KAVECO: 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.
KAVECO
Largest movements
- Tangible fixed assets -€73,631
down €73,631 (-9.6%), from €766,201 to €692,571
of which Land and buildings: -€72,908
- Cash +€10,106
up €10,106 (+52.9%), from €19,116 to €29,222
mainly Depreciation (+€75,871) and Net result for the year (+€47,842)
- Other debts -€82,463
down €82,463 (-34.9%), from €236,463 to €154,000
- Reserves +€47,842
up €47,842 (+13.8%), from €346,155 to €393,996
of which Distributable reserves: +€47,842
- Current portion of long-term debt -€15,557
down €15,557 (-58.3%), from €26,667 to €11,110
- Debts after one year -€11,110
no longer reported in 2025 (was €11,110)
- Gross operating margin +€118,861
up €118,861 (+406.9%), from €29,210 to €148,071
- Other operating charges +€7,413
up €7,413 (+47.0%), from €15,771 to €23,184
- Financial income -€4,510
down €4,510 (-100.0%), from €4,510 to €0
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 | €816,371 | €752,846 | -€63,525 | -7.8% |
| Fixed assets | 21/28 | €766,201 | €692,571 | -€73,631 | -9.6% |
| Tangible fixed assets | 22/27 | €766,201 | €692,571 | -€73,631 | -9.6% |
| Land and buildings | 22 | €765,479 | €692,571 | -€72,908 | -9.5% |
| Plant, machinery and equipment | 23 | €723 | - | -€723 | |
| Current assets | 29/58 | €50,169 | €60,275 | +€10,106 | +20.1% |
| Amounts receivable within one year | 40/41 | €28,566 | €28,566 | = | 0.0% |
| Trade receivables | 40 | €28,566 | €28,566 | = | 0.0% |
| Current investments | 50/53 | €2,488 | €2,488 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,116 | €29,222 | +€10,106 | +52.9% |
| Total equity and liabilities | 10/49 | €816,371 | €752,846 | -€63,525 | -7.8% |
| Equity | 10/15 | €406,155 | €453,996 | +€47,842 | +11.8% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Outside capital | 11 | €60,000 | €60,000 | = | 0.0% |
| Other | 1109/19 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €346,155 | €393,996 | +€47,842 | +13.8% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €340,155 | €387,996 | +€47,842 | +14.1% |
| Amounts payable | 17/49 | €410,216 | €298,850 | -€111,366 | -27.1% |
| Amounts payable after more than one year | 17 | €11,110 | - | -€11,110 | |
| Financial debts | 170/4 | €11,110 | - | -€11,110 | |
| Amounts payable within one year | 42/48 | €399,106 | €298,850 | -€100,257 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €26,667 | €11,110 | -€15,557 | -58.3% |
| Trade debts | 44 | €89,631 | €91,925 | +€2,294 | +2.6% |
| Suppliers | 440/4 | €89,631 | €91,925 | +€2,294 | +2.6% |
| Advances received on contracts in progress | 46 | €38,382 | €36,382 | -€2,000 | -5.2% |
| Taxes, remuneration and social security | 45 | €7,964 | €5,433 | -€2,531 | -31.8% |
| Taxes | 450/3 | €7,964 | €5,433 | -€2,531 | -31.8% |
| Other amounts payable | 47/48 | €236,463 | €154,000 | -€82,463 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,879 | €75,871 | -€9 | 0.0% |
| Other operating charges | 640/8 | €15,771 | €23,184 | +€7,413 | +47.0% |
| Gross operating margin | 9900 | €29,210 | €148,071 | +€118,861 | +406.9% |
| Operating profit (loss) | 9901 | -€62,440 | €49,017 | +€111,457 | |
| Financial income | 75/76B | €4,510 | €0 | -€4,510 | -100.0% |
| Recurring financial income | 75 | €4,510 | €0 | -€4,510 | -100.0% |
| Financial charges | 65/66B | €2,324 | €1,175 | -€1,148 | -49.4% |
| Recurring financial charges | 65 | €2,324 | €1,175 | -€1,148 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | -€60,254 | €47,842 | +€108,096 | |
| Profit (loss) for the period | 9904 | -€60,254 | €47,842 | +€108,096 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,254 | €47,842 | +€108,096 |
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 6 October 2026 via checked.be.