | 0.0% |
| Other amounts receivable | 41 | €95,266 | €74,791 | -€20,475 | -21.5% |
| Cash at bank and in hand | 54/58 | €4,723,879 | €457,357 | -€4.3m | -90.3% |
| Deferred charges and accrued income | 490/1 | €19,988 | €1,372 | -€18,616 | -93.1% |
| Total equity and liabilities | 10/49 | €4,955,323 | €564,738 | -€4.4m | -88.6% |
| Equity | 10/15 | €4,383,143 | €337,283 | -€4.0m | -92.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €85,776 | €85,776 | = | 0.0% |
| Non-distributable reserves | 130/1 | €85,776 | €85,776 | = | 0.0% |
| Legal reserve | 130 | €85,776 | €85,776 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,047,368 | €1,507 | -€4.0m | -100.0% |
| Amounts payable | 17/49 | €572,180 | €227,455 | -€344,725 | -60.2% |
| Amounts payable within one year | 42/48 | €572,180 | €227,455 | -€344,725 | -60.2% |
| Trade debts | 44 | €572,180 | €7,455 | -€564,725 | -98.7% |
| Suppliers | 440/4 | €572,180 | €7,455 | -€564,725 | -98.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €220,000 | +€220,000 | |
| Other operating charges | 640/8 | €1,840 | €1,155 | -€685 | -37.3% |
| Gross operating margin | 9900 | -€117,350 | €181,332 | +€298,682 | |
| Operating profit (loss) | 9901 | -€119,190 | €180,177 | +€299,368 | |
| Financial income | 75/76B | €121,310 | €52,801 | -€68,509 | -56.5% |
| Recurring financial income | 75 | €121,310 | €52,801 | -€68,509 | -56.5% |
| Financial charges | 65/66B | €1,000 | €477 | -€523 | -52.3% |
| Recurring financial charges | 65 | €1,000 | €477 | -€523 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €1,120 | €232,501 | +€231,381 | +20667.7% |
| Income taxes | 67/77 | €280 | €58,361 | +€58,081 | +20752.2% |
| Profit (loss) for the period | 9904 | €840 | €174,140 | +€173,300 | +20639.6% |
| Profit (loss) for the period to be appropriated | 9905 | €840 | €174,140 | +€173,300 | +20639.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.