KAVALUX: 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.
KAVALUX
Largest movements
- Stocks and contracts -€18,376
down €18,376 (-37.7%), from €48,728 to €30,352
- Cash -€13,771
down €13,771 (-10.5%), from €131,559 to €117,788
mainly Contributions, distributions and other (-€26,956) and Net result for the year (-€22,316)
- Receivables within one year -€13,028
down €13,028 (-80.1%), from €16,266 to €3,238
of which Other amounts receivable: -€7,539
- Tangible fixed assets -€10,359
down €10,359 (-14.9%), from €69,559 to €59,200
of which Plant, machinery and equipment: -€5,334
- Reserves -€26,479
down €26,479 (-12.7%), from €207,925 to €181,446
of which Distributable reserves: -€26,479
- Profit (loss) carried forward -€22,793
down €22,793 (-2987.3%), from -€763 to -€23,556
- Trade debts -€17,510
down €17,510 (-59.7%), from €29,336 to €11,826
- Other debts +€16,947
up €16,947 (+23869.0%), from €71 to €17,018
- Current portion of long-term debt -€4,852
down €4,852 (-86.3%), from €5,623 to €771
- Gross operating margin -€60,148
down €60,148 (-66.9%), from €89,857 to €29,709
- Purchases and services -€13,450
down €13,450 (-3.7%), from €363,760 to €350,310
- Taxes -€12,488
down €12,488 (-97.7%), from €12,780 to €292
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 | €267,321 | €211,787 | -€55,534 | -20.8% |
| Fixed assets | 21/28 | €70,768 | €60,409 | -€10,359 | -14.6% |
| Tangible fixed assets | 22/27 | €69,559 | €59,200 | -€10,359 | -14.9% |
| Land and buildings | 22 | €58,669 | €53,867 | -€4,802 | -8.2% |
| Plant, machinery and equipment | 23 | €10,667 | €5,333 | -€5,334 | -50.0% |
| Furniture and vehicles | 24 | €223 | €0 | -€223 | -100.0% |
| Financial fixed assets | 28 | €1,209 | €1,209 | = | 0.0% |
| Current assets | 29/58 | €196,553 | €151,378 | -€45,175 | -23.0% |
| Stocks and contracts in progress | 3 | €48,728 | €30,352 | -€18,376 | -37.7% |
| Stocks | 30/36 | €48,728 | €30,352 | -€18,376 | -37.7% |
| Amounts receivable within one year | 40/41 | €16,266 | €3,238 | -€13,028 | -80.1% |
| Trade receivables | 40 | €8,268 | €2,779 | -€5,489 | -66.4% |
| Other amounts receivable | 41 | €7,998 | €459 | -€7,539 | -94.3% |
| Cash at bank and in hand | 54/58 | €131,559 | €117,788 | -€13,771 | -10.5% |
| Total equity and liabilities | 10/49 | €267,321 | €211,787 | -€55,534 | -20.8% |
| Equity | 10/15 | €213,362 | €164,090 | -€49,272 | -23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €207,925 | €181,446 | -€26,479 | -12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €104,259 | €104,259 | = | 0.0% |
| Distributable reserves | 133 | €101,806 | €75,327 | -€26,479 | -26.0% |
| Profit (loss) carried forward | 14 | -€763 | -€23,556 | -€22,793 | -2987.3% |
| Amounts payable | 17/49 | €53,959 | €47,697 | -€6,262 | -11.6% |
| Amounts payable after more than one year | 17 | €1,687 | €0 | -€1,687 | -100.0% |
| Financial debts | 170/4 | €1,687 | €0 | -€1,687 | -100.0% |
| Amounts payable within one year | 42/48 | €52,272 | €47,697 | -€4,575 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €5,623 | €771 | -€4,852 | -86.3% |
| Trade debts | 44 | €29,336 | €11,826 | -€17,510 | -59.7% |
| Suppliers | 440/4 | €29,336 | €11,826 | -€17,510 | -59.7% |
| Taxes, remuneration and social security | 45 | €17,242 | €18,082 | +€840 | +4.9% |
| Taxes | 450/3 | €12,843 | €14,448 | +€1,605 | +12.5% |
| Remuneration and social security | 454/9 | €4,399 | €3,634 | -€765 | -17.4% |
| Other amounts payable | 47/48 | €71 | €17,018 | +€16,947 | +23869.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €363,760 | €350,310 | -€13,450 | -3.7% |
| Remuneration, social security and pensions | 62 | €39,411 | €40,173 | +€762 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,357 | €10,357 | = | 0.0% |
| Other operating charges | 640/8 | €825 | €69 | -€756 | -91.6% |
| Gross operating margin | 9900 | €89,857 | €29,709 | -€60,148 | -66.9% |
| Operating profit (loss) | 9901 | €39,264 | -€20,890 | -€60,154 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €762 | €1,134 | +€372 | +48.8% |
| Recurring financial charges | 65 | €762 | €1,134 | +€372 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €38,503 | -€22,024 | -€60,527 | |
| Income taxes | 67/77 | €12,780 | €292 | -€12,488 | -97.7% |
| Profit (loss) for the period | 9904 | €25,723 | -€22,316 | -€48,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,723 | -€22,316 | -€48,039 |
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 7 October 2026 via checked.be.