KAIVERS.S: 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.
KAIVERS.S
Largest movements
- Receivables within one year -€42,668
down €42,668 (-32.6%), from €130,902 to €88,234
of which Other amounts receivable: -€63,012
- Debts after one year -€842,122
down €842,122 (-72.0%), from €1.2m to €327,041
- Short-term financial debts +€756,195
up €756,195 (+15,667%), from €4,827 to €761,021
of which Credit institutions: +€761,021
- Trade debts +€123,507
up €123,507 (+113%), from €109,612 to €233,119
- Profit (loss) carried forward -€48,643
down €48,643 (-46.0%), from -€105,797 to -€154,440
- Current portion of long-term debt -€48,147
down €48,147 (-25.5%), from €188,463 to €140,316
- Gross operating margin +€105,993
up €105,993 (+84.8%), from €125,023 to €231,016
- Staff costs +€96,798
up €96,798 (+216%), from €44,853 to €141,651
- Other operating charges +€15,926
up €15,926 (+208%), from €7,650 to €23,576
- Depreciation +€8,934
up €8,934 (+20.9%), from €42,681 to €51,615
- Financial charges +€6,554
up €6,554 (+11.7%), from €55,916 to €62,470
of which Financial charges: +€4,304
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 | €1,689,840 | €1,665,542 | -€24,298 | -1.4% |
| Fixed assets | 21/28 | €361,354 | €375,231 | +€13,877 | +3.8% |
| Intangible fixed assets | 21 | €3,042 | €2,254 | -€788 | -25.9% |
| Tangible fixed assets | 22/27 | €350,182 | €364,847 | +€14,665 | +4.2% |
| Land and buildings | 22 | €218,994 | €215,005 | -€3,989 | -1.8% |
| Plant, machinery and equipment | 23 | €108,050 | €106,923 | -€1,127 | -1.0% |
| Furniture and vehicles | 24 | €14,537 | €42,918 | +€28,381 | +195% |
| Leasing and similar rights | 25 | €5,250 | - | -€5,250 | |
| Assets under construction and advance payments | 27 | €3,350 | - | -€3,350 | |
| Financial fixed assets | 28 | €8,130 | €8,130 | = | 0.0% |
| Current assets | 29/58 | €1,328,487 | €1,290,312 | -€38,175 | -2.9% |
| Stocks and contracts in progress | 3 | €1,191,175 | €1,192,303 | +€1,127 | +0.1% |
| Stocks | 30/36 | €1,191,175 | €1,192,303 | +€1,127 | +0.1% |
| Amounts receivable within one year | 40/41 | €130,902 | €88,234 | -€42,668 | -32.6% |
| Trade receivables | 40 | €60,091 | €80,434 | +€20,344 | +33.9% |
| Other amounts receivable | 41 | €70,812 | €7,800 | -€63,012 | -89.0% |
| Cash at bank and in hand | 54/58 | €1,139 | €245 | -€894 | -78.5% |
| Deferred charges and accrued income | 490/1 | €5,270 | €9,530 | +€4,260 | +80.8% |
| Total equity and liabilities | 10/49 | €1,689,840 | €1,665,542 | -€24,298 | -1.4% |
| Equity | 10/15 | -€9,337 | -€57,980 | -€48,643 | -521% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,860 | €77,860 | = | 0.0% |
| Distributable reserves | 133 | €77,860 | €77,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,797 | -€154,440 | -€48,643 | -46.0% |
| Amounts payable | 17/49 | €1,699,178 | €1,723,523 | +€24,345 | +1.4% |
| Amounts payable after more than one year | 17 | €1,169,163 | €327,041 | -€842,122 | -72.0% |
| Financial debts | 170/4 | €1,169,163 | €327,041 | -€842,122 | -72.0% |
| Amounts payable within one year | 42/48 | €525,765 | €1,392,232 | +€866,467 | +165% |
| Current portion of amounts payable after more than one year | 42 | €188,463 | €140,316 | -€48,147 | -25.5% |
| Financial debts | 43 | €4,827 | €761,021 | +€756,195 | +15,667% |
| Credit institutions | 430/8 | - | €761,021 | +€761,021 | |
| Other loans | 439 | €4,827 | - | -€4,827 | |
| Trade debts | 44 | €109,612 | €233,119 | +€123,507 | +113% |
| Suppliers | 440/4 | €109,612 | €233,119 | +€123,507 | +113% |
| Taxes, remuneration and social security | 45 | €33,561 | €27,533 | -€6,028 | -18.0% |
| Taxes | 450/3 | €3,824 | €702 | -€3,122 | -81.6% |
| Remuneration and social security | 454/9 | €29,737 | €26,831 | -€2,906 | -9.8% |
| Other amounts payable | 47/48 | €189,302 | €230,242 | +€40,940 | +21.6% |
| Accrued charges and deferred income | 492/3 | €4,250 | €4,250 | = | 0.0% |
| Non-recurring operating income | 76A | €15,742 | - | -€15,742 | |
| Remuneration, social security and pensions | 62 | €44,853 | €141,651 | +€96,798 | +216% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,681 | €51,615 | +€8,934 | +20.9% |
| Other operating charges | 640/8 | €7,650 | €23,576 | +€15,926 | +208% |
| Gross operating margin | 9900 | €125,023 | €231,016 | +€105,993 | +84.8% |
| Operating profit (loss) | 9901 | €29,839 | €14,174 | -€15,665 | -52.5% |
| Financial income | 75/76B | €13 | €8 | -€6 | -42.1% |
| Recurring financial income | 75 | €13 | €8 | -€6 | -42.1% |
| Financial charges | 65/66B | €55,916 | €62,470 | +€6,554 | +11.7% |
| Recurring financial charges | 65 | €55,916 | €60,220 | +€4,304 | +7.7% |
| Non-recurring financial charges | 66B | - | €2,250 | +€2,250 | |
| Profit (loss) for the period before taxes | 9903 | -€26,064 | -€48,289 | -€22,224 | -85.3% |
| Income taxes | 67/77 | €398 | €354 | -€43 | -10.9% |
| Profit (loss) for the period | 9904 | -€26,462 | -€48,643 | -€22,181 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,462 | -€48,643 | -€22,181 | -83.8% |
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 24 October 2026 via checked.be.