KAVELS: 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.
KAVELS
Largest movements
- Tangible fixed assets -€26,939
down €26,939 (-5.4%), from €497,455 to €470,516
of which Land and buildings: -€24,794
- Receivables within one year +€5,348
up €5,348 (+83.0%), from €6,443 to €11,791
of which Trade receivables: +€5,907
- Profit (loss) carried forward -€21,104
down €21,104 (-14.1%), from -€149,244 to -€170,348
- Debts after one year +€12,039
up €12,039 (+2.1%), from €565,666 to €577,705
of which Other amounts payable: +€29,996
- Other debts -€10,969
down €10,969 (-29.7%), from €36,920 to €25,951
- Gross operating margin +€15,516
up €15,516 (+138%), from €11,217 to €26,733
- Depreciation +€4,088
up €4,088 (+14.2%), from €28,776 to €32,864
- Financial charges +€1,067
up €1,067 (+15.9%), from €6,694 to €7,761
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 | €505,272 | €484,989 | -€20,283 | -4.0% |
| Fixed assets | 21/28 | €497,455 | €470,516 | -€26,939 | -5.4% |
| Tangible fixed assets | 22/27 | €497,455 | €470,516 | -€26,939 | -5.4% |
| Land and buildings | 22 | €482,770 | €457,976 | -€24,794 | -5.1% |
| Plant, machinery and equipment | 23 | €10,760 | €10,004 | -€756 | -7.0% |
| Furniture and vehicles | 24 | €3,925 | €2,537 | -€1,388 | -35.4% |
| Current assets | 29/58 | €7,817 | €14,472 | +€6,655 | +85.1% |
| Amounts receivable within one year | 40/41 | €6,443 | €11,791 | +€5,348 | +83.0% |
| Trade receivables | 40 | €3,568 | €9,475 | +€5,907 | +166% |
| Other amounts receivable | 41 | €2,875 | €2,316 | -€559 | -19.5% |
| Cash at bank and in hand | 54/58 | €1,374 | €2,682 | +€1,308 | +95.2% |
| Total equity and liabilities | 10/49 | €505,272 | €484,989 | -€20,283 | -4.0% |
| Equity | 10/15 | -€132,494 | -€153,598 | -€21,104 | -15.9% |
| Contributions | 10/11 | €16,750 | €16,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€149,244 | -€170,348 | -€21,104 | -14.1% |
| Amounts payable | 17/49 | €637,766 | €638,587 | +€821 | +0.1% |
| Amounts payable after more than one year | 17 | €565,666 | €577,705 | +€12,039 | +2.1% |
| Financial debts | 170/4 | €231,145 | €213,188 | -€17,957 | -7.8% |
| Other amounts payable | 178/9 | €334,521 | €364,517 | +€29,996 | +9.0% |
| Amounts payable within one year | 42/48 | €71,463 | €59,775 | -€11,688 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €21,149 | €22,350 | +€1,201 | +5.7% |
| Trade debts | 44 | €13,226 | €11,261 | -€1,965 | -14.9% |
| Suppliers | 440/4 | €13,226 | €11,261 | -€1,965 | -14.9% |
| Advances received on contracts in progress | 46 | - | €71 | +€71 | |
| Taxes, remuneration and social security | 45 | €168 | €141 | -€27 | -15.8% |
| Taxes | 450/3 | €168 | €141 | -€27 | -15.8% |
| Other amounts payable | 47/48 | €36,920 | €25,951 | -€10,969 | -29.7% |
| Accrued charges and deferred income | 492/3 | €637 | €1,107 | +€470 | +73.8% |
| Non-recurring operating income | 76A | €4,992 | - | -€4,992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,776 | €32,864 | +€4,088 | +14.2% |
| Other operating charges | 640/8 | €7,223 | €7,326 | +€103 | +1.4% |
| Gross operating margin | 9900 | €11,217 | €26,733 | +€15,516 | +138% |
| Operating profit (loss) | 9901 | -€24,782 | -€13,456 | +€11,326 | +45.7% |
| Financial income | 75/76B | - | €255 | +€255 | |
| Recurring financial income | 75 | - | €255 | +€255 | |
| Financial charges | 65/66B | €6,694 | €7,761 | +€1,067 | +15.9% |
| Recurring financial charges | 65 | €6,694 | €7,761 | +€1,067 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,476 | -€20,962 | +€10,514 | +33.4% |
| Income taxes | 67/77 | €168 | €141 | -€27 | -15.8% |
| Profit (loss) for the period | 9904 | -€31,644 | -€21,104 | +€10,540 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,644 | -€21,104 | +€10,540 | +33.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.