CAVRILO: 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.
CAVRILO
Largest movements
- Stocks and contracts -€2.2m
no longer reported in 2026 (was €2.2m)
- Tangible fixed assets +€1.6m
up €1.6m (+785.3%), from €206,972 to €1.8m
of which Assets under construction and advance payments: +€1.7m
- Receivables within one year +€1.3m
up €1.3m (+517.7%), from €247,309 to €1.5m
of which Other amounts receivable: +€1.2m
- Cash +€102,298
up €102,298 (+67.0%), from €152,606 to €254,904
mainly Stocks and contracts (+€2.2m) and Trade debts (+€915,025)
- Trade debts +€915,025
up €915,025 (+1202.0%), from €76,123 to €991,148
- Other debts -€109,141
down €109,141 (-97.9%), from €111,440 to €2,299
- Profit (loss) carried forward -€68,675
down €68,675 (-16.6%), from €414,552 to €345,877
- Tax, wage and social debts +€54,348
up €54,348 (+6.3%), from €857,063 to €911,411
of which Taxes: +€95,969
- Staff costs -€616,641
down €616,641 (-26.8%), from €2.3m to €1.7m
- Gross operating margin -€563,093
down €563,093 (-18.9%), from €3.0m to €2.4m
- Depreciation -€241,513
down €241,513 (-76.5%), from €315,843 to €74,330
- Taxes +€120,389
up €120,389 (+236.9%), from €50,810 to €171,199
- Financial income +€37,392
new in 2026: €37,392
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.
Cash bridge derived
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 | €2,831,983 | €3,621,200 | +€789,217 | +27.9% |
| Fixed assets | 21/28 | €208,129 | €1,833,436 | +€1.6m | +780.9% |
| Tangible fixed assets | 22/27 | €206,972 | €1,832,279 | +€1.6m | +785.3% |
| Plant, machinery and equipment | 23 | €85,578 | €51,504 | -€34,074 | -39.8% |
| Furniture and vehicles | 24 | €15,807 | €8,760 | -€7,047 | -44.6% |
| Other tangible fixed assets | 26 | €105,587 | €110,395 | +€4,808 | +4.6% |
| Assets under construction and advance payments | 27 | - | €1,661,620 | +€1.7m | |
| Financial fixed assets | 28 | €1,157 | €1,157 | = | 0.0% |
| Current assets | 29/58 | €2,623,854 | €1,787,764 | -€836,090 | -31.9% |
| Amounts receivable after more than one year | 29 | €2,246 | €5,169 | +€2,923 | +130.1% |
| Other amounts receivable | 291 | €2,246 | €5,169 | +€2,923 | +130.1% |
| Stocks and contracts in progress | 3 | €2,221,693 | - | -€2.2m | |
| Stocks | 30/36 | €2,221,693 | - | -€2.2m | |
| Amounts receivable within one year | 40/41 | €247,309 | €1,527,691 | +€1.3m | +517.7% |
| Trade receivables | 40 | €5,351 | €115,856 | +€110,505 | +2065.1% |
| Other amounts receivable | 41 | €241,958 | €1,411,835 | +€1.2m | +483.5% |
| Cash at bank and in hand | 54/58 | €152,606 | €254,904 | +€102,298 | +67.0% |
| Total equity and liabilities | 10/49 | €2,831,983 | €3,621,200 | +€789,217 | +27.9% |
| Equity | 10/15 | €1,766,812 | €1,716,342 | -€50,470 | -2.9% |
| Contributions | 10/11 | €1,062,000 | €1,062,000 | = | 0.0% |
| Capital | 10 | €1,062,000 | €1,062,000 | = | 0.0% |
| Issued capital | 100 | €1,062,000 | €1,062,000 | = | 0.0% |
| Reserves | 13 | €290,260 | €308,465 | +€18,205 | +6.3% |
| Non-distributable reserves | 130/1 | €14,377 | €32,582 | +€18,205 | +126.6% |
| Legal reserve | 130 | €14,377 | €32,582 | +€18,205 | +126.6% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €219,633 | €219,633 | = | 0.0% |
| Profit (loss) carried forward | 14 | €414,552 | €345,877 | -€68,675 | -16.6% |
| Amounts payable | 17/49 | €1,065,171 | €1,904,858 | +€839,687 | +78.8% |
| Amounts payable within one year | 42/48 | €1,044,626 | €1,904,858 | +€860,232 | +82.3% |
| Trade debts | 44 | €76,123 | €991,148 | +€915,025 | +1202.0% |
| Suppliers | 440/4 | €76,123 | €991,148 | +€915,025 | +1202.0% |
| Taxes, remuneration and social security | 45 | €857,063 | €911,411 | +€54,348 | +6.3% |
| Taxes | 450/3 | €581,354 | €677,323 | +€95,969 | +16.5% |
| Remuneration and social security | 454/9 | €275,709 | €234,088 | -€41,621 | -15.1% |
| Other amounts payable | 47/48 | €111,440 | €2,299 | -€109,141 | -97.9% |
| Accrued charges and deferred income | 492/3 | €20,545 | - | -€20,545 | |
| Non-recurring operating income | 76A | €109,444 | - | -€109,444 | |
| Remuneration, social security and pensions | 62 | €2,303,470 | €1,686,829 | -€616,641 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €315,843 | €74,330 | -€241,513 | -76.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,551 | - | +€19,551 | |
| Other operating charges | 640/8 | €144,099 | €138,558 | -€5,541 | -3.8% |
| Gross operating margin | 9900 | €2,979,816 | €2,416,723 | -€563,093 | -18.9% |
| Operating profit (loss) | 9901 | €235,955 | €517,006 | +€281,051 | +119.1% |
| Financial income | 75/76B | - | €37,392 | +€37,392 | |
| Recurring financial income | 75 | - | €37,392 | +€37,392 | |
| Financial charges | 65/66B | €21,612 | €19,117 | -€2,495 | -11.5% |
| Recurring financial charges | 65 | €21,612 | €19,117 | -€2,495 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €214,343 | €535,281 | +€320,938 | +149.7% |
| Income taxes | 67/77 | €50,810 | €171,199 | +€120,389 | +236.9% |
| Profit (loss) for the period | 9904 | €163,533 | €364,082 | +€200,549 | +122.6% |
| Profit (loss) for the period to be appropriated | 9905 | €163,533 | €364,082 | +€200,549 | +122.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.