KAVERO: 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.
KAVERO
Largest movements
- Cash -€161,206
down €161,206 (-74.9%), from €215,181 to €53,975
mainly Contributions, distributions and other (-€378,824) and Current investments (-€92,951)
- Current investments +€92,951
up €92,951 (+53.5%), from €173,710 to €266,661
- Tangible fixed assets -€38,248
down €38,248 (-15.7%), from €244,117 to €205,870
- Deferred charges and accrued income -€8,078
down €8,078 (-22.1%), from €36,540 to €28,462
- Other debts -€67,375
down €67,375 (-94.8%), from €71,064 to €3,688
- Profit (loss) carried forward -€57,324
down €57,324 (-15.1%), from €378,975 to €321,651
- Tax, wage and social debts +€17,517
up €17,517 (+194%), from €9,009 to €26,526
of which Taxes: +€18,682
- Debts after one year -€11,468
down €11,468 (-6.0%), from €192,668 to €181,201
- Gross operating margin +€35,405
up €35,405 (+7.9%), from €450,287 to €485,693
- Financial income +€9,828
up €9,828 (+491,397%), from €2 to €9,830
- Taxes +€9,492
up €9,492 (+10.4%), from €91,210 to €100,702
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 | €672,371 | €556,463 | -€115,908 | -17.2% |
| Fixed assets | 21/28 | €244,117 | €205,870 | -€38,248 | -15.7% |
| Tangible fixed assets | 22/27 | €244,117 | €205,870 | -€38,248 | -15.7% |
| Plant, machinery and equipment | 23 | €115,406 | €97,513 | -€17,893 | -15.5% |
| Furniture and vehicles | 24 | €39,053 | €27,884 | -€11,170 | -28.6% |
| Other tangible fixed assets | 26 | €89,658 | €80,473 | -€9,185 | -10.2% |
| Current assets | 29/58 | €428,254 | €350,594 | -€77,660 | -18.1% |
| Amounts receivable within one year | 40/41 | €2,823 | €1,496 | -€1,327 | -47.0% |
| Trade receivables | 40 | - | €206 | +€206 | |
| Other amounts receivable | 41 | €2,823 | €1,290 | -€1,534 | -54.3% |
| Current investments | 50/53 | €173,710 | €266,661 | +€92,951 | +53.5% |
| Cash at bank and in hand | 54/58 | €215,181 | €53,975 | -€161,206 | -74.9% |
| Deferred charges and accrued income | 490/1 | €36,540 | €28,462 | -€8,078 | -22.1% |
| Total equity and liabilities | 10/49 | €672,371 | €556,463 | -€115,908 | -17.2% |
| Equity | 10/15 | €383,975 | €326,651 | -€57,324 | -14.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €378,975 | €321,651 | -€57,324 | -15.1% |
| Amounts payable | 17/49 | €288,396 | €229,813 | -€58,584 | -20.3% |
| Amounts payable after more than one year | 17 | €192,668 | €181,201 | -€11,468 | -6.0% |
| Financial debts | 170/4 | €192,668 | €181,201 | -€11,468 | -6.0% |
| Amounts payable within one year | 42/48 | €93,322 | €44,571 | -€48,751 | -52.2% |
| Current portion of amounts payable after more than one year | 42 | €11,343 | €11,468 | +€125 | +1.1% |
| Trade debts | 44 | €1,906 | €2,889 | +€982 | +51.5% |
| Suppliers | 440/4 | €1,906 | €2,889 | +€982 | +51.5% |
| Taxes, remuneration and social security | 45 | €9,009 | €26,526 | +€17,517 | +194% |
| Taxes | 450/3 | €3,965 | €22,647 | +€18,682 | +471% |
| Remuneration and social security | 454/9 | €5,044 | €3,879 | -€1,165 | -23.1% |
| Other amounts payable | 47/48 | €71,064 | €3,688 | -€67,375 | -94.8% |
| Accrued charges and deferred income | 492/3 | €2,406 | €4,041 | +€1,635 | +68.0% |
| Remuneration, social security and pensions | 62 | €27,143 | €31,043 | +€3,900 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,894 | €38,248 | +€3,354 | +9.6% |
| Other operating charges | 640/8 | €1,850 | €509 | -€1,341 | -72.5% |
| Gross operating margin | 9900 | €450,287 | €485,693 | +€35,405 | +7.9% |
| Operating profit (loss) | 9901 | €386,400 | €415,892 | +€29,492 | +7.6% |
| Financial income | 75/76B | €2 | €9,830 | +€9,828 | +491,397% |
| Recurring financial income | 75 | €2 | €9,830 | +€9,828 | +491,397% |
| Financial charges | 65/66B | €3,395 | €3,521 | +€126 | +3.7% |
| Recurring financial charges | 65 | €3,395 | €3,521 | +€126 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €383,008 | €422,202 | +€39,194 | +10.2% |
| Income taxes | 67/77 | €91,210 | €100,702 | +€9,492 | +10.4% |
| Profit (loss) for the period | 9904 | €291,797 | €321,499 | +€29,702 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €291,797 | €321,499 | +€29,702 | +10.2% |
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 14 October 2026 via checked.be.