CAVER: 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.
CAVER
Largest movements
- Receivables within one year -€561,163
down €561,163 (-34.2%), from €1.6m to €1.1m
of which Trade receivables: -€541,755
- Cash +€223,450
up €223,450 (+69.9%), from €319,641 to €543,091
mainly Receivables within one year (+€561,163) and Depreciation (+€518,484)
- Tangible fixed assets +€133,003
up €133,003 (+2.5%), from €5.3m to €5.4m
of which Land and buildings: +€222,766
- Debts after one year -€342,604
down €342,604 (-14.9%), from €2.3m to €2.0m
- Profit (loss) carried forward +€339,756
up €339,756 (+10.3%), from €3.3m to €3.6m
- Trade debts -€240,175
down €240,175 (-42.1%), from €570,408 to €330,234
- Gross operating margin -€82,772
down €82,772 (-6.3%), from €1.3m to €1.2m
- Financial income +€59,010
up €59,010 (+330.5%), from €17,855 to €76,865
- Staff costs +€32,935
up €32,935 (+14.8%), from €223,175 to €256,110
- Depreciation +€17,108
up €17,108 (+3.4%), from €501,375 to €518,484
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 | €7,295,730 | €7,162,336 | -€133,394 | -1.8% |
| Fixed assets | 21/28 | €5,306,436 | €5,439,439 | +€133,003 | +2.5% |
| Tangible fixed assets | 22/27 | €5,306,036 | €5,439,039 | +€133,003 | +2.5% |
| Land and buildings | 22 | €4,703,727 | €4,926,493 | +€222,766 | +4.7% |
| Plant, machinery and equipment | 23 | €395,119 | €365,037 | -€30,082 | -7.6% |
| Furniture and vehicles | 24 | €207,190 | €147,509 | -€59,681 | -28.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €1,989,295 | €1,722,897 | -€266,397 | -13.4% |
| Stocks and contracts in progress | 3 | - | €70,000 | +€70,000 | |
| Contracts in progress | 37 | - | €70,000 | +€70,000 | |
| Amounts receivable within one year | 40/41 | €1,641,285 | €1,080,121 | -€561,163 | -34.2% |
| Trade receivables | 40 | €1,615,226 | €1,073,471 | -€541,755 | -33.5% |
| Other amounts receivable | 41 | €26,058 | €6,651 | -€19,408 | -74.5% |
| Cash at bank and in hand | 54/58 | €319,641 | €543,091 | +€223,450 | +69.9% |
| Deferred charges and accrued income | 490/1 | €28,369 | €29,685 | +€1,316 | +4.6% |
| Total equity and liabilities | 10/49 | €7,295,730 | €7,162,336 | -€133,394 | -1.8% |
| Equity | 10/15 | €3,439,227 | €3,774,946 | +€335,719 | +9.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,909 | €108,909 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,050 | €107,050 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,292,379 | €3,632,135 | +€339,756 | +10.3% |
| Investment grants | 15 | €31,738 | €27,701 | -€4,037 | -12.7% |
| Provisions and deferred taxes | 16 | €10,579 | €9,234 | -€1,346 | -12.7% |
| Deferred taxes | 168 | €10,579 | €9,234 | -€1,346 | -12.7% |
| Amounts payable | 17/49 | €3,845,924 | €3,378,156 | -€467,768 | -12.2% |
| Amounts payable after more than one year | 17 | €2,300,627 | €1,958,023 | -€342,604 | -14.9% |
| Financial debts | 170/4 | €2,300,627 | €1,958,023 | -€342,604 | -14.9% |
| Amounts payable within one year | 42/48 | €1,542,797 | €1,412,791 | -€130,006 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €324,791 | €324,791 | = | 0.0% |
| Trade debts | 44 | €570,408 | €330,234 | -€240,175 | -42.1% |
| Suppliers | 440/4 | €570,408 | €330,234 | -€240,175 | -42.1% |
| Taxes, remuneration and social security | 45 | €113,325 | €165,221 | +€51,895 | +45.8% |
| Taxes | 450/3 | €77,122 | €131,894 | +€54,772 | +71.0% |
| Remuneration and social security | 454/9 | €36,204 | €33,327 | -€2,877 | -7.9% |
| Other amounts payable | 47/48 | €534,272 | €592,545 | +€58,273 | +10.9% |
| Accrued charges and deferred income | 492/3 | €2,500 | €7,342 | +€4,842 | +193.7% |
| Remuneration, social security and pensions | 62 | €223,175 | €256,110 | +€32,935 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €501,375 | €518,484 | +€17,108 | +3.4% |
| Other operating charges | 640/8 | €40,988 | €34,450 | -€6,538 | -16.0% |
| Gross operating margin | 9900 | €1,308,892 | €1,226,120 | -€82,772 | -6.3% |
| Operating profit (loss) | 9901 | €543,354 | €417,077 | -€126,277 | -23.2% |
| Financial income | 75/76B | €17,855 | €76,865 | +€59,010 | +330.5% |
| Recurring financial income | 75 | €17,855 | €76,865 | +€59,010 | +330.5% |
| Financial charges | 65/66B | €52,031 | €45,177 | -€6,853 | -13.2% |
| Recurring financial charges | 65 | €52,031 | €45,177 | -€6,853 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €509,178 | €448,764 | -€60,413 | -11.9% |
| Transfer from deferred taxes | 780 | €3,998 | €1,346 | -€2,652 | -66.3% |
| Income taxes | 67/77 | €117,870 | €110,354 | -€7,517 | -6.4% |
| Profit (loss) for the period | 9904 | €395,305 | €339,756 | -€55,549 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €395,305 | €339,756 | -€55,549 | -14.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.