KAZABULLES: 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.
KAZABULLES
Largest movements
- Tangible fixed assets +€233,126
up €233,126 (+51.5%), from €452,247 to €685,372
of which Land and buildings: +€234,102
- Receivables within one year -€40,758
down €40,758 (-72.6%), from €56,178 to €15,420
of which Trade receivables: -€47,122
- Cash -€38,666
down €38,666 (-39.1%), from €98,999 to €60,333
mainly Investment in fixed assets (net) (-€300,539) and Net result for the year (-€101,807)
- Stocks and contracts +€20,662
up €20,662 (+10.2%), from €203,128 to €223,791
- Intangible fixed assets -€11,973
down €11,973 (-50.1%), from €23,879 to €11,907
- Debts after one year +€239,319
up €239,319 (+56.2%), from €425,987 to €665,306
- Profit (loss) carried forward -€101,807
down €101,807 (-45.4%), from €224,384 to €122,577
- Trade debts +€37,192
up €37,192 (+88.9%), from €41,830 to €79,022
- Tax, wage and social debts -€20,739
down €20,739 (-58.1%), from €35,696 to €14,957
of which Taxes: -€16,871
- Current portion of long-term debt +€11,568
up €11,568 (+47.4%), from €24,397 to €35,965
- Gross operating margin -€123,172
down €123,172 (-65.9%), from €186,929 to €63,756
- Depreciation +€49,849
up €49,849 (+168.8%), from €29,537 to €79,386
- Taxes -€17,969
down €17,969 (-95.8%), from €18,760 to €790
- Financial charges +€11,328
up €11,328 (+98.1%), from €11,544 to €22,873
- Staff costs +€3,237
up €3,237 (+6.5%), from €49,843 to €53,080
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 | €834,592 | €996,983 | +€162,391 | +19.5% |
| Fixed assets | 21/28 | €476,286 | €697,439 | +€221,153 | +46.4% |
| Intangible fixed assets | 21 | €23,879 | €11,907 | -€11,973 | -50.1% |
| Tangible fixed assets | 22/27 | €452,247 | €685,372 | +€233,126 | +51.5% |
| Land and buildings | 22 | €451,270 | €685,372 | +€234,102 | +51.9% |
| Furniture and vehicles | 24 | €976 | - | -€976 | |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €358,306 | €299,543 | -€58,762 | -16.4% |
| Stocks and contracts in progress | 3 | €203,128 | €223,791 | +€20,662 | +10.2% |
| Stocks | 30/36 | €203,128 | €223,791 | +€20,662 | +10.2% |
| Amounts receivable within one year | 40/41 | €56,178 | €15,420 | -€40,758 | -72.6% |
| Trade receivables | 40 | €47,122 | - | -€47,122 | |
| Other amounts receivable | 41 | €9,056 | €15,420 | +€6,363 | +70.3% |
| Cash at bank and in hand | 54/58 | €98,999 | €60,333 | -€38,666 | -39.1% |
| Total equity and liabilities | 10/49 | €834,592 | €996,983 | +€162,391 | +19.5% |
| Equity | 10/15 | €269,844 | €168,037 | -€101,807 | -37.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 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 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €224,384 | €122,577 | -€101,807 | -45.4% |
| Amounts payable | 17/49 | €564,748 | €828,945 | +€264,198 | +46.8% |
| Amounts payable after more than one year | 17 | €425,987 | €665,306 | +€239,319 | +56.2% |
| Financial debts | 170/4 | €425,987 | €665,306 | +€239,319 | +56.2% |
| Amounts payable within one year | 42/48 | €137,861 | €162,889 | +€25,029 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €24,397 | €35,965 | +€11,568 | +47.4% |
| Trade debts | 44 | €41,830 | €79,022 | +€37,192 | +88.9% |
| Suppliers | 440/4 | €41,830 | €79,022 | +€37,192 | +88.9% |
| Taxes, remuneration and social security | 45 | €35,696 | €14,957 | -€20,739 | -58.1% |
| Taxes | 450/3 | €21,371 | €4,500 | -€16,871 | -78.9% |
| Remuneration and social security | 454/9 | €14,325 | €10,457 | -€3,868 | -27.0% |
| Other amounts payable | 47/48 | €35,938 | €32,945 | -€2,993 | -8.3% |
| Accrued charges and deferred income | 492/3 | €900 | €750 | -€150 | -16.7% |
| Remuneration, social security and pensions | 62 | €49,843 | €53,080 | +€3,237 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,537 | €79,386 | +€49,849 | +168.8% |
| Other operating charges | 640/8 | €10,165 | €9,809 | -€356 | -3.5% |
| Non-recurring operating charges | 66A | €798 | - | -€798 | |
| Gross operating margin | 9900 | €186,929 | €63,756 | -€123,172 | -65.9% |
| Operating profit (loss) | 9901 | €96,586 | -€78,519 | -€175,105 | |
| Financial income | 75/76B | €291 | €375 | +€84 | +28.9% |
| Recurring financial income | 75 | €291 | €375 | +€84 | +28.9% |
| Financial charges | 65/66B | €11,544 | €22,873 | +€11,328 | +98.1% |
| Recurring financial charges | 65 | €11,544 | €22,873 | +€11,328 | +98.1% |
| Profit (loss) for the period before taxes | 9903 | €85,333 | -€101,017 | -€186,349 | |
| Income taxes | 67/77 | €18,760 | €790 | -€17,969 | -95.8% |
| Profit (loss) for the period | 9904 | €66,573 | -€101,807 | -€168,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,573 | -€101,807 | -€168,380 |
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 6 October 2026 via checked.be.