KAVKAS: 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.
KAVKAS
Largest movements
- Receivables within one year +€51,238
up €51,238 (+278%), from €18,458 to €69,696
of which Other amounts receivable: +€47,238
- Tangible fixed assets +€16,250
up €16,250 (+234%), from €6,945 to €23,195
of which Leasing and similar rights: +€22,024
- Financial fixed assets +€4,020
new in 2025: €4,020
- Profit (loss) carried forward +€40,712
up €40,712, from -€4,323 to €36,389
- Tax, wage and social debts +€19,944
up €19,944 (+468%), from €4,258 to €24,201
of which Taxes: +€19,944
- Debts after one year +€7,617
new in 2025: €7,617
- Current portion of long-term debt +€5,542
new in 2025: €5,542
- Trade debts -€2,289
down €2,289 (-17.0%), from €13,485 to €11,197
- Gross operating margin +€18,731
up €18,731 (+47.5%), from €39,405 to €58,135
- Taxes +€11,356
new in 2025: €11,356
- Depreciation +€5,027
up €5,027 (+673%), from €747 to €5,774
- Financial income +€1,545
up €1,545 (+464%), from €333 to €1,879
- Other operating charges -€1,068
down €1,068 (-47.7%), from €2,237 to €1,169
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 | €25,420 | €96,946 | +€71,526 | +281% |
| Fixed assets | 21/28 | €6,945 | €27,215 | +€20,270 | +292% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €6,945 | €23,195 | +€16,250 | +234% |
| Plant, machinery and equipment | 23 | €1,149 | €752 | -€397 | -34.6% |
| Furniture and vehicles | 24 | €5,796 | €419 | -€5,377 | -92.8% |
| Leasing and similar rights | 25 | - | €22,024 | +€22,024 | |
| Financial fixed assets | 28 | - | €4,020 | +€4,020 | |
| Current assets | 29/58 | €18,475 | €69,731 | +€51,256 | +277% |
| Amounts receivable within one year | 40/41 | €18,458 | €69,696 | +€51,238 | +278% |
| Trade receivables | 40 | €7,464 | €11,465 | +€4,001 | +53.6% |
| Other amounts receivable | 41 | €10,993 | €58,231 | +€47,238 | +430% |
| Cash at bank and in hand | 54/58 | €18 | €35 | +€18 | +98.1% |
| Total equity and liabilities | 10/49 | €25,420 | €96,946 | +€71,526 | +281% |
| Equity | 10/15 | €7,677 | €48,389 | +€40,712 | +530% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,323 | €36,389 | +€40,712 | |
| Amounts payable | 17/49 | €17,743 | €48,557 | +€30,814 | +174% |
| Amounts payable after more than one year | 17 | - | €7,617 | +€7,617 | |
| Financial debts | 170/4 | - | €7,617 | +€7,617 | |
| Amounts payable within one year | 42/48 | €17,743 | €40,940 | +€23,197 | +131% |
| Current portion of amounts payable after more than one year | 42 | - | €5,542 | +€5,542 | |
| Trade debts | 44 | €13,485 | €11,197 | -€2,289 | -17.0% |
| Suppliers | 440/4 | €13,485 | €11,197 | -€2,289 | -17.0% |
| Taxes, remuneration and social security | 45 | €4,258 | €24,201 | +€19,944 | +468% |
| Taxes | 450/3 | €4,258 | €24,201 | +€19,944 | +468% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €747 | €5,774 | +€5,027 | +673% |
| Other operating charges | 640/8 | €2,237 | €1,169 | -€1,068 | -47.7% |
| Non-recurring operating charges | 66A | €9,984 | €0 | -€9,984 | -100% |
| Gross operating margin | 9900 | €39,405 | €58,135 | +€18,731 | +47.5% |
| Operating profit (loss) | 9901 | €26,437 | €51,192 | +€24,755 | +93.6% |
| Financial income | 75/76B | €333 | €1,879 | +€1,545 | +464% |
| Recurring financial income | 75 | €333 | €1,879 | +€1,545 | +464% |
| Financial charges | 65/66B | €519 | €1,003 | +€484 | +93.3% |
| Recurring financial charges | 65 | €519 | €1,003 | +€484 | +93.3% |
| Profit (loss) for the period before taxes | 9903 | €26,252 | €52,068 | +€25,816 | +98.3% |
| Income taxes | 67/77 | - | €11,356 | +€11,356 | |
| Profit (loss) for the period | 9904 | €26,252 | €40,712 | +€14,460 | +55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,252 | €40,712 | +€14,460 | +55.1% |
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 15 October 2026 via checked.be.