Kaztaar: 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.
Kaztaar
Largest movements
- Stocks and contracts -€531,120
down €531,120 (-77.8%), from €682,370 to €151,250
of which Contracts in progress: -€389,500
- Tangible fixed assets +€496,146
new in 2025: €496,146
- Receivables after one year -€130,000
down €130,000 (-97.7%), from €133,000 to €3,000
- Receivables within one year +€46,590
up €46,590 (+213.2%), from €21,848 to €68,438
of which Other amounts receivable: +€42,502
- Cash -€16,086
down €16,086 (-60.6%), from €26,531 to €10,445
mainly Investment in fixed assets (net) (-€496,611) and Short-term financial debts (-€130,000)
- Short-term financial debts -€130,000
down €130,000 (-100.0%), from €130,000 to €0
- Trade debts -€57,835
down €57,835 (-69.1%), from €83,750 to €25,915
- Tax, wage and social debts +€25,420
new in 2025: €25,420
- Reserves +€21,429
new in 2025: €21,429
- Gross operating margin +€38,099
up €38,099 (+764.3%), from €4,985 to €43,084
- Financial income -€16,479
down €16,479 (-89.4%), from €18,431 to €1,951
- Financial charges -€15,466
down €15,466 (-80.6%), from €19,200 to €3,734
- Taxes +€7,871
new in 2025: €7,871
- Other operating charges +€2,624
up €2,624 (+87.4%), from €3,003 to €5,627
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 | €872,696 | €731,730 | -€140,965 | -16.2% |
| Fixed assets | 21/28 | €835 | €497,446 | +€496,611 | +59474.4% |
| Tangible fixed assets | 22/27 | - | €496,146 | +€496,146 | |
| Other tangible fixed assets | 26 | - | €496,146 | +€496,146 | |
| Financial fixed assets | 28 | €835 | €1,300 | +€465 | +55.7% |
| Current assets | 29/58 | €871,861 | €234,284 | -€637,577 | -73.1% |
| Amounts receivable after more than one year | 29 | €133,000 | €3,000 | -€130,000 | -97.7% |
| Other amounts receivable | 291 | €133,000 | €3,000 | -€130,000 | -97.7% |
| Stocks and contracts in progress | 3 | €682,370 | €151,250 | -€531,120 | -77.8% |
| Stocks | 30/36 | €292,870 | €151,250 | -€141,620 | -48.4% |
| Contracts in progress | 37 | €389,500 | €0 | -€389,500 | -100.0% |
| Amounts receivable within one year | 40/41 | €21,848 | €68,438 | +€46,590 | +213.2% |
| Trade receivables | 40 | €7,843 | €11,932 | +€4,088 | +52.1% |
| Other amounts receivable | 41 | €14,005 | €56,506 | +€42,502 | +303.5% |
| Cash at bank and in hand | 54/58 | €26,531 | €10,445 | -€16,086 | -60.6% |
| Deferred charges and accrued income | 490/1 | €8,112 | €1,151 | -€6,961 | -85.8% |
| Total equity and liabilities | 10/49 | €872,696 | €731,730 | -€140,965 | -16.2% |
| Equity | 10/15 | €83,626 | €111,429 | +€27,804 | +33.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | - | €21,429 | +€21,429 | |
| Distributable reserves | 133 | - | €21,429 | +€21,429 | |
| Profit (loss) carried forward | 14 | -€6,374 | €0 | +€6,374 | |
| Amounts payable | 17/49 | €789,070 | €620,301 | -€168,769 | -21.4% |
| Amounts payable after more than one year | 17 | €335,000 | €335,000 | = | 0.0% |
| Financial debts | 170/4 | €335,000 | €335,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €453,750 | €285,301 | -€168,449 | -37.1% |
| Financial debts | 43 | €130,000 | €0 | -€130,000 | -100.0% |
| Credit institutions | 430/8 | €130,000 | €0 | -€130,000 | -100.0% |
| Trade debts | 44 | €83,750 | €25,915 | -€57,835 | -69.1% |
| Suppliers | 440/4 | €83,750 | €25,915 | -€57,835 | -69.1% |
| Taxes, remuneration and social security | 45 | - | €25,420 | +€25,420 | |
| Taxes | 450/3 | - | €25,420 | +€25,420 | |
| Other amounts payable | 47/48 | €240,000 | €233,966 | -€6,034 | -2.5% |
| Accrued charges and deferred income | 492/3 | €320 | €0 | -€320 | -100.0% |
| Other operating charges | 640/8 | €3,003 | €5,627 | +€2,624 | +87.4% |
| Gross operating margin | 9900 | €4,985 | €43,084 | +€38,099 | +764.3% |
| Operating profit (loss) | 9901 | €1,982 | €37,457 | +€35,475 | +1789.5% |
| Financial income | 75/76B | €18,431 | €1,951 | -€16,479 | -89.4% |
| Recurring financial income | 75 | €18,431 | €1,951 | -€16,479 | -89.4% |
| Financial charges | 65/66B | €19,200 | €3,734 | -€15,466 | -80.6% |
| Recurring financial charges | 65 | €19,200 | €3,734 | -€15,466 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | €1,213 | €35,675 | +€34,462 | +2841.0% |
| Income taxes | 67/77 | - | €7,871 | +€7,871 | |
| Profit (loss) for the period | 9904 | €1,213 | €27,804 | +€26,591 | +2192.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,213 | €27,804 | +€26,591 | +2192.1% |
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 11 October 2026 via checked.be.