KAVEL 78: 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.
KAVEL 78
Largest movements
- Receivables within one year +€978,607
up €978,607 (+182%), from €538,036 to €1.5m
- Stocks and contracts -€702,154
down €702,154 (-19.9%), from €3.5m to €2.8m
- Cash +€161,942
up €161,942 (+169%), from €95,622 to €257,564
mainly Debts after one year (+€1.1m) and Stocks and contracts (+€702,154)
- Debts after one year +€1.1m
new in 2025: €1.1m
- Current portion of long-term debt -€861,289
down €861,289 (-38.6%), from €2.2m to €1.4m
- Reserves +€193,671
up €193,671 (+10.9%), from €1.8m to €2.0m
of which Distributable reserves: +€193,671
- Accrued charges and deferred income +€80,397
up €80,397 (+93,823%), from €86 to €80,482
- Gross operating margin +€298,900
up €298,900 (+403%), from €74,199 to €373,099
- Financial charges +€78,652
up €78,652 (+1,516%), from €5,188 to €83,841
- Taxes +€45,166
up €45,166 (+230%), from €19,647 to €64,813
- Other operating charges +€26,575
up €26,575 (+380%), from €6,991 to €33,565
- Staff costs +€12,431
new in 2025: €12,431
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 | €4,168,095 | €4,606,490 | +€438,394 | +10.5% |
| Current assets | 29/58 | €4,168,095 | €4,606,490 | +€438,394 | +10.5% |
| Stocks and contracts in progress | 3 | €3,534,436 | €2,832,282 | -€702,154 | -19.9% |
| Stocks | 30/36 | €3,534,436 | €2,832,282 | -€702,154 | -19.9% |
| Amounts receivable within one year | 40/41 | €538,036 | €1,516,643 | +€978,607 | +182% |
| Other amounts receivable | 41 | €538,036 | €1,516,643 | +€978,607 | +182% |
| Cash at bank and in hand | 54/58 | €95,622 | €257,564 | +€161,942 | +169% |
| Total equity and liabilities | 10/49 | €4,168,095 | €4,606,490 | +€438,394 | +10.5% |
| Equity | 10/15 | €1,837,558 | €2,031,229 | +€193,671 | +10.5% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,772,558 | €1,966,229 | +€193,671 | +10.9% |
| Non-distributable reserves | 130/1 | €26,246 | €26,246 | = | 0.0% |
| Legal reserve | 130 | €26,246 | €26,246 | = | 0.0% |
| Distributable reserves | 133 | €1,746,312 | €1,939,983 | +€193,671 | +11.1% |
| Amounts payable | 17/49 | €2,330,537 | €2,575,260 | +€244,723 | +10.5% |
| Amounts payable after more than one year | 17 | - | €1,050,000 | +€1.1m | |
| Financial debts | 170/4 | - | €1,050,000 | +€1.1m | |
| Amounts payable within one year | 42/48 | €2,330,451 | €1,444,778 | -€885,674 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €2,232,226 | €1,370,937 | -€861,289 | -38.6% |
| Trade debts | 44 | €98,226 | €66,761 | -€31,465 | -32.0% |
| Suppliers | 440/4 | €98,226 | €66,761 | -€31,465 | -32.0% |
| Taxes, remuneration and social security | 45 | €0 | €7,080 | +€7,080 | |
| Taxes | 450/3 | €0 | €3,310 | +€3,310 | |
| Remuneration and social security | 454/9 | - | €3,769 | +€3,769 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €86 | €80,482 | +€80,397 | +93,823% |
| Remuneration, social security and pensions | 62 | - | €12,431 | +€12,431 | |
| Other operating charges | 640/8 | €6,991 | €33,565 | +€26,575 | +380% |
| Gross operating margin | 9900 | €74,199 | €373,099 | +€298,900 | +403% |
| Operating profit (loss) | 9901 | €67,209 | €327,103 | +€259,894 | +387% |
| Financial income | 75/76B | €16,552 | €15,222 | -€1,330 | -8.0% |
| Recurring financial income | 75 | €16,552 | €15,222 | -€1,330 | -8.0% |
| Financial charges | 65/66B | €5,188 | €83,841 | +€78,652 | +1,516% |
| Recurring financial charges | 65 | €5,188 | €83,841 | +€78,652 | +1,516% |
| Profit (loss) for the period before taxes | 9903 | €78,572 | €258,485 | +€179,912 | +229% |
| Income taxes | 67/77 | €19,647 | €64,813 | +€45,166 | +230% |
| Profit (loss) for the period | 9904 | €58,925 | €193,671 | +€134,746 | +229% |
| Profit (loss) for the period to be appropriated | 9905 | €58,925 | €193,671 | +€134,746 | +229% |
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 27 October 2026 via checked.be.