CAVM: 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.
CAVM
Largest movements
- Receivables within one year -€171,799
down €171,799 (-47.3%), from €362,918 to €191,119
of which Trade receivables: -€204,404
- Cash +€126,141
up €126,141 (+34.2%), from €368,580 to €494,720
mainly Receivables within one year (+€171,799) and Net result for the year (+€90,820)
- Tax, wage and social debts -€99,522
down €99,522 (-49.1%), from €202,555 to €103,033
of which Remuneration and social security: -€116,091
- Reserves +€90,820
up €90,820 (+16.3%), from €556,487 to €647,307
- Trade debts -€28,972
down €28,972 (-84.3%), from €34,382 to €5,410
- Gross operating margin -€21,438
down €21,438 (-13.7%), from €155,968 to €134,530
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 | €805,923 | €768,249 | -€37,674 | -4.7% |
| Fixed assets | 21/28 | €43,015 | €50,250 | +€7,234 | +16.8% |
| Tangible fixed assets | 22/27 | €43,015 | €50,250 | +€7,234 | +16.8% |
| Furniture and vehicles | 24 | €15,935 | €9,544 | -€6,392 | -40.1% |
| Other tangible fixed assets | 26 | €27,080 | €40,706 | +€13,626 | +50.3% |
| Current assets | 29/58 | €762,907 | €718,000 | -€44,908 | -5.9% |
| Stocks and contracts in progress | 3 | €31,320 | €32,160 | +€840 | +2.7% |
| Stocks | 30/36 | €31,320 | €32,160 | +€840 | +2.7% |
| Amounts receivable within one year | 40/41 | €362,918 | €191,119 | -€171,799 | -47.3% |
| Trade receivables | 40 | €362,918 | €158,514 | -€204,404 | -56.3% |
| Other amounts receivable | 41 | - | €32,605 | +€32,605 | |
| Cash at bank and in hand | 54/58 | €368,580 | €494,720 | +€126,141 | +34.2% |
| Deferred charges and accrued income | 490/1 | €90 | €0 | -€90 | -100.0% |
| Total equity and liabilities | 10/49 | €805,923 | €768,249 | -€37,674 | -4.7% |
| Equity | 10/15 | €568,987 | €659,807 | +€90,820 | +16.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €556,487 | €647,307 | +€90,820 | +16.3% |
| Distributable reserves | 133 | €556,487 | €647,307 | +€90,820 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €236,936 | €108,443 | -€128,494 | -54.2% |
| Amounts payable within one year | 42/48 | €236,936 | €108,443 | -€128,494 | -54.2% |
| Trade debts | 44 | €34,382 | €5,410 | -€28,972 | -84.3% |
| Suppliers | 440/4 | €34,382 | €5,410 | -€28,972 | -84.3% |
| Taxes, remuneration and social security | 45 | €202,555 | €103,033 | -€99,522 | -49.1% |
| Taxes | 450/3 | €86,464 | €103,033 | +€16,569 | +19.2% |
| Remuneration and social security | 454/9 | €116,091 | €0 | -€116,091 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,179 | €6,392 | +€213 | +3.4% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €155,968 | €134,530 | -€21,438 | -13.7% |
| Operating profit (loss) | 9901 | €149,261 | €127,595 | -€21,666 | -14.5% |
| Financial charges | 65/66B | €438 | €585 | +€146 | +33.4% |
| Recurring financial charges | 65 | €438 | €585 | +€146 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €148,823 | €127,010 | -€21,813 | -14.7% |
| Income taxes | 67/77 | €37,370 | €36,190 | -€1,180 | -3.2% |
| Profit (loss) for the period | 9904 | €111,452 | €90,820 | -€20,632 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €111,452 | €90,820 | -€20,632 | -18.5% |
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 2 October 2026 via checked.be.