KAVALCO: 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.
KAVALCO
Largest movements
- Tangible fixed assets -€17,489
down €17,489 (-34.3%), from €50,960 to €33,470
- Cash -€6,219
down €6,219 (-85.0%), from €7,314 to €1,095
mainly Debts after one year (-€7,668) and Net result for the year (-€6,408)
- Receivables within one year +€3,818
up €3,818 (+20.2%), from €18,900 to €22,719
of which Trade receivables: +€15,050
- Debts after one year -€7,668
down €7,668 (-16.9%), from €45,410 to €37,742
- Profit (loss) carried forward -€6,408
down €6,408 (-21.1%), from -€30,344 to -€36,752
- Trade debts -€6,061
down €6,061 (-24.0%), from €25,228 to €19,168
- Gross operating margin -€2,610
down €2,610 (-10.7%), from €24,349 to €21,739
- Financial charges +€2,311
up €2,311 (+39.9%), from €5,796 to €8,107
- Other operating charges +€1,994
up €1,994 (+75.8%), from €2,633 to €4,627
- Taxes -€1,685
down €1,685 (-54.4%), from €3,094 to €1,410
- Depreciation +€1,062
up €1,062 (+8.1%), from €13,046 to €14,108
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 | €77,870 | €57,675 | -€20,195 | -25.9% |
| Fixed assets | 21/28 | €50,960 | €33,470 | -€17,489 | -34.3% |
| Tangible fixed assets | 22/27 | €50,960 | €33,470 | -€17,489 | -34.3% |
| Furniture and vehicles | 24 | €50,960 | €33,470 | -€17,489 | -34.3% |
| Current assets | 29/58 | €26,910 | €24,205 | -€2,705 | -10.1% |
| Amounts receivable within one year | 40/41 | €18,900 | €22,719 | +€3,818 | +20.2% |
| Trade receivables | 40 | €4,450 | €19,500 | +€15,050 | +338.2% |
| Other amounts receivable | 41 | €14,450 | €3,219 | -€11,232 | -77.7% |
| Cash at bank and in hand | 54/58 | €7,314 | €1,095 | -€6,219 | -85.0% |
| Deferred charges and accrued income | 490/1 | €696 | €391 | -€305 | -43.8% |
| Total equity and liabilities | 10/49 | €77,870 | €57,675 | -€20,195 | -25.9% |
| Equity | 10/15 | -€20,147 | -€26,554 | -€6,408 | -31.8% |
| Contributions | 10/11 | €10,197 | €10,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,344 | -€36,752 | -€6,408 | -21.1% |
| Amounts payable | 17/49 | €98,016 | €84,229 | -€13,787 | -14.1% |
| Amounts payable after more than one year | 17 | €45,410 | €37,742 | -€7,668 | -16.9% |
| Financial debts | 170/4 | €45,410 | €37,742 | -€7,668 | -16.9% |
| Amounts payable within one year | 42/48 | €52,219 | €46,487 | -€5,732 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €20,881 | €20,581 | -€300 | -1.4% |
| Trade debts | 44 | €25,228 | €19,168 | -€6,061 | -24.0% |
| Suppliers | 440/4 | €25,228 | €19,168 | -€6,061 | -24.0% |
| Taxes, remuneration and social security | 45 | €6,110 | €6,739 | +€629 | +10.3% |
| Taxes | 450/3 | €6,110 | €6,739 | +€629 | +10.3% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,046 | €14,108 | +€1,062 | +8.1% |
| Other operating charges | 640/8 | €2,633 | €4,627 | +€1,994 | +75.8% |
| Non-recurring operating charges | 66A | - | €9 | +€9 | |
| Gross operating margin | 9900 | €24,349 | €21,739 | -€2,610 | -10.7% |
| Operating profit (loss) | 9901 | €8,670 | €2,995 | -€5,675 | -65.5% |
| Financial income | 75/76B | €365 | €114 | -€251 | -68.8% |
| Recurring financial income | 75 | €365 | €114 | -€251 | -68.8% |
| Financial charges | 65/66B | €5,796 | €8,107 | +€2,311 | +39.9% |
| Recurring financial charges | 65 | €5,796 | €8,107 | +€2,311 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €3,239 | -€4,998 | -€8,237 | |
| Income taxes | 67/77 | €3,094 | €1,410 | -€1,685 | -54.4% |
| Profit (loss) for the period | 9904 | €145 | -€6,408 | -€6,553 | |
| Profit (loss) for the period to be appropriated | 9905 | €145 | -€6,408 | -€6,553 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.