CAVOK: what changed
Two financial 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.
CAVOK
Largest movements
- Receivables within one year -€50,527
down €50,527 (-16.7%), from €302,258 to €251,731
of which Trade receivables: -€46,920
- Cash +€26,874
up €26,874 (+4.8%), from €557,075 to €583,949
mainly Receivables within one year (+€50,527) and Accrued charges and deferred income (+€30,788)
- Deferred charges and accrued income +€25,443
up €25,443 (+64.1%), from €39,684 to €65,127
- Tangible fixed assets -€10,903
down €10,903 (-19.1%), from €57,071 to €46,168
of which Furniture and vehicles: -€6,984
- Trade debts -€50,039
down €50,039 (-14.3%), from €350,252 to €300,213
- Accrued charges and deferred income +€30,788
up €30,788 (+11.8%), from €260,097 to €290,885
- Taxes +€13,117
new in 2025: €13,117
- Other operating charges -€10,382
down €10,382 (-46.6%), from €22,285 to €11,903
- Gross operating margin -€4,787
down €4,787 (-2.3%), from €207,164 to €202,377
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 | €957,405 | €947,582 | -€9,823 | -1.0% |
| Formation expenses | 20 | €1,044 | €334 | -€710 | -68.0% |
| Fixed assets | 21/28 | €57,344 | €46,441 | -€10,903 | -19.0% |
| Tangible fixed assets | 22/27 | €57,071 | €46,168 | -€10,903 | -19.1% |
| Land and buildings | 22 | €30,397 | €27,429 | -€2,968 | -9.8% |
| Furniture and vehicles | 24 | €25,351 | €18,367 | -€6,984 | -27.5% |
| Other tangible fixed assets | 26 | €1,322 | €371 | -€951 | -71.9% |
| Financial fixed assets | 28 | €274 | €274 | = | 0.0% |
| Current assets | 29/58 | €899,017 | €900,807 | +€1,790 | +0.2% |
| Amounts receivable within one year | 40/41 | €302,258 | €251,731 | -€50,527 | -16.7% |
| Trade receivables | 40 | €286,083 | €239,163 | -€46,920 | -16.4% |
| Other amounts receivable | 41 | €16,175 | €12,568 | -€3,607 | -22.3% |
| Cash at bank and in hand | 54/58 | €557,075 | €583,949 | +€26,874 | +4.8% |
| Deferred charges and accrued income | 490/1 | €39,684 | €65,127 | +€25,443 | +64.1% |
| Total equity and liabilities | 10/49 | €957,405 | €947,582 | -€9,823 | -1.0% |
| Equity | 10/15 | €334,110 | €334,804 | +€694 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €272,110 | €272,804 | +€694 | +0.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €265,910 | €266,604 | +€694 | +0.3% |
| Amounts payable | 17/49 | €623,295 | €612,778 | -€10,517 | -1.7% |
| Amounts payable within one year | 42/48 | €363,198 | €321,893 | -€41,305 | -11.4% |
| Trade debts | 44 | €350,252 | €300,213 | -€50,039 | -14.3% |
| Suppliers | 440/4 | €350,252 | €300,213 | -€50,039 | -14.3% |
| Taxes, remuneration and social security | 45 | €12,818 | €21,552 | +€8,734 | +68.1% |
| Taxes | 450/3 | - | €5,720 | +€5,720 | |
| Remuneration and social security | 454/9 | €12,818 | €15,832 | +€3,014 | +23.5% |
| Other amounts payable | 47/48 | €129 | €129 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €260,097 | €290,885 | +€30,788 | +11.8% |
| Remuneration, social security and pensions | 62 | €158,190 | €156,677 | -€1,513 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,739 | €11,613 | -€1,126 | -8.8% |
| Other operating charges | 640/8 | €22,285 | €11,903 | -€10,382 | -46.6% |
| Gross operating margin | 9900 | €207,164 | €202,377 | -€4,787 | -2.3% |
| Operating profit (loss) | 9901 | €13,950 | €22,184 | +€8,233 | +59.0% |
| Financial income | 75/76B | €97 | €1 | -€96 | -98.6% |
| Recurring financial income | 75 | €97 | €1 | -€96 | -98.6% |
| Financial charges | 65/66B | €9,438 | €8,374 | -€1,064 | -11.3% |
| Recurring financial charges | 65 | €9,438 | €8,374 | -€1,064 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €4,610 | €13,811 | +€9,201 | +199.6% |
| Income taxes | 67/77 | - | €13,117 | +€13,117 | |
| Profit (loss) for the period | 9904 | €4,610 | €694 | -€3,916 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,610 | €694 | -€3,916 | -84.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.