KAZOR: 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.
KAZOR
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Receivables within one year -€198,042
down €198,042 (-90.9%), from €217,904 to €19,863
of which Other amounts receivable: -€217,904
- Cash -€113,768
down €113,768 (-51.2%), from €222,231 to €108,463
mainly Current investments (-€400,000) and Contributions, distributions and other (-€328,000)
- Tangible fixed assets +€23,127
up €23,127 (+597.4%), from €3,871 to €26,998
of which Furniture and vehicles: +€23,369
- Other debts +€51,709
new in 2025: €51,709
- Tax, wage and social debts +€34,782
up €34,782 (+8.3%), from €421,461 to €456,242
- Trade debts +€19,510
up €19,510 (+935.6%), from €2,085 to €21,595
- Gross operating margin -€1.8m
down €1.8m (-81.1%), from €2.3m to €432,106
- Taxes -€494,153
down €494,153 (-82.6%), from €598,357 to €104,205
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 | €444,006 | €555,323 | +€111,317 | +25.1% |
| Fixed assets | 21/28 | €3,871 | €26,998 | +€23,127 | +597.4% |
| Tangible fixed assets | 22/27 | €3,871 | €26,998 | +€23,127 | +597.4% |
| Plant, machinery and equipment | 23 | €242 | - | -€242 | |
| Furniture and vehicles | 24 | €3,629 | €26,998 | +€23,369 | +643.9% |
| Current assets | 29/58 | €440,135 | €528,326 | +€88,191 | +20.0% |
| Amounts receivable within one year | 40/41 | €217,904 | €19,863 | -€198,042 | -90.9% |
| Trade receivables | 40 | - | €19,863 | +€19,863 | |
| Other amounts receivable | 41 | €217,904 | - | -€217,904 | |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €222,231 | €108,463 | -€113,768 | -51.2% |
| Total equity and liabilities | 10/49 | €444,006 | €555,323 | +€111,317 | +25.1% |
| Equity | 10/15 | €20,460 | €25,777 | +€5,317 | +26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €5,317 | +€5,317 | |
| Amounts payable | 17/49 | €423,546 | €529,547 | +€106,001 | +25.0% |
| Amounts payable within one year | 42/48 | €423,546 | €529,547 | +€106,001 | +25.0% |
| Trade debts | 44 | €2,085 | €21,595 | +€19,510 | +935.6% |
| Suppliers | 440/4 | €2,085 | €21,595 | +€19,510 | +935.6% |
| Taxes, remuneration and social security | 45 | €421,461 | €456,242 | +€34,782 | +8.3% |
| Taxes | 450/3 | €421,461 | €456,242 | +€34,782 | +8.3% |
| Other amounts payable | 47/48 | - | €51,709 | +€51,709 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,240 | €6,454 | -€1,786 | -21.7% |
| Other operating charges | 640/8 | €387 | €412 | +€24 | +6.3% |
| Gross operating margin | 9900 | €2,281,072 | €432,106 | -€1.8m | -81.1% |
| Operating profit (loss) | 9901 | €2,272,444 | €425,240 | -€1.8m | -81.3% |
| Financial income | 75/76B | €32,488 | €14,081 | -€18,407 | -56.7% |
| Recurring financial income | 75 | €32,488 | €14,081 | -€18,407 | -56.7% |
| Financial charges | 65/66B | €962 | €1,800 | +€838 | +87.1% |
| Recurring financial charges | 65 | €962 | €1,800 | +€838 | +87.1% |
| Profit (loss) for the period before taxes | 9903 | €2,303,971 | €437,521 | -€1.9m | -81.0% |
| Income taxes | 67/77 | €598,357 | €104,205 | -€494,153 | -82.6% |
| Profit (loss) for the period | 9904 | €1,705,613 | €333,317 | -€1.4m | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,705,613 | €333,317 | -€1.4m | -80.5% |
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 7 October 2026 via checked.be.