KAVALIOTIS: 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.
KAVALIOTIS
Largest movements
- Cash -€70,966
down €70,966 (-37.6%), from €188,950 to €117,984
mainly Net result for the year (-€47,872) and Tax, wage and social debts (-€39,032)
- Tangible fixed assets -€26,382
down €26,382 (-19.1%), from €138,400 to €112,018
- Stocks and contracts -€10,058
down €10,058 (-34.4%), from €29,250 to €19,192
- Profit (loss) carried forward -€47,872
down €47,872 (-32.3%), from €148,123 to €100,252
- Tax, wage and social debts -€39,032
down €39,032 (-60.0%), from €65,105 to €26,073
of which Remuneration and social security: -€36,532
- Debts after one year -€36,746
down €36,746 (-37.6%), from €97,656 to €60,911
- Trade debts +€13,288
new in 2025: €13,288
- Gross operating margin -€54,416
down €54,416 (-87.6%), from €62,113 to €7,698
- Financial charges -€27,261
down €27,261 (-83.8%), from €32,517 to €5,256
of which Non-recurring financial charges: -€27,310
- Depreciation +€16,171
up €16,171 (+60.1%), from €26,898 to €43,069
- Other operating charges +€5,202
up €5,202 (+394.2%), from €1,320 to €6,521
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 | €397,012 | €287,969 | -€109,043 | -27.5% |
| Fixed assets | 21/28 | €161,743 | €131,897 | -€29,846 | -18.5% |
| Intangible fixed assets | 21 | €22,803 | €19,339 | -€3,464 | -15.2% |
| Tangible fixed assets | 22/27 | €138,400 | €112,018 | -€26,382 | -19.1% |
| Furniture and vehicles | 24 | €138,400 | €112,018 | -€26,382 | -19.1% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €235,269 | €156,072 | -€79,197 | -33.7% |
| Stocks and contracts in progress | 3 | €29,250 | €19,192 | -€10,058 | -34.4% |
| Stocks | 30/36 | €29,250 | €19,192 | -€10,058 | -34.4% |
| Amounts receivable within one year | 40/41 | €17,069 | €18,896 | +€1,827 | +10.7% |
| Trade receivables | 40 | €11,147 | €14,149 | +€3,002 | +26.9% |
| Other amounts receivable | 41 | €5,922 | €4,747 | -€1,175 | -19.8% |
| Cash at bank and in hand | 54/58 | €188,950 | €117,984 | -€70,966 | -37.6% |
| Total equity and liabilities | 10/49 | €397,012 | €287,969 | -€109,043 | -27.5% |
| Equity | 10/15 | €168,123 | €120,252 | -€47,872 | -28.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,123 | €100,252 | -€47,872 | -32.3% |
| Amounts payable | 17/49 | €228,888 | €167,717 | -€61,171 | -26.7% |
| Amounts payable after more than one year | 17 | €97,656 | €60,911 | -€36,746 | -37.6% |
| Financial debts | 170/4 | €97,656 | €60,911 | -€36,746 | -37.6% |
| Amounts payable within one year | 42/48 | €131,232 | €106,807 | -€24,425 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €37,655 | €39,022 | +€1,368 | +3.6% |
| Trade debts | 44 | - | €13,288 | +€13,288 | |
| Suppliers | 440/4 | - | €13,288 | +€13,288 | |
| Taxes, remuneration and social security | 45 | €65,105 | €26,073 | -€39,032 | -60.0% |
| Taxes | 450/3 | €2,500 | - | -€2,500 | |
| Remuneration and social security | 454/9 | €62,605 | €26,073 | -€36,532 | -58.4% |
| Other amounts payable | 47/48 | €28,472 | €28,424 | -€49 | -0.2% |
| Remuneration, social security and pensions | 62 | €74 | - | -€74 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,898 | €43,069 | +€16,171 | +60.1% |
| Other operating charges | 640/8 | €1,320 | €6,521 | +€5,202 | +394.2% |
| Gross operating margin | 9900 | €62,113 | €7,698 | -€54,416 | -87.6% |
| Operating profit (loss) | 9901 | €33,821 | -€41,893 | -€75,714 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €32,517 | €5,256 | -€27,261 | -83.8% |
| Recurring financial charges | 65 | €5,207 | €5,256 | +€49 | +0.9% |
| Non-recurring financial charges | 66B | €27,310 | - | -€27,310 | |
| Profit (loss) for the period before taxes | 9903 | €1,306 | -€47,149 | -€48,455 | |
| Income taxes | 67/77 | €523 | €723 | +€200 | +38.1% |
| Profit (loss) for the period | 9904 | €782 | -€47,872 | -€48,654 | |
| Profit (loss) for the period to be appropriated | 9905 | €782 | -€47,872 | -€48,654 |
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 11 October 2026 via checked.be.