KAZAE: 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.
KAZAE
Largest movements
- Tangible fixed assets -€48,283
down €48,283 (-6.0%), from €808,530 to €760,247
of which Land and buildings: -€33,845
- Cash -€39,547
down €39,547 (-72.3%), from €54,670 to €15,122
mainly Trade debts (-€75,103) and Debts after one year (-€40,772)
- Receivables within one year -€9,722
down €9,722 (-90.6%), from €10,728 to €1,006
- Trade debts -€75,103
down €75,103 (-99.5%), from €75,508 to €405
- Debts after one year -€40,772
down €40,772 (-7.0%), from €578,567 to €537,795
- Profit (loss) carried forward +€12,589
up €12,589 (+20.7%), from -€60,858 to -€48,270
- Gross operating margin +€12,024
up €12,024 (+15.7%), from €76,437 to €88,461
- Other operating charges +€1,577
up €1,577 (+72.5%), from €2,174 to €3,750
- Financial charges -€1,130
down €1,130 (-4.5%), from €24,968 to €23,838
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 | €873,928 | €776,375 | -€97,553 | -11.2% |
| Fixed assets | 21/28 | €808,530 | €760,247 | -€48,283 | -6.0% |
| Tangible fixed assets | 22/27 | €808,530 | €760,247 | -€48,283 | -6.0% |
| Land and buildings | 22 | €763,885 | €730,040 | -€33,845 | -4.4% |
| Furniture and vehicles | 24 | €44,645 | €30,207 | -€14,438 | -32.3% |
| Current assets | 29/58 | €65,398 | €16,128 | -€49,270 | -75.3% |
| Amounts receivable within one year | 40/41 | €10,728 | €1,006 | -€9,722 | -90.6% |
| Trade receivables | 40 | €10,728 | €1,006 | -€9,722 | -90.6% |
| Cash at bank and in hand | 54/58 | €54,670 | €15,122 | -€39,547 | -72.3% |
| Total equity and liabilities | 10/49 | €873,928 | €776,375 | -€97,553 | -11.2% |
| Equity | 10/15 | -€55,858 | -€43,270 | +€12,589 | +22.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,858 | -€48,270 | +€12,589 | +20.7% |
| Amounts payable | 17/49 | €929,786 | €819,645 | -€110,142 | -11.8% |
| Amounts payable after more than one year | 17 | €578,567 | €537,795 | -€40,772 | -7.0% |
| Financial debts | 170/4 | €578,567 | €537,795 | -€40,772 | -7.0% |
| Amounts payable within one year | 42/48 | €351,214 | €281,844 | -€69,371 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €33,882 | €38,058 | +€4,176 | +12.3% |
| Trade debts | 44 | €75,508 | €405 | -€75,103 | -99.5% |
| Suppliers | 440/4 | €75,508 | €405 | -€75,103 | -99.5% |
| Advances received on contracts in progress | 46 | - | €2,200 | +€2,200 | |
| Taxes, remuneration and social security | 45 | €1,278 | €1,181 | -€98 | -7.6% |
| Taxes | 450/3 | €1,278 | €1,181 | -€98 | -7.6% |
| Other amounts payable | 47/48 | €240,546 | €240,000 | -€546 | -0.2% |
| Accrued charges and deferred income | 492/3 | €5 | €5 | +€0 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,263 | €48,283 | +€21 | 0.0% |
| Other operating charges | 640/8 | €2,174 | €3,750 | +€1,577 | +72.5% |
| Gross operating margin | 9900 | €76,437 | €88,461 | +€12,024 | +15.7% |
| Operating profit (loss) | 9901 | €26,001 | €36,427 | +€10,426 | +40.1% |
| Financial charges | 65/66B | €24,968 | €23,838 | -€1,130 | -4.5% |
| Recurring financial charges | 65 | €24,968 | €23,838 | -€1,130 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €1,033 | €12,589 | +€11,556 | +1118.9% |
| Profit (loss) for the period | 9904 | €1,033 | €12,589 | +€11,556 | +1118.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,033 | €12,589 | +€11,556 | +1118.9% |
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 4 October 2026 via checked.be.