KAZAN: what changed
Two financial 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.
KAZAN
Largest movements
- Tangible fixed assets +€519,846
up €519,846 (+102%), from €511,892 to €1.0m
of which Assets under construction and advance payments: +€485,110
- Cash -€297,123
down €297,123 (-61.5%), from €483,368 to €186,245
mainly Investment in fixed assets (net) (-€559,083) and Tax, wage and social debts (-€16,500)
- Current investments -€186,588
down €186,588 (-23.3%), from €800,000 to €613,412
- Reserves +€39,155
up €39,155 (+9.9%), from €394,441 to €433,596
of which Distributable reserves: +€39,155
- Financial income -€691,158
down €691,158 (-87.6%), from €788,783 to €97,625
- Taxes -€32,448
down €32,448 (-89.2%), from €36,364 to €3,916
- Gross operating margin +€32,138
up €32,138 (+87.1%), from -€36,917 to -€4,779
- Depreciation +€1,659
up €1,659 (+4.4%), from €37,578 to €39,237
- Financial charges -€1,044
down €1,044 (-21.6%), from €4,834 to €3,791
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.
Derived cash bridge
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 | €1,864,224 | €1,867,601 | +€3,377 | +0.2% |
| Fixed assets | 21/28 | €540,291 | €1,060,137 | +€519,846 | +96.2% |
| Tangible fixed assets | 22/27 | €511,892 | €1,031,738 | +€519,846 | +102% |
| Land and buildings | 22 | €510,411 | €544,096 | +€33,685 | +6.6% |
| Plant, machinery and equipment | 23 | €571 | €1,985 | +€1,414 | +248% |
| Furniture and vehicles | 24 | €910 | €547 | -€363 | -39.9% |
| Assets under construction and advance payments | 27 | - | €485,110 | +€485,110 | |
| Financial fixed assets | 28 | €28,399 | €28,399 | = | 0.0% |
| Current assets | 29/58 | €1,323,933 | €807,464 | -€516,469 | -39.0% |
| Amounts receivable within one year | 40/41 | €23,075 | €5,837 | -€17,238 | -74.7% |
| Trade receivables | 40 | €23,075 | - | -€23,075 | |
| Other amounts receivable | 41 | - | €5,837 | +€5,837 | |
| Current investments | 50/53 | €800,000 | €613,412 | -€186,588 | -23.3% |
| Cash at bank and in hand | 54/58 | €483,368 | €186,245 | -€297,123 | -61.5% |
| Deferred charges and accrued income | 490/1 | €17,490 | €1,970 | -€15,520 | -88.7% |
| Total equity and liabilities | 10/49 | €1,864,224 | €1,867,601 | +€3,377 | +0.2% |
| Equity | 10/15 | €1,644,420 | €1,683,574 | +€39,155 | +2.4% |
| Contributions | 10/11 | €301,328 | €301,328 | = | 0.0% |
| Capital | 10 | €301,328 | €301,328 | = | 0.0% |
| Issued capital | 100 | €301,328 | €301,328 | = | 0.0% |
| Reserves | 13 | €394,441 | €433,596 | +€39,155 | +9.9% |
| Non-distributable reserves | 130/1 | €30,133 | €30,133 | = | 0.0% |
| Legal reserve | 130 | €30,133 | €30,133 | = | 0.0% |
| Distributable reserves | 133 | €364,308 | €403,463 | +€39,155 | +10.7% |
| Profit (loss) carried forward | 14 | €948,650 | €948,650 | = | 0.0% |
| Amounts payable | 17/49 | €219,804 | €184,026 | -€35,778 | -16.3% |
| Amounts payable after more than one year | 17 | €144,368 | €128,028 | -€16,340 | -11.3% |
| Financial debts | 170/4 | €144,368 | €128,028 | -€16,340 | -11.3% |
| Amounts payable within one year | 42/48 | €75,437 | €55,998 | -€19,438 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €20,050 | €18,340 | -€1,710 | -8.5% |
| Trade debts | 44 | €2,303 | €1,295 | -€1,007 | -43.7% |
| Suppliers | 440/4 | €2,303 | €1,295 | -€1,007 | -43.7% |
| Taxes, remuneration and social security | 45 | €52,864 | €36,364 | -€16,500 | -31.2% |
| Taxes | 450/3 | €52,864 | €36,364 | -€16,500 | -31.2% |
| Other amounts payable | 47/48 | €221 | - | -€221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,578 | €39,237 | +€1,659 | +4.4% |
| Other operating charges | 640/8 | €6,543 | €6,748 | +€206 | +3.1% |
| Gross operating margin | 9900 | -€36,917 | -€4,779 | +€32,138 | +87.1% |
| Operating profit (loss) | 9901 | -€81,038 | -€50,764 | +€30,274 | +37.4% |
| Financial income | 75/76B | €788,783 | €97,625 | -€691,158 | -87.6% |
| Recurring financial income | 75 | €788,783 | €97,625 | -€691,158 | -87.6% |
| Financial charges | 65/66B | €4,834 | €3,791 | -€1,044 | -21.6% |
| Recurring financial charges | 65 | €4,834 | €3,791 | -€1,044 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €702,911 | €43,070 | -€659,840 | -93.9% |
| Income taxes | 67/77 | €36,364 | €3,916 | -€32,448 | -89.2% |
| Profit (loss) for the period | 9904 | €666,547 | €39,155 | -€627,392 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €666,547 | €39,155 | -€627,392 | -94.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.