KAVER: 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.
KAVER
Largest movements
- Stocks and contracts +€90,570
up €90,570 (+75.6%), from €119,857 to €210,426
- Receivables within one year -€26,929
down €26,929 (-45.1%), from €59,685 to €32,756
of which Trade receivables: -€35,475
- Cash -€22,739
down €22,739 (-43.2%), from €52,592 to €29,853
mainly Stocks and contracts (-€90,570) and Other debts (-€39,718)
- Trade debts +€60,559
up €60,559 (+78.3%), from €77,350 to €137,909
- Other debts -€39,718
down €39,718 (-14.9%), from €267,404 to €227,686
- Profit (loss) carried forward +€9,557
up €9,557 (+7.3%), from -€131,218 to -€121,661
- Tax, wage and social debts +€6,093
up €6,093 (+51.3%), from €11,870 to €17,963
of which Taxes: +€3,364
- Short-term financial debts +€3,410
new in 2025: €3,410
- Gross operating margin -€44,607
down €44,607 (-58.5%), from €76,231 to €31,624
- Staff costs -€30,408
down €30,408 (-53.6%), from €56,698 to €26,290
- Taxes -€8,998
down €8,998, from €3,333 to -€5,664
- Depreciation -€1,328
down €1,328 (-57.0%), from €2,328 to €1,000
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 | €234,007 | €273,908 | +€39,901 | +17.1% |
| Fixed assets | 21/28 | €1,873 | €873 | -€1,000 | -53.4% |
| Tangible fixed assets | 22/27 | €1,773 | €773 | -€1,000 | -56.4% |
| Other tangible fixed assets | 26 | €1,773 | €773 | -€1,000 | -56.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €232,134 | €273,035 | +€40,901 | +17.6% |
| Stocks and contracts in progress | 3 | €119,857 | €210,426 | +€90,570 | +75.6% |
| Stocks | 30/36 | €119,857 | €210,426 | +€90,570 | +75.6% |
| Amounts receivable within one year | 40/41 | €59,685 | €32,756 | -€26,929 | -45.1% |
| Trade receivables | 40 | €46,408 | €10,933 | -€35,475 | -76.4% |
| Other amounts receivable | 41 | €13,278 | €21,823 | +€8,546 | +64.4% |
| Cash at bank and in hand | 54/58 | €52,592 | €29,853 | -€22,739 | -43.2% |
| Total equity and liabilities | 10/49 | €234,007 | €273,908 | +€39,901 | +17.1% |
| Equity | 10/15 | -€122,618 | -€113,061 | +€9,557 | +7.8% |
| Contributions | 10/11 | €8,600 | €8,600 | = | 0.0% |
| Capital | 10 | €8,600 | €8,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€131,218 | -€121,661 | +€9,557 | +7.3% |
| Amounts payable | 17/49 | €356,624 | €386,968 | +€30,344 | +8.5% |
| Amounts payable within one year | 42/48 | €356,624 | €386,968 | +€30,344 | +8.5% |
| Financial debts | 43 | - | €3,410 | +€3,410 | |
| Credit institutions | 430/8 | - | €3,410 | +€3,410 | |
| Trade debts | 44 | €77,350 | €137,909 | +€60,559 | +78.3% |
| Suppliers | 440/4 | €77,350 | €137,909 | +€60,559 | +78.3% |
| Taxes, remuneration and social security | 45 | €11,870 | €17,963 | +€6,093 | +51.3% |
| Taxes | 450/3 | €3,143 | €6,507 | +€3,364 | +107.0% |
| Remuneration and social security | 454/9 | €8,727 | €11,456 | +€2,729 | +31.3% |
| Other amounts payable | 47/48 | €267,404 | €227,686 | -€39,718 | -14.9% |
| Remuneration, social security and pensions | 62 | €56,698 | €26,290 | -€30,408 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,328 | €1,000 | -€1,328 | -57.0% |
| Other operating charges | 640/8 | - | €347 | +€347 | |
| Gross operating margin | 9900 | €76,231 | €31,624 | -€44,607 | -58.5% |
| Operating profit (loss) | 9901 | €17,205 | €3,988 | -€13,217 | -76.8% |
| Financial income | 75/76B | - | €324 | +€324 | |
| Recurring financial income | 75 | - | €324 | +€324 | |
| Financial charges | 65/66B | €306 | €419 | +€113 | +37.1% |
| Recurring financial charges | 65 | €306 | €419 | +€113 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | €16,899 | €3,893 | -€13,006 | -77.0% |
| Income taxes | 67/77 | €3,333 | -€5,664 | -€8,998 | |
| Profit (loss) for the period | 9904 | €13,566 | €9,557 | -€4,009 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,566 | €9,557 | -€4,009 | -29.6% |
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 8 October 2026 via checked.be.