Christophe Caveye: 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.
Christophe Caveye
Largest movements
- Tangible fixed assets -€13,781
down €13,781 (-50.0%), from €27,562 to €13,781
of which Plant, machinery and equipment: -€6,984
- Cash -€7,329
down €7,329 (-15.5%), from €47,300 to €39,971
mainly Net result for the year (-€19,853) and Investment in fixed assets (net) (-€8,550)
- Stocks and contracts +€5,560
up €5,560 (+35.7%), from €15,581 to €21,141
- Receivables within one year -€1,777
down €1,777 (-34.7%), from €5,119 to €3,342
of which Trade receivables: -€1,609
- Profit (loss) carried forward -€19,853
down €19,853 (-26.5%), from -€74,834 to -€94,687
- Trade debts +€4,387
up €4,387 (+45.8%), from €9,571 to €13,958
- Other debts -€1,427
down €1,427 (-1.3%), from €108,944 to €107,517
- Gross operating margin -€6,659
down €6,659 (-40.5%), from €16,455 to €9,796
- Depreciation -€4,233
down €4,233 (-15.5%), from €27,259 to €23,026
- Other operating charges -€904
down €904 (-13.0%), from €6,969 to €6,065
- Financial charges +€472
up €472 (+547%), from €86 to €558
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.
Derived cash bridge
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 | €98,082 | €80,478 | -€17,604 | -17.9% |
| Fixed assets | 21/28 | €28,256 | €13,781 | -€14,476 | -51.2% |
| Intangible fixed assets | 21 | €694 | - | -€694 | |
| Tangible fixed assets | 22/27 | €27,562 | €13,781 | -€13,781 | -50.0% |
| Plant, machinery and equipment | 23 | €16,863 | €9,879 | -€6,984 | -41.4% |
| Furniture and vehicles | 24 | €10,699 | €3,901 | -€6,798 | -63.5% |
| Current assets | 29/58 | €69,825 | €66,697 | -€3,128 | -4.5% |
| Stocks and contracts in progress | 3 | €15,581 | €21,141 | +€5,560 | +35.7% |
| Stocks | 30/36 | €15,581 | €21,141 | +€5,560 | +35.7% |
| Amounts receivable within one year | 40/41 | €5,119 | €3,342 | -€1,777 | -34.7% |
| Trade receivables | 40 | €3,612 | €2,002 | -€1,609 | -44.6% |
| Other amounts receivable | 41 | €1,507 | €1,339 | -€167 | -11.1% |
| Cash at bank and in hand | 54/58 | €47,300 | €39,971 | -€7,329 | -15.5% |
| Deferred charges and accrued income | 490/1 | €1,826 | €2,244 | +€418 | +22.9% |
| Total equity and liabilities | 10/49 | €98,082 | €80,478 | -€17,604 | -17.9% |
| Equity | 10/15 | -€51,969 | -€71,822 | -€19,853 | -38.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €21,864 | €21,864 | = | 0.0% |
| Distributable reserves | 133 | €21,864 | €21,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,834 | -€94,687 | -€19,853 | -26.5% |
| Amounts payable | 17/49 | €150,051 | €152,300 | +€2,249 | +1.5% |
| Amounts payable within one year | 42/48 | €140,857 | €143,817 | +€2,960 | +2.1% |
| Trade debts | 44 | €9,571 | €13,958 | +€4,387 | +45.8% |
| Suppliers | 440/4 | €9,571 | €13,958 | +€4,387 | +45.8% |
| Taxes, remuneration and social security | 45 | €22,342 | €22,342 | = | 0.0% |
| Taxes | 450/3 | €2,931 | €2,931 | = | 0.0% |
| Remuneration and social security | 454/9 | €19,411 | €19,411 | = | 0.0% |
| Other amounts payable | 47/48 | €108,944 | €107,517 | -€1,427 | -1.3% |
| Accrued charges and deferred income | 492/3 | €9,194 | €8,483 | -€711 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,259 | €23,026 | -€4,233 | -15.5% |
| Other operating charges | 640/8 | €6,969 | €6,065 | -€904 | -13.0% |
| Non-recurring operating charges | 66A | €404 | - | -€404 | |
| Gross operating margin | 9900 | €16,455 | €9,796 | -€6,659 | -40.5% |
| Operating profit (loss) | 9901 | -€18,177 | -€19,294 | -€1,118 | -6.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €86 | €558 | +€472 | +547% |
| Recurring financial charges | 65 | €86 | €558 | +€472 | +547% |
| Profit (loss) for the period before taxes | 9903 | -€18,262 | -€19,853 | -€1,591 | -8.7% |
| Profit (loss) for the period | 9904 | -€18,262 | -€19,853 | -€1,591 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,262 | -€19,853 | -€1,591 | -8.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.