CAVORI: 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.
CAVORI
Largest movements
- Current investments +€428,096
up €428,096 (+24.8%), from €1.7m to €2.2m
- Tangible fixed assets -€125,898
down €125,898 (-17.2%), from €733,486 to €607,588
of which Land and buildings: -€115,409
- Cash -€88,041
down €88,041 (-6.3%), from €1.4m to €1.3m
mainly Current investments (-€428,096) and Receivables within one year (-€42,969)
- Reserves +€200,589
up €200,589 (+4.3%), from €4.7m to €4.9m
of which Distributable reserves: +€200,589
- Gross operating margin -€218,986
down €218,986 (-22.3%), from €982,287 to €763,300
- Taxes -€62,983
down €62,983 (-41.1%), from €153,161 to €90,178
- Staff costs -€62,755
down €62,755 (-13.2%), from €475,108 to €412,354
- Financial income -€31,175
down €31,175 (-24.3%), from €128,046 to €96,871
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,278,641 | €5,463,140 | +€184,499 | +3.5% |
| Fixed assets | 21/28 | €733,486 | €607,588 | -€125,898 | -17.2% |
| Tangible fixed assets | 22/27 | €733,486 | €607,588 | -€125,898 | -17.2% |
| Land and buildings | 22 | €719,256 | €603,847 | -€115,409 | -16.0% |
| Plant, machinery and equipment | 23 | €1,675 | €1,302 | -€373 | -22.3% |
| Furniture and vehicles | 24 | €12,555 | €2,439 | -€10,116 | -80.6% |
| Current assets | 29/58 | €4,545,155 | €4,855,553 | +€310,397 | +6.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,327,441 | €1,274,837 | -€52,604 | -4.0% |
| Stocks | 30/36 | €1,327,441 | €1,274,837 | -€52,604 | -4.0% |
| Amounts receivable within one year | 40/41 | €67,775 | €110,744 | +€42,969 | +63.4% |
| Trade receivables | 40 | €11,320 | €2,467 | -€8,854 | -78.2% |
| Other amounts receivable | 41 | €56,455 | €108,278 | +€51,823 | +91.8% |
| Current investments | 50/53 | €1,727,849 | €2,155,946 | +€428,096 | +24.8% |
| Cash at bank and in hand | 54/58 | €1,401,694 | €1,313,654 | -€88,041 | -6.3% |
| Deferred charges and accrued income | 490/1 | €20,395 | €372 | -€20,024 | -98.2% |
| Total equity and liabilities | 10/49 | €5,278,641 | €5,463,140 | +€184,499 | +3.5% |
| Equity | 10/15 | €4,771,383 | €4,971,972 | +€200,589 | +4.2% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €4,706,383 | €4,906,972 | +€200,589 | +4.3% |
| Non-distributable reserves | 130/1 | €63,315 | €63,315 | = | 0.0% |
| Legal reserve | 130 | €63,315 | €63,315 | = | 0.0% |
| Distributable reserves | 133 | €4,643,068 | €4,843,657 | +€200,589 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €507,258 | €491,168 | -€16,090 | -3.2% |
| Amounts payable within one year | 42/48 | €506,549 | €491,104 | -€15,445 | -3.0% |
| Trade debts | 44 | €355,140 | €368,601 | +€13,461 | +3.8% |
| Suppliers | 440/4 | €355,140 | €368,601 | +€13,461 | +3.8% |
| Taxes, remuneration and social security | 45 | €98,546 | €88,513 | -€10,033 | -10.2% |
| Taxes | 450/3 | €43,263 | €34,670 | -€8,593 | -19.9% |
| Remuneration and social security | 454/9 | €55,283 | €53,843 | -€1,440 | -2.6% |
| Other amounts payable | 47/48 | €52,863 | €33,990 | -€18,873 | -35.7% |
| Accrued charges and deferred income | 492/3 | €709 | €64 | -€645 | -91.0% |
| Non-recurring operating income | 76A | €4,600 | €0 | -€4,600 | -100% |
| Remuneration, social security and pensions | 62 | €475,108 | €412,354 | -€62,755 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,133 | €125,898 | -€235 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €300 | €0 | -€300 | -100% |
| Other operating charges | 640/8 | €17,166 | €17,456 | +€289 | +1.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €982,287 | €763,300 | -€218,986 | -22.3% |
| Operating profit (loss) | 9901 | €363,578 | €207,592 | -€155,986 | -42.9% |
| Financial income | 75/76B | €128,046 | €96,871 | -€31,175 | -24.3% |
| Recurring financial income | 75 | €128,046 | €96,871 | -€31,175 | -24.3% |
| Financial charges | 65/66B | €6,250 | €13,696 | +€7,446 | +119% |
| Recurring financial charges | 65 | €6,250 | €13,696 | +€7,446 | +119% |
| Profit (loss) for the period before taxes | 9903 | €485,374 | €290,767 | -€194,607 | -40.1% |
| Income taxes | 67/77 | €153,161 | €90,178 | -€62,983 | -41.1% |
| Profit (loss) for the period | 9904 | €332,213 | €200,589 | -€131,624 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €332,213 | €200,589 | -€131,624 | -39.6% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.