KAZI: 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.
KAZI
Largest movements
- Intangible fixed assets +€38,492
up €38,492 (+50.1%), from €76,852 to €115,344
- Receivables after one year -€35,437
no longer reported in 2025 (was €35,437)
of which Trade receivables: -€28,435
- Receivables within one year +€11,495
new in 2025: €11,495
- Cash -€4,077
down €4,077 (-19.1%), from €21,351 to €17,274
mainly Investment in fixed assets (net) (-€62,546) and Receivables within one year (-€11,495)
- Trade debts +€5,678
up €5,678 (+312%), from €1,821 to €7,499
- Reserves +€3,425
up €3,425 (+235%), from €1,455 to €4,880
- Gross operating margin +€22,179
up €22,179 (+335%), from €6,614 to €28,793
- Depreciation +€20,082
up €20,082 (+506%), from €3,972 to €24,054
- Taxes +€492
up €492 (+135%), from €364 to €856
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
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 | €133,640 | €144,113 | +€10,473 | +7.8% |
| Fixed assets | 21/28 | €76,852 | €115,344 | +€38,492 | +50.1% |
| Intangible fixed assets | 21 | €76,852 | €115,344 | +€38,492 | +50.1% |
| Current assets | 29/58 | €56,788 | €28,769 | -€28,019 | -49.3% |
| Amounts receivable after more than one year | 29 | €35,437 | - | -€35,437 | |
| Trade receivables | 290 | €28,435 | - | -€28,435 | |
| Other amounts receivable | 291 | €7,002 | - | -€7,002 | |
| Amounts receivable within one year | 40/41 | - | €11,495 | +€11,495 | |
| Trade receivables | 40 | - | €11,495 | +€11,495 | |
| Cash at bank and in hand | 54/58 | €21,351 | €17,274 | -€4,077 | -19.1% |
| Total equity and liabilities | 10/49 | €133,640 | €144,113 | +€10,473 | +7.8% |
| Equity | 10/15 | €31,455 | €34,880 | +€3,425 | +10.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,455 | €4,880 | +€3,425 | +235% |
| Distributable reserves | 133 | €1,455 | €4,880 | +€3,425 | +235% |
| Amounts payable | 17/49 | €102,185 | €109,233 | +€7,048 | +6.9% |
| Amounts payable within one year | 42/48 | €102,185 | €109,233 | +€7,048 | +6.9% |
| Trade debts | 44 | €1,821 | €7,499 | +€5,678 | +312% |
| Suppliers | 440/4 | €1,821 | €7,499 | +€5,678 | +312% |
| Taxes, remuneration and social security | 45 | €364 | €1,734 | +€1,370 | +377% |
| Taxes | 450/3 | €364 | €1,734 | +€1,370 | +377% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,972 | €24,054 | +€20,082 | +506% |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €6,614 | €28,793 | +€22,179 | +335% |
| Operating profit (loss) | 9901 | €1,870 | €4,339 | +€2,469 | +132% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Non-recurring financial income | 76B | €15 | - | -€15 | |
| Financial charges | 65/66B | €66 | €58 | -€8 | -11.9% |
| Recurring financial charges | 65 | €66 | €58 | -€8 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €1,819 | €4,281 | +€2,462 | +135% |
| Income taxes | 67/77 | €364 | €856 | +€492 | +135% |
| Profit (loss) for the period | 9904 | €1,455 | €3,425 | +€1,970 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €1,455 | €3,425 | +€1,970 | +135% |
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 29 October 2026 via checked.be.