Caviar Group: 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
Caviar Group
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€450,493
2024 · -€961,970+€511,476
Equity
€25.3m
2024 · €23.6m+€1.6m
Cash
€89,856
2024 · €27,493+€62,362
Balance sheet total
€44.1m
2024 · €27.9m+€16.2m
Largest movements
Assets
- Receivables after one year +€8.5m
new in 2025: €8.5m
- Financial fixed assets +€7.4m
up €7.4m (+28.5%), from €25.8m to €33.2m
- Receivables within one year +€881,841
up €881,841 (+82.4%), from €1.1m to €2.0m
of which Other amounts receivable: +€924,429
Equity and liabilities
- Debts after one year +€13.0m
up €13.0m (+447.4%), from €2.9m to €15.9m
of which Financial debts: +€11.5m
- Contributions +€2.8m
up €2.8m (+38.2%), from €7.4m to €10.3m
- Current portion of long-term debt +€1.6m
up €1.6m (+266.8%), from €585,997 to €2.1m
- Reserves -€743,375
no longer reported in 2025 (was €743,375)
- Profit (loss) carried forward -€450,493
down €450,493 (-2.9%), from €15.4m to €15.0m
Income statement
- Financial charges -€745,144
down €745,144 (-76.2%), from €977,369 to €232,225
of which Non-recurring financial charges: -€809,999
- Financial income +€633,993
up €633,993 (+1528.6%), from €41,474 to €675,467
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
-€961,970
Depreciation
-€2,654
Other operating charges
-€6,381
Other operating items
-€858,625
Financial income
+€633,993
Financial charges
+€745,144
Result 2025
-€450,493
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
-€9.8m
Investment
-€6.8m
Financing
+€16.7m
Cash 2024
€27,493
From operations (derived)
-€9.8m
Net result for the year
-€450,493
Depreciation
+€43,130
Receivables after one year
-€8.5m
Receivables within one year
-€881,841
Deferred charges and accrued income
-€664
Trade debts
+€321,746
Other debts
-€323,210
Investment (derived)
-€6.8m
Investment in fixed assets (net)
-€6.8m
Financing
+€16.7m
Debts after one year
+€13.0m
Current portion of long-term debt
+€1.6m
Contributions, distributions and other
+€2.1m
Cash 2025
€89,856
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,860,546 | €44,093,640 | +€16.2m | +58.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €26,762,290 | €33,568,190 | +€6.8m | +25.4% |
| Intangible fixed assets | 21 | €297,319 | €107,650 | -€189,669 | -63.8% |
| Tangible fixed assets | 22/27 | €628,569 | €249,580 | -€378,988 | -60.3% |
| Land and buildings | 22 | €590,141 | €212,350 | -€377,791 | -64.0% |
| Plant, machinery and equipment | 23 | €38,427 | €37,230 | -€1,197 | -3.1% |
| Financial fixed assets | 28 | €25,836,403 | €33,210,959 | +€7.4m | +28.5% |
| Affiliated companies | 280/1 | €25,836,403 | €33,210,959 | +€7.4m | +28.5% |
| Participating interests | 280 | €25,836,403 | €33,210,959 | +€7.4m | +28.5% |
| Current assets | 29/58 | €1,098,256 | €10,525,451 | +€9.4m | +858.4% |
| Amounts receivable after more than one year | 29 | - | €8,482,328 | +€8.5m | |
| Other amounts receivable | 291 | - | €8,482,328 | +€8.5m | |
| Amounts receivable within one year | 40/41 | €1,070,331 | €1,952,172 | +€881,841 | +82.4% |
| Trade receivables | 40 | €42,900 | €312 | -€42,589 | -99.3% |
| Other amounts receivable | 41 | €1,027,431 | €1,951,860 | +€924,429 | +90.0% |
| Cash at bank and in hand | 54/58 | €27,493 | €89,856 | +€62,362 | +226.8% |
