Kazmuzi: 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.
Kazmuzi
Largest movements
- Receivables within one year +€123,488
up €123,488 (+87.5%), from €141,090 to €264,578
of which Other amounts receivable: +€70,321
- Stocks and contracts +€78,221
up €78,221 (+221%), from €35,345 to €113,566
- Tangible fixed assets -€57,699
down €57,699 (-7.5%), from €772,175 to €714,477
- Other debts +€493,291
up €493,291 (+8,938%), from €5,519 to €498,810
- Reserves -€461,070
down €461,070 (-65.7%), from €702,070 to €241,000
- Debts after one year +€90,216
up €90,216 (+11.9%), from €761,121 to €851,336
- Current portion of long-term debt +€43,343
up €43,343 (+51.8%), from €83,727 to €127,071
- Trade debts +€38,902
up €38,902 (+323%), from €12,061 to €50,963
- Gross operating margin -€98,522
down €98,522 (-16.5%), from €596,098 to €497,576
- Other operating charges +€55,008
up €55,008 (+1,631%), from €3,372 to €58,380
- Taxes -€28,505
down €28,505 (-22.4%), from €127,495 to €98,991
- Financial charges -€8,509
down €8,509 (-17.4%), from €48,973 to €40,464
- Financial income +€6,366
up €6,366 (+3,250%), from €196 to €6,561
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 | €1,629,676 | €1,810,817 | +€181,141 | +11.1% |
| Fixed assets | 21/28 | €1,429,349 | €1,383,317 | -€46,032 | -3.2% |
| Tangible fixed assets | 22/27 | €772,175 | €714,477 | -€57,699 | -7.5% |
| Land and buildings | 22 | €622,846 | €594,497 | -€28,349 | -4.6% |
| Plant, machinery and equipment | 23 | €10,050 | €9,038 | -€1,011 | -10.1% |
| Furniture and vehicles | 24 | €57,599 | €44,992 | -€12,607 | -21.9% |
| Other tangible fixed assets | 26 | €81,680 | €65,949 | -€15,732 | -19.3% |
| Financial fixed assets | 28 | €657,174 | €668,841 | +€11,667 | +1.8% |
| Current assets | 29/58 | €200,327 | €427,499 | +€227,172 | +113% |
| Amounts receivable after more than one year | 29 | €3,125 | €2,500 | -€625 | -20.0% |
| Other amounts receivable | 291 | €3,125 | €2,500 | -€625 | -20.0% |
| Stocks and contracts in progress | 3 | €35,345 | €113,566 | +€78,221 | +221% |
| Stocks | 30/36 | €35,345 | €113,566 | +€78,221 | +221% |
| Amounts receivable within one year | 40/41 | €141,090 | €264,578 | +€123,488 | +87.5% |
| Trade receivables | 40 | €127,086 | €180,253 | +€53,167 | +41.8% |
| Other amounts receivable | 41 | €14,004 | €84,325 | +€70,321 | +502% |
| Cash at bank and in hand | 54/58 | €13,114 | €28,092 | +€14,978 | +114% |
| Deferred charges and accrued income | 490/1 | €7,653 | €18,763 | +€11,110 | +145% |
| Total equity and liabilities | 10/49 | €1,629,676 | €1,810,817 | +€181,141 | +11.1% |
| Equity | 10/15 | €723,812 | €262,106 | -€461,706 | -63.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €702,070 | €241,000 | -€461,070 | -65.7% |
| Distributable reserves | 133 | €702,070 | €241,000 | -€461,070 | -65.7% |
| Profit (loss) carried forward | 14 | €742 | €106 | -€636 | -85.8% |
| Amounts payable | 17/49 | €905,864 | €1,548,711 | +€642,847 | +71.0% |
| Amounts payable after more than one year | 17 | €761,121 | €851,336 | +€90,216 | +11.9% |
| Financial debts | 170/4 | €761,121 | €851,336 | +€90,216 | +11.9% |
| Amounts payable within one year | 42/48 | €126,256 | €695,346 | +€569,090 | +451% |
| Current portion of amounts payable after more than one year | 42 | €83,727 | €127,071 | +€43,343 | +51.8% |
| Financial debts | 43 | €21,000 | €18,489 | -€2,511 | -12.0% |
| Credit institutions | 430/8 | €21,000 | €18,489 | -€2,511 | -12.0% |
| Trade debts | 44 | €12,061 | €50,963 | +€38,902 | +323% |
| Suppliers | 440/4 | €12,061 | €50,963 | +€38,902 | +323% |
| Taxes, remuneration and social security | 45 | €3,949 | €13 | -€3,935 | -99.7% |
| Taxes | 450/3 | €1,949 | €13 | -€1,935 | -99.3% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €5,519 | €498,810 | +€493,291 | +8,938% |
| Accrued charges and deferred income | 492/3 | €18,488 | €2,029 | -€16,459 | -89.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,078 | €65,106 | +€28 | 0.0% |
| Other operating charges | 640/8 | €3,372 | €58,380 | +€55,008 | +1,631% |
| Gross operating margin | 9900 | €596,098 | €497,576 | -€98,522 | -16.5% |
| Operating profit (loss) | 9901 | €527,647 | €374,090 | -€153,558 | -29.1% |
| Financial income | 75/76B | €196 | €6,561 | +€6,366 | +3,250% |
| Recurring financial income | 75 | €196 | €6,561 | +€6,366 | +3,250% |
| Financial charges | 65/66B | €48,973 | €40,464 | -€8,509 | -17.4% |
| Recurring financial charges | 65 | €48,973 | €40,464 | -€8,509 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €478,870 | €340,187 | -€138,683 | -29.0% |
| Income taxes | 67/77 | €127,495 | €98,991 | -€28,505 | -22.4% |
| Profit (loss) for the period | 9904 | €351,375 | €241,197 | -€110,179 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €351,375 | €241,197 | -€110,179 | -31.4% |
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 15 October 2026 via checked.be.