DE CAVALIER: 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.
DE CAVALIER
Largest movements
- Receivables within one year +€34,910
up €34,910 (+14.6%), from €238,318 to €273,229
of which Trade receivables: +€24,160
- Stocks and contracts +€10,499
new in 2025: €10,499
- Trade debts +€15,313
up €15,313 (+80.3%), from €19,075 to €34,388
- Advances received +€12,300
new in 2025: €12,300
- Other debts +€11,925
up €11,925 (+25.1%), from €47,566 to €59,491
- Reserves +€3,793
up €3,793 (+3.4%), from €110,344 to €114,136
of which Distributable reserves: +€3,793
- Tax, wage and social debts -€3,763
down €3,763 (-37.5%), from €10,031 to €6,268
of which Taxes: -€3,141
- Gross operating margin -€25,758
down €25,758 (-51.3%), from €50,215 to €24,457
- Taxes -€6,088
down €6,088 (-79.2%), from €7,686 to €1,598
- Staff costs -€4,417
down €4,417 (-26.5%), from €16,668 to €12,251
- Financial charges +€597
up €597 (+14.6%), from €4,098 to €4,695
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €242,906 | €286,568 | +€43,662 | +18.0% |
| Fixed assets | 21/28 | €2,885 | €1,863 | -€1,022 | -35.4% |
| Tangible fixed assets | 22/27 | €2,885 | €1,863 | -€1,022 | -35.4% |
| Plant, machinery and equipment | 23 | €282 | - | -€282 | |
| Furniture and vehicles | 24 | €2,603 | €1,863 | -€740 | -28.4% |
| Current assets | 29/58 | €240,021 | €284,705 | +€44,684 | +18.6% |
| Stocks and contracts in progress | 3 | - | €10,499 | +€10,499 | |
| Contracts in progress | 37 | - | €10,499 | +€10,499 | |
| Amounts receivable within one year | 40/41 | €238,318 | €273,229 | +€34,910 | +14.6% |
| Trade receivables | 40 | €77,987 | €102,147 | +€24,160 | +31.0% |
| Other amounts receivable | 41 | €160,332 | €171,082 | +€10,751 | +6.7% |
| Deferred charges and accrued income | 490/1 | €1,703 | €977 | -€726 | -42.6% |
| Total equity and liabilities | 10/49 | €242,906 | €286,568 | +€43,662 | +18.0% |
| Equity | 10/15 | €128,936 | €132,728 | +€3,793 | +2.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €110,344 | €114,136 | +€3,793 | +3.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €108,484 | €112,277 | +€3,793 | +3.5% |
| Amounts payable | 17/49 | €113,970 | €153,840 | +€39,869 | +35.0% |
| Amounts payable within one year | 42/48 | €112,021 | €151,470 | +€39,449 | +35.2% |
| Financial debts | 43 | €35,349 | €39,023 | +€3,674 | +10.4% |
| Credit institutions | 430/8 | €35,349 | €39,023 | +€3,674 | +10.4% |
| Trade debts | 44 | €19,075 | €34,388 | +€15,313 | +80.3% |
| Suppliers | 440/4 | €19,075 | €34,388 | +€15,313 | +80.3% |
| Advances received on contracts in progress | 46 | - | €12,300 | +€12,300 | |
| Taxes, remuneration and social security | 45 | €10,031 | €6,268 | -€3,763 | -37.5% |
| Taxes | 450/3 | €4,934 | €1,793 | -€3,141 | -63.7% |
| Remuneration and social security | 454/9 | €5,097 | €4,475 | -€622 | -12.2% |
| Other amounts payable | 47/48 | €47,566 | €59,491 | +€11,925 | +25.1% |
| Accrued charges and deferred income | 492/3 | €1,949 | €2,369 | +€420 | +21.5% |
| Remuneration, social security and pensions | 62 | €16,668 | €12,251 | -€4,417 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,130 | €1,022 | -€108 | -9.6% |
| Other operating charges | 640/8 | €1,184 | €1,323 | +€139 | +11.8% |
| Gross operating margin | 9900 | €50,215 | €24,457 | -€25,758 | -51.3% |
| Operating profit (loss) | 9901 | €31,233 | €9,861 | -€21,372 | -68.4% |
| Financial income | 75/76B | €0 | €226 | +€225 | +450900.0% |
| Recurring financial income | 75 | €0 | €226 | +€225 | +450900.0% |
| Financial charges | 65/66B | €4,098 | €4,695 | +€597 | +14.6% |
| Recurring financial charges | 65 | €4,098 | €4,695 | +€597 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €27,134 | €5,391 | -€21,743 | -80.1% |
| Income taxes | 67/77 | €7,686 | €1,598 | -€6,088 | -79.2% |
| Profit (loss) for the period | 9904 | €19,448 | €3,793 | -€15,655 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,448 | €3,793 | -€15,655 | -80.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.