KAVEK: 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.
KAVEK
Largest movements
- Tangible fixed assets -€16,853
down €16,853 (-4.8%), from €349,796 to €332,943
- Other debts +€129,514
up €129,514 (+211.9%), from €61,134 to €190,648
- Profit (loss) carried forward -€77,608
no longer reported in 2025 (was €77,608)
- Reserves -€29,841
no longer reported in 2025 (was €29,841)
- Debts after one year -€22,509
down €22,509 (-9.5%), from €237,732 to €215,222
- Contributions -€18,414
down €18,414 (-99.0%), from €18,600 to €186
- Gross operating margin +€10,429
up €10,429 (+14.5%), from €71,998 to €82,427
- Taxes +€1,836
up €1,836 (+20.2%), from €9,099 to €10,934
- Financial charges -€1,413
down €1,413 (-16.2%), from €8,705 to €7,292
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 | €466,005 | €453,136 | -€12,869 | -2.8% |
| Fixed assets | 21/28 | €349,796 | €332,943 | -€16,853 | -4.8% |
| Tangible fixed assets | 22/27 | €349,796 | €332,943 | -€16,853 | -4.8% |
| Land and buildings | 22 | €298,463 | €290,306 | -€8,156 | -2.7% |
| Plant, machinery and equipment | 23 | €2,695 | €1,800 | -€895 | -33.2% |
| Furniture and vehicles | 24 | €48,638 | €40,837 | -€7,802 | -16.0% |
| Current assets | 29/58 | €116,209 | €120,193 | +€3,984 | +3.4% |
| Amounts receivable within one year | 40/41 | €22,587 | €24,116 | +€1,530 | +6.8% |
| Trade receivables | 40 | €18,048 | €17,387 | -€661 | -3.7% |
| Other amounts receivable | 41 | €4,539 | €6,729 | +€2,191 | +48.3% |
| Cash at bank and in hand | 54/58 | €91,385 | €94,037 | +€2,651 | +2.9% |
| Deferred charges and accrued income | 490/1 | €2,237 | €2,040 | -€197 | -8.8% |
| Total equity and liabilities | 10/49 | €466,005 | €453,136 | -€12,869 | -2.8% |
| Equity | 10/15 | €126,049 | €186 | -€125,863 | -99.9% |
| Contributions | 10/11 | €18,600 | €186 | -€18,414 | -99.0% |
| Reserves | 13 | €29,841 | - | -€29,841 | |
| Distributable reserves | 133 | €29,841 | - | -€29,841 | |
| Profit (loss) carried forward | 14 | €77,608 | - | -€77,608 | |
| Amounts payable | 17/49 | €339,955 | €452,950 | +€112,994 | +33.2% |
| Amounts payable after more than one year | 17 | €237,732 | €215,222 | -€22,509 | -9.5% |
| Financial debts | 170/4 | €237,732 | €215,222 | -€22,509 | -9.5% |
| Amounts payable within one year | 42/48 | €93,866 | €231,759 | +€137,893 | +146.9% |
| Current portion of amounts payable after more than one year | 42 | €24,838 | €25,034 | +€196 | +0.8% |
| Trade debts | 44 | €7,894 | €16,077 | +€8,183 | +103.7% |
| Suppliers | 440/4 | €7,894 | €16,077 | +€8,183 | +103.7% |
| Other amounts payable | 47/48 | €61,134 | €190,648 | +€129,514 | +211.9% |
| Accrued charges and deferred income | 492/3 | €8,358 | €5,969 | -€2,390 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,254 | €23,732 | -€522 | -2.2% |
| Other operating charges | 640/8 | €1,625 | €1,618 | -€7 | -0.4% |
| Non-recurring operating charges | 66A | - | €277 | +€277 | |
| Gross operating margin | 9900 | €71,998 | €82,427 | +€10,429 | +14.5% |
| Operating profit (loss) | 9901 | €46,120 | €56,800 | +€10,680 | +23.2% |
| Financial income | 75/76B | €457 | €545 | +€88 | +19.3% |
| Recurring financial income | 75 | €457 | €545 | +€88 | +19.3% |
| Financial charges | 65/66B | €8,705 | €7,292 | -€1,413 | -16.2% |
| Recurring financial charges | 65 | €8,705 | €7,292 | -€1,413 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €37,872 | €50,053 | +€12,181 | +32.2% |
| Income taxes | 67/77 | €9,099 | €10,934 | +€1,836 | +20.2% |
| Profit (loss) for the period | 9904 | €28,774 | €39,119 | +€10,345 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,774 | €39,119 | +€10,345 | +36.0% |
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 8 October 2026 via checked.be.