KAVO: 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.
KAVO
Largest movements
- Tangible fixed assets -€37,302
down €37,302 (-4.8%), from €782,966 to €745,664
- Debts after one year -€70,239
down €70,239 (-12.2%), from €577,429 to €507,190
of which Financial debts: -€72,489
- Profit (loss) carried forward +€14,805
up €14,805 (+14.5%), from -€102,357 to -€87,551
- Gross operating margin +€15,242
up €15,242 (+19.7%), from €77,512 to €92,753
- Financial charges +€2,733
up €2,733 (+9.0%), from €30,345 to €33,078
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €865,312 | €822,928 | -€42,384 | -4.9% |
| Fixed assets | 21/28 | €782,966 | €745,664 | -€37,302 | -4.8% |
| Tangible fixed assets | 22/27 | €782,966 | €745,664 | -€37,302 | -4.8% |
| Land and buildings | 22 | €782,966 | €745,664 | -€37,302 | -4.8% |
| Current assets | 29/58 | €82,346 | €77,264 | -€5,082 | -6.2% |
| Amounts receivable after more than one year | 29 | €70,259 | €70,259 | = | 0.0% |
| Other amounts receivable | 291 | €70,259 | €70,259 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,770 | €5,770 | -€5,000 | -46.4% |
| Other amounts receivable | 41 | €10,770 | €5,770 | -€5,000 | -46.4% |
| Cash at bank and in hand | 54/58 | €608 | €544 | -€64 | -10.5% |
| Deferred charges and accrued income | 490/1 | €708 | €690 | -€18 | -2.5% |
| Total equity and liabilities | 10/49 | €865,312 | €822,928 | -€42,384 | -4.9% |
| Equity | 10/15 | €128,742 | €143,547 | +€14,805 | +11.5% |
| Contributions | 10/11 | €31,200 | €31,200 | = | 0.0% |
| Revaluation surpluses | 12 | €199,533 | €199,533 | = | 0.0% |
| Reserves | 13 | €365 | €365 | = | 0.0% |
| Distributable reserves | 133 | €365 | €365 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,357 | -€87,551 | +€14,805 | +14.5% |
| Amounts payable | 17/49 | €736,570 | €679,381 | -€57,189 | -7.8% |
| Amounts payable after more than one year | 17 | €577,429 | €507,190 | -€70,239 | -12.2% |
| Financial debts | 170/4 | €568,421 | €495,932 | -€72,489 | -12.8% |
| Other amounts payable | 178/9 | €9,009 | €11,259 | +€2,250 | +25.0% |
| Amounts payable within one year | 42/48 | €158,433 | €171,483 | +€13,050 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €69,183 | €73,239 | +€4,056 | +5.9% |
| Trade debts | 44 | €36,947 | €38,243 | +€1,296 | +3.5% |
| Suppliers | 440/4 | €36,947 | €38,243 | +€1,296 | +3.5% |
| Taxes, remuneration and social security | 45 | €5,755 | €12,728 | +€6,973 | +121% |
| Remuneration and social security | 454/9 | €5,755 | €12,728 | +€6,973 | +121% |
| Other amounts payable | 47/48 | €46,548 | €47,273 | +€725 | +1.6% |
| Accrued charges and deferred income | 492/3 | €708 | €708 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,982 | €37,302 | -€679 | -1.8% |
| Other operating charges | 640/8 | €7,774 | €7,569 | -€205 | -2.6% |
| Gross operating margin | 9900 | €77,512 | €92,753 | +€15,242 | +19.7% |
| Operating profit (loss) | 9901 | €31,756 | €47,883 | +€16,126 | +50.8% |
| Financial charges | 65/66B | €30,345 | €33,078 | +€2,733 | +9.0% |
| Recurring financial charges | 65 | €30,345 | €33,078 | +€2,733 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €1,412 | €14,805 | +€13,393 | +949% |
| Profit (loss) for the period | 9904 | €1,412 | €14,805 | +€13,393 | +949% |
| Profit (loss) for the period to be appropriated | 9905 | €1,412 | €14,805 | +€13,393 | +949% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.