CAIZEN: 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.
CAIZEN
Largest movements
- Receivables within one year +€18,286
up €18,286 (+25.3%), from €72,410 to €90,696
of which Trade receivables: +€11,866
- Cash -€5,202
down €5,202 (-13.4%), from €38,886 to €33,684
mainly Tax, wage and social debts (-€36,265) and Receivables within one year (-€18,286)
- Tangible fixed assets -€2,118
down €2,118 (-16.4%), from €12,897 to €10,779
of which Furniture and vehicles: -€1,228
- Tax, wage and social debts -€36,265
down €36,265 (-90.8%), from €39,958 to €3,693
of which Taxes: -€36,022
- Profit (loss) carried forward +€26,251
up €26,251 (+53.3%), from €49,261 to €75,512
- Trade debts +€15,635
up €15,635 (+285.1%), from €5,484 to €21,119
- Current portion of long-term debt +€12,500
new in 2025: €12,500
- Other debts -€7,004
down €7,004 (-12.1%), from €57,731 to €50,727
- Taxes -€16,874
down €16,874 (-59.9%), from €28,147 to €11,273
- Gross operating margin -€13,006
down €13,006 (-22.2%), from €58,686 to €45,679
- Financial charges -€1,902
down €1,902 (-78.4%), from €2,426 to €524
of which Financial charges: -€1,827
- Depreciation +€636
up €636 (+18.5%), from €3,430 to €4,066
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 | €174,193 | €185,159 | +€10,966 | +6.3% |
| Fixed assets | 21/28 | €62,897 | €60,779 | -€2,118 | -3.4% |
| Tangible fixed assets | 22/27 | €12,897 | €10,779 | -€2,118 | -16.4% |
| Furniture and vehicles | 24 | €5,355 | €4,127 | -€1,228 | -22.9% |
| Other tangible fixed assets | 26 | €7,542 | €6,652 | -€890 | -11.8% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €111,296 | €124,380 | +€13,084 | +11.8% |
| Amounts receivable within one year | 40/41 | €72,410 | €90,696 | +€18,286 | +25.3% |
| Trade receivables | 40 | €2,071 | €13,937 | +€11,866 | +573.0% |
| Other amounts receivable | 41 | €70,339 | €76,759 | +€6,420 | +9.1% |
| Cash at bank and in hand | 54/58 | €38,886 | €33,684 | -€5,202 | -13.4% |
| Total equity and liabilities | 10/49 | €174,193 | €185,159 | +€10,966 | +6.3% |
| Equity | 10/15 | €56,121 | €82,372 | +€26,251 | +46.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,261 | €75,512 | +€26,251 | +53.3% |
| Provisions and deferred taxes | 16 | €13,183 | €13,183 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €13,183 | €13,183 | = | 0.0% |
| Pensions and similar obligations | 160 | €13,183 | €13,183 | = | 0.0% |
| Amounts payable | 17/49 | €104,889 | €89,604 | -€15,285 | -14.6% |
| Amounts payable within one year | 42/48 | €104,889 | €89,604 | -€15,285 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | - | €12,500 | +€12,500 | |
| Financial debts | 43 | €1,716 | €1,565 | -€151 | -8.8% |
| Credit institutions | 430/8 | €1,716 | €1,565 | -€151 | -8.8% |
| Trade debts | 44 | €5,484 | €21,119 | +€15,635 | +285.1% |
| Suppliers | 440/4 | €5,484 | €21,119 | +€15,635 | +285.1% |
| Taxes, remuneration and social security | 45 | €39,958 | €3,693 | -€36,265 | -90.8% |
| Taxes | 450/3 | €39,715 | €3,693 | -€36,022 | -90.7% |
| Remuneration and social security | 454/9 | €243 | €0 | -€243 | -100.0% |
| Other amounts payable | 47/48 | €57,731 | €50,727 | -€7,004 | -12.1% |
| Remuneration, social security and pensions | 62 | €1,515 | €1,743 | +€228 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,430 | €4,066 | +€636 | +18.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,786 | €2,038 | +€251 | +14.1% |
| Non-recurring operating charges | 66A | €19,204 | €0 | -€19,204 | -100.0% |
| Gross operating margin | 9900 | €58,686 | €45,679 | -€13,006 | -22.2% |
| Operating profit (loss) | 9901 | €32,750 | €37,833 | +€5,082 | +15.5% |
| Financial income | 75/76B | €228 | €216 | -€12 | -5.5% |
| Recurring financial income | 75 | €228 | €216 | -€12 | -5.5% |
| Financial charges | 65/66B | €2,426 | €524 | -€1,902 | -78.4% |
| Recurring financial charges | 65 | €2,351 | €524 | -€1,827 | -77.7% |
| Non-recurring financial charges | 66B | €75 | €0 | -€75 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €30,553 | €37,524 | +€6,972 | +22.8% |
| Income taxes | 67/77 | €28,147 | €11,273 | -€16,874 | -59.9% |
| Profit (loss) for the period | 9904 | €2,406 | €26,251 | +€23,846 | +991.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,406 | €26,251 | +€23,846 | +991.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.