CAVIGNAC: 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.
CAVIGNAC
Largest movements
- Cash +€83,108
up €83,108 (+30.9%), from €269,029 to €352,138
mainly Net result for the year (+€183,893) and Depreciation (+€29,575)
- Receivables within one year -€17,589
down €17,589 (-25.7%), from €68,358 to €50,769
of which Trade receivables: -€15,560
- Intangible fixed assets -€13,748
down €13,748 (-21.1%), from €65,302 to €51,554
- Tangible fixed assets -€7,734
down €7,734 (-11.1%), from €69,803 to €62,070
of which Land and buildings: -€14,400
- Reserves +€83,860
up €83,860 (+26.8%), from €312,654 to €396,514
of which Distributable reserves: +€83,860
- Trade debts -€34,248
down €34,248 (-72.6%), from €47,193 to €12,945
- Other debts -€10,000
down €10,000 (-9.1%), from €110,360 to €100,360
- Tax, wage and social debts +€6,017
up €6,017 (+47.5%), from €12,660 to €18,677
of which Taxes: +€4,792
- Gross operating margin +€44,791
up €44,791 (+16.4%), from €273,531 to €318,322
- Staff costs -€24,046
down €24,046 (-42.9%), from €56,090 to €32,045
- Taxes +€9,153
up €9,153 (+15.7%), from €58,399 to €67,552
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 | €502,875 | €548,536 | +€45,661 | +9.1% |
| Fixed assets | 21/28 | €135,366 | €113,885 | -€21,481 | -15.9% |
| Intangible fixed assets | 21 | €65,302 | €51,554 | -€13,748 | -21.1% |
| Tangible fixed assets | 22/27 | €69,803 | €62,070 | -€7,734 | -11.1% |
| Land and buildings | 22 | €64,800 | €50,400 | -€14,400 | -22.2% |
| Furniture and vehicles | 24 | €0 | €7,419 | +€7,419 | +74190000.0% |
| Other tangible fixed assets | 26 | €5,003 | €4,251 | -€753 | -15.0% |
| Financial fixed assets | 28 | €262 | €262 | = | 0.0% |
| Current assets | 29/58 | €367,509 | €434,651 | +€67,143 | +18.3% |
| Stocks and contracts in progress | 3 | €26,955 | €28,300 | +€1,346 | +5.0% |
| Stocks | 30/36 | €26,955 | €28,300 | +€1,346 | +5.0% |
| Amounts receivable within one year | 40/41 | €68,358 | €50,769 | -€17,589 | -25.7% |
| Trade receivables | 40 | €60,691 | €45,131 | -€15,560 | -25.6% |
| Other amounts receivable | 41 | €7,667 | €5,639 | -€2,029 | -26.5% |
| Cash at bank and in hand | 54/58 | €269,029 | €352,138 | +€83,108 | +30.9% |
| Deferred charges and accrued income | 490/1 | €3,166 | €3,444 | +€278 | +8.8% |
| Total equity and liabilities | 10/49 | €502,875 | €548,536 | +€45,661 | +9.1% |
| Equity | 10/15 | €332,662 | €416,555 | +€83,893 | +25.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €312,654 | €396,514 | +€83,860 | +26.8% |
| Tax-exempt reserves | 132 | €614 | €614 | = | 0.0% |
| Distributable reserves | 133 | €312,040 | €395,900 | +€83,860 | +26.9% |
| Profit (loss) carried forward | 14 | €7 | €40 | +€33 | +439.2% |
| Amounts payable | 17/49 | €170,213 | €131,982 | -€38,231 | -22.5% |
| Amounts payable within one year | 42/48 | €170,213 | €131,982 | -€38,231 | -22.5% |
| Trade debts | 44 | €47,193 | €12,945 | -€34,248 | -72.6% |
| Suppliers | 440/4 | €47,193 | €12,945 | -€34,248 | -72.6% |
| Taxes, remuneration and social security | 45 | €12,660 | €18,677 | +€6,017 | +47.5% |
| Taxes | 450/3 | €5,208 | €10,000 | +€4,792 | +92.0% |
| Remuneration and social security | 454/9 | €7,451 | €8,677 | +€1,225 | +16.4% |
| Other amounts payable | 47/48 | €110,360 | €100,360 | -€10,000 | -9.1% |
| Remuneration, social security and pensions | 62 | €56,090 | €32,045 | -€24,046 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,034 | €29,575 | +€541 | +1.9% |
| Other operating charges | 640/8 | €4,319 | €4,538 | +€219 | +5.1% |
| Gross operating margin | 9900 | €273,531 | €318,322 | +€44,791 | +16.4% |
| Operating profit (loss) | 9901 | €184,088 | €252,165 | +€68,077 | +37.0% |
| Financial income | 75/76B | €440 | €678 | +€239 | +54.2% |
| Recurring financial income | 75 | €440 | €678 | +€239 | +54.2% |
| Financial charges | 65/66B | €1,401 | €1,399 | -€2 | -0.2% |
| Recurring financial charges | 65 | €1,401 | €1,399 | -€2 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €183,127 | €251,445 | +€68,317 | +37.3% |
| Income taxes | 67/77 | €58,399 | €67,552 | +€9,153 | +15.7% |
| Profit (loss) for the period | 9904 | €124,728 | €183,893 | +€59,164 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €124,728 | €183,893 | +€59,164 | +47.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.