KAVERNO: 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.
KAVERNO
Largest movements
- Current investments -€152,049
down €152,049 (-37.2%), from €408,809 to €256,760
- Cash +€11,233
up €11,233 (+27.7%), from €40,598 to €51,832
mainly Current investments (+€152,049) and Net result for the year (+€21,705)
- Reserves -€124,528
down €124,528 (-37.6%), from €330,851 to €206,324
- Tax, wage and social debts -€15,882
down €15,882 (-76.3%), from €20,825 to €4,943
- Gross operating margin -€52,958
down €52,958 (-79.1%), from €66,975 to €14,017
- Provisions -€18,000
no longer reported in 2025 (was €18,000)
- Financial income +€14,547
up €14,547 (+212%), from €6,863 to €21,410
- Taxes -€8,586
down €8,586 (-45.3%), from €18,945 to €10,359
- Other operating charges -€2,037
down €2,037 (-66.8%), from €3,048 to €1,012
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 | €484,745 | €344,927 | -€139,818 | -28.8% |
| Fixed assets | 21/28 | €5,330 | €4,383 | -€946 | -17.8% |
| Tangible fixed assets | 22/27 | €5,330 | €4,383 | -€946 | -17.8% |
| Plant, machinery and equipment | 23 | €1,733 | €1,079 | -€653 | -37.7% |
| Furniture and vehicles | 24 | €3,597 | €3,304 | -€293 | -8.1% |
| Current assets | 29/58 | €479,415 | €340,543 | -€138,871 | -29.0% |
| Amounts receivable within one year | 40/41 | €25,151 | €27,593 | +€2,442 | +9.7% |
| Trade receivables | 40 | €19,334 | €17,670 | -€1,664 | -8.6% |
| Other amounts receivable | 41 | €5,817 | €9,923 | +€4,106 | +70.6% |
| Current investments | 50/53 | €408,809 | €256,760 | -€152,049 | -37.2% |
| Cash at bank and in hand | 54/58 | €40,598 | €51,832 | +€11,233 | +27.7% |
| Deferred charges and accrued income | 490/1 | €4,856 | €4,358 | -€498 | -10.3% |
| Total equity and liabilities | 10/49 | €484,745 | €344,927 | -€139,818 | -28.8% |
| Equity | 10/15 | €441,242 | €316,714 | -€124,528 | -28.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €330,851 | €206,324 | -€124,528 | -37.6% |
| Distributable reserves | 133 | €330,851 | €206,324 | -€124,528 | -37.6% |
| Profit (loss) carried forward | 14 | €89,930 | €89,930 | = | 0.0% |
| Provisions and deferred taxes | 16 | €18,000 | €18,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €18,000 | €18,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €18,000 | €18,000 | = | 0.0% |
| Amounts payable | 17/49 | €25,503 | €10,213 | -€15,290 | -60.0% |
| Amounts payable within one year | 42/48 | €25,497 | €10,210 | -€15,288 | -60.0% |
| Trade debts | 44 | €1,644 | €2,019 | +€375 | +22.8% |
| Suppliers | 440/4 | €1,644 | €2,019 | +€375 | +22.8% |
| Taxes, remuneration and social security | 45 | €20,825 | €4,943 | -€15,882 | -76.3% |
| Taxes | 450/3 | €20,825 | €4,943 | -€15,882 | -76.3% |
| Other amounts payable | 47/48 | €3,028 | €3,248 | +€219 | +7.2% |
| Accrued charges and deferred income | 492/3 | €6 | €3 | -€2 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,478 | €2,142 | +€664 | +44.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €18,000 | - | -€18,000 | |
| Other operating charges | 640/8 | €3,048 | €1,012 | -€2,037 | -66.8% |
| Gross operating margin | 9900 | €66,975 | €14,017 | -€52,958 | -79.1% |
| Operating profit (loss) | 9901 | €44,448 | €10,863 | -€33,585 | -75.6% |
| Financial income | 75/76B | €6,863 | €21,410 | +€14,547 | +212% |
| Recurring financial income | 75 | €6,863 | €21,410 | +€14,547 | +212% |
| Financial charges | 65/66B | €2,089 | €210 | -€1,879 | -90.0% |
| Recurring financial charges | 65 | €2,089 | €210 | -€1,879 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €49,222 | €32,064 | -€17,158 | -34.9% |
| Income taxes | 67/77 | €18,945 | €10,359 | -€8,586 | -45.3% |
| Profit (loss) for the period | 9904 | €30,277 | €21,705 | -€8,572 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,277 | €21,705 | -€8,572 | -28.3% |
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 19 October 2026 via checked.be.