CAZ-projects: 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.
CAZ-projects
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+848%), from €171,360 to €1.6m
- Tangible fixed assets -€419,234
down €419,234 (-74.2%), from €565,224 to €145,990
of which Assets under construction and advance payments: -€409,379
- Current investments -€83,004
down €83,004 (-76.4%), from €108,660 to €25,656
- Receivables within one year +€80,956
up €80,956 (+220%), from €36,776 to €117,732
of which Trade receivables: +€87,684
- Short-term financial debts +€655,468
up €655,468 (+239,922%), from €273 to €655,741
- Debts after one year +€350,000
up €350,000 (+350%), from €100,000 to €450,000
- Provisions -€91,497
down €91,497 (-100%), from €91,497 to €0
- Advances received +€89,680
up €89,680 (+137,969%), from €65 to €89,745
- Tax, wage and social debts +€34,913
new in 2025: €34,913
- Taxes +€73,952
up €73,952 (+23,110%), from €320 to €74,272
- Financial charges +€17,806
up €17,806 (+474%), from €3,759 to €21,565
- Gross operating margin -€14,891
down €14,891, from €843 to -€14,049
- Depreciation -€278
down €278 (-2.7%), from €10,132 to €9,854
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 | €1,115,940 | €2,135,152 | +€1.0m | +91.3% |
| Fixed assets | 21/28 | €699,295 | €280,061 | -€419,234 | -60.0% |
| Tangible fixed assets | 22/27 | €565,224 | €145,990 | -€419,234 | -74.2% |
| Land and buildings | 22 | €155,390 | €145,990 | -€9,400 | -6.0% |
| Plant, machinery and equipment | 23 | €454 | €0 | -€454 | -100% |
| Assets under construction and advance payments | 27 | €409,379 | €0 | -€409,379 | -100% |
| Financial fixed assets | 28 | €134,071 | €134,071 | = | 0.0% |
| Current assets | 29/58 | €416,646 | €1,855,091 | +€1.4m | +345% |
| Stocks and contracts in progress | 3 | €171,360 | €1,624,940 | +€1.5m | +848% |
| Stocks | 30/36 | €171,360 | €1,624,940 | +€1.5m | +848% |
| Amounts receivable within one year | 40/41 | €36,776 | €117,732 | +€80,956 | +220% |
| Trade receivables | 40 | €25,502 | €113,186 | +€87,684 | +344% |
| Other amounts receivable | 41 | €11,273 | €4,546 | -€6,728 | -59.7% |
| Current investments | 50/53 | €108,660 | €25,656 | -€83,004 | -76.4% |
| Cash at bank and in hand | 54/58 | €94,377 | €85,366 | -€9,011 | -9.5% |
| Deferred charges and accrued income | 490/1 | €5,473 | €1,397 | -€4,076 | -74.5% |
| Total equity and liabilities | 10/49 | €1,115,940 | €2,135,152 | +€1.0m | +91.3% |
| Equity | 10/15 | €798,850 | €776,052 | -€22,798 | -2.9% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €735,850 | €713,052 | -€22,798 | -3.1% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €274,491 | €0 | -€274,491 | -100% |
| Distributable reserves | 133 | €455,059 | €706,752 | +€251,693 | +55.3% |
| Provisions and deferred taxes | 16 | €91,497 | €0 | -€91,497 | -100% |
| Deferred taxes | 168 | €91,497 | €0 | -€91,497 | -100% |
| Amounts payable | 17/49 | €225,594 | €1,359,100 | +€1.1m | +502% |
| Amounts payable after more than one year | 17 | €100,000 | €450,000 | +€350,000 | +350% |
| Other amounts payable | 178/9 | €100,000 | €450,000 | +€350,000 | +350% |
| Amounts payable within one year | 42/48 | €125,259 | €894,016 | +€768,756 | +614% |
| Financial debts | 43 | €273 | €655,741 | +€655,468 | +239,922% |
| Credit institutions | 430/8 | €273 | €655,741 | +€655,468 | +239,922% |
| Trade debts | 44 | €124,921 | €113,617 | -€11,304 | -9.0% |
| Suppliers | 440/4 | €124,921 | €113,617 | -€11,304 | -9.0% |
| Advances received on contracts in progress | 46 | €65 | €89,745 | +€89,680 | +137,969% |
| Taxes, remuneration and social security | 45 | - | €34,913 | +€34,913 | |
| Taxes | 450/3 | - | €34,913 | +€34,913 | |
| Accrued charges and deferred income | 492/3 | €334 | €15,084 | +€14,750 | +4,414% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,132 | €9,854 | -€278 | -2.7% |
| Other operating charges | 640/8 | €4,810 | €4,845 | +€35 | +0.7% |
| Gross operating margin | 9900 | €843 | -€14,049 | -€14,891 | |
| Operating profit (loss) | 9901 | -€14,099 | -€28,748 | -€14,648 | -104% |
| Financial income | 75/76B | €10,243 | €10,290 | +€46 | +0.5% |
| Recurring financial income | 75 | €10,243 | €10,290 | +€46 | +0.5% |
| Financial charges | 65/66B | €3,759 | €21,565 | +€17,806 | +474% |
| Recurring financial charges | 65 | €3,759 | €21,565 | +€17,806 | +474% |
| Profit (loss) for the period before taxes | 9903 | -€7,615 | -€40,022 | -€32,408 | -426% |
| Transfer from deferred taxes | 780 | - | €91,497 | +€91,497 | |
| Income taxes | 67/77 | €320 | €74,272 | +€73,952 | +23,110% |
| Profit (loss) for the period | 9904 | -€7,935 | -€22,798 | -€14,863 | -187% |
| Transfer from tax-exempt reserves | 789 | - | €274,491 | +€274,491 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,935 | €251,693 | +€259,628 |
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 26 October 2026 via checked.be.