| Deferred charges and accrued income | 490/1 | €431 | €1,095 | +€664 | +153.9% |
| Total equity and liabilities | 10/49 | €27,860,546 | €44,093,640 | +€16.2m | +58.3% |
| Equity | 10/15 | €23,619,198 | €25,268,705 | +€1.6m | +7.0% |
| Contributions | 10/11 | €7,433,750 | €10,277,125 | +€2.8m | +38.2% |
| Capital | 10 | €7,433,750 | - | -€7.4m | |
| Issued capital | 100 | €7,433,750 | - | -€7.4m | |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €743,375 | - | -€743,375 | |
| Non-distributable reserves | 130/1 | €743,375 | - | -€743,375 | |
| Legal reserve | 130 | €743,375 | - | -€743,375 | |
| Profit (loss) carried forward | 14 | €15,442,073 | €14,991,580 | -€450,493 | -2.9% |
| Amounts payable | 17/49 | €4,241,348 | €18,824,935 | +€14.6m | +343.8% |
| Amounts payable after more than one year | 17 | €2,910,284 | €15,931,701 | +€13.0m | +447.4% |
| Financial debts | 170/4 | €2,910,284 | €14,431,701 | +€11.5m | +395.9% |
| Credit institutions | 173 | €806,333 | €10,656,701 | +€9.9m | +1221.6% |
| Other loans | 174 | €2,103,951 | €3,775,000 | +€1.7m | +79.4% |
| Other amounts payable | 178/9 | - | €1,500,000 | +€1.5m | |
| Amounts payable within one year | 42/48 | €1,331,063 | €2,893,234 | +€1.6m | +117.4% |
| Current portion of amounts payable after more than one year | 42 | €585,997 | €2,149,632 | +€1.6m | +266.8% |
| Trade debts | 44 | €45,452 | €367,198 | +€321,746 | +707.9% |
| Suppliers | 440/4 | €45,452 | €367,198 | +€321,746 | +707.9% |
| Other amounts payable | 47/48 | €699,614 | €376,404 | -€323,210 | -46.2% |
| Operating income | 70/76A | €159,400 | €230,534 | +€71,133 | +44.6% |
| Other operating income | 74 | €159,400 | €230,534 | +€71,133 | +44.6% |
| Operating charges | 60/66A | €185,475 | €1,124,269 | +€938,794 | +506.2% |
| Services and other goods | 61 | €111,851 | €512,708 | +€400,857 | +358.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,476 | €43,130 | +€2,654 | +6.6% |
| Other operating charges | 640/8 | €33,149 | €39,530 | +€6,381 | +19.2% |
| Non-recurring operating charges | 66A | - | €528,901 | +€528,901 | |
| Operating profit (loss) | 9901 | -€26,075 | -€893,735 | -€867,661 | -3327.6% |
| Financial income | 75/76B | €41,474 | €675,467 | +€633,993 | +1528.6% |
| Recurring financial income | 75 | €41,474 | €675,467 | +€633,993 | +1528.6% |
| Income from financial fixed assets | 750 | - | €624,826 | +€624,826 | |
| Income from current assets | 751 | €41,473 | €47,202 | +€5,729 | +13.8% |
| Other financial income | 752/9 | €2 | €3,440 | +€3,438 | +212217.3% |
| Financial charges | 65/66B | €977,369 | €232,225 | -€745,144 | -76.2% |
| Recurring financial charges | 65 | €167,370 | €232,225 | +€64,855 | +38.7% |
| Debt charges | 650 | €162,442 | €190,733 | +€28,291 | +17.4% |
| Other financial charges | 652/9 | €4,928 | €41,492 | +€36,564 | +742.0% |
| Non-recurring financial charges | 66B | €809,999 | - | -€809,999 | |
| Profit (loss) for the period before taxes | 9903 | -€961,970 | -€450,493 | +€511,476 | +53.2% |
| Profit (loss) for the period | 9904 | -€961,970 | -€450,493 | +€511,476 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€961,970 | -€450,493 | +€511,476 | +53.2% |
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 6 October 2026 via checked.be.