KAIZEN: 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.
KAIZEN
Largest movements
- Current investments -€72,998
down €72,998 (-47.7%), from €152,999 to €80,001
- Tangible fixed assets -€30,579
down €30,579 (-4.4%), from €688,809 to €658,229
of which Land and buildings: -€20,018
- Cash +€18,891
up €18,891 (+43.6%), from €43,309 to €62,200
mainly Current investments (+€72,998) and Depreciation (+€42,501)
- Debts after one year -€47,714
down €47,714 (-9.3%), from €513,068 to €465,354
- Trade debts -€20,177
down €20,177 (-89.6%), from €22,512 to €2,336
- Gross operating margin +€8,600
up €8,600 (+14.8%), from €58,071 to €66,670
- Financial charges +€3,680
up €3,680 (+41.0%), from €8,967 to €12,647
- Taxes +€2,363
up €2,363 (+55.1%), from €4,287 to €6,649
- Depreciation +€1,143
up €1,143 (+2.8%), from €41,358 to €42,501
- Other operating charges +€927
up €927 (+31.5%), from €2,942 to €3,870
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 | €1,186,003 | €1,110,053 | -€75,949 | -6.4% |
| Fixed assets | 21/28 | €777,181 | €743,798 | -€33,383 | -4.3% |
| Intangible fixed assets | 21 | €13,837 | €11,032 | -€2,804 | -20.3% |
| Tangible fixed assets | 22/27 | €688,809 | €658,229 | -€30,579 | -4.4% |
| Land and buildings | 22 | €672,088 | €652,070 | -€20,018 | -3.0% |
| Plant, machinery and equipment | 23 | €4,797 | €3,155 | -€1,642 | -34.2% |
| Furniture and vehicles | 24 | €11,925 | €3,004 | -€8,920 | -74.8% |
| Financial fixed assets | 28 | €74,536 | €74,536 | = | 0.0% |
| Current assets | 29/58 | €408,821 | €366,255 | -€42,566 | -10.4% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Trade receivables | 290 | €120,000 | €120,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €4,800 | €11,075 | +€6,275 | +130.7% |
| Stocks | 30/36 | €4,800 | €11,075 | +€6,275 | +130.7% |
| Amounts receivable within one year | 40/41 | €80,153 | €85,733 | +€5,580 | +7.0% |
| Trade receivables | 40 | €50,315 | €49,949 | -€366 | -0.7% |
| Other amounts receivable | 41 | €29,838 | €35,783 | +€5,946 | +19.9% |
| Current investments | 50/53 | €152,999 | €80,001 | -€72,998 | -47.7% |
| Cash at bank and in hand | 54/58 | €43,309 | €62,200 | +€18,891 | +43.6% |
| Deferred charges and accrued income | 490/1 | €7,560 | €7,246 | -€314 | -4.2% |
| Total equity and liabilities | 10/49 | €1,186,003 | €1,110,053 | -€75,949 | -6.4% |
| Equity | 10/15 | €589,144 | €590,147 | +€1,003 | +0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €501,182 | €501,182 | = | 0.0% |
| Distributable reserves | 133 | €501,182 | €501,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,562 | €76,565 | +€1,003 | +1.3% |
| Amounts payable | 17/49 | €596,859 | €519,906 | -€76,953 | -12.9% |
| Amounts payable after more than one year | 17 | €513,068 | €465,354 | -€47,714 | -9.3% |
| Financial debts | 170/4 | €513,068 | €465,354 | -€47,714 | -9.3% |
| Amounts payable within one year | 42/48 | €82,267 | €54,553 | -€27,715 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €57,320 | €47,714 | -€9,605 | -16.8% |
| Trade debts | 44 | €22,512 | €2,336 | -€20,177 | -89.6% |
| Suppliers | 440/4 | €22,512 | €2,336 | -€20,177 | -89.6% |
| Taxes, remuneration and social security | 45 | €1,849 | €3,352 | +€1,503 | +81.3% |
| Taxes | 450/3 | €1,849 | €3,352 | +€1,503 | +81.3% |
| Other amounts payable | 47/48 | €586 | €1,150 | +€564 | +96.2% |
| Accrued charges and deferred income | 492/3 | €1,524 | - | -€1,524 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,358 | €42,501 | +€1,143 | +2.8% |
| Other operating charges | 640/8 | €2,942 | €3,870 | +€927 | +31.5% |
| Gross operating margin | 9900 | €58,071 | €66,670 | +€8,600 | +14.8% |
| Operating profit (loss) | 9901 | €13,770 | €20,299 | +€6,530 | +47.4% |
| Financial income | 75/76B | €252 | €1 | -€252 | -99.7% |
| Recurring financial income | 75 | €252 | €1 | -€252 | -99.7% |
| Financial charges | 65/66B | €8,967 | €12,647 | +€3,680 | +41.0% |
| Recurring financial charges | 65 | €8,967 | €12,647 | +€3,680 | +41.0% |
| Profit (loss) for the period before taxes | 9903 | €5,055 | €7,653 | +€2,597 | +51.4% |
| Income taxes | 67/77 | €4,287 | €6,649 | +€2,363 | +55.1% |
| Profit (loss) for the period | 9904 | €769 | €1,003 | +€235 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €769 | €1,003 | +€235 | +30.6% |
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 7 October 2026 via checked.be.