KAVEC: 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.
KAVEC
Largest movements
- Stocks and contracts -€19,706
down €19,706 (-6.7%), from €293,955 to €274,249
- Intangible fixed assets -€14,607
down €14,607 (-52.1%), from €28,011 to €13,404
- Cash +€14,599
up €14,599 (+11.3%), from €128,944 to €143,543
mainly Stocks and contracts (+€19,706) and Depreciation (+€18,502)
- Deferred charges and accrued income +€6,465
up €6,465 (+2584.9%), from €250 to €6,715
- Trade debts -€28,640
down €28,640 (-67.9%), from €42,189 to €13,549
- Tax, wage and social debts +€14,687
up €14,687 (+25.8%), from €56,999 to €71,686
of which Remuneration and social security: +€10,420
- Other debts +€12,000
up €12,000 (+32.5%), from €36,911 to €48,911
- Debts after one year -€9,450
down €9,450 (-53.6%), from €17,645 to €8,195
- Staff costs +€24,392
up €24,392 (+31.8%), from €76,777 to €101,169
- Taxes -€7,212
down €7,212 (-74.7%), from €9,650 to €2,438
- Depreciation +€2,600
up €2,600 (+16.4%), from €15,902 to €18,502
- Gross operating margin +€2,076
up €2,076 (+1.7%), from €123,477 to €125,553
- Financial income -€1,792
down €1,792 (-10.9%), from €16,445 to €14,653
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 | €505,881 | €499,637 | -€6,244 | -1.2% |
| Fixed assets | 21/28 | €30,631 | €20,203 | -€10,428 | -34.0% |
| Intangible fixed assets | 21 | €28,011 | €13,404 | -€14,607 | -52.1% |
| Tangible fixed assets | 22/27 | €2,620 | €6,799 | +€4,179 | +159.5% |
| Land and buildings | 22 | €1,825 | €2,505 | +€681 | +37.3% |
| Furniture and vehicles | 24 | €795 | €4,293 | +€3,498 | +439.9% |
| Current assets | 29/58 | €475,250 | €479,434 | +€4,184 | +0.9% |
| Stocks and contracts in progress | 3 | €293,955 | €274,249 | -€19,706 | -6.7% |
| Stocks | 30/36 | €293,955 | €274,249 | -€19,706 | -6.7% |
| Amounts receivable within one year | 40/41 | €52,101 | €54,927 | +€2,826 | +5.4% |
| Trade receivables | 40 | €51,777 | €54,615 | +€2,838 | +5.5% |
| Other amounts receivable | 41 | €324 | €312 | -€12 | -3.6% |
| Cash at bank and in hand | 54/58 | €128,944 | €143,543 | +€14,599 | +11.3% |
| Deferred charges and accrued income | 490/1 | €250 | €6,715 | +€6,465 | +2584.9% |
| Total equity and liabilities | 10/49 | €505,881 | €499,637 | -€6,244 | -1.2% |
| Equity | 10/15 | €330,337 | €335,095 | +€4,758 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €311,737 | €316,495 | +€4,758 | +1.5% |
| Distributable reserves | 133 | €311,737 | €316,495 | +€4,758 | +1.5% |
| Amounts payable | 17/49 | €175,544 | €164,542 | -€11,002 | -6.3% |
| Amounts payable after more than one year | 17 | €17,645 | €8,195 | -€9,450 | -53.6% |
| Financial debts | 170/4 | €17,645 | €8,195 | -€9,450 | -53.6% |
| Amounts payable within one year | 42/48 | €145,148 | €143,597 | -€1,552 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €9,049 | €9,450 | +€401 | +4.4% |
| Trade debts | 44 | €42,189 | €13,549 | -€28,640 | -67.9% |
| Suppliers | 440/4 | €42,189 | €13,549 | -€28,640 | -67.9% |
| Taxes, remuneration and social security | 45 | €56,999 | €71,686 | +€14,687 | +25.8% |
| Taxes | 450/3 | €50,985 | €55,253 | +€4,268 | +8.4% |
| Remuneration and social security | 454/9 | €6,014 | €16,434 | +€10,420 | +173.2% |
| Other amounts payable | 47/48 | €36,911 | €48,911 | +€12,000 | +32.5% |
| Accrued charges and deferred income | 492/3 | €12,750 | €12,750 | = | 0.0% |
| Non-recurring operating income | 76A | - | €13,304 | +€13,304 | |
| Remuneration, social security and pensions | 62 | €76,777 | €101,169 | +€24,392 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,902 | €18,502 | +€2,600 | +16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,418 | +€1,418 | |
| Other operating charges | 640/8 | €2,018 | €963 | -€1,055 | -52.3% |
| Gross operating margin | 9900 | €123,477 | €125,553 | +€2,076 | +1.7% |
| Operating profit (loss) | 9901 | €28,780 | €3,501 | -€25,279 | -87.8% |
| Financial income | 75/76B | €16,445 | €14,653 | -€1,792 | -10.9% |
| Recurring financial income | 75 | €16,445 | €14,653 | -€1,792 | -10.9% |
| Financial charges | 65/66B | €11,425 | €10,957 | -€467 | -4.1% |
| Recurring financial charges | 65 | €11,425 | €10,957 | -€467 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €33,801 | €7,196 | -€26,604 | -78.7% |
| Income taxes | 67/77 | €9,650 | €2,438 | -€7,212 | -74.7% |
| Profit (loss) for the period | 9904 | €24,150 | €4,758 | -€19,392 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,150 | €4,758 | -€19,392 | -80.3% |
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.