KAVEMARE: 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.
KAVEMARE
Largest movements
- Tangible fixed assets -€30,396
down €30,396 (-3.6%), from €841,118 to €810,722
of which Land and buildings: -€30,396
- Cash -€16,839
down €16,839 (-20.4%), from €82,447 to €65,608
mainly Short-term financial debts (-€48,698) and Deferred charges and accrued income (-€9,400)
- Short-term financial debts -€48,698
down €48,698 (-100.0%), from €48,698 to €0
- Gross operating margin +€17,441
up €17,441 (+27.8%), from €62,748 to €80,189
- Provisions +€7,000
new in 2025: €7,000
- Other operating charges +€1,092
up €1,092 (+4.2%), from €26,172 to €27,264
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 | €1,140,900 | €1,102,827 | -€38,073 | -3.3% |
| Fixed assets | 21/28 | €1,044,918 | €1,014,522 | -€30,396 | -2.9% |
| Tangible fixed assets | 22/27 | €841,118 | €810,722 | -€30,396 | -3.6% |
| Land and buildings | 22 | €821,842 | €791,447 | -€30,396 | -3.7% |
| Plant, machinery and equipment | 23 | €19,276 | €19,276 | = | 0.0% |
| Financial fixed assets | 28 | €203,800 | €203,800 | = | 0.0% |
| Current assets | 29/58 | €95,981 | €88,304 | -€7,677 | -8.0% |
| Amounts receivable after more than one year | 29 | €13,534 | €13,296 | -€238 | -1.8% |
| Other amounts receivable | 291 | €13,534 | €13,296 | -€238 | -1.8% |
| Cash at bank and in hand | 54/58 | €82,447 | €65,608 | -€16,839 | -20.4% |
| Deferred charges and accrued income | 490/1 | - | €9,400 | +€9,400 | |
| Total equity and liabilities | 10/49 | €1,140,900 | €1,102,827 | -€38,073 | -3.3% |
| Equity | 10/15 | €510,456 | €509,570 | -€886 | -0.2% |
| Contributions | 10/11 | €363,967 | €363,967 | = | 0.0% |
| Capital | 10 | €363,967 | €363,967 | = | 0.0% |
| Issued capital | 100 | €363,967 | €363,967 | = | 0.0% |
| Reserves | 13 | €54,308 | €54,308 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54,308 | €54,308 | = | 0.0% |
| Legal reserve | 130 | €54,308 | €54,308 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,181 | €91,295 | -€886 | -1.0% |
| Provisions and deferred taxes | 16 | - | €7,000 | +€7,000 | |
| Provisions for liabilities and charges | 160/5 | - | €7,000 | +€7,000 | |
| Major repairs and maintenance | 162 | - | €7,000 | +€7,000 | |
| Amounts payable | 17/49 | €630,444 | €586,257 | -€44,187 | -7.0% |
| Amounts payable within one year | 42/48 | €620,976 | €575,608 | -€45,368 | -7.3% |
| Financial debts | 43 | €48,698 | €0 | -€48,698 | -100.0% |
| Credit institutions | 430/8 | €48,698 | €0 | -€48,698 | -100.0% |
| Trade debts | 44 | €11,862 | €6,918 | -€4,944 | -41.7% |
| Suppliers | 440/4 | €11,862 | €6,918 | -€4,944 | -41.7% |
| Other amounts payable | 47/48 | €560,417 | €568,691 | +€8,274 | +1.5% |
| Accrued charges and deferred income | 492/3 | €9,467 | €10,649 | +€1,181 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,396 | €30,396 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €7,000 | +€7,000 | |
| Other operating charges | 640/8 | €26,172 | €27,264 | +€1,092 | +4.2% |
| Gross operating margin | 9900 | €62,748 | €80,189 | +€17,441 | +27.8% |
| Operating profit (loss) | 9901 | €6,180 | €15,530 | +€9,349 | +151.3% |
| Financial income | 75/76B | €236 | €261 | +€25 | +10.7% |
| Recurring financial income | 75 | €236 | €261 | +€25 | +10.7% |
| Financial charges | 65/66B | €16,980 | €16,677 | -€304 | -1.8% |
| Recurring financial charges | 65 | €16,980 | €16,677 | -€304 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€10,564 | -€886 | +€9,678 | +91.6% |
| Profit (loss) for the period | 9904 | -€10,564 | -€886 | +€9,678 | +91.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,564 | -€886 | +€9,678 | +91.6% |
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 3 October 2026 via checked.be.