KAZTEV: 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.
KAZTEV
Largest movements
- Current investments -€50,000
down €50,000 (-41.7%), from €120,000 to €70,000
- Cash -€44,121
down €44,121 (-52.0%), from €84,785 to €40,664
mainly Contributions, distributions and other (-€405,712) and Tax, wage and social debts (-€32,120)
- Receivables after one year -€39,000
down €39,000 (-100%), from €39,000 to €0
- Tangible fixed assets -€8,294
down €8,294 (-23.0%), from €36,048 to €27,754
of which Furniture and vehicles: -€12,967
- Reserves -€252,314
down €252,314 (-100%), from €252,314 to €0
- Other debts +€154,972
up €154,972 (+13,053%), from €1,187 to €156,159
- Tax, wage and social debts -€32,120
down €32,120 (-34.2%), from €94,019 to €61,899
of which Taxes: -€34,626
- Debts after one year -€12,592
down €12,592 (-100%), from €12,592 to €0
- Gross operating margin +€4,629
up €4,629 (+2.2%), from €206,287 to €210,916
- Financial income +€2,401
up €2,401 (+116%), from €2,071 to €4,472
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 | €382,820 | €238,984 | -€143,837 | -37.6% |
| Fixed assets | 21/28 | €36,048 | €27,754 | -€8,294 | -23.0% |
| Tangible fixed assets | 22/27 | €36,048 | €27,754 | -€8,294 | -23.0% |
| Plant, machinery and equipment | 23 | €877 | €567 | -€311 | -35.4% |
| Furniture and vehicles | 24 | €35,171 | €22,204 | -€12,967 | -36.9% |
| Other tangible fixed assets | 26 | - | €4,984 | +€4,984 | |
| Current assets | 29/58 | €346,772 | €211,230 | -€135,542 | -39.1% |
| Amounts receivable after more than one year | 29 | €39,000 | €0 | -€39,000 | -100% |
| Other amounts receivable | 291 | €39,000 | €0 | -€39,000 | -100% |
| Amounts receivable within one year | 40/41 | €100,987 | €98,121 | -€2,865 | -2.8% |
| Trade receivables | 40 | €100,987 | €98,121 | -€2,865 | -2.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €120,000 | €70,000 | -€50,000 | -41.7% |
| Cash at bank and in hand | 54/58 | €84,785 | €40,664 | -€44,121 | -52.0% |
| Deferred charges and accrued income | 490/1 | €2,001 | €2,445 | +€444 | +22.2% |
| Total equity and liabilities | 10/49 | €382,820 | €238,984 | -€143,837 | -37.6% |
| Equity | 10/15 | €257,314 | €5,000 | -€252,314 | -98.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €252,314 | €0 | -€252,314 | -100% |
| Distributable reserves | 133 | €252,314 | €0 | -€252,314 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,506 | €233,984 | +€108,477 | +86.4% |
| Amounts payable after more than one year | 17 | €12,592 | €0 | -€12,592 | -100% |
| Financial debts | 170/4 | €12,592 | €0 | -€12,592 | -100% |
| Amounts payable within one year | 42/48 | €112,846 | €233,764 | +€120,918 | +107% |
| Current portion of amounts payable after more than one year | 42 | €16,299 | €12,592 | -€3,707 | -22.7% |
| Trade debts | 44 | €1,341 | €3,113 | +€1,772 | +132% |
| Suppliers | 440/4 | €1,341 | €3,113 | +€1,772 | +132% |
| Taxes, remuneration and social security | 45 | €94,019 | €61,899 | -€32,120 | -34.2% |
| Taxes | 450/3 | €94,019 | €59,392 | -€34,626 | -36.8% |
| Remuneration and social security | 454/9 | - | €2,506 | +€2,506 | |
| Other amounts payable | 47/48 | €1,187 | €156,159 | +€154,972 | +13,053% |
| Accrued charges and deferred income | 492/3 | €68 | €220 | +€152 | +224% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,278 | €13,629 | +€351 | +2.6% |
| Other operating charges | 640/8 | €629 | €1,462 | +€832 | +132% |
| Gross operating margin | 9900 | €206,287 | €210,916 | +€4,629 | +2.2% |
| Operating profit (loss) | 9901 | €192,379 | €195,825 | +€3,446 | +1.8% |
| Financial income | 75/76B | €2,071 | €4,472 | +€2,401 | +116% |
| Recurring financial income | 75 | €2,071 | €4,472 | +€2,401 | +116% |
| Financial charges | 65/66B | €1,368 | €1,044 | -€324 | -23.7% |
| Recurring financial charges | 65 | €1,368 | €1,044 | -€324 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €193,082 | €199,253 | +€6,171 | +3.2% |
| Income taxes | 67/77 | €44,542 | €45,854 | +€1,312 | +2.9% |
| Profit (loss) for the period | 9904 | €148,540 | €153,399 | +€4,859 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €148,540 | €153,399 | +€4,859 | +3.3% |
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 14 October 2026 via checked.be.