KAZES: 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.
KAZES
Largest movements
- Receivables within one year +€135,937
up €135,937 (+509%), from €26,687 to €162,624
of which Other amounts receivable: +€129,682
- Reserves +€103,551
up €103,551 (+715%), from €14,492 to €118,043
of which Distributable reserves: +€103,551
- Profit (loss) carried forward +€61,691
up €61,691 (+16.6%), from €371,287 to €432,978
- Tax, wage and social debts +€28,792
up €28,792 (+75.2%), from €38,284 to €67,076
of which Taxes: +€41,571
- Debts after one year -€26,925
down €26,925 (-6.6%), from €405,844 to €378,919
- Current portion of long-term debt -€17,224
down €17,224 (-41.5%), from €41,474 to €24,250
- Gross operating margin +€102,163
up €102,163 (+98.2%), from €104,071 to €206,234
- Taxes +€45,744
up €45,744 (+1,613%), from €2,836 to €48,580
- Financial charges -€2,840
down €2,840 (-13.4%), from €21,171 to €18,331
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 | €884,196 | €1,027,535 | +€143,338 | +16.2% |
| Fixed assets | 21/28 | €857,509 | €860,491 | +€2,982 | +0.3% |
| Tangible fixed assets | 22/27 | €857,509 | €860,491 | +€2,982 | +0.3% |
| Land and buildings | 22 | €837,887 | €852,394 | +€14,507 | +1.7% |
| Furniture and vehicles | 24 | €19,622 | €8,097 | -€11,525 | -58.7% |
| Current assets | 29/58 | €26,687 | €167,044 | +€140,357 | +526% |
| Amounts receivable within one year | 40/41 | €26,687 | €162,624 | +€135,937 | +509% |
| Trade receivables | 40 | €18,811 | €25,066 | +€6,255 | +33.3% |
| Other amounts receivable | 41 | €7,877 | €137,558 | +€129,682 | +1,646% |
| Cash at bank and in hand | 54/58 | - | €4,419 | +€4,419 | |
| Total equity and liabilities | 10/49 | €884,196 | €1,027,535 | +€143,338 | +16.2% |
| Equity | 10/15 | €391,979 | €557,221 | +€165,242 | +42.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,492 | €118,043 | +€103,551 | +715% |
| 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 | €12,632 | €116,183 | +€103,551 | +820% |
| Profit (loss) carried forward | 14 | €371,287 | €432,978 | +€61,691 | +16.6% |
| Amounts payable | 17/49 | €492,217 | €470,313 | -€21,904 | -4.5% |
| Amounts payable after more than one year | 17 | €405,844 | €378,919 | -€26,925 | -6.6% |
| Financial debts | 170/4 | €405,844 | €378,919 | -€26,925 | -6.6% |
| Amounts payable within one year | 42/48 | €86,373 | €91,394 | +€5,021 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €41,474 | €24,250 | -€17,224 | -41.5% |
| Financial debts | 43 | €232 | - | -€232 | |
| Credit institutions | 430/8 | €232 | - | -€232 | |
| Trade debts | 44 | €2,500 | €68 | -€2,431 | -97.3% |
| Suppliers | 440/4 | €2,500 | €68 | -€2,431 | -97.3% |
| Taxes, remuneration and social security | 45 | €38,284 | €67,076 | +€28,792 | +75.2% |
| Taxes | 450/3 | €25,505 | €67,076 | +€41,571 | +163% |
| Remuneration and social security | 454/9 | €12,779 | - | -€12,779 | |
| Other amounts payable | 47/48 | €3,884 | - | -€3,884 | |
| Non-recurring operating income | 76A | - | €118,075 | +€118,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,728 | €34,310 | -€418 | -1.2% |
| Other operating charges | 640/8 | €2,750 | €1,462 | -€1,288 | -46.9% |
| Non-recurring operating charges | 66A | €41,378 | - | -€41,378 | |
| Gross operating margin | 9900 | €104,071 | €206,234 | +€102,163 | +98.2% |
| Operating profit (loss) | 9901 | €25,215 | €170,462 | +€145,248 | +576% |
| Financial charges | 65/66B | €21,171 | €18,331 | -€2,840 | -13.4% |
| Recurring financial charges | 65 | €21,171 | €18,331 | -€2,840 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €4,044 | €152,132 | +€148,088 | +3,662% |
| Income taxes | 67/77 | €2,836 | €48,580 | +€45,744 | +1,613% |
| Profit (loss) for the period | 9904 | €1,208 | €103,551 | +€102,344 | +8,475% |
| Profit (loss) for the period to be appropriated | 9905 | €1,208 | €103,551 | +€102,344 | +8,475% |
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 13 October 2026 via checked.be.