KAIZENCO: 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.
KAIZENCO
Largest movements
- Receivables within one year +€19,525
up €19,525 (+123.3%), from €15,833 to €35,358
- Tangible fixed assets -€12,834
down €12,834 (-14.2%), from €90,191 to €77,356
of which Other tangible fixed assets: -€8,821
- Cash -€11,955
down €11,955 (-56.1%), from €21,325 to €9,370
mainly Receivables within one year (-€19,525) and Net result for the year (-€14,634)
- Profit (loss) carried forward -€14,634
down €14,634 (-67.6%), from €21,634 to €7,000
- Short-term financial debts +€9,761
new in 2025: €9,761
- Current portion of long-term debt -€6,149
no longer reported in 2025 (was €6,149)
- Trade debts +€5,841
up €5,841 (+127.3%), from €4,588 to €10,429
- Other debts -€2,940
down €2,940 (-10.4%), from €28,352 to €25,411
- Gross operating margin -€46,391
down €46,391 (-85.5%), from €54,279 to €7,888
- Taxes -€7,378
down €7,378 (-94.5%), from €7,804 to €426
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 | €130,145 | €124,232 | -€5,913 | -4.5% |
| Fixed assets | 21/28 | €90,466 | €77,632 | -€12,834 | -14.2% |
| Tangible fixed assets | 22/27 | €90,191 | €77,356 | -€12,834 | -14.2% |
| Plant, machinery and equipment | 23 | €4,617 | €3,563 | -€1,054 | -22.8% |
| Furniture and vehicles | 24 | €11,723 | €14,372 | +€2,649 | +22.6% |
| Leasing and similar rights | 25 | €5,608 | - | -€5,608 | |
| Other tangible fixed assets | 26 | €68,242 | €59,421 | -€8,821 | -12.9% |
| Financial fixed assets | 28 | €276 | €276 | = | 0.0% |
| Current assets | 29/58 | €39,679 | €46,600 | +€6,921 | +17.4% |
| Amounts receivable within one year | 40/41 | €15,833 | €35,358 | +€19,525 | +123.3% |
| Trade receivables | 40 | €15,833 | €35,358 | +€19,525 | +123.3% |
| Cash at bank and in hand | 54/58 | €21,325 | €9,370 | -€11,955 | -56.1% |
| Deferred charges and accrued income | 490/1 | €2,521 | €1,872 | -€649 | -25.7% |
| Total equity and liabilities | 10/49 | €130,145 | €124,232 | -€5,913 | -4.5% |
| Equity | 10/15 | €82,694 | €68,060 | -€14,634 | -17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,860 | €54,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €53,000 | €53,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,634 | €7,000 | -€14,634 | -67.6% |
| Amounts payable | 17/49 | €47,451 | €56,172 | +€8,721 | +18.4% |
| Amounts payable within one year | 42/48 | €47,451 | €56,172 | +€8,721 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €6,149 | - | -€6,149 | |
| Financial debts | 43 | - | €9,761 | +€9,761 | |
| Credit institutions | 430/8 | - | €9,761 | +€9,761 | |
| Trade debts | 44 | €4,588 | €10,429 | +€5,841 | +127.3% |
| Suppliers | 440/4 | €4,588 | €10,429 | +€5,841 | +127.3% |
| Taxes, remuneration and social security | 45 | €8,362 | €10,570 | +€2,208 | +26.4% |
| Taxes | 450/3 | €8,362 | €6,058 | -€2,304 | -27.6% |
| Remuneration and social security | 454/9 | - | €4,512 | +€4,512 | |
| Other amounts payable | 47/48 | €28,352 | €25,411 | -€2,940 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,102 | €19,731 | -€372 | -1.8% |
| Other operating charges | 640/8 | €1,511 | €1,510 | -€1 | -0.1% |
| Gross operating margin | 9900 | €54,279 | €7,888 | -€46,391 | -85.5% |
| Operating profit (loss) | 9901 | €32,666 | -€13,353 | -€46,018 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,249 | €856 | -€393 | -31.5% |
| Recurring financial charges | 65 | €1,249 | €856 | -€393 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €31,417 | -€14,208 | -€45,625 | |
| Income taxes | 67/77 | €7,804 | €426 | -€7,378 | -94.5% |
| Profit (loss) for the period | 9904 | €23,613 | -€14,634 | -€38,247 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,613 | -€14,634 | -€38,247 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.