EXPRESS CAVELL: 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.
EXPRESS CAVELL
Largest movements
- Receivables within one year +€81,442
up €81,442 (+74.3%), from €109,678 to €191,120
of which Trade receivables: +€143,295
- Tangible fixed assets -€47,145
down €47,145 (-27.8%), from €169,610 to €122,465
of which Plant, machinery and equipment: -€34,745
- Cash -€44,212
down €44,212 (-45.4%), from €97,377 to €53,166
mainly Trade debts (-€104,158) and Receivables within one year (-€81,442)
- Stocks and contracts +€15,022
up €15,022 (+10.8%), from €139,073 to €154,095
- Other debts +€147,136
new in 2025: €147,136
- Trade debts -€104,158
down €104,158 (-26.0%), from €400,817 to €296,660
- Reserves -€60,000
down €60,000 (-92.2%), from €65,097 to €5,097
of which Distributable reserves: -€60,000
- Tax, wage and social debts +€20,805
up €20,805 (+82.5%), from €25,212 to €46,017
- Staff costs +€69,152
up €69,152 (+61.6%), from €112,289 to €181,441
- Gross operating margin +€67,498
up €67,498 (+51.3%), from €131,556 to €199,053
- Depreciation +€4,239
up €4,239 (+8.6%), from €49,152 to €53,391
- Financial income -€2,659
down €2,659 (-88.3%), from €3,011 to €352
- Financial charges +€2,410
up €2,410 (+15.8%), from €15,253 to €17,663
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
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 | €562,850 | €564,298 | +€1,447 | +0.3% |
| Fixed assets | 21/28 | €169,610 | €122,889 | -€46,721 | -27.5% |
| Tangible fixed assets | 22/27 | €169,610 | €122,465 | -€47,145 | -27.8% |
| Plant, machinery and equipment | 23 | €120,079 | €85,333 | -€34,745 | -28.9% |
| Furniture and vehicles | 24 | €49,531 | €37,131 | -€12,400 | -25.0% |
| Financial fixed assets | 28 | - | €425 | +€425 | |
| Current assets | 29/58 | €393,240 | €441,408 | +€48,168 | +12.2% |
| Stocks and contracts in progress | 3 | €139,073 | €154,095 | +€15,022 | +10.8% |
| Stocks | 30/36 | €139,073 | €154,095 | +€15,022 | +10.8% |
| Amounts receivable within one year | 40/41 | €109,678 | €191,120 | +€81,442 | +74.3% |
| Trade receivables | 40 | €1,792 | €145,087 | +€143,295 | +7996.3% |
| Other amounts receivable | 41 | €107,886 | €46,033 | -€61,852 | -57.3% |
| Cash at bank and in hand | 54/58 | €97,377 | €53,166 | -€44,212 | -45.4% |
| Deferred charges and accrued income | 490/1 | €47,112 | €43,028 | -€4,085 | -8.7% |
| Total equity and liabilities | 10/49 | €562,850 | €564,298 | +€1,447 | +0.3% |
| Equity | 10/15 | €121,716 | €64,293 | -€57,423 | -47.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €65,097 | €5,097 | -€60,000 | -92.2% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €97 | €97 | = | 0.0% |
| Distributable reserves | 133 | €60,000 | - | -€60,000 | |
| Profit (loss) carried forward | 14 | €6,619 | €9,197 | +€2,577 | +38.9% |
| Amounts payable | 17/49 | €441,134 | €500,004 | +€58,870 | +13.3% |
| Amounts payable within one year | 42/48 | €426,029 | €490,399 | +€64,370 | +15.1% |
| Trade debts | 44 | €400,817 | €296,660 | -€104,158 | -26.0% |
| Suppliers | 440/4 | €400,817 | €296,660 | -€104,158 | -26.0% |
| Advances received on contracts in progress | 46 | - | €586 | +€586 | |
| Taxes, remuneration and social security | 45 | €25,212 | €46,017 | +€20,805 | +82.5% |
| Remuneration and social security | 454/9 | €25,212 | €46,017 | +€20,805 | +82.5% |
| Other amounts payable | 47/48 | - | €147,136 | +€147,136 | |
| Accrued charges and deferred income | 492/3 | €15,105 | €9,605 | -€5,500 | -36.4% |
| Remuneration, social security and pensions | 62 | €112,289 | €181,441 | +€69,152 | +61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,152 | €53,391 | +€4,239 | +8.6% |
| Other operating charges | 640/8 | €2,262 | €4,264 | +€2,001 | +88.5% |
| Gross operating margin | 9900 | €131,556 | €199,053 | +€67,498 | +51.3% |
| Operating profit (loss) | 9901 | -€32,148 | -€40,043 | -€7,895 | -24.6% |
| Financial income | 75/76B | €3,011 | €352 | -€2,659 | -88.3% |
| Recurring financial income | 75 | €3,011 | €352 | -€2,659 | -88.3% |
| Financial charges | 65/66B | €15,253 | €17,663 | +€2,410 | +15.8% |
| Recurring financial charges | 65 | €15,253 | €17,663 | +€2,410 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | -€44,390 | -€57,354 | -€12,964 | -29.2% |
| Income taxes | 67/77 | €517 | €69 | -€449 | -86.7% |
| Profit (loss) for the period | 9904 | -€44,907 | -€57,423 | -€12,515 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,907 | -€57,423 | -€12,515 | -27.9% |
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 9 October 2026 via checked.be.