KAZART: 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.
KAZART
Largest movements
- Stocks and contracts +€36,538
up €36,538 (+12.0%), from €305,300 to €341,838
- Cash -€12,518
down €12,518 (-13.8%), from €90,810 to €78,293
mainly Stocks and contracts (-€36,538) and Short-term financial debts (-€20,000)
- Tangible fixed assets -€5,933
down €5,933 (-28.7%), from €20,661 to €14,728
of which Land and buildings: -€6,426
- Reserves +€49,231
up €49,231 (+36.8%), from €133,639 to €182,869
of which Distributable reserves: +€49,231
- Short-term financial debts -€20,000
down €20,000 (-40.0%), from €50,000 to €30,000
- Trade debts +€19,685
up €19,685 (+28.9%), from €68,034 to €87,719
- Debts after one year -€15,103
down €15,103 (-51.3%), from €29,455 to €14,352
- Other debts -€8,994
down €8,994 (-15.1%), from €59,382 to €50,388
- Gross operating margin +€37,491
up €37,491 (+30.2%), from €124,196 to €161,687
- Taxes +€9,330
up €9,330 (+116%), from €8,039 to €17,369
- Staff costs +€5,988
up €5,988 (+8.3%), from €72,065 to €78,053
- Other operating charges -€2,465
down €2,465 (-89.8%), from €2,743 to €279
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 | €424,950 | €445,323 | +€20,373 | +4.8% |
| Fixed assets | 21/28 | €20,661 | €16,628 | -€4,033 | -19.5% |
| Tangible fixed assets | 22/27 | €20,661 | €14,728 | -€5,933 | -28.7% |
| Land and buildings | 22 | €15,530 | €9,104 | -€6,426 | -41.4% |
| Plant, machinery and equipment | 23 | €614 | €2,918 | +€2,304 | +375% |
| Furniture and vehicles | 24 | €4,517 | €2,706 | -€1,811 | -40.1% |
| Financial fixed assets | 28 | - | €1,900 | +€1,900 | |
| Current assets | 29/58 | €404,290 | €428,696 | +€24,406 | +6.0% |
| Stocks and contracts in progress | 3 | €305,300 | €341,838 | +€36,538 | +12.0% |
| Stocks | 30/36 | €305,300 | €341,838 | +€36,538 | +12.0% |
| Amounts receivable within one year | 40/41 | €6,938 | €7,302 | +€364 | +5.2% |
| Trade receivables | 40 | €4,977 | €7,302 | +€2,325 | +46.7% |
| Other amounts receivable | 41 | €1,961 | €0 | -€1,961 | -100% |
| Cash at bank and in hand | 54/58 | €90,810 | €78,293 | -€12,518 | -13.8% |
| Deferred charges and accrued income | 490/1 | €1,241 | €1,263 | +€22 | +1.8% |
| Total equity and liabilities | 10/49 | €424,950 | €445,323 | +€20,373 | +4.8% |
| Equity | 10/15 | €152,239 | €201,469 | +€49,231 | +32.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €133,639 | €182,869 | +€49,231 | +36.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €133,639 | €182,869 | +€49,231 | +36.8% |
| Amounts payable | 17/49 | €272,712 | €243,854 | -€28,858 | -10.6% |
| Amounts payable after more than one year | 17 | €29,455 | €14,352 | -€15,103 | -51.3% |
| Financial debts | 170/4 | €29,455 | €14,352 | -€15,103 | -51.3% |
| Amounts payable within one year | 42/48 | €243,256 | €229,502 | -€13,755 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €14,516 | €15,103 | +€587 | +4.0% |
| Financial debts | 43 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Credit institutions | 430/8 | €50,000 | €30,000 | -€20,000 | -40.0% |
| Trade debts | 44 | €68,034 | €87,719 | +€19,685 | +28.9% |
| Suppliers | 440/4 | €68,034 | €87,719 | +€19,685 | +28.9% |
| Taxes, remuneration and social security | 45 | €51,325 | €46,292 | -€5,034 | -9.8% |
| Taxes | 450/3 | €29,239 | €23,484 | -€5,754 | -19.7% |
| Remuneration and social security | 454/9 | €22,086 | €22,807 | +€721 | +3.3% |
| Other amounts payable | 47/48 | €59,382 | €50,388 | -€8,994 | -15.1% |
| Remuneration, social security and pensions | 62 | €72,065 | €78,053 | +€5,988 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,473 | €9,093 | -€380 | -4.0% |
| Other operating charges | 640/8 | €2,743 | €279 | -€2,465 | -89.8% |
| Gross operating margin | 9900 | €124,196 | €161,687 | +€37,491 | +30.2% |
| Operating profit (loss) | 9901 | €39,914 | €74,263 | +€34,348 | +86.1% |
| Financial income | 75/76B | €81 | €353 | +€272 | +337% |
| Recurring financial income | 75 | €81 | €353 | +€272 | +337% |
| Financial charges | 65/66B | €8,124 | €8,016 | -€108 | -1.3% |
| Recurring financial charges | 65 | €8,124 | €8,016 | -€108 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €31,870 | €66,600 | +€34,729 | +109% |
| Income taxes | 67/77 | €8,039 | €17,369 | +€9,330 | +116% |
| Profit (loss) for the period | 9904 | €23,832 | €49,231 | +€25,399 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €23,832 | €49,231 | +€25,399 | +107% |
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 24 October 2026 via checked.be.