Kavenir Holding: what changed
Kavenir Holding
Largest movements
- Receivables after one year +€1.2m
up €1.2m (+477%), from €255,000 to €1.5m
- Financial fixed assets -€794,000
down €794,000 (-99.3%), from €800,000 to €6,000
- Cash -€276,522
down €276,522 (-59.9%), from €461,337 to €184,815
mainly Receivables after one year (-€1.2m) and Contributions, distributions and other (-€440,000)
- Receivables within one year -€41,021
down €41,021 (-78.3%), from €52,401 to €11,380
of which Other amounts receivable: -€47,841
- Tangible fixed assets +€20,164
up €20,164 (+139%), from €14,513 to €34,677
of which Other tangible fixed assets: +€26,048
- Reserves +€119,957
up €119,957 (+8.4%), from €1.4m to €1.6m
- Tax, wage and social debts -€40,094
down €40,094 (-27.2%), from €147,517 to €107,423
- Accrued charges and deferred income +€23,407
up €23,407 (+2,341%), from €1,000 to €24,407
- Other debts +€20,750
new in 2025: €20,750
- Financial income +€703,657
new in 2025: €703,657
- Taxes +€111,175
new in 2025: €111,175
- Gross operating margin -€23,948
new in 2025: -€23,948
- Depreciation +€7,828
new in 2025: €7,828
- Other operating charges +€554
new in 2025: €554
Change in the result, 29-04-2025 to 31-12-2025
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
The bridge is derived from the 29-04-2025 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 29-04-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,583,520 | €1,707,974 | +€124,454 | +7.9% |
| Fixed assets | 21/28 | €814,513 | €40,677 | -€773,836 | -95.0% |
| Tangible fixed assets | 22/27 | €14,513 | €34,677 | +€20,164 | +139% |
| Plant, machinery and equipment | 23 | €14,513 | €8,629 | -€5,884 | -40.5% |
| Other tangible fixed assets | 26 | - | €26,048 | +€26,048 | |
| Financial fixed assets | 28 | €800,000 | €6,000 | -€794,000 | -99.3% |
| Companies linked by participating interests | 282/3 | €800,000 | - | -€800,000 | |
| Participating interests | 282 | €800,000 | - | -€800,000 | |
| Current assets | 29/58 | €769,006 | €1,667,297 | +€898,291 | +117% |
| Amounts receivable after more than one year | 29 | €255,000 | €1,471,023 | +€1.2m | +477% |
| Other amounts receivable | 291 | €255,000 | €1,471,023 | +€1.2m | +477% |
| Amounts receivable within one year | 40/41 | €52,401 | €11,380 | -€41,021 | -78.3% |
| Trade receivables | 40 | - | €6,820 | +€6,820 | |
| Other amounts receivable | 41 | €52,401 | €4,560 | -€47,841 | -91.3% |
| Cash at bank and in hand | 54/58 | €461,337 | €184,815 | -€276,522 | -59.9% |
| Deferred charges and accrued income | 490/1 | €268 | €79 | -€189 | -70.5% |
| Total equity and liabilities | 10/49 | €1,583,520 | €1,707,974 | +€124,454 | +7.9% |
| Equity | 10/15 | €1,435,003 | €1,554,960 | +€119,957 | +8.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €1,434,903 | €1,554,860 | +€119,957 | +8.4% |
| Distributable reserves | 133 | €1,434,903 | €1,554,860 | +€119,957 | +8.4% |
| Amounts payable | 17/49 | - | €153,014 | +€153,014 | |
| Amounts payable within one year | 42/48 | €147,517 | €128,607 | -€18,910 | -12.8% |
| Financial debts | 43 | - | €27 | +€27 | |
| Credit institutions | 430/8 | - | €27 | +€27 | |
| Trade debts | 44 | - | €407 | +€407 | |
| Suppliers | 440/4 | - | €407 | +€407 | |
| Taxes, remuneration and social security | 45 | €147,517 | €107,423 | -€40,094 | -27.2% |
| Taxes | 450/3 | €147,517 | €107,423 | -€40,094 | -27.2% |
| Other amounts payable | 47/48 | - | €20,750 | +€20,750 | |
| Accrued charges and deferred income | 492/3 | €1,000 | €24,407 | +€23,407 | +2,341% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,828 | +€7,828 | |
| Other operating charges | 640/8 | - | €554 | +€554 | |
| Gross operating margin | 9900 | - | -€23,948 | -€23,948 | |
| Operating profit (loss) | 9901 | - | -€32,330 | -€32,330 | |
| Financial income | 75/76B | - | €703,657 | +€703,657 | |
| Recurring financial income | 75 | - | €703,657 | +€703,657 | |
| Financial charges | 65/66B | - | €195 | +€195 | |
| Recurring financial charges | 65 | - | €195 | +€195 | |
| Profit (loss) for the period before taxes | 9903 | - | €671,132 | +€671,132 | |
| Income taxes | 67/77 | - | €111,175 | +€111,175 | |
| Profit (loss) for the period | 9904 | - | €559,957 | +€559,957 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €559,957 | +€559,957 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 29 April 2025 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.