KEZO: 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.
KEZO
Largest movements
- Tangible fixed assets -€17,323
down €17,323 (-18.0%), from €96,393 to €79,070
of which Furniture and vehicles: -€11,500
- Cash -€9,719
down €9,719 (-28.9%), from €33,640 to €23,922
mainly Net result for the year (-€30,285) and Debts after one year (-€1,800)
- Receivables within one year -€4,271
down €4,271 (-67.3%), from €6,348 to €2,077
of which Trade receivables: -€5,441
- Profit (loss) carried forward -€30,285
down €30,285 (-30.5%), from -€99,235 to -€129,520
- Debts after one year -€1,800
down €1,800 (-1.2%), from €150,100 to €148,300
- Gross operating margin -€11,001
down €11,001, from €724 to -€10,277
- Depreciation +€5,781
up €5,781 (+50.1%), from €11,541 to €17,323
- Other operating charges +€212
up €212 (+9.6%), from €2,199 to €2,411
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 | €136,924 | €105,381 | -€31,543 | -23.0% |
| Fixed assets | 21/28 | €96,393 | €79,070 | -€17,323 | -18.0% |
| Tangible fixed assets | 22/27 | €96,393 | €79,070 | -€17,323 | -18.0% |
| Land and buildings | 22 | €67,611 | €61,789 | -€5,823 | -8.6% |
| Furniture and vehicles | 24 | €28,781 | €17,281 | -€11,500 | -40.0% |
| Current assets | 29/58 | €40,531 | €26,311 | -€14,221 | -35.1% |
| Amounts receivable within one year | 40/41 | €6,348 | €2,077 | -€4,271 | -67.3% |
| Trade receivables | 40 | €6,348 | €908 | -€5,441 | -85.7% |
| Other amounts receivable | 41 | - | €1,169 | +€1,169 | |
| Cash at bank and in hand | 54/58 | €33,640 | €23,922 | -€9,719 | -28.9% |
| Deferred charges and accrued income | 490/1 | €543 | €312 | -€231 | -42.5% |
| Total equity and liabilities | 10/49 | €136,924 | €105,381 | -€31,543 | -23.0% |
| Equity | 10/15 | -€13,176 | -€43,461 | -€30,285 | -229.8% |
| Contributions | 10/11 | €68,099 | €68,099 | = | 0.0% |
| Capital | 10 | €68,099 | €68,099 | = | 0.0% |
| Issued capital | 100 | €68,099 | €68,099 | = | 0.0% |
| Reserves | 13 | €17,960 | €17,960 | = | 0.0% |
| Non-distributable reserves | 130/1 | €248 | €248 | = | 0.0% |
| Legal reserve | 130 | €248 | €248 | = | 0.0% |
| Distributable reserves | 133 | €17,712 | €17,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,235 | -€129,520 | -€30,285 | -30.5% |
| Amounts payable | 17/49 | €150,100 | €148,841 | -€1,259 | -0.8% |
| Amounts payable after more than one year | 17 | €150,100 | €148,300 | -€1,800 | -1.2% |
| Other amounts payable | 178/9 | €150,100 | €148,300 | -€1,800 | -1.2% |
| Amounts payable within one year | 42/48 | - | €541 | +€541 | |
| Trade debts | 44 | - | €460 | +€460 | |
| Suppliers | 440/4 | - | €460 | +€460 | |
| Taxes, remuneration and social security | 45 | - | €82 | +€82 | |
| Taxes | 450/3 | - | €82 | +€82 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,541 | €17,323 | +€5,781 | +50.1% |
| Other operating charges | 640/8 | €2,199 | €2,411 | +€212 | +9.6% |
| Gross operating margin | 9900 | €724 | -€10,277 | -€11,001 | |
| Operating profit (loss) | 9901 | -€13,016 | -€30,010 | -€16,994 | -130.6% |
| Financial charges | 65/66B | €156 | €193 | +€38 | +24.1% |
| Recurring financial charges | 65 | €156 | €193 | +€38 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,172 | -€30,203 | -€17,032 | -129.3% |
| Income taxes | 67/77 | - | €82 | +€82 | |
| Profit (loss) for the period | 9904 | -€13,172 | -€30,285 | -€17,113 | -129.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,172 | -€30,285 | -€17,113 | -129.9% |
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 8 October 2026 via checked.be.