DE KAVEL: 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.
What changed
DE KAVEL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€710,485
2024 · €98,822-€809,307
Equity
€7.9m
2024 · €8.6m-€710,485
Cash
€2.4m
2024 · €2.5m-€107,020
Balance sheet total
€9.2m
2024 · €10.8m-€1.6m
Largest movements
Assets
- Current investments -€2.5m
down €2.5m (-46.6%), from €5.4m to €2.9m
- Tangible fixed assets +€1.2m
up €1.2m (+179%), from €698,658 to €1.9m
of which Land and buildings: +€1.2m
- Receivables within one year -€898,508
down €898,508 (-93.0%), from €965,991 to €67,483
- Financial fixed assets +€757,086
new in 2025: €757,086
Equity and liabilities
- Provisions -€942,914
down €942,914 (-100%), from €942,914 to €0
- Profit (loss) carried forward -€710,485
down €710,485 (-73.1%), from €972,329 to €261,843
- Trade debts +€114,537
up €114,537 (+17,514%), from €654 to €115,191
Income statement
- Other operating charges +€1.6m
up €1.6m (+22,547%), from €7,002 to €1.6m
- Provisions -€942,914
new in 2025: -€942,914
- Financial income -€146,763
down €146,763 (-52.1%), from €281,625 to €134,862
of which Financial income: -€145,763
- Gross operating margin -€100,997
down €100,997 (-250%), from -€40,432 to -€141,429
- Taxes -€50,303
down €50,303 (-99.6%), from €50,506 to €203
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.
Result 2024
€98,822
Gross operating margin
-€100,997
Depreciation
-€8,201
Provisions
+€942,914
Other operating charges
-€1.6m
Financial income
-€146,763
Financial charges
+€32,168
Taxes
+€50,303
Result 2025
-€710,485
raises the resultlowers the result
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.
From operations
-€582,193
Investment
+€476,734
Financing
-€1,562
Cash 2024
€2.5m
From operations (derived)
-€582,193
Net result for the year
-€710,485
Depreciation
+€48,508
Receivables within one year
+€898,508
Deferred charges and accrued income
+€63,871
Provisions
-€942,914
Trade debts
+€114,537
Tax, wage and social debts
+€2,903
Other debts
-€21,870
Accrued charges and deferred income
-€35,250
Investment (derived)
+€476,734
Investment in fixed assets (net)
-€2.1m
Current investments
+€2.5m
Financing
-€1,562
Debts after one year
-€20,533
Current portion of long-term debt
+€18,972
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,807,065 | €9,212,424 | -€1.6m | -14.8% |
| Fixed assets | 21/28 | €698,658 | €2,703,084 | +€2.0m | +287% |
| Tangible fixed assets | 22/27 | €698,658 | €1,945,998 | +€1.2m | +179% |
| Land and buildings | 22 | €610,639 | €1,802,762 | +€1.2m | +195% |
| Plant, machinery and equipment | 23 | €24,501 | €48,693 | +€24,191 | +98.7% |
| Furniture and vehicles | 24 | €63,518 | €94,544 | +€31,026 | +48.8% |
| Financial fixed assets | 28 | - | €757,086 | +€757,086 | |
| Current assets | 29/58 | €10,108,407 | €6,509,340 | -€3.6m | -35.6% |
| Stocks and contracts in progress | 3 | €1,164,190 | €1,164,190 | = | 0.0% |
| Stocks | 30/36 | €1,164,190 | €1,164,190 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €965,991 | €67,483 | -€898,508 | -93.0% |
| Other amounts receivable | 41 | €965,991 | €67,483 | -€898,508 | -93.0% |
| Current investments | 50/53 | €5,431,494 | €2,901,826 | -€2.5m | -46.6% |
| Cash at bank and in hand | 54/58 | €2,480,322 | €2,373,302 | -€107,020 | -4.3% |
| Deferred charges and accrued income | 490/1 | €66,410 | €2,539 | -€63,871 | -96.2% |
| Total equity and liabilities | 10/49 | €10,807,065 | €9,212,424 | -€1.6m | -14.8% |
| Equity | 10/15 | €8,612,120 | €7,901,635 | -€710,485 | -8.2% |
| Contributions | 10/11 | €2,000,171 | €2,000,171 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €171 | €171 | = | 0.0% |
| Share premium | 1100/10 | €171 | €171 | = | 0.0% |
| Reserves | 13 | €5,639,621 | €5,639,621 | = | 0.0% |
| Non-distributable reserves | 130/1 | €400,000 | €400,000 | = | 0.0% |
| Legal reserve | 130 | €400,000 | €400,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,331 | €12,331 | = | 0.0% |
| Distributable reserves | 133 | €5,227,290 | €5,227,290 | = | 0.0% |
| Profit (loss) carried forward | 14 | €972,329 | €261,843 | -€710,485 | -73.1% |
| Provisions and deferred taxes | 16 | €942,914 | €0 | -€942,914 | -100% |
| Provisions for liabilities and charges | 160/5 | €942,914 | €0 | -€942,914 | -100% |
| Environmental obligations | 163 | €942,914 | €0 | -€942,914 | -100% |
| Amounts payable | 17/49 | €1,252,031 | €1,310,789 | +€58,758 | +4.7% |
| Amounts payable after more than one year | 17 | €1,175,000 | €1,154,467 | -€20,533 | -1.7% |
| Financial debts | 170/4 | €1,175,000 | €1,154,467 | -€20,533 | -1.7% |
| Amounts payable within one year | 42/48 | €41,781 | €156,322 | +€114,541 | +274% |
| Current portion of amounts payable after more than one year | 42 | - | €18,972 | +€18,972 | |
| Trade debts | 44 | €654 | €115,191 | +€114,537 | +17,514% |
| Suppliers | 440/4 | €654 | €115,191 | +€114,537 | +17,514% |
| Taxes, remuneration and social security | 45 | €19,257 | €22,160 | +€2,903 | +15.1% |
| Taxes | 450/3 | €19,257 | €22,160 | +€2,903 | +15.1% |
| Other amounts payable | 47/48 | €21,870 | €0 | -€21,870 | -100% |
| Accrued charges and deferred income | 492/3 | €35,250 | €0 | -€35,250 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,306 | €48,508 | +€8,201 | +20.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€942,914 | -€942,914 | |
| Other operating charges | 640/8 | €7,002 | €1,585,733 | +€1.6m | +22,547% |
| Gross operating margin | 9900 | -€40,432 | -€141,429 | -€100,997 | -250% |
| Operating profit (loss) | 9901 | -€87,740 | -€832,755 | -€745,016 | -849% |
| Financial income | 75/76B | €281,625 | €134,862 | -€146,763 | -52.1% |
| Recurring financial income | 75 | €280,625 | €134,862 | -€145,763 | -51.9% |
| Non-recurring financial income | 76B | €1,000 | - | -€1,000 | |
| Financial charges | 65/66B | €44,557 | €12,389 | -€32,168 | -72.2% |
| Recurring financial charges | 65 | €44,557 | €12,389 | -€32,168 | -72.2% |
| Profit (loss) for the period before taxes | 9903 | €149,328 | -€710,282 | -€859,610 | |
| Income taxes | 67/77 | €50,506 | €203 | -€50,303 | -99.6% |
| Profit (loss) for the period | 9904 | €98,822 | -€710,485 | -€809,307 | |
| Transfer from tax-exempt reserves | 789 | €3,699 | €0 | -€3,699 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €102,521 | -€710,485 | -€813,006 |
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 21 October 2026 via checked.be.