KAZAR: 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.
KAZAR
Largest movements
- Financial fixed assets +€85,000
new in 2025: €85,000
- Receivables within one year -€42,370
down €42,370 (-55.1%), from €76,946 to €34,576
of which Trade receivables: -€42,370
- Cash -€26,326
down €26,326 (-66.6%), from €39,526 to €13,200
mainly Investment in fixed assets (net) (-€99,640) and Trade debts (-€54,959)
- Tangible fixed assets +€7,361
up €7,361 (+108.8%), from €6,764 to €14,125
of which Furniture and vehicles: +€7,609
- Debts after one year +€67,667
new in 2025: €67,667
- Trade debts -€54,959
down €54,959 (-70.3%), from €78,172 to €23,213
- Tax, wage and social debts +€5,681
up €5,681 (+51.2%), from €11,096 to €16,777
of which Taxes: +€5,681
- Profit (loss) carried forward +€4,750
up €4,750 (+21.6%), from €22,015 to €26,765
- Turnover -€28,367
down €28,367 (-11.3%), from €251,182 to €222,816
- Gross operating margin -€15,747
down €15,747 (-49.6%), from €31,745 to €15,998
- Purchases and services -€12,534
down €12,534 (-5.6%), from €222,042 to €209,508
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 | €123,235 | €146,901 | +€23,666 | +19.2% |
| Fixed assets | 21/28 | €6,764 | €99,125 | +€92,361 | +1365.5% |
| Tangible fixed assets | 22/27 | €6,764 | €14,125 | +€7,361 | +108.8% |
| Plant, machinery and equipment | 23 | €1,183 | €935 | -€248 | -21.0% |
| Furniture and vehicles | 24 | €5,581 | €13,190 | +€7,609 | +136.3% |
| Financial fixed assets | 28 | - | €85,000 | +€85,000 | |
| Current assets | 29/58 | €116,471 | €47,776 | -€68,696 | -59.0% |
| Amounts receivable within one year | 40/41 | €76,946 | €34,576 | -€42,370 | -55.1% |
| Trade receivables | 40 | €76,943 | €34,573 | -€42,370 | -55.1% |
| Other amounts receivable | 41 | €3 | €3 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,526 | €13,200 | -€26,326 | -66.6% |
| Total equity and liabilities | 10/49 | €123,235 | €146,901 | +€23,666 | +19.2% |
| Equity | 10/15 | €33,875 | €38,625 | +€4,750 | +14.0% |
| Contributions | 10/11 | €10,300 | €10,300 | = | 0.0% |
| Reserves | 13 | €1,560 | €1,560 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,560 | €1,560 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,560 | €1,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,015 | €26,765 | +€4,750 | +21.6% |
| Amounts payable | 17/49 | €89,360 | €108,276 | +€18,915 | +21.2% |
| Amounts payable after more than one year | 17 | - | €67,667 | +€67,667 | |
| Financial debts | 170/4 | - | €67,667 | +€67,667 | |
| Amounts payable within one year | 42/48 | €89,360 | €40,609 | -€48,751 | -54.6% |
| Trade debts | 44 | €78,172 | €23,213 | -€54,959 | -70.3% |
| Suppliers | 440/4 | €78,172 | €23,213 | -€54,959 | -70.3% |
| Taxes, remuneration and social security | 45 | €11,096 | €16,777 | +€5,681 | +51.2% |
| Taxes | 450/3 | €11,095 | €16,776 | +€5,681 | +51.2% |
| Remuneration and social security | 454/9 | €1 | €1 | = | 0.0% |
| Other amounts payable | 47/48 | €92 | €619 | +€527 | +570.8% |
| Turnover | 70 | €251,182 | €222,816 | -€28,367 | -11.3% |
| Non-recurring operating income | 76A | €2,605 | - | -€2,605 | |
| Goods, raw materials, services and sundry goods | 60/61 | €222,042 | €209,508 | -€12,534 | -5.6% |
| Remuneration, social security and pensions | 62 | €1,334 | - | -€1,334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,295 | €7,279 | +€1,984 | +37.5% |
| Other operating charges | 640/8 | €2,572 | €1,628 | -€944 | -36.7% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €31,745 | €15,998 | -€15,747 | -49.6% |
| Operating profit (loss) | 9901 | €22,545 | €7,092 | -€15,453 | -68.5% |
| Financial charges | 65/66B | €1,182 | €2,062 | +€881 | +74.5% |
| Recurring financial charges | 65 | €1,182 | €2,062 | +€881 | +74.5% |
| Profit (loss) for the period before taxes | 9903 | €21,363 | €5,029 | -€16,334 | -76.5% |
| Income taxes | 67/77 | €263 | €279 | +€16 | +6.1% |
| Profit (loss) for the period | 9904 | €21,100 | €4,750 | -€16,350 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,100 | €4,750 | -€16,350 | -77.5% |
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 8 October 2026 via checked.be.