KAVECO: 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.
KAVECO
Largest movements
- Cash -€119,729
down €119,729 (-58.1%), from €206,220 to €86,491
mainly Contributions, distributions and other (-€89,149) and Receivables after one year (-€44,000)
- Receivables after one year +€44,000
up €44,000 (+383%), from €11,500 to €55,500
- Reserves -€89,149
down €89,149 (-43.7%), from €203,788 to €114,639
of which Distributable reserves: -€89,149
- Other debts +€40,624
up €40,624 (+108%), from €37,677 to €78,301
- Profit (loss) carried forward -€25,876
down €25,876 (-432%), from -€5,986 to -€31,862
- Tax, wage and social debts -€3,443
down €3,443 (-60.3%), from €5,709 to €2,266
of which Taxes: -€2,755
- Gross operating margin -€21,525
down €21,525, from €313 to -€21,211
- Financial income -€3,721
down €3,721 (-81.9%), from €4,541 to €820
- Financial charges -€3,207
down €3,207 (-63.3%), from €5,063 to €1,856
- Other operating charges -€3,046
down €3,046 (-68.6%), from €4,444 to €1,397
- Depreciation +€723
up €723 (+54.5%), from €1,326 to €2,049
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.
Derived cash bridge
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 | €244,693 | €164,548 | -€80,145 | -32.8% |
| Fixed assets | 21/28 | €5,272 | €4,198 | -€1,074 | -20.4% |
| Tangible fixed assets | 22/27 | €5,272 | €4,198 | -€1,074 | -20.4% |
| Furniture and vehicles | 24 | €1,421 | €1,307 | -€114 | -8.0% |
| Other tangible fixed assets | 26 | €3,851 | €2,891 | -€960 | -24.9% |
| Current assets | 29/58 | €239,421 | €160,350 | -€79,071 | -33.0% |
| Amounts receivable after more than one year | 29 | €11,500 | €55,500 | +€44,000 | +383% |
| Trade receivables | 290 | €11,500 | €55,500 | +€44,000 | +383% |
| Amounts receivable within one year | 40/41 | €14,585 | €13,348 | -€1,237 | -8.5% |
| Trade receivables | 40 | €7,399 | €13,348 | +€5,949 | +80.4% |
| Other amounts receivable | 41 | €7,186 | - | -€7,186 | |
| Current investments | 50/53 | €20 | - | -€20 | |
| Cash at bank and in hand | 54/58 | €206,220 | €86,491 | -€119,729 | -58.1% |
| Deferred charges and accrued income | 490/1 | €7,096 | €5,012 | -€2,084 | -29.4% |
| Total equity and liabilities | 10/49 | €244,693 | €164,548 | -€80,145 | -32.8% |
| Equity | 10/15 | €197,902 | €82,877 | -€115,025 | -58.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €203,788 | €114,639 | -€89,149 | -43.7% |
| Non-distributable reserves | 130/1 | €10 | €10 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €10 | +€10 | |
| Other | 1319 | €10 | - | -€10 | |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €193,778 | €104,629 | -€89,149 | -46.0% |
| Profit (loss) carried forward | 14 | -€5,986 | -€31,862 | -€25,876 | -432% |
| Amounts payable | 17/49 | €46,791 | €81,671 | +€34,880 | +74.5% |
| Amounts payable within one year | 42/48 | €46,746 | €81,671 | +€34,925 | +74.7% |
| Financial debts | 43 | €71 | - | -€71 | |
| Credit institutions | 430/8 | €71 | - | -€71 | |
| Trade debts | 44 | €3,289 | €1,104 | -€2,186 | -66.4% |
| Suppliers | 440/4 | €3,289 | €1,104 | -€2,186 | -66.4% |
| Taxes, remuneration and social security | 45 | €5,709 | €2,266 | -€3,443 | -60.3% |
| Taxes | 450/3 | €5,021 | €2,266 | -€2,755 | -54.9% |
| Remuneration and social security | 454/9 | €687 | - | -€687 | |
| Other amounts payable | 47/48 | €37,677 | €78,301 | +€40,624 | +108% |
| Accrued charges and deferred income | 492/3 | €45 | - | -€45 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,326 | €2,049 | +€723 | +54.5% |
| Other operating charges | 640/8 | €4,444 | €1,397 | -€3,046 | -68.6% |
| Gross operating margin | 9900 | €313 | -€21,211 | -€21,525 | |
| Operating profit (loss) | 9901 | -€5,457 | -€24,658 | -€19,201 | -352% |
| Financial income | 75/76B | €4,541 | €820 | -€3,721 | -81.9% |
| Recurring financial income | 75 | €4,541 | €820 | -€3,721 | -81.9% |
| Financial charges | 65/66B | €5,063 | €1,856 | -€3,207 | -63.3% |
| Recurring financial charges | 65 | €5,063 | €1,856 | -€3,207 | -63.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,978 | -€25,693 | -€19,715 | -330% |
| Income taxes | 67/77 | €8 | €183 | +€174 | +2,159% |
| Profit (loss) for the period | 9904 | -€5,986 | -€25,876 | -€19,889 | -332% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,986 | -€25,876 | -€19,889 | -332% |
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 16 October 2026 via checked.be.