CAZARI: 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.
CAZARI
Largest movements
- Receivables within one year +€883,031
up €883,031 (+69.0%), from €1.3m to €2.2m
of which Trade receivables: +€846,552
- Stocks and contracts -€402,115
down €402,115 (-59.7%), from €673,785 to €271,670
of which Contracts in progress: -€248,322
- Cash +€200,356
up €200,356 (+238.3%), from €84,092 to €284,448
mainly Net result for the year (+€960,694) and Other debts (+€455,600)
- Other debts +€455,600
up €455,600 (+94.9%), from €480,000 to €935,600
- Accrued charges and deferred income +€96,907
up €96,907 (+3133.5%), from €3,093 to €100,000
- Trade debts +€81,742
up €81,742 (+6.9%), from €1.2m to €1.3m
- Tax, wage and social debts +€41,220
up €41,220 (+4227.6%), from €975 to €42,195
- Gross operating margin +€154,171
up €154,171 (+17.2%), from €894,098 to €1.0m
- Financial income -€19,234
down €19,234 (-24.2%), from €79,576 to €60,342
- Taxes +€11,642
up €11,642 (+8.9%), from €130,960 to €142,602
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 | €2,042,584 | €2,718,747 | +€676,164 | +33.1% |
| Current assets | 29/58 | €2,042,584 | €2,718,747 | +€676,164 | +33.1% |
| Stocks and contracts in progress | 3 | €673,785 | €271,670 | -€402,115 | -59.7% |
| Stocks | 30/36 | €200,059 | €46,266 | -€153,793 | -76.9% |
| Contracts in progress | 37 | €473,727 | €225,404 | -€248,322 | -52.4% |
| Amounts receivable within one year | 40/41 | €1,278,933 | €2,161,965 | +€883,031 | +69.0% |
| Trade receivables | 40 | €1,189,763 | €2,036,315 | +€846,552 | +71.2% |
| Other amounts receivable | 41 | €89,170 | €125,650 | +€36,479 | +40.9% |
| Cash at bank and in hand | 54/58 | €84,092 | €284,448 | +€200,356 | +238.3% |
| Deferred charges and accrued income | 490/1 | €5,773 | €664 | -€5,109 | -88.5% |
| Total equity and liabilities | 10/49 | €2,042,584 | €2,718,747 | +€676,164 | +33.1% |
| Equity | 10/15 | €372,116 | €372,810 | +€694 | +0.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €362,116 | €362,810 | +€694 | +0.2% |
| Distributable reserves | 133 | €362,116 | €362,810 | +€694 | +0.2% |
| Amounts payable | 17/49 | €1,670,468 | €2,345,937 | +€675,469 | +40.4% |
| Amounts payable within one year | 42/48 | €1,667,375 | €2,245,937 | +€578,562 | +34.7% |
| Trade debts | 44 | €1,186,400 | €1,268,142 | +€81,742 | +6.9% |
| Suppliers | 440/4 | €1,186,400 | €1,268,142 | +€81,742 | +6.9% |
| Taxes, remuneration and social security | 45 | €975 | €42,195 | +€41,220 | +4227.6% |
| Taxes | 450/3 | €975 | €42,195 | +€41,220 | +4227.6% |
| Other amounts payable | 47/48 | €480,000 | €935,600 | +€455,600 | +94.9% |
| Accrued charges and deferred income | 492/3 | €3,093 | €100,000 | +€96,907 | +3133.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525 | - | -€525 | |
| Other operating charges | 640/8 | €1,157 | €2,477 | +€1,320 | +114.1% |
| Gross operating margin | 9900 | €894,098 | €1,048,269 | +€154,171 | +17.2% |
| Operating profit (loss) | 9901 | €892,417 | €1,045,792 | +€153,375 | +17.2% |
| Financial income | 75/76B | €79,576 | €60,342 | -€19,234 | -24.2% |
| Recurring financial income | 75 | €79,576 | €60,342 | -€19,234 | -24.2% |
| Financial charges | 65/66B | €2,796 | €2,838 | +€42 | +1.5% |
| Recurring financial charges | 65 | €2,796 | €2,838 | +€42 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €969,197 | €1,103,296 | +€134,099 | +13.8% |
| Income taxes | 67/77 | €130,960 | €142,602 | +€11,642 | +8.9% |
| Profit (loss) for the period | 9904 | €838,237 | €960,694 | +€122,457 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €838,237 | €960,694 | +€122,457 | +14.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.