KAIZER: what changed
What changed
KAIZER
NACE 43.240, Other construction installation
filed annual accounts (NBB)
Net result for the year
-€594,536
2024 · €30,351-€624,886
Equity
-€462,639
2024 · €131,896-€594,536
Cash
€54,463
2024 · €32,804+€21,659
Balance sheet total
€2.3m
2024 · €2.3m-€23,609
Largest movements
Assets
- Receivables within one year +€701,177
up €701,177 (+59.0%), from €1.2m to €1.9m
of which Trade receivables: +€736,276
- Stocks and contracts -€692,576
down €692,576 (-100%), from €692,576 to €0
of which Stocks: -€473,301
- Tangible fixed assets -€26,775
down €26,775 (-8.9%), from €301,714 to €274,939
Equity and liabilities
- Advances received +€978,345
up €978,345, from €0 to €978,345
- Profit (loss) carried forward -€594,536
down €594,536 (-112%), from -€533,104 to -€1.1m
- Trade debts -€346,719
down €346,719 (-29.2%), from €1.2m to €839,921
- Short-term financial debts -€312,039
down €312,039 (-58.2%), from €536,224 to €224,185
- Other debts +€286,659
new in 2025: €286,659
Income statement
- Gross operating margin -€666,516
down €666,516 (-84.7%), from €786,967 to €120,451
- Financial charges -€69,934
down €69,934 (-60.8%), from €114,985 to €45,051
- Staff costs +€17,361
up €17,361 (+3.1%), from €562,752 to €580,113
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€30,351
Gross operating margin
-€666,516
Staff costs
-€17,361
Depreciation
-€1,575
Other operating charges
-€3,441
Other operating items
-€2,563
Financial income
-€3,624
Financial charges
+€69,934
Taxes
+€259
Result 2025
-€594,536
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€394,105
Investment
€0
Financing
-€372,446
Cash 2024
€32,804
From operations (derived)
+€394,105
Net result for the year
-€594,536
Depreciation
+€33,357
Stocks and contracts
+€692,576
Receivables within one year
-€701,177
Deferred charges and accrued income
+€20,513
Trade debts
-€346,719
Tax, wage and social debts
+€22,810
Advances received
+€978,345
Other debts
+€286,659
Accrued charges and deferred income
+€2,277
Financing
-€372,446
Debts after one year
-€63,281
Current portion of long-term debt
+€2,874
Short-term financial debts
-€312,039
Cash 2025
€54,463
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,342,230 | €2,318,621 | -€23,609 | -1.0% |
| Fixed assets | 21/28 | €329,840 | €296,483 | -€33,357 | -10.1% |
| Intangible fixed assets | 21 | €25,894 | €19,312 | -€6,581 | -25.4% |
| Tangible fixed assets | 22/27 | €301,714 | €274,939 | -€26,775 | -8.9% |
| Land and buildings | 22 | €253,364 | €242,714 | -€10,650 | -4.2% |
| Plant, machinery and equipment | 23 | €23,255 | €14,931 | -€8,324 | -35.8% |
| Furniture and vehicles | 24 | €25,096 | €17,295 | -€7,801 | -31.1% |
| Financial fixed assets | 28 | €2,232 | €2,232 | = | 0.0% |
| Current assets | 29/58 | €2,012,391 | €2,022,138 | +€9,747 | +0.5% |
| Stocks and contracts in progress | 3 | €692,576 | €0 | -€692,576 | -100% |
| Stocks | 30/36 | €473,301 | €0 | -€473,301 | -100% |
| Contracts in progress | 37 | €219,275 | €0 | -€219,275 | -100% |
| Amounts receivable within one year | 40/41 | €1,187,542 | €1,888,720 | +€701,177 | +59.0% |
| Trade receivables | 40 | €1,135,769 | €1,872,045 | +€736,276 | +64.8% |
| Other amounts receivable | 41 | €51,773 | €16,675 | -€35,099 | -67.8% |
| Cash at bank and in hand | 54/58 | €32,804 | €54,463 | +€21,659 | +66.0% |
| Deferred charges and accrued income | 490/1 | €99,468 | €78,955 | -€20,513 | -20.6% |
| Total equity and liabilities | 10/49 | €2,342,230 | €2,318,621 | -€23,609 | -1.0% |
| Equity | 10/15 | €131,896 | -€462,639 | -€594,536 | |
| Contributions | 10/11 | €665,000 | €665,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€533,104 | -€1,127,639 | -€594,536 | -112% |
| Amounts payable | 17/49 | €2,210,334 | €2,781,260 | +€570,926 | +25.8% |
| Amounts payable after more than one year | 17 | €347,478 | €284,196 | -€63,281 | -18.2% |
| Financial debts | 170/4 | €347,478 | €284,196 | -€63,281 | -18.2% |
| Amounts payable within one year | 42/48 | €1,862,432 | €2,494,363 | +€631,931 | +33.9% |
| Current portion of amounts payable after more than one year | 42 | €61,510 | €64,384 | +€2,874 | +4.7% |
| Financial debts | 43 | €536,224 | €224,185 | -€312,039 | -58.2% |
| Credit institutions | 430/8 | €536,224 | €224,185 | -€312,039 | -58.2% |
| Trade debts | 44 | €1,186,639 | €839,921 | -€346,719 | -29.2% |
| Suppliers | 440/4 | €1,186,639 | €839,921 | -€346,719 | -29.2% |
| Advances received on contracts in progress | 46 | €0 | €978,345 | +€978,345 | |
| Taxes, remuneration and social security | 45 | €78,059 | €100,869 | +€22,810 | +29.2% |
| Taxes | 450/3 | €1,606 | €7,282 | +€5,677 | +354% |
| Remuneration and social security | 454/9 | €76,453 | €93,587 | +€17,134 | +22.4% |
| Other amounts payable | 47/48 | - | €286,659 | +€286,659 | |
| Accrued charges and deferred income | 492/3 | €424 | €2,701 | +€2,277 | +537% |
| Non-recurring operating income | 76A | €22,074 | €8,994 | -€13,080 | -59.3% |
| Remuneration, social security and pensions | 62 | €562,752 | €580,113 | +€17,361 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,782 | €33,357 | +€1,575 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €50,548 | €53,989 | +€3,441 | +6.8% |
| Non-recurring operating charges | 66A | - | €2,563 | +€2,563 | |
| Gross operating margin | 9900 | €786,967 | €120,451 | -€666,516 | -84.7% |
| Operating profit (loss) | 9901 | €141,884 | -€549,571 | -€691,456 | |
| Financial income | 75/76B | €4,759 | €1,134 | -€3,624 | -76.2% |
| Recurring financial income | 75 | €4,759 | €1,134 | -€3,624 | -76.2% |
| Financial charges | 65/66B | €114,985 | €45,051 | -€69,934 | -60.8% |
| Recurring financial charges | 65 | €114,985 | €45,051 | -€69,934 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €31,657 | -€593,488 | -€625,146 | |
| Income taxes | 67/77 | €1,307 | €1,047 | -€259 | -19.8% |
| Profit (loss) for the period | 9904 | €30,351 | -€594,536 | -€624,886 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,351 | -€594,536 | -€624,886 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.