KAIZEN KEYS: 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 KEYS
Largest movements
- Cash +€51,618
up €51,618 (+86.2%), from €59,906 to €111,524
mainly Net result for the year (+€43,053) and Receivables within one year (+€40,483)
- Receivables within one year -€40,483
down €40,483 (-65.8%), from €61,513 to €21,030
of which Trade receivables: -€30,569
- Tangible fixed assets +€3,153
up €3,153 (+53.3%), from €5,910 to €9,063
of which Land and buildings: +€5,256
- Reserves +€43,053
new in 2025: €43,053
- Other debts -€24,793
down €24,793 (-49.6%), from €50,000 to €25,207
- Trade debts -€19,015
down €19,015 (-84.4%), from €22,523 to €3,508
- Contributions +€12,400
up €12,400 (+153.8%), from €8,060 to €20,460
- Tax, wage and social debts +€2,741
up €2,741 (+7.3%), from €37,609 to €40,350
of which Taxes: +€8,683
- Gross operating margin -€124,163
down €124,163 (-59.0%), from €210,623 to €86,460
- Staff costs -€108,134
down €108,134 (-86.2%), from €125,492 to €17,358
- Taxes -€2,710
down €2,710 (-13.3%), from €20,329 to €17,619
- Depreciation +€2,110
up €2,110 (+66.6%), from €3,169 to €5,279
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 | €127,353 | €141,739 | +€14,386 | +11.3% |
| Fixed assets | 21/28 | €5,934 | €9,087 | +€3,153 | +53.1% |
| Tangible fixed assets | 22/27 | €5,910 | €9,063 | +€3,153 | +53.3% |
| Land and buildings | 22 | - | €5,256 | +€5,256 | |
| Plant, machinery and equipment | 23 | €2,580 | €2,050 | -€530 | -20.5% |
| Furniture and vehicles | 24 | €2,025 | €1,757 | -€268 | -13.2% |
| Leasing and similar rights | 25 | €1,224 | - | -€1,224 | |
| Other tangible fixed assets | 26 | €81 | - | -€81 | |
| Financial fixed assets | 28 | €24 | €24 | +€0 | +1.0% |
| Current assets | 29/58 | €121,419 | €132,652 | +€11,233 | +9.3% |
| Amounts receivable within one year | 40/41 | €61,513 | €21,030 | -€40,483 | -65.8% |
| Trade receivables | 40 | €51,599 | €21,030 | -€30,569 | -59.2% |
| Other amounts receivable | 41 | €9,914 | - | -€9,914 | |
| Cash at bank and in hand | 54/58 | €59,906 | €111,524 | +€51,618 | +86.2% |
| Deferred charges and accrued income | 490/1 | - | €98 | +€98 | |
| Total equity and liabilities | 10/49 | €127,353 | €141,739 | +€14,386 | +11.3% |
| Equity | 10/15 | €17,221 | €72,674 | +€55,453 | +322.0% |
| Contributions | 10/11 | €8,060 | €20,460 | +€12,400 | +153.8% |
| Reserves | 13 | - | €43,053 | +€43,053 | |
| Distributable reserves | 133 | - | €43,053 | +€43,053 | |
| Profit (loss) carried forward | 14 | €9,161 | €9,161 | +€0 | 0.0% |
| Amounts payable | 17/49 | €110,132 | €69,065 | -€41,067 | -37.3% |
| Amounts payable within one year | 42/48 | €110,132 | €69,065 | -€41,067 | -37.3% |
| Trade debts | 44 | €22,523 | €3,508 | -€19,015 | -84.4% |
| Suppliers | 440/4 | €22,523 | €3,508 | -€19,015 | -84.4% |
| Taxes, remuneration and social security | 45 | €37,609 | €40,350 | +€2,741 | +7.3% |
| Taxes | 450/3 | €21,667 | €30,350 | +€8,683 | +40.1% |
| Remuneration and social security | 454/9 | €15,942 | €10,000 | -€5,942 | -37.3% |
| Other amounts payable | 47/48 | €50,000 | €25,207 | -€24,793 | -49.6% |
| Non-recurring operating income | 76A | - | €10,530 | +€10,530 | |
| Remuneration, social security and pensions | 62 | €125,492 | €17,358 | -€108,134 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,169 | €5,279 | +€2,110 | +66.6% |
| Other operating charges | 640/8 | €1,319 | €1,008 | -€311 | -23.6% |
| Non-recurring operating charges | 66A | - | €1,149 | +€1,149 | |
| Gross operating margin | 9900 | €210,623 | €86,460 | -€124,163 | -59.0% |
| Operating profit (loss) | 9901 | €80,643 | €61,666 | -€18,977 | -23.5% |
| Financial income | 75/76B | €297 | €272 | -€25 | -8.4% |
| Recurring financial income | 75 | €297 | €272 | -€25 | -8.4% |
| Financial charges | 65/66B | €1,697 | €1,266 | -€431 | -25.4% |
| Recurring financial charges | 65 | €1,697 | €1,266 | -€431 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €79,242 | €60,672 | -€18,570 | -23.4% |
| Income taxes | 67/77 | €20,329 | €17,619 | -€2,710 | -13.3% |
| Profit (loss) for the period | 9904 | €58,914 | €43,053 | -€15,861 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,914 | €43,053 | -€15,861 | -26.9% |
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 5 October 2026 via checked.be.