KAZIMIR: 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.
KAZIMIR
Largest movements
- Tangible fixed assets -€36,678
down €36,678 (-5.5%), from €661,793 to €625,115
- Debts after one year -€24,174
down €24,174 (-39.0%), from €61,906 to €37,732
of which Financial debts: -€24,174
- Depreciation -€5,899
down €5,899 (-13.9%), from €42,577 to €36,678
- Financial charges -€4,906
down €4,906 (-20.8%), from €23,590 to €18,683
- Gross operating margin +€3,329
up €3,329 (+7.8%), from €42,570 to €45,899
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 | €663,590 | €626,380 | -€37,210 | -5.6% |
| Fixed assets | 21/28 | €663,033 | €626,355 | -€36,678 | -5.5% |
| Tangible fixed assets | 22/27 | €661,793 | €625,115 | -€36,678 | -5.5% |
| Land and buildings | 22 | €661,793 | €625,115 | -€36,678 | -5.5% |
| Financial fixed assets | 28 | €1,239 | €1,239 | = | 0.0% |
| Current assets | 29/58 | €558 | €26 | -€532 | -95.4% |
| Cash at bank and in hand | 54/58 | €558 | €26 | -€532 | -95.4% |
| Total equity and liabilities | 10/49 | €663,590 | €626,380 | -€37,210 | -5.6% |
| Equity | 10/15 | €207,997 | €198,253 | -€9,744 | -4.7% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Revaluation surpluses | 12 | €520,000 | €520,000 | = | 0.0% |
| Reserves | 13 | €28,778 | €24,748 | -€4,029 | -14.0% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | €0 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,777 | €24,748 | -€4,029 | -14.0% |
| Profit (loss) carried forward | 14 | -€492,781 | -€498,496 | -€5,715 | -1.2% |
| Provisions and deferred taxes | 16 | €14,389 | €12,374 | -€2,015 | -14.0% |
| Deferred taxes | 168 | €14,389 | €12,374 | -€2,015 | -14.0% |
| Amounts payable | 17/49 | €441,205 | €415,754 | -€25,451 | -5.8% |
| Amounts payable after more than one year | 17 | €61,906 | €37,732 | -€24,174 | -39.0% |
| Financial debts | 170/4 | €24,174 | - | -€24,174 | |
| Other amounts payable | 178/9 | €37,732 | €37,732 | = | 0.0% |
| Amounts payable within one year | 42/48 | €374,665 | €374,121 | -€544 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €27,968 | €26,349 | -€1,620 | -5.8% |
| Financial debts | 43 | €250,000 | €252,211 | +€2,211 | +0.9% |
| Credit institutions | 430/8 | €250,000 | €252,211 | +€2,211 | +0.9% |
| Trade debts | 44 | €10,791 | €12,732 | +€1,941 | +18.0% |
| Suppliers | 440/4 | €10,791 | €12,732 | +€1,941 | +18.0% |
| Other amounts payable | 47/48 | €85,906 | €82,830 | -€3,076 | -3.6% |
| Accrued charges and deferred income | 492/3 | €4,634 | €3,901 | -€733 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,577 | €36,678 | -€5,899 | -13.9% |
| Other operating charges | 640/8 | €2,226 | €2,296 | +€70 | +3.1% |
| Gross operating margin | 9900 | €42,570 | €45,899 | +€3,329 | +7.8% |
| Operating profit (loss) | 9901 | -€2,232 | €6,925 | +€9,157 | |
| Financial charges | 65/66B | €23,590 | €18,683 | -€4,906 | -20.8% |
| Recurring financial charges | 65 | €23,590 | €18,683 | -€4,906 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | -€25,822 | -€11,759 | +€14,064 | +54.5% |
| Transfer from deferred taxes | 780 | €2,015 | €2,015 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€23,808 | -€9,744 | +€14,064 | +59.1% |
| Transfer from tax-exempt reserves | 789 | €4,029 | €4,029 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,778 | -€5,715 | +€14,064 | +71.1% |
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 5 October 2026 via checked.be